Can Bitcoin Be Hacked?

In my first post, I wrote about what Bitcoin is, how it’s transacted, and a bit about its history. When I’m talking to family or friends, it’s around this point that people start mentioning that they read an article where someone had their Bitcoin stolen or “hacked.” What does that mean? Is Bitcoin secure? Can your money simply be stolen? We’ll dive into what makes your Bitcoin wallet secure here in Part 1 of this 2 part series.

We know that Bitcoin is held in digital wallets which are defined by an address and a password (also called a public key and a private key). Anyone can send money to a wallet simply by knowing its public key. But to send money from a wallet, you need to have its private key. A unique characteristic of the public / private key pair is that the public key actually comes from the private key. Meaning that if you have the private key, you always have the public key, but not the other way around.

A private key looks like this:
5KJCVZHsV61NJz4XWk7suEbEe3J2PdxurRVr8sRh22sHSW1g6tP

We take that private key and run some calculations on it to convert its associated public key which looks like this:
1EqLuuECRh7Jm2NbmTynnFsYH8WmSyGqFp

Those calculations use something called hashing and it has 3 important properties:

  1. That private key is the only private key that will generate that public key.
  2. A single private key will always spit out that same public key. There’s no randomness.
  3. The hashing process cannot be reversed.

The most important piece of those properties is number 3 and what it really means is: If someone has your public key (which they’d use to send you Bitcoin), they have no way to get your private key (unless you give it to them).

Now you might be wondering… Why can’t you just reverse the calculation? Just run the algorithm in rewind. I’ll admit I thought the same thing too.

I’ll give you an example. Imagine that our hashing algorithm does the following:

  1. Start with a private key that looks like this: XY where X and Y are numbers between 0-9. An example would be 37 (X = 3 and Y = 7).
  2. Your hashing algorithm is simply X + Y so you perform it. 3 + 7 = 10
  3. Our public key is 10.

Now I give you the public key: 10. You can send me money to that address and I ask you, can you guess my private key? You know the algorithm, it’s X + Y = 10. Well you don’t know if it’s 1 + 9, 2 + 8, 3 + 7, 4 + 6, 5 + 5, 6 + 4, 7 + 3, 8 + 2, or 9 + 1… So you try them all and on your 3rd guess you’re right! You found my private key.

Now imagine that X and Y are numbers between 0 and 100,000,000,000,000. You can’t make all those guesses! And because of that, we’ve made it near impossible for you to find my password without guessing every combination.

Now Bitcoin doesn’t use just addition for its hashing algorithm. It uses something called SHA-256 which is what banks use to secure your passwords. In fact, there are

115,792,089,237,316,195,423,570,985,008,687,907,853,269,984,665,640,564,039,457,584,007,913,129,639,936

different possibilities for SHA-256. If a supercomputer tried every combination as fast as it could to find the private key, it would take billions of billions of years to find just one successfully.

And it is for that reason that it’s nearly impossible for someone to steal your Bitcoin… At least by “hacking” your wallet.

So how come there are so many articles about Bitcoin being stolen and hackers getting into people’s accounts? Well that’s simple… People make bad choices and store their Bitcoin private keys in places like their email and on their phones. Hackers guess their e-mail password or figure out a way to reset their password and then boom… Bitcoin private keys. It’s not rocket science.

There are many nefarious ways that someone can steal private keys… Social engineering, getting access to passwords of your email or phone, or even stealing a piece of paper where you wrote them down… But importantly: No one, in the more than decade that Bitcoin has been running, has stolen Bitcoin by cracking the software that makes Bitcoin possible.

Check back in for Part 2 where I discuss how Bitcoin ensures that the coins transacted are ensured to be correctly accounted for and people can’t cheat the system.

