Top 10 Genius Quotations of Vitalik Buterin About Hype around Cryptocurrency

Just to think of it, one surname makes the memory reproduce images, which are connected with this blockchain genius. Vitalik Buterin is only 24 years old, and he is one of the most influential person in the crypto industry, who will be forever remembered not only for creating Ethereum.

With Vitalik’s growing popularity, the number of  interviews with his participation is increasing, the quotes from which immediately spread fast across the network. Therefore, The Coin Shark have collected top 10 exciting statements by Vitalik Buterin, which explain the hype about cryptocurrency and blockchain.

1. In interwiev with Forbes, Vitalik shared his opinion about the importance of understanding of blockchain:

“Talking with people, including the authorities is useful. The better they understand the technology, the more opportunity to work with them. This guarantees, that they will not the enemy in the technology”.

2. At the conference “Blockchain: New Russian Oil”, the publication RBK-Tatarstan, asked Vitalik Buterin : “ How will the world economy change under the influence of blockchain?” – on which blockchain genius gave the following answer, which became the iconic quotation in the crypto industry:


“Business opportunities will be increased. For the countries, in which the economy is not developed right now, it will be easier to join the global financial system. It will be easier for anybody to interact with banks and financial institutions. In the non-financial world, there will be more transparency , including the development of all kind of products. There will be many benefits. Basically, everything will work faster and more effectively. The house can be sold within 3 hours instead of 3 weeks.  And there will be more of such little examples. Everything, that is often hampered by red tape will be simplified”.

3. Here is another quote from Vitalik, about integration of business and blockchain, having been said at the conference:


“…Small business have even more opportunities to use blockchain over large business. The smarter the technology is, the more it reduces the barriers between people to trust each other, they can build a common business, organize contracts, exchange information”.

4. Buterin told to Financial Times, what he thinks of the majority of ICO projects:

There are projects that have never been put a heart into, that are just like “Ta daa, price goes up, vrooom. Buy now!”.

5. In an exclusive interview with Cointelegraph, he shared his view about ICO:

“ICO as a model has a number of huge advantages. For instance, through ICO we can democratize participation in the projects from the very beginning. This model is a perfect way to give everyone an opportunity to contribute to the development of the project from the very early stages. We definitely need to work hard to improve this space. Sometimes it’s really hard to see the scams among ICOs.”

6. On smart contracts in an interview with Forbes, he commented like this:

“The concept with smart contacts is so complex, that understanding, how to make them safer comes only with experience… We can only wait and allow people to do projects , some of  which succeed. The same as cars and airplanes were becoming safer with time, through experience we will be also realising how to make smart contacts with an acceptable level of risk”.  

7. In the same interview, Buterin made a statement, which became a favorite statement among the crypto community:


“Google is the best library.”

8. During the interview for the Israel newspaper TheMarker, which was translated by Finance Magnates from Hebrew, Buterin shared his view about the situation on the cryptocurrency market:

“I indeed think that we are in a bubble because all the cryptocurrencies are rising and people have a feeling that they will always continue to rise. A lot of projects are raising more money than what they would be able to in the normal VC market, and sometimes there is no match between the necessity and usefulness of the project and its ability to raise money. Additionally, this market is still young and people still don’t know how to differentiate between projects that will exist in the long term and those that won’t. This thing is growing at a rate that makes it hard to control. I, for example, don’t participate in most ICOs because I think they are done at too high valuations”.

9. At the open meeting in “Skolkovo” technopark, a correspondent of PLUSworld.ru highlighted the following statement by Buterin about cryptocurrency in Russia:

“The Russian crypto community is different from the other countries in its vast. In Russia, there are many projects, programmers, banks, and even government agencies, which are using or testing cryptocurrencies. We have all perspectives to believe that russian crypto community will take a leading position in the world”.

10. Also the following statement about the president of Russian, Vladimir Putin, said at the above-mentioned meeting, didn’t remain unattended either:


“So far, I haven’t met anyone higher than Putin. The president knows about blockchain, if you ask me, this is the peak of the hype”.

