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Showing posts from August, 2016

Is making 400% trading options and Forex 'with the right strategy' really possible?

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If it's so easy making 400% trading 'with the right strategy', why isn't everyone doing it? Let me guess: the 'right strategy' is a secret known to only a few select, but for the right price you'll let me in on it and tell me this incredible secret that you 'guarantee' will make me a fortune. But no, you can't show me how much money you've made, or explain why you're hocking this instead of using it yourself. That's part of the secret. And if everyone knew why, the government and the Feds would shut it down cause they don't want people to make money. Wall Street hates it too. Honest. Now it makes sense. Where do I sign?

This Linux flaw could open you up to attack

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Download PDFA flaw in the Linux kernel lets hackers inject malware into downloads and webpages, smash Tor connections, launch denial-of-service attacks, and more. This sounds pretty serious. It sounds like if either side of a connection is affected by this bug, and an attacker knows both sides' IPs, then they can quickly confirm that a connection exists and insert whatever data they want into the middle of the connection. They can't read data sent between the two parties, though. Where this is most worrying to me is system updates. On Linux, it's unfortunately fairly common for updates to be automatically delivered over HTTP and then not checked in a secure way. For example, Gentoo by default downloads packages insecurely, and on yum-based systems, even though the stock configuration is often secure, it's common to add insecure repos (for example, the official nginx repo is by default insecure). If your system downloads updates insecurely, then an attacker can maybe …

This is why "Credible friends app" is bad - don't use it

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The fees for this are stupid high. 25% fixed APR. The lender only gets 15% and the company that made this gets 10%. With fees like that, you're better off screwing your friends with high interest rates outside of this app. Because you know you're just as likely to get paid back, and a company isn't making money off of both of you. It is a shitty premise to take advantage of the financially illiterate or truly desperate. Almost any borrowing is cheaper than this. There is also no mention of how funds will be collected should the borrower not repay their money. Are you supposed to go around to their house and ask for it back - talk about killing friendships. Connecting your social networks and allowing friends to borrow at a locked in interest rate seems like a dangerous game to play, at some point a loan is going to go sour, and rather than a damaged credit score, it'll be a damaged friendship.

This is why even rational Bitcoin users might use credit cards

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If you happen to live within your means and have an emergency savings fund, credit cards are excellent ways to get free money. Free $100 from the signup bonus to buy some Bitcoin with? Yes please! Of course, those rewards only exist because there are enough people who are either unfortunate or foolish enough to owe interest on their balance. In addition to that, the debit/credit card companies stick vendors with the transaction processing fee, which is passed on to all of the vendor's customers. If a Bitcoin user could write 5% off a gas purchase or grocery transaction from their credit card balance, then they're always going to spend their fiat because: A) Gresham's law, B) Credit card rewards lower the out-of-pocket cost to transact as a buyer, albeit artificially, that Bitcoin often cannot match in most cases. Bitcoin only makes sense to use if it is the only option to transact with, or if it is cheaper for the user to perform the transaction with Bitcoin than any …

How 16 years old boy learned a valuable lesson about margin trading

I gave bitcoin to my 16 year old brother as a Christmas present. When he eventually found out how to use it he went to poloniex and discovered margin trading. He didn't have bitcoin for long.

US verified accounts at Bitfinex are frozen and withdrawals are not possible

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Reports from yesterday seem to suggest that US verified accounts are frozen and unable to withdraw. There are suggestions that Bitfinex doing this as a punishment for Synapse Pay not allowing their theft US verified. All my remaining BitFinex balances are frozen. I can't buy/sell or withdraw anything. They're using SynapsePay as their excuse, but I don't see why they can't quickly (it's been days since everyone else got to resume trading) do one of two things: 1) Reduce our BitFinex balances by the amount Synapse sent us (as of the last settlement 16 hours before the exchange shutdown), even if that makes our USD balances negative. Then allow us to trade but not withdraw until we bring the USD balance out of the red. They're already manually approving all withdrawals, so it shouldn't be hard to check for negative balances 2) Just take from our BTC or other coin balances whatever is necessary to achieve the haircut. This wouldn't be sufficient for cu…

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