Okex Review

Overview

Consistently ranked in the top 5 crypto exchanges for volume, Malta based Okex is, in their own words, “the world’s leading one-stop crypto exchange”. And we can see why. Right off the bat, you have loads of fiat onramp options, from wire transfer to credit card, wich offers very reasonable fees and a “best market” system. As well as, of course, straight up crypto funding. At this point you will immediately have access to what is one of the largest spot markets in the space. The trading pairs are almost 400 at the time of writing. Okex has also very deep liquidity in their futures markets, ranking consistently in the top 3, offering both perpetual swaps and futures. They also have a recently launched DEX, based on their coin OKC and it’s native chain, that is garnering more and more traction. And finally, they recently introduced an options trading suite. So we can see how their claim is pretty well substantiated.

Okex Interface

OKex’s interface is very clean and straightforward, especially when it come to the homepage/onboarding part of the website. You can convert over 30 local currencies into Bitcoin, Ethereum, USDT or other cryptos in minutes via Visa, Mastercard, and a slew of other payment methods. They offer certified merchants for your transactions and a comparison view of different service providers, which is pretty useful. Their trading interface is also in line with what we are used to with top level exchanges in the space. It gets a little trickier with futures and perp trading, with lots of powerful options and tools which, although great for more experienced traders, might be a little disorienting for newcomers. That being said, in this section they do clearly cater to professionals, so it’s a feature and a choice in the end, really.

They also have some of the lowest fees on the market, 0.15% taker and 0.10 % maker and tiered discounts for high volume traders and OKC holders, with the industry average arguably sitting around 0.25%. Unfortunately, they do not offer maker positive rebates, and that’s definitely something to keep in my mind for daytraders, as those fees do add up. Their mobile app is also quite neat and responsive, and makes trading on the go pretty easy.

Other features

In terms of security, OKEx ranks right up there with the very best, and it’s one of the very few exchanges to have never been hacked. They also have a lot of neat little features that we are getting used to expect from top notch exchanges : tailored IEO offers, again tied to their OKC coin holdings, and a pretty vast array of earn options. This option in particular is again, very well presented and intuitive. And although rates are as not as enticing as the ones offered at crypto.com for example, it is a welcome extra. By inserting your desired coin and the amount you consider putting into earnings, you’ll immediately get a visual in projected returns in all three options they offer : staking, term deposit and savings. Here’s a visual of our sample test, done using 100 EOS holding as an example.

It’s little touches like these that make the experience on exchanges more pleasant and user friendly, and helps them stand out in a crowd. They also offer a very well constructed Academy, to help newcomers get used to basic concepts with ease, and learn the ropes of their exchange gradually. It includes a lot of well crafted 2 minutes videos to explain the most useful procedures, and solve the most common problems.

Overall we believe OKEx to be one of the very best exchanges out there, and it has as complete an offering as they come. It would probably jump to the very top of our list if it didn’t face such fierce competition from two other pretty great one-stop shop exchanges: Binance and Huobi.

Winner takes all: a bullish case for crypto tournaments

In my almost fifteen years as a poker professional, one of the most common questions I got, especially from my cash game playing peers was always, why tournaments? Why deal with the insane variance that comes with a flip in the late stages and all that agony? Why be tied to a schedule for these marathons? Funnily enough given the nocturnal schedule most poker players keep, my answer was always, “because I like to sleep at night.”

I like the complete serenity that comes with those elusive first place finishes, with the absolute terms of a win and the romantic, anachronistic joy of a physical bracelet – a real life trophy sitting on your desk or a virtual one forever linked to your avatar. Something permanent in one of the most impermanent of work environments.

And so, I put in the hours. I studied endlessly to refine my play, reviewed my hand histories over and over, worked on sims, and got coaching from the very best in the world. I did everything I could to maximise my chances – every night, one after another – to get that win. I wanted to log off at the end of a 12 hour Sunday session and sleep like a baby knowing that it was the best result possible.

Four years ago, I transitioned to crypto trading amidst the excitement for this revolutionary tech and concept. I felt the familiar uncertainty of learning a new trade mixed with the fervour of turning something unorthodox into an actual job while being told by everybody out there that it couldn’t be done. Moving away from poker was hard and more than anything, I missed one thing – the absolute decisiveness of a first place finish.