* The publication contains quotes translated from the original language.

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How Is a Schoolboy Millionaire Doing: A Story About the Youngest Bitcoin Richer

Erik Finman’s life is like a dream. He is the youngest Bitcoin millionaire in the world. His digital wallet stores more than 400 BTC, which at the rate of $20 thousand per one coin was equal to $8 million.

From a schoolboy to a Bitcoin Millionaire

The story of Erik Finman began in 2011, when he was 12 years old. Young man received from his grandmother $1 thousand for college. However, the guy decided to invest them not in education, but in Bitcoin. He was confident that the digital currency has a great future and therefore he will have it, if he buys BTC. A schoolboy purchased Bitcoin on all the money that his grandmother gave him, with the rate of $12 per one coin.

The first million Erik earned at 15 years. Before that, the future millionaire, argued with his parents that he would not go to college if he earned his first million before the age of 18. When the Bitcoin rate first increased in the summer of 2017, Finman became a millionaire. After that, he went into business.

In 2013, Erik’s capital was valued at more than $100 thousand. This fortune pushed the guy to drop out from high school, in order to start his own business. Moreover, the young man was convinced that the secondary school provides with low-quality education.

“I had these teachers that were all kind of negative. One teacher told me to drop out and work at McDonald’s because that was all I would amount to for the rest of my life. I guess I did the dropout part.”  – said Erik in CNBC interview.

The young entrepreneur founded his own online educational platform Botangle, which helped the young people to find suitable teachers for class via video chat sessions.

January 2015 has been a remarkable for the guy. He sold Botangle for 300 BTC, whose rate at that time was $ 200 per coin. The buyer also offered the guy $100 thousand in exchange for the business. However, Erik was convinced that it was much more promising to make a deal with cryptocurrency.

“My parents asked ‘Why don’t you take the more cash? But I thought of it more of an investment.” –  Finman explained.

You may ask, what’s the catch? And the catch really is. After all, the guy for $100 thousand could buy 500 BTC instead of 300 BTC. But he chose cryptocurrency, because the official transaction is accompanied by certain difficulties with which, the underage wouldn’t not cope.

Today, December 2018, Erik has about 400 BTC at his disposal, and the Bitcoin rate varies within $4,000 per coin. That is, Erik’s fortune does not exceed $2 million. Despite the fact that experts like Warren Buffett are confident that the cryptocurrency is a bubble that is about to burst, the young man says:

“Personally I think bitcoin is going to be worth a couple hundred thousand to a million dollars a coin”

Some believe that the young millionaire suffers from paranoid syndrome. After an increase of popularity and capital, Erik is obsessed with the security of his assets. For example, he divides his capital into various super secured wallets.

Bitcoin millionaire lifestyle

Erik bought a house in West Hollywood, where he neighbors with young YouTube stars and IT elites. Well, and as usual it happens, the guy had his head turned by his fortune. The first evidence that Finman “went off the rails” was the reusable rental of Lamborghini sports cars.

The insanity did not last long. During this dizzying period, the guy did not insert the diamond teeth, did not fill the wardrobe to the full with clothing. By the way it is half empty. The millionaire dresses very inconspicuously: T-shirts, shorts and jeans.

Erik hated the school so much, that when he bought a car, it was indicative that he chose a number with his average grade of school certificate – 2.1GPA.

All of Erik’s relatives have a higher education, so they really want their children to get a higher education. But, a bet’s a bet,and besides, the guy is not going to college under any circumstances:

“The purpose of that would be to get another education level and get a job. I had to learn through running a business. Instead of writing essays for English class, I had to write emails to important people.” – said Erik. “The way the education system is structured now, I wouldn’t recommend it,It doesn’t work for anyone. I would recommend the internet, which is all free. You can learn a million times more off YouTube and Wikipedia.”

