Coinbase fraud and scam

I have used coinbase. I even used the shift card that integrated with it. But that card and company I guess is shutting down in April. Honestly, they were kind of terrible card and company, but that’s a different story.

As far as coinbase, while they have been great for getting average users into crypto , they’ve also been one fraudulent company who is worse than the banks the crypto and Blockchain space loves to hate.

I, for one , think we need a far better decentralized financial system in place. And the swift networks and paper process, even though it’s digital, is an absurd and slow system in 2019. It took like two weeks for a recent check of mine to be useful and available. But the banks had the money long before the 5-7 business days…. but oh wait we have another hold just because …

I will say Brian Armstrong and the founders and staff at coinbase have done a tremendous technical job. Running at the scale they do and the pressure and US regulations and more , I do applaud them for that. But their customer service is awful. Then again, so is Google’s. But Their policy of pushing blame to everybody else or other companies is annoying. Then again the Uber’s of the world and the Jeff Bezos and Elon Musk and even the US president all do that to the extreme these days as well. Maybe it’s just a 2019 thing.

Simply put , coinbase has way too many issues of insider trading , dumps , buying shady companies , and charging astronomical fees that the truth is people might as well use Goldman Sachs or JP Morgan Chase or Wells Fargo versus signing up for and using coinbase. At one point they were pushing crypto forward. Now they are worse than banks and Wall Street and shady governments.

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People write nonsense about Blockchain and others believe them.

I was reading an article today about advertising, marketing and blockchain. The “writer” claims to have been working in the blockchain space or with blockchain companies for a few years , but this entire article sounds like clickbait. It also sounds like somebody that has no idea what he’s taking about.

Smart contracts aren’t storing a ton of useful user data anytime soon. And they aren’t even smart. It’s basic business rules and logic. But read these kinds of articles and you’d think it’s magic. Unless it’s from a company with a cool and interesting white paper and not much else. Vaporware runs rampant in this space.

The decentralized keyword hype is one of the biggest lies in the crypto and Blockchain space. Most of these platforms aren’t decentralized at all. They are actually not even distributed. It’s more like duplicated data across everywhere and a terrible data storage system. And it sure isn’t big data or advanced analytics ready.

As time goes on things in the blockchain space will get better and improve. And hybrid integrated platforms will rule the day. Forty year old mainframes and COBOL still are used around the globe. Hadoop and big data didn’t replace every database or system. Things change. New better tech comes along. New the same as the old tech but hyped as new and different happens too.

And nobody in their right mind thinks a Facebook token will be decentralized or different. But writers like this guy will shill more keywords , raise a few bucks , and talk more nonsense. And then in a year or two talk up quantum computing or something else.

Now imagine that a marketing campaign takes place on the blockchain and all information and its details, including the contract, is entered into the decentralized registry, where it is kept unchanged. 

Since all parties (platform, publisher, and advertiser) have access to this information and can observe all the processes occurring (the number of views, interactions, responses), there will be no disputes at the campaign end.

One last thing about the above statement. In its current form , all the user and useful analytical data won’t be on a decentralized blockchain platform anytime soon. Kind of goes against the concept of what is stored in the first place. The concept of storing a persons real information and everything about everything they do on a decentralized blockchain platform say like ethereum makes no sense. Because you’d need to use ethereum and something like ipfs or storj. And offchain analytical Systems. The current state of these systems would mean marketers and others spend far more in gas costs . And it’s Not exactly decentralized either. Also not free. Also not easy.

Blockchain holds a lot of possibilities, but I also think people like this writer to the space a disservice. They sell nonsense and stupidity. And then jump ship soon never caring how any of the stuff works or what it’s good for.

Using blockchain and tokenization for marketing and adtech and handing the power back to the people over Facebook and google make sense. But who is actually going to pay for all this stuff ? How many people would pay for google or Facebook? Alternatives have been developed and rarely used. How many people use duckduckgo ? Or real adblockers ? Oh it doesn’t store all the data marketers want. Interesting how That sort of kills this guys agenda. Things already exist. The funny money where startups love bragging about series D and never making any money or plans to runs the world. Even in the crypto space. People don’t want to pay for anything. They just love to claim walled gardens are what people want.

Until people figure a way around making money outside marketing and advertising, blockchain won’t change the internet. It’ll be just the new kid same as the old one. Vaporware marketing and nonsense over real implementation and products is the problem. Sell clickbait over something real is a huge issue in blockchain too. ICOs and useless white papers ran the space. Still exist. Google and Facebook figured a way to make billions off the internet by manipulating people and advertising spam. And fake news. How many people pay for YouTube per month ?

Charge me 10 bucks a month, but pay me 15… who wouldn’t sign up. But sites like SteemIt were interesting, good concepts , but kind of irrelevant in its own way. New kid. Same as the old one. Just a new spin on things. They also couldn’t figure a way to be successful. They had to dump like 70% of their staff because they relied more on the same funding concept over actually earning a profit. ICO. VC. Angel investor. Same concept. Easy to write pie in the sky dreams when it’s mommy or daddy or clueless people funding you.

