Ideally, the use of any insurance policy is recommended for such transactions but according to the report, the buyer has been duped ...

Hmmm... I wonder why they haven't used any commercial letters of credit as a way to both secure their transaction. Anyway this could serve as a lesson to all international traders.

On a side note, I think a digital letters of credit could be implemented in a blockchain as a DeFi platform to cater to international trades though I don't know yet a blockchain project that that offers similar services that functions like a traditional letters of credit.

That incident was a brazen act of stupidity coming from those criminals who thought they can escape the teeth of law. Meanwhile, I think the buyer company has been complacent enough that they did little to ensure that the copper cargo would be accompanied by their own representative and the insurance papers verified for their veracity considering that the transaction involves a considerable amount of money. Imho.

My country, the Philippines had suffered a lot during the hard lock down which has resulted to a huge number of business closures and jobs lost and had left most Filipinos in a state of uncertainty and insecurity. What I fear is that the pandemic could somehow affect our mental health - as in my case, had experienced some form of anxiety attacks - which could have detrimental effects in the future if left unchecked.

Thankfully, the National Government together with Local Government Units had somehow realized that a hard lock down with no concrete results could have worsen our country's economy  thus had acted to ease some restrictions like allowing businesses to open up  and keep the economy rolling but they are enforcing strict implementation of health protocols like personal sanitation, contact tracing, wearing of face masks and social distacing, etc...

But I guess we should take it on the lighter side, I mean having quality time to spend with family during lock downs is good enough. I hope we could overcome this pandemic very soon.

Generally we should always be vigilant on these types of frauds and should not be complacent when it comes to security and awareness on these

threats. Nevertheless, we could easily find tons of useful information on this sub-thread alone that could help us educate ourselves and be constantly

updated on these fraud schemes. So its up to us if we are really concerned about our own security or not. Never get tired of DYOR. Imho.

If you are somewhat interested to try these kind of investment schemes, then maybe you could consider researching other more reputable and bigger

exchanges or platforms that offers similar investment products in order to further protect your finance. Just treat Yobit as a last option. Imho.

I suppose that stimulus bill won't bring back the US economy to pre pandemic levels as I think no other country could achieve that feat but it will significantly improve its economic fundamentals.

Additionally, the US must first must have zero infections first or be COVID-19 free before it can start gearing for a better economy comparable to pre pandemic levels.

My conservative estimate would be that it might take at least more than a year before such aspirations could be realized. Imho.

Yes of course! I think every country in the world had already suffered from this pandemic that it resulted to weak economies. Weak economies means lesser opportunities for people to strengthen their financial capability which also means they will most likely prioritize spending their hard earned money on the most basic necessities and essential needs rather than allocating some of it to invest in cryptocurrencies per se.

I think this COVID-19 pandemic will more likely hurt the crypto industry rather than contribute to its growth. Imho.

I know this maybe the hardest thing to do when storing seeds but I think the ideal and the safest way to store them is to memorize them, though it may sound very challenging, it can be done if we only have the will to do it especially if we only have a small number of wallets with significant amount of funds with it. Imho.

Although its not impossible to integrate game engines and blockchain tech altogether, the technical difficulty is very high because MMORPG's is a real time event based system that it cannot wait several confirmations for a transaction / event to be successful.

I only see it is more likely that these game developers would most probably adopt cryptocurrencies as in-game currencies, subscription payment, etc... Imho.

Lol, I guess no one in their right mind would trade the safety of his assets for just a little incentive such as staking with interest in an exchange since they could also find alternatives to passive earning like staking via their own wallet which looks like more secure and more comfortable. Imho.

As per info from OP article, maybe this could be the real reason why the link shows two different sites.


A diversionary tactic to fool Google's mechanisms.

Too bad, a simple url inspection could have prevented that incident and it was very obvious a .sc country code domain seems suspicious  or better yet, if they have just bookmarked blockchain.com then they wouldn't fell victim to such fraud.

Yet in the lighter side, I think that crypto related website was somehow fortunate that only less than 1 BTC of their fund were stolen, where I think it coud be worst if that wallet have a huge amount stored in it.

This problem could become worst if Kucoin don't have the financial capability or any kind of insurance to refund any lost fund that could amount to $150 million dollars, assuming the hacking incident proved successful.

Moreover, we should expect a mass withdrawal of customers assets and could be fatal to the exchange since it could result to them having diminished liquidity.

Perhaps it could be more wiser now to send our funds to bigger exchanges that cannot be easily shaken down by these kinds of hacks to keep our funds more secure and with a high chance of recovery.

That is correct! Most of today's mobile antivirus / security apps  are very resource hungry that majority of low-end to mid- range mobile devices owners don't have the required resources as what you've pointed out (e.g. RAM, slow CPU and low storage capabilities, ...) to install good security apps.

Moreover, what is more bothering here is that there are significant number of mobile device owners that appear to be less security conscious or doesn't  even have the elementary skills to enhance their devices security and won't even bother to install any security apps - hence creating more easier attack vectors for hackers.

Reference:
A survey on smartphone user’s security choices, awareness and education

Aside from avoiding any downloading of apps on an unverified site, perhaps its high time to invest a little more on our systems / mobile device's security (e.g. subscribing to popular security apps) that would minimize our chances of being pawned.

If we can't do it, at least we should regularly update any antivirus apps so that we have to keep our defences more active.

I guess we cannot blame the sudden rush of speculators to the Defi hype, FOMO was all over the crypto space and no one wants to be left behind especially if they had experienced the 2017 crazy bull run. "Strike while the iron is hot!"

It doesn't matter if either we have decentralized or centralized internet because scams are inherent on the internet since it always capitalise mostly on people's naivety and only knowledge or education can help us reduce these scam incidents. Imho.

Banks pointing fingers to cryptocurrencies such as Bitcoin as a tool for money laundering is a part of a great cover up and deception which unfortunately has been deliberately amplified in social media and Government's preferred a silent treatment about this matter since they always want to preserve the status quo without regard to preserve its integrity and ethics.

Perhaps its not that easy to sue people for patent infringement because there could be many technicalities that could be difficult to prove and it could be likely that those submitted patents were proprietary technology / algorithms by those companies and there is nothing to worry about, not unless someone had deliberately copied that specific patented technology - in which he/she could be held liable for such acts.

Please don't get yourself stressed out, AFAIK I have never heard of someone being sued for using the word "blockchain" which is being absurd by the way.