The young millionaire eats at Polo Lounge, In-N-Out Burger and other restaurants, depending on his mood. In his free time from work, the guy travels. He likes to have a rest on distant continents, especially Dubai.

Source: https://www.inverse.com

Now Finman is in charge of managing his own and family Bitcoin investments.

The young millionaire’s view of the future of cryptocurrency

The world’s first cryptocurrency by capitalization is not the only digital currency that makes up the capital of the millionaire. Litecoin and Ethereum are also in reserve.

If the young man believes in the future of Bitcoin, the future of Vitalik Buterin’s creation he doubts though. Erik believes that Ethereum’s growth depends on speculation on the crypto market.

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Recommendations Which Will Help to Secure Your Crypto Wallet From Top 7 Popular Ways of Hacking

Cryptocurrency is the cherry on top every single crypto hacker wants “to eat”. Even since the release of the very first cryptocurrency in the world, scammers are conducting active warfare with the access to the digital wallets.

If you are hodler of valuable coins, do everything to increase the security of the wallet. Otherwise, you’ll run the risk of losing your savings and no one can return them.

In order not to get your crypto wallet hacked, The Coin Shark has prepared recommendations which will help to protect it from top 7 popular ways of hacking.

Method #1: IP Spoofing

You might think the the wallet address are created by evil forces 🙂 Because to remember this polysemic chaotic set of symbols is difficult. Therefore, for convenience, many people simple copy the address from a supposedly safe place and paste it into any application, in order to perform the operation.

This trick is used by hackers to create malware for tracking and replacing information. When a person copies the desired address to the clipboard, the virus replace it with the hackers address. After that, the cryptocurrency is transferred to a third-party address – on the criminal’s wallets.

Recommendation: check the inserted address from the clipboard before sending coins.

Method #2: Malware Installation

More dangerous than replacing the address is the theft of personal data from the device. Personal data includes: passwords and logins from accounts, including wallets.

Hacker virus gets on your computer through the fake and even official versions of software products. In the first case, the malware creates a copy of the original code with the virus. In the second, the virus finds a gap, in which it inserts its data package.

The dangerous virus was detected in the programm All-Radio 4.27 Portable, which during the installation downloaded the virus to the system folder «Windows Temp».

Attention! The malware works even when the device is turned off.

Another favourite hacker application is the hijacker – Adobe Flash Player. Who would have thought that a well-known application could poison PC and steal the data from it. When installing, a hacker program behave normally, so it is difficult to distinguish it from the official version. In addition, application periodically receives an update. As usual.

ESET security specialist Lukas Stefanko, has found an interesting pattern: the number of fake application is increasing as well as the rise of crypto market.

Recommendation:

  • Since, such malware is hidden in programs and running in the background, an antivirus is needed, which is capable to detect a hidden threat;
  • Download the programs to your PC only from official developers sites.

Method #3: Infected Expansion for browser

Modern hackers are so incredibly creative and flexible in their activity that they learned to implement the viruses not only in software products. In browser extensions, might be hiding viruses, which track all actions of PC user.

The most popular browser add-on and the best hacker creation of this year is Hola VPN Chrome. The fake version forwards to a phishing page, where hackers get the necessary information for hack the MyEtherWallet.

Despite the warnings of security experts, there are still those who fall for the trick with the compromising of popular browser extensions.

Recommendation:

  • Do not download the unknown extensions into the browser;
  • Use only the latest browser version.

Method #4: Fake Crypto Wallets

This is the most popular method of crypto hackers. The last, let’s say, the best scheme of hackers was the proposal to install the wallet for non-existent token SpriteCoin. The traders were buying into the beautiful stories about the viability and capacity of the coin, despite the fact that any other information about the coin is missing. They, in their innocence, downloaded the wallets along with the encryption virus.

As soon as malware is on the PC – it immediately begins encrypting the hard disk. Files of any kind, become a random set of characters. At the same time, the malware adds an encrypted extension,that blocks the recovery of encrypted data.

