Keep-Paying-Attention-Loom-Network-51-Attack (Transcript)


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[00:00] Welcome to bit better. Have my money. Hi, I’m Mitchell Stulken I’m just back from watching my daughter play softball. So it’s always fun sitting in the stands, sweating, sweating your ass off. And watching kids play softball and everyone gets walked because the pictures are too young and they can’t really get it to the plate. So everyone, everyone gets walked. Um, yeah. Five runs in any five running, five runs in inning limit. So thankfully that happens. But how they’re learning, they’re learning. Anyway, we got a lot to get to here. So let’s take a quick look at my trading portfolio. It’s at 3,800 right now. It was up to for a, I think earlier maybe late last night. So down a little bit over the day, looking at the seven day trends of my coins. Everything’s up except a couple. Uh, no real big gains.

[01:12] A icon, 15 percent car danone’s 17 percent a v chain, 23 percent. That’s good. One lobby, 17 percent. So for the most part, everything on the seven day trend is headed up. But if we go to the 24 hour trend, everything is down, everything, yet there isn’t a single green on my trades, or am I trading portfolio for the 24 hour? Pretty much between 11 and one percent down, which whatever, that’s just one of those days. Uh, it happens. And let’s check on chain fx here. Quick to see what I haven’t even looked today to see what bitcoins at 7,400. Down down three percent. Um, uh, noses running a allergies to tell you what allergies are the worst. Uh, I never had until I was an adult, so that’s awesome. Good Times. Anyway, bitcoin down three percent, sent to 7,400. Etherium five percent to 582. Just kind of bouncing around there and nothing, nothing real crazy. Top losers. Fifteen percent on bt CP and I do not know bitcoin. Private. Let’s. I’m just thinking of a bitcoin diamond or something. Bitcoin private. I’ve never actually looked into that for awhile there. There was just too many forks too much. So that’s the biggest loser for the day. Top Gainer, 15 percent.

[03:05] Did you allow Gdg, ged, ged? That was a tough one to say. I’m not a lot of movement today. Just kind of a, I don’t know, just kind of a weird day it looks like. So that’s a little bit going on in the market. A couple things, news wise there was, it looks like a 51 percent attack on verge and now’s zen cash. I think there’s one other one. So 51 percent attack is when I’m 51 percent of like the nodes. So if hackers take over 51 percent, they’re basically in control. So we’re one person or party controls 51 percent of the hash rate or you know, 51 percent of the blockchain. So one person or party is in control of, in this case is then cash. Now what that allows them to do is basically manipulate or control the blockchain, which is not good. So what it looks like a happened on Zen cash according to Bitcoin is the attacker was able to double spend two transactions of 13,060 600 zen,

[04:33] more than

$550,000. So yeah, that is a lot. Um, again, it can be one person, it can be a group, but they control 51 percent of the hash rate. So they’re basically in control of what’s going on, allows them to reverse current transactions, make it looks like he spent some of these, some of these coins, but actually did not. So he’s getting to spend them twice a can deny transactions, make one’s a more important and go through and it, it can just, it happens. Bitcoin gold there. That was the other one I knew there was one other one bitcoin, gold verge and zen cash. So it’s kind of a scary deal. They’re really, I mean there really isn’t much you can do personally other than. Yeah, it’s just if someone gets. The markets are so small, the market caps so low that if someone has enough money they could really do it.

[05:44] I actually read today that you could do this with an Einsteinian and it would cost you $77 to basically take, take over for an hour. So for, for 77 bucks you could take over Einsteinian blockchain, which is for an hour, which is crazy. So that, it looks like it happened here over the weekend. Um, Zen looks like. Yeah, according to this 23 hours ago, so Sunday, um, found out about it this morning. Uh, it’s Kinda kind of an interesting thing. Um, yeah. So it’s something to be aware of it really. Yeah. There’s just not much you can do about it right now. The, uh, it’s Kinda up to the, like zen cash and bitcoin gold that they’re going to have to try and find a way, I don’t know, programming enough to know what they need to do a, if they need to have, um, more. She’s, you can’t really know when. You can’t think of the word, but um,

[06:54] verification techniques, better verification, multiple verification, which I already do, but um, I don’t know. Something they need to do along the lines with that. Uh, anyway, uh, another thing I want to talk to you about is the market obviously is down. You know that. I know that everyone who’s in crypto knows that. So when the market’s down, a lot of us might just not pay attention anymore. Just walk away, which is fine. There’s nothing wrong with that, um, but what I’ve tried to do is continue to, to learn to do this, like, which helps me hopefully inform you guys, but it keeps me active and paying attention. And this is one thing I wanted to be bring up is keep paying attention even when the markets down, keep learning like I’m going to start learning more technical analysis. Um, keep researching coin. Look at it as like when you first started, how you found all these coins, how you looked into them.

