Alt-Coins

[silverpv]

Apparently according to Vitalik, co-founder of Ethereum, cryptos are all intrinsically worthless and we should all buy silver instead. Ok, not really. But according to Chris Duane, that is what he took away from a single Vitalik tweet telling people not to invest more money into crypto than they can afford to lose (good advice), and that cryptos can crash very hard to "near-zero" (also true). As a believer in both PMs and crypto, it is a bit painful listening to Duane's know-it-all attitude.

For a second i totally bought it. Vitalik is always putting that type of message out there... Duane is Duane, don't know how you listen that long. He's like Maloney..

[Marchas45]

Apparently according to Vitalik, co-founder of Ethereum, cryptos are all intrinsically worthless and we should all buy silver instead. Ok, not really. But according to Chris Duane, that is what he took away from a single Vitalik tweet telling people not to invest more money into crypto than they can afford to lose (good advice), and that cryptos can crash very hard to "near-zero" (also true). As a believer in both PMs and crypto, it is a bit painful listening to Duane's know-it-all attitude.

What you don't like Chris? Well I'll Be.

[Brick's]

Some users who also using API tools like trading bots and other things have reported their Binance accounts were hacked and their coins sold off. These two pieces of news combined are causing the dip today I am pretty sure.

Might be a combination of two things.. api and phished. Theres rumors of malware bot but also instances of people not using bots. I have the api on and my funds are still there. I think Fabio is also a custom bot. It's the guys who bought a bot that might've got screwed or tried to get a "free" trading bot. Phished sites might've held on for awhile from previous compromised accounts 2FA can be defeated if you enter enough keys. The last possibility is system compromise in binance, but all of us would've been affected.

Looks bad, but a few of my limit sells triggered, very clever maneuver by the hacker/s. By doing this you don't know who hacked and its all kept internally in the system.

My thought is they got this tactic from the recent nem hack. After XEM was hacked $400=$500M at the time, they decided to tag the accounts that got these coins. What ended up happening was the hacker started sending compromised funds ($100) to random accounts on the address list which made the tag useless. By doing this inside binance through other coins and pumping and dumping several it mixes with the general population. very clever.

Thank you both for the insight. Of course, now I'm going to have to research "API," "Fabio," "tag(ed) accounts," etc. in order to understand exactly what you guys are talking about but I enjoy the challenge. I also know opportunity when I see it and it's nice to be validated by those who are smarter than I in areas I am not.

[Fabio]

Might be a combination of two things.. api and phished. Theres rumors of malware bot but also instances of people not using bots. I have the api on and my funds are still there. I think Fabio is also a custom bot. It's the guys who bought a bot that might've got screwed or tried to get a "free" trading bot. Phished sites might've held on for awhile from previous compromised accounts 2FA can be defeated if you enter enough keys. The last possibility is system compromise in binance, but all of us would've been affected.

Looks bad, but a few of my limit sells triggered, very clever maneuver by the hacker/s. By doing this you don't know who hacked and its all kept internally in the system.

My thought is they got this tactic from the recent nem hack. After XEM was hacked $400=$500M at the time, they decided to tag the accounts that got these coins. What ended up happening was the hacker started sending compromised funds ($100) to random accounts on the address list which made the tag useless. By doing this inside binance through other coins and pumping and dumping several it mixes with the general population. very clever.

I think your explanation makes sense. So this is what I think happened based on what you've said. I think people were using bots they got for free (as in, downloaded without paying for them), thinking even if the bot is not legit, it can't take funds out of your account since when you set up the API key, you can specify what the bot can and can't do, so set the API where the bot can't withdraw funds.

So whoever these hacker guys are, they released these bots for free knowing they couldn't take the funds out of those peoples' accounts, but they can trade and they bought up the coin they wanted VIA, driving price up and then these hackers put sell orders on their own stack of VIA which they had previously bought cheaply. So in a way they created a pump with other people's money and without their knowledge. Very clever.

[Fabio]

Thank you both for the insight. Of course, now I'm going to have to research "API," "Fabio," "tag(ed) accounts," etc. in order to understand exactly what you guys are talking about but I enjoy the challenge. I also know opportunity when I see it and it's nice to be validated by those who are smarter than I in areas I am not.

You don't have to look up "Fabio"

[Brick's]

Yea, DUH. Figured it out seconds before seeing your post here. Just my inattention to the little details while trying to figure out the bigger picture and why I'm The Cryptotard.

[silverpv]

Yea, DUH. Figured it out seconds before seeing your post here. Just my inattention to the little details while trying to figure out the bigger picture and why I'm The Cryptotard.

Thank you both for the insight. Of course, now I'm going to have to research "API," "Fabio," "tag(ed) accounts," etc. in order to understand exactly what you guys are talking about but I enjoy the challenge. I also know opportunity when I see it and it's nice to be validated by those who are smarter than I in areas I am not.

You don't have to look up "Fabio"

This made me,

[silverpv]

Might be a combination of two things.. api and phished. Theres rumors of malware bot but also instances of people not using bots. I have the api on and my funds are still there. I think Fabio is also a custom bot. It's the guys who bought a bot that might've got screwed or tried to get a "free" trading bot. Phished sites might've held on for awhile from previous compromised accounts 2FA can be defeated if you enter enough keys. The last possibility is system compromise in binance, but all of us would've been affected.