From this chaos, for the user of an infected PC, hackers get logins and passwords which are saved in Chrome and Firefox.  

But there is the one option to decrypt the data is to pay the criminal 0.3 Monero. Of course, not everything is so simple. When a victim makes a deal with hackers, she gets a decryption key and a bonus trojan that monitors it via webcam and steal digital certificates. As a result, real wallets and bank accounts are at risk.

Another method of fraud with the digital wallets is registration on fake services. The criminals offer to register on their resource, in order to open a megabon wallet that gives coins for registration. In fact, such resources simply collect the necessary information for hacking wallets and provide nothing. Although, there are those who still give a wallet, to which hackers-developers also have access.

Recommendation:

  • Do not get fooled by “great offers”, always check the information, look for reviews;
  • Never accept the terms of fraudsters;
  • Create a backup copy of your hard drive or just important information from it;
  • Install an effective antivirus,which is able to protect the data in case of an extraordinary threat.

Method #5:  Social Engineering

Namely, with the help of this method, hackers love to steal the private keys from crypto wallets or transfer cryptocurrency to their accounts. Social engineering is very specific in implementation, since it is based on psychological manipulation.

People are much easier “to hack”, than their digital devices. Therefore, your excessive trust may be no less a threat than malware.

The point is, that fraudsters redirects the victim to a fake authorization page. To that end,they send a letter to the e-mail, in  which they warn about the blocking of wallet, if the recipient doesn’t pass the identification. Of course, at the end of the notification there is a link to a phishing page, where the man by innocence enters personal data and as a result loses his digital coins.

Recommendation:

  • If you are lucky enough to receive a fake warning,then examine the sender’s address to pieces, or even better, every word with the help of Google;
  • Send a request to your wallet technical support to make sure that they really sent the warning. Just don’t follow the link with a questionable warning.

Method #6: Angry Bots

The bots greatly simplify the life on the Internet. They benefit from social networking, ending with customer service on web-resources. However, they can also be useful for fraudsters, which is dangerous for cryptocurrency hodlers.

If you tune in to a Slack-bot,he will be the first cause of your nightmares and headaches. This is a cryptocurrency digital thief, and it should be noted, very effective.

They work as follows: they notify the trader about the threat of crypto wallet and redirect it to a phishing resource, where hackers get personal data.

Recommendation:

  • Yes, bots are greatly simplify the networking. However, if you are not sure of its developer, then refrain from installing the program;
  • Work only with paid bots from well-known developers.

Method #7: Dangerous SIM-cards

Remember, SIM and crypto wallet are not the best combo. By losing the SIM card, you lost the data is,at best. And if the card is intended to be taken by fraudsters, then consider that you “freely presented” your coins.

If fraudsters get access to the phone number, they can reset any account passwords, that are registered on the SIM card. That is, if your wallet is attached to a SIM, then there is a huge chance that the criminals will get to your online accounts, if they have not reached them yet.

Attaching to a SIM card is so unreliable, that even two-step verification doesn’t help.

Recommendation:

  • Provide your wallet with the additional protection with applications such as Telegram or Signal. Good News, Traders! Durov messenger in the future will decline the authorization by sms. Google Authenticator has no longer uses this type of verification;
  • Use 2FA-authentication.

We have shared with you the main hackers tricks and ways how to avoid them. Be extremely careful and never forget about the security of your cryptocurrency.   

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Top Serials Where Cryptocurrency is Mentioned

Who doesn’t like to relax on the soft couch watching a show after an intense day? The Coin Shark has made a compilation of serials about cryptocurrency, so that your rest will be complemented by benefits.

1. StartUp

This serial opens the compilation of crypto serials for a good reason. This is the first picture, that doesn’t merely deals with digital currency, but contain it in the heart of the plot.

Cybertriller about cryptocurrency, hackers, bankers and mobsters, who are combined in order to change the world. In the picture, instead of the well-known Bitcoin and Ethereum, a fictional digital coin called GenCoin is used.