[08:01] And that’s one thing I’m trying to look at it as is when I first started, I was doing all this research, learning about all these coins in. That’s the main thing I need to do is because innovation is outpacing the market right now. Innovation is continuing to happen and we need to be aware of it and keep looking. So I came across a loom network, l o m network. I actually had never heard about it before. It came out March 14th I think. And on the website here it says the next generation blockchain platform for large scale online games and social apps. Think world of warcraft and twitter on the blockchain. Built on a theory. Um, so, uh, what is this? Basically we all probably know. I’ve got a cough

[08:57] back in, I think a back in the, in the microphone anyway. Um, yeah. So we all know if you’re is having trouble scaling. So there’s a lot of coins out there right now that are working on this and hoping to have something that will help etherium scale or take over for theory and, and have a better transaction rate. Well loom it looks like has already done this. It’s up and running. Um, and it looks very, very interesting. I’m looking on the website. What is loom in short, you can think of Loom Network as eos on top of ethereal and they basically have the app chains and each d app is on its own side chain. So the, what I’m looking down looking at here is some of the wording, it’s just a pain, but uh, basically they have the two, two layers, ieps, um, layer to blockchain that uses theory as its base and running each day app on its own side chain, uh, will allow for optimized for high scalability and security guarantees of delirium.

[10:20] I cut a lot of this stuff out, but basically it just allows for higher scalability and doesn’t get bogged down. You can check they haven’t posted on medium that really gets into it a little bit too much. I’ve read through it and it’s all pretty interesting. Um, one of the neat things that they have going on and they actually didn’t do an ICO so it just kinda came out, but they have something called Crypto zombies, which is the world’s most popular theory in code school with 175,000 students. So basically they have crypto zombies which teaches you how to code and it’s, I’m going to actually go check it out and just see. I hate coding. I hate it. I took it in college. I do not like it, but I’m going to check it out just for fun. Um, and people seem to really like it.

[11:19] So I guess see how that goes. Um, you know, if you get a lot of people who learn how to code on that, they’re going to continue to use it, which is awesome. Um, and it looks like they already have a game out on it. Uh, if I can find. Yeah, Crypto zombies learned to code through EMT APPS and I believe the game, it’s like a card game called Crypto zombies as well. So that’s kind of neat. There is three blocks. Gm came, three blockchain are being released in, in, in their house over the next three months. So they have some of that coming and it just looks like they, they kind of snuck in under the radar. Um, I missed it apparently a lot of other people did as well, but you know, if we would have been paying attention closer and you’re not going to catch every coin, no one can.

[12:19] It’s impossible. But luckily I was able to find it just because I was doing research for things like this. I actually came across it when I was doing a. If you go back a couple of episodes, I came across the loom in on chain fx because it was one of the higher gainers and what is loom. I sought a and kept researching it after doing the podcast and really liked what they’re doing. So check it out. Uh, if we look at the charts now, like I said, I believe it was March 14th. Yeah, it came out and the youth, the USD price was seven cents. Uh, it ran all the way up to like seventy one cents by May third. So that’s a massive, massive game, you know, even if you didn’t know about it right away, but God in on it later, that would have been awesome. Now I’ve been looking at it, obviously into it and I’m actually going to invest in this.

[13:16] I really like what they’re doing there. They’re helping with the scaling problem. They’ve worked in product. It looks like they’re, they have kind of a longterm goal. So I am going to invest, it looks like it’s obviously been running down a little while, but the price right now is that while thirty three cents, which is about 40 bitcoin price wise, about 4,500. So I might enter around here, I’d like to get a little bit lower, but this one might be a long term hold for me. So I think I might actually just Kinda and forget it so we shall see. But that’s one of the things, just just keep learning, keep looking into coins. You might stumble across something like this that’s really, really great. Get into it and you might actually get in at that seven cents mark, right it all the way up to the seventy one cent and you’ve made really good profit. So even though the market isn’t great right now, there’s still profit to be made. So don’t get too discouraged, just keep learning, keep looking. That’s what I’m going to do. And with that, this is kind of a longer episode, I believe. I can’t tell how long would it feels longer with that? Would you kindly hit that subscribe button? And with that, we will talk to you later.

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