Looks bad, but a few of my limit sells triggered, very clever maneuver by the hacker/s. By doing this you don't know who hacked and its all kept internally in the system.

My thought is they got this tactic from the recent nem hack. After XEM was hacked $400=$500M at the time, they decided to tag the accounts that got these coins. What ended up happening was the hacker started sending compromised funds ($100) to random accounts on the address list which made the tag useless. By doing this inside binance through other coins and pumping and dumping several it mixes with the general population. very clever.

I think your explanation makes sense. So this is what I think happened based on what you've said. I think people were using bots they got for free (as in, downloaded without paying for them), thinking even if the bot is not legit, it can't take funds out of your account since when you set up the API key, you can specify what the bot can and can't do, so set the API where the bot can't withdraw funds.

So whoever these hacker guys are, they released these bots for free knowing they couldn't take the funds out of those peoples' accounts, but they can trade and they bought up the coin they wanted VIA, driving price up and then these hackers put sell orders on their own stack of VIA which they had previously bought cheaply. So in a way they created a pump with other people's money and without their knowledge. Very clever.

I was close...

https://support.binance.com/hc/en-us/ar ... 001547431..

Binance
9 minutes ago
Fellow Binancians,

On Mar 7, UTC 14:58-14:59, within this 2 minute period, the VIA/BTC market experienced abnormal trading activity. Our automatic risk management system was triggered, and all withdrawals were halted immediately.

This was part of a large scale phishing and stealing attempt.

So far: All funds are safe and no funds have been stolen.

The hackers accumulated user account credentials over a long period of time. The earliest phishing attack seems to have dated back to early Jan. However it was around Feb 22, where a heavy concentration of phishing attacks were seen using unicode domains, looking very much like binance.com, with the only difference being 2 dots at the bottom of 2 characters. Many users fell for these traps and phishing attempts. After acquiring these user accounts, the hacker then simply created a trading API key for each account but took no further actions, until yesterday.

Yesterday, within the aforementioned 2 minute period, the hackers used the API keys, placed a large number of market buys on the VIA/BTC market, pushing the price high, while 31 pre-deposited accounts were there selling VIA at the top. This was an attempt to move the BTC from the phished accounts to the 31 accounts. Withdrawal requests were then attempted from these accounts immediately afterwards.

However, as withdrawals were already automatically disabled by our risk management system, none of the withdrawals successfully went out. Additionally, the VIA coins deposited by the hackers were also frozen. Not only did the hacker not steal any coins out, their own coins have also been withheld.

The hackers were well organized. They were patient enough to not take any immediate action, and waited for the most opportune moment to act. They also selected VIA, a coin with smaller liquidity, to maximize their own gains.

After a thorough security check by Binance, we resumed withdrawals. Trading functionality was never affected. There are still some users whose accounts where phished by these hackers and their BTC were used to buy VIA or other coins. Unfortunately, those trades did not execute against any of the hackers’ accounts as counterpart. As such, we are not in a position to reverse those trades. We again advise all traders to take special precaution to secure their account credentials.

Protecting our traders is and has always been our highest priority.

Thanks for your support!

Binance Team

2018/03/08

[BarsandStars]

crypto sentiment sure is lousy these days....

[Silversummit]

crypto sentiment sure is lousy these days....

It's just testing everyone's strength and patience to take out those that can't weather the storm.
If you can be patient and in do time things will turn up.

[joefro]

Hard for sentiment to match the insanity that was going on in December.

[Silversummit]

IMG_2143.PNG (564.81 KiB) Viewed 1864 times

Hard for sentiment to match the insanity that was going on in December.

[joefro]

IMG_2143.PNG

Hard for sentiment to match the insanity that was going on in December.

But you cut out the relevant part I was referring to. Look at that 2013 spike on the full chart...

context.png (11.82 KiB) Viewed 1845 times

[Altima]

I'm just grinding along with altcoins that gives me passive income, while waiting for the next altseason.

i.e. Staking ARK, ZCoin masternode, EDO airdrops, ZEC mining

[silverpv]

if it doesn't go up, it'll go down in my professional opinion or maybe sideways. I think this might have something to do with taxes, but we'll see after april.

[joefro]

if it doesn't go up, it'll go down in my professional opinion or maybe sideways.

Well that just about covers all of the possibilities so I'd have to agree with you.

[Bucketeer]

Vitalik is a b*tch. I made money on him during the startup, and I still hold some ETH, but there are better protocols than Ethereum.

[SilverDoge]

Vitalik is a b*tch. I made money on him during the startup, and I still hold some ETH, but there are better protocols than Ethereum.

Are you referring to NEO and Tezos?

[Bucketeer]

NEO has great possibilities. I wish I had bought in. Qtum will be a strong competitor to NEO. I think both of these have a positive future.

Tezo- I'm Bearish, the Management are criminals. I see a big SEC lawsuit upcoming. I started the Tezo topic,I thought it might be good, but then I posted I wasn't going to buy it. Good luck if you if own it.

Doge, I'm underwater on my small position in Ripple....have a drink and laugh!

[silverpv]

if it doesn't go up, it'll go down in my professional opinion or maybe sideways.

Well that just about covers all of the possibilities so I'd have to agree with you.

I always get a laugh from "pro traders" that say this. There's this one guy on YouTube that said it, I nearly spit my drink out my nose from laughing. Like C'mon man, and he charges people for that type of advice.