TV series adviser Brian Stoeckert, expert in risk management and anti-money laundering, in the interview with CNBC said:

“People have heard about digital currency, but they really don’t understand how it operates. They just see it on the headlines,this is one way they can follow a story line and get a unique perspective on it”.

2. Mr. Robot

Sam Esmail created not just an American psychological TV show, but the whole iconic picture, which consists of 3 seasons. The serial is highly appreciated by programmers and those, who are interested in innovations.

The main character Elliot Alderson, played by an actor Rami Malek, leads a double life: by day, he is a cyber security engineer, and by night – a genius hacker. But the double life doesn’t end here!  Elliot has a split personality.

In the serial a fictional cryptocurrency Ecoin is involved, even the famous Bitcoin is mentioned. In one of the episodes, the president of E-Corp or “evil corporation” Philipp Price (the actor Christopher Michael) and a high-ranking official, whom serial fans compare to Jacob Lew, discuss the future of their cryptocurrency and Bitcoin.

“The problem here is hard cash is fading, rapidly, this is the way of the world right now and Bitcoin is spreading and it Bitcoin takes of the wheel all in a world of hell. It is unregulated,it’s already reached its transaction volume maximum and it is part plate control by Chinese miners”.

3. The Big Bang Theory

Popular comedy series, which wins our hearts with edgy sense of humor and thin sarcasm. Many believe, that the target audience of sitcom are just “techs”, since its main characters Leonard Hofstadter and Sheldon Cooper, who were played by Johnny Galecki and Jim Parsons respectively, are talented physics. Nevertheless, the humour doesn’t revolve around the science and the characters get into quite familiar situations for everyone.

The series creators were inspired by cryptocurrency so much, that in 2017 they have devoted the whole episode to it under the name “The Bitcoin Entanglement”. In the serie, the main characters recalled, that they had mined BTC and saved them on a Flash-drive, which was lost 🙂

4. The Simpsons

There is no person, who’ve never heard of The Simpsons. This yellow people are well-known around the world and head of the family Homer, voiced by Daniel Castellaneta, is often cited in comic public groups. And there is no wonder, because in this situational animated comedy you have everything you need in order to get inspired by positivity and get temporarily disconnect from worries.

The cryptocurrency in the serial is mentioned in an episode in 2013. In the serie Krusty the Clown tells, that he is broke, because “All it takes, is a bad luck with a ponies, worse luck in a Bitcoin market, heavy investment in a high and bookmark company”.

Also in the 7 serie, season 25, Bitcoin was depicted on the billboard near the school:

5. Almost Human

You must admit, that it would be weird if a science fiction TV show, events of which develop in 2048, didn’t concern Bitcoin. The creator, J. H. Wyman, wouldn’t make such mistake. True, Bitcoin in the series, is not what we are used to “not seeing”. Here, the first cryptocurrency of nowadays is presented in the form of a large flash drive.

6. The Blacklist

The cryptocurrency has not fully replaced the fiat and a certain percentage of humanity doesn’t even understand what it is. But, others are already bringing clarity to the public about the digital currency. The writers,of “The Blacklist” decided not to invent a new cryptocurrency, but to use the well-known Ripple.

We want to remind you, that recently Ripple has become the second cryptocurrency by capitalization on the market.

7. Billions

This serial is mandatory to view for those, who are involved in finance and closely linked to the economy.

Billions is a melodramatic picture with a dynamic plot. The action of episodes are develop around two largest players in the US financial world – successful businessmen Bobby Axelrod and the Prosecutor of the Southern New York District – Chuck Rhoades.  Chuck knows, that Axe’s fund is maintaining shadow activity, because of that he is constantly looking for and consequently finds compromising evidence. The cast characters – Damian Lewis and Paul Giamatti respectively.

Now Billions – is the best serial about finance. The heroes begin to use cryptocurrency in the third season.