And really people who are tired of google and Facebook are probably tired of guys who write clickbait articles and market everything and anything under the sun. If they want to dump social media and google , they probably don’t want to give up much personal data to random blockchain marketing agency who makes up new claims and claims they will make .00001 tokens.

Nobody really wants or needs a billion different random less than a penny stock tokens. Especially if it’s painful to ever buy, get or use them. Except inside some walled off garden. But they say it’s decentralized.

Blockchain is useful. Decentralized systems are useful. But so are real distributing computing systems. And centralized platforms still serve a huge purpose. Change is needed. But more marketing nonsense, not so much.

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I recently did a podcast with Brannon Poe. Have a listen.

Put your “tech hat” on and listen to this podcast to find out the basic concepts behind blockchain technology and get a better understanding of it’s possible uses.”

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Can Blockchain and IOT enable a smarter more efficient and optimized healthcare and hospital industry ?

The healthcare system in the US isn’t known as a streamlined Or well liked machine. In fact, it rates poorly compared to many other modernized countries in numerous aspects. Part of it is cost. Part of it is insurances and premiums. Part of it is health and well being and dieting and exercising. Or a lack of all of that. How can the US and other countries fix some of the inefficiencies in healthcare ? How can hospitals better optimize their costs and procedures ?

The magic pill of big data , AI, IOT, and blockchain is just a big marketing keyword joke now. Speak to most of these companies or individuals and they don’t even know what half those simple words really mean. Much less help some big healthcare organization improve anything. It’s a hype cycle times a billion.

Some aspects blockchain and IOT and big data and AI can help with are some sort of collection of things with a knack for the identity of medical devices. Hospitals have beds and gear and needles and trash and biohazard material and dead bodies and drugs and toilet paper and towels and sheets and a million other things.

Rewards and incentives can help with proper storage and unloading by doctors , nurses, janitors and others. RFID and QR codes with a little bit of good engineering and automation can secure said medical devices. Even some advanced QR RFID Beacon like device can turn a simple bed into a more intelligent bed.

The reason big data and AI might be more off-chain is blockchain doesn’t exactly do big data storage well. Or if it did , it be seriously inefficient. So encryption, software like Spark and sparkling water or even Keras and tensorflow with a little bit of Kafka for streaming messages and notifications can alleviate some of the storage issues with blockchain. And computation.

The list is young , but blockchain for IOT and IDOT can help improve the inefficiencies in healthcare and hospitals by adopting emerging technologies to secure and track medical devices and supply chains ;

to enable doctors and patients to not only control their own medical data in a secure manner ,but offer incentives for them to earn rewards based on doing good deeds or exercising or eating right;

And by implementing a good digital transformation within the organization, which involves blockchain and IOT and automation, it’ll open up new business use cases or create a more efficient streamlined cost effective organization.

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Real or fake or fake a death ?

This was a sad story and confusing to start. Founder and CEO has the cold storage access, passes away and nobody can get the 150+ million in crypto stored. Why only the fonder given sole custody and access in the first place is absurd. But happens as people are naive.

The story started getting more interesting with rumors swirling around reddit and social media about his death , his odd trip and disappearance. And the more people look into this, the more a lot of it sounds like a shady business to start with. Again , why only the CEO and founder if certain standard security policies were followed ?

And to throw another rumor into the pipe mill, what if he was held hostage or murdered ? It wouldn’t be surprising or hard to do. $150 million is a lot of money. And it seems this company and guy really shouldn’t have run an exchange to begin with.

Did he die naturally at such a young age ? And Why did the CEO ,who has sole custody of all these funds , suddenly leave his own company to go on some save his life or charitable philanthropy expedition? And why didn’t he have some legit backup plan for situations like this ? If he was really sick, wouldn’t this be a huge worry in the first place ?

Some shady happenings in the crypto exchange space.

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Fake stake POS issue …

There was a recent study done by a group of student researchers that found a vulnerability in proof of stake (POS) crypto’s. It looks like 26 different crypto coins could be affected.

They called the vulnerability, “fake stake” and it allows malicious actors to crash a network node running PoS, without having a majority stake. Makes sense they called it fake stake.

From the researchers report,

“Essentially, [Fake Stake attacks] work because PoSv3 implementations do not adequately validate network data before committing precious resources (disk and RAM). The consequence is that an attacker without much stake (in some cases none at all) can cause a victim node to crash by filling up its disk or RAM with bogus data. We believe that all currencies based on the UTXO and longest chain Proof-of-Stake model are vulnerable to these Fake Stake attacks.”

It seems Qtum, which tries to combine Bitcoin and its UTXO model and Ethereum and its account model was vulnerable but fixed the issue.

Cardano doesn’t seem to be vulnerable to this issue , probably because it wasn’t built based on UTXO nor just cloned and forked from some other blockchain. Ethereum plans a POS, but who knows when that’ll actually be ready vs tested in a sandbox.

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