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1  Economy / Economics / Re: Trader buys $36 million of copper and gets painted rocks instead on: March 12, 2021, 04:15:27 AM
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.
I am pretty sure that the company don't mind that their precious metals were stolen because as far as I know, those are insured in a way or that they can easily be recovered from the thieves, not to mention that those stolen coppers are going to have a hard time being sold in the market because it is tainted and the only way for it to be sold is when they don't sell it publicly which is the likely thing to happen.

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

Quote
Normally, in such cases of non-delivery a trading house could make a claim against a cargoís insurance policy. But Mercuria found that just one out of seven contracts used by the Turkish company to insure the cargo was real. The rest had been forged.
2  Economy / Economics / Re: Trader buys $36 million of copper and gets painted rocks instead on: March 12, 2021, 03:34:06 AM
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.

commodity traders.. dont seek to trade to get delivery. they hold 7day contracts where if they dont sell it on day 8 it triggers a delivery to them.
so they play with 7 day contracts and always sell on day 7. meaning the next trader sells on day 7. meaning the next trader sells on day 7.. meaning for 21 days it doesnt move

with fast trading by commodity traders circulating the stocks. the goods can be held up in warehouses for years. if traders never sell on to industry buyers

think about it.
13 people arrested... hmm.. 300 containers containing hundreds of thousands of tiles. all individually handsprayed... that takes a few months.. not a 2 day lay-over

by not triggering a delivery.. no one inspects the containers.. they just sit there doing nothing until a delivery is triggered

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.
3  Economy / Economics / Re: Trader buys $36 million of copper and gets painted rocks instead on: March 12, 2021, 12:32:48 AM
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.
4  Economy / Economics / Re: Covid-19, Lockdown and repercussions on: February 10, 2021, 10:05:22 PM
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. Smiley
5  Other / Beginners & Help / Re: Educate yourself against scam and other related activities. on: January 16, 2021, 12:15:43 AM
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.
6  Bitcoin / Bitcoin Discussion / Re: Don't Trust this type Offer on: January 15, 2021, 11:51:39 PM
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.
7  Economy / Economics / Re: Can a new $2 trillion bill bring back the US economy to pre pandemic levels. on: October 16, 2020, 12:19:18 AM
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.
8  Economy / Economics / Re: State influence for cryptocurrency on: October 14, 2020, 03:36:57 AM
What impact will it have on cryptocurrency in a country torn by recession in the COVID19 pandemic?
some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country

Ultimately recessions are never good for any market.  People tend to tighten up with their excess money.  It might have a slight uptick but longterm recession will turn a crypto market bear just like other markets.

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.
9  Bitcoin / Bitcoin Discussion / Re: Where do you store your seed? on: September 30, 2020, 12:13:49 AM
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. Smiley
10  Economy / Economics / Re: Can Blockchain Gaming Drive Cryptocurrency Adoption? on: September 26, 2020, 11:52:21 PM
So the bottom line is that we need the convergence of these two vectors to make blockchain a dominating force in the gaming industry. First, the blockchain tech should have the capacity for running multiplayer games that major video game developers like Blizzard, Valve and Ubisoft produce, no trade-offs here. Then, we actually need the games like Warcraft, Counter-Strike or Far Cry that can be played on blockchain, to make it matter. Only after we get there, the gaming industry will likely become a primary driver behind cryptocurrency adoption.

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.
11  Economy / Exchanges / Re: Not your keys, not your Crypto Ė Kucoin Hacked! $150m Stolen. on: September 26, 2020, 11:18:38 PM
Not too long ago, there was a member here saying that it's better to store funds on exchanges rather than cold wallets because they pay interest Grin Well, whatever interest they are offering, it's not an answer to the security risk these exchanges like Kucoin faces everyday. Think also of the opportunity costs from the days operation is suspended.

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.
12  Other / Beginners & Help / Re: How a crypto related website fall for a phishing thru Google Ad and gets hack on: September 26, 2020, 11:07:51 PM
Weird that the resulting site you view is different depending if you get there through the Ad, or type the url in a browser. If I type the URL reflected in the OPís screenshot, Iím taken to a site about Africa, whilst the article in the OP leads to a cookislands travel website. Not that this is the method that is being used (direct url entry), but if anyone cares to comment as to the how and why of this behaviour, Iíd be interested in knowing.

Scammers are up to 10 BTC so far.

<...>
What I still don't see is "why" they do this (different site viewed from Google than from direct access).

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

Quote
What is noteworthy is that if you try to type in this address without clicking on the advertisements, you will be redirected to the page backclain.com which is a copy of cookislands.travel website. Apparently, such manipulation is needed to bypass Google's validation when registering malicious advertising.

A diversionary tactic to fool Google's mechanisms.
13  Other / Beginners & Help / Re: How a crypto related website fall for a phishing thru Google Ad and gets hack on: September 26, 2020, 12:20:19 PM
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.
14  Economy / Exchanges / Re: Not your keys, not your Crypto Ė Kucoin Hacked! $150m Stolen. on: September 26, 2020, 04:42:33 AM
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.
15  Other / Beginners & Help / Re: {Warning}: New "Alien" malware targets banking and crypto apps on: September 25, 2020, 12:36:20 AM
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 that we have to keep our defences more active.

I have always had an attitude towards my mobile device in the same way as to my computer, which means that I have always taken care that it has the latest update and that it has some solid AV, with of course great caution for every app I install from Play Store. The problem is that many of today's mobile devices are out of date (too old to get updates) and apps like AV slow them down because of the very low RAM and weak CPU - and that's exactly what hackers are counting on.


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 userís security choices, awareness and education
16  Other / Beginners & Help / Re: {Warning}: New "Alien" malware targets banking and crypto apps on: September 24, 2020, 11:31:37 AM
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.
17  Alternate cryptocurrencies / Altcoin Discussion / Re: And this is how you make 'easy' money riding the Defi on: September 24, 2020, 09:20:35 AM
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!"Smiley
18  Other / Off-topic / Re: Centralized or decentralized internet? on: September 23, 2020, 11:44:42 PM
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.
19  Bitcoin / Bitcoin Discussion / Re: Banks Launder $2 Trillion While Claiming BTC Is For Money Laundering? on: September 23, 2020, 11:06:04 PM
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.
20  Bitcoin / Bitcoin Discussion / Re: Blockchain Patents on: September 23, 2020, 10:34:29 PM
a few days ago I discussed this topic with my friends on a local crypto media group.
they already have blockchain patents submitted in my country.
what I'm afraid of is, once "blockchain" patented generally as a brand or technology in each country, they can suing many people in this industry. and, maybe I am one of them, because I have a website with "blockchain" word  Grin
CMIIW

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. Smiley
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