Cryptocurrency also appears in the following series: “The Good Wife”, ”Person of Interest”, ”Blindspot”, ”iZombie”, ”Family Guy”.

We hope that you will not lose the compilation of crypto series from The Coin Shark. In order for this not to happen, share it on social network with friends. Enjoy watching! 🙂  

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Andreas Antonopoulos Does Not Think Bitcoin Is in a “Death Spiral”

With the current downtrend of Bitcoin and the crypto market in general, a lot of crypto experts and enthusiasts do not see any bright future for #1 digital coin. The infamous prediction of John McAfee now seems even more far-fetched than before.

However, some people still have faith in BTC. A famous author of books about cryptocurrency and blockchain Andreas Antonopoulos made a video where he explained what a death spiral is and why it does not relate to Bitcoin so far.

According to Antonopoulos, a death spiral arises when the hashrate of the network drops.

Since it is directly connected with the mining complexity, the complexity also reduces together with profitability, causing miners to leave.

However, the author believes this is not the case with Bitcoin, since BTC miners do not react to such price jumps immediately. Their plans are usually calculated for the long-terms results. Only if Bitcoin keep dropping for a significant period of time, the danger of a death spiral may appear.

Part of the reason that’s unlikely to happen is that miners have a much more long-term perspective, meaning that they have existing investments in equipment and they usually purchase electricity on long-term plans, they don’t pay it by the week,” says Antonopoulos.

Hopefully, the crypto author is right, because if miners start leaving the ecosystem of Bitcoin, the coin is doomed.

We remind you:

Books About Bitcoin: Top Editions by Andreas Antonopoulos

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New Trend: Why Companies Replacing the Term “Blockchain” to “DLT”

Due to harmful hype to innovative chain of transaction blocks, some companies use “DLT” instead of “Blockchain”, which stands for Distributed Ledger Technology.

The term replacing begins with that some organisations, in their advertising and informational campaigns, decided to change the word “Blockchain” to “DLT”. Such a move connected with the hype about the blockchain technology. Therefore the companies, in order to take some of the negative from them,went on that kind of cunning. In this regard, an independent analytical company Forrester Research has made their own investigation.

Company analytics point out, that “Blockchain” is a trend-word of crypto industry, which many crypto projects abused. The word is used even when the technology isn’t used in the product. The usage of “Blockchain” for the hype invalidate the technology itself.  Since, the blockchain in general is associated with cryptocurrency, when the company which are not related to the world of cryptocurrency, decided to go away from the naming technology and started to use the word “DLT” , in order not to associate their activity with the digital money.

Meanwhile, the word “Blockchain” overtakes the word “Cryptocurrency” by frequency of requests in the world search, according to the Google Trends.

Source:Google Trends

We want to remind you:

The Number of Searches for “Bitcoin” in Google Has Skyrocketed

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Vinny Lingham is Clear About Bitcoin: “I don’t think we see $20k for a while”

Significant part of crypto community, still cannot recover from the fall of the cryptocurrency, the rate of which is still in a red zone. According to the CoinMarketCap, Bitcoin, at the moment of writing the article, is set on at $3 747 per coin and still falling.

But some representatives of crypto community have their own view about the situation on the market and predict their own price of Bitcoin.

Vinny Lingham, an Internet entrepreneur, Co-founder and CEO of Civic, has answered to a few question of The Coin Shark, to clarify the situation on the market:

Hello, Vinny. What do you think, will Bitcoin be able to overcome the $20 thousand mark next year?

I took a $20k bet with Ronnie Moas in Vegas, last month. He predicted $28k by EOY 2019. I disagreed. I don’t think we see $20k for a while, at the very least 2020, but possibly even 2021.

In your opinion, what is the problem with cryptocurrency at the moment?

There is too much hype, and not enough substance, as well as too much focus on the technology and not enough focus on the business or consumer value add.

Can Ethereum become the leader in 2019?

It is possible, but unlikely unless they can fix the scaling issues and deal with the lack of consensus within their community.

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