When crypto tournaments started to gain traction as a concept in 2019, I was elated. They also helped bring my trading to the next level. The first big change was in helping me to remove the bias in my trades. The attachment and passion I have for Crypto and what it stands for often stood in the way of achieving the best results from my trades. That bias does well in a bull run for sure – 2017 shitcoin runs, you’ll be sorely missed – but when the market turns full bear, as it inevitably, cyclically does, not so much. With tournaments, everything is just a building block to that win, to a higher ROI. Every position opened and closed, every short and every long, just one more step to the top of that ladder. I know it was only a psychological switch in my head and that all trades should be treated that way but trading in tournaments really crystallised the concept for me. All the study I put in for crypto tournaments spilled over and made me a better trader, overall. As my first poker coach told me almost twenty years ago: your ROI is not the result of what you know, but what you are able to apply of what you know under pressure.

Tournaments are what moved poker from seedy back alley cash game tables to being aired to the masses on primetime on ESPN. In 2013 the Moneymaker effect showed how an accountant from Missouri could qualify to the biggest stage in poker for a few bucks online and then win it all on national tv to become an instant millionaire. It sold a dream. Crypto right now, excluding Bitcoin, Ethereum and a handful of other really cool projects is little more than a MMORPG for traders. A levelled, accessible, equalising financial derivative fun park, unadulterated from vertical manipulation. Tournaments are the logical next step, pushing traders’ egos forward in a competitive rush.

January, 2020. Binance launched their very first trading competition. Finally the biggest exchange in the world entered the tournament arena. I placed top 10 in the daily ROI leaderboard 4 times, ending the two weeks tourney as best performer on pure ROI overall. I was hooked. Immediately I started looking for more, I wanted dates, websites, action. I wanted resources and possibly some good coaching as well. And here was the problem. A simple «crypto tournaments» google search gave me almost no results. «Crypto coaching» was same story. I was stunned. A smaller up and coming exchange called Interdax, which focuses on tournaments only, was basically the only other thing that popped up and that’s where I moved my action. I kept bringing home the wins but the fields were small and I wanted more, without having to waste my time digging around for scheduling and information.

After talking to other traders, researching, emailing and many, many hours spent in remote telegram and discord groups, I finally put together a calendar. A schedule.

And this is where iMoneyforum was born.

My team and I started building the cube. A neat, easy to use, graphically pleasing container for three main directories.

1. Crypto Tourneys:

Your one stop shop for everything crypto tournaments. First of all, a calendar, so you can stop wasting time and just have everything on one clear page so you can schedule your grind with ease.

Then, an agnostic exchange/tournament community and telegram channel to build teams and discuss strategy and grow together. Team resources are another sore spot in terms of accessibility and inclusivity for the many team competitions out there that lack an aggregator. Not everybody has a ready-to-go group of crypto enthusiasts, so they would have to miss the team competitions. Not anymore. Plus, playing those competitions alongside our team of professionals (who will share their plays and strategies in our team builder telegram channel) will increase your chances of winning and learning the tricks of the trade as you go. For free.

And finally, fresh educational content weekly as well as trade ideas and play by play analysis from top professionals in the space. Which leads us to the second macro area of our cube.

2. Academy:

Despite hours of research, I couldn’t find a single aggregator for one-on-one coaching and general training in crypto. Once again, you had to already be in the know or be willing to dig deep, jump some hoops, avoid the scams, and often overpay to get anything decent.

So, we started to recruit the best crypto trading coaches we could find. The process is ongoing and we are looking to build a roster that includes many different trading styles, covers all price ranges, and as many languages as possible – all things I found to be key in my many years of experience with poker coaching.

Then, we decided to take it one step further and not just offer trading coaches. What are some of the other areas where information is hard to find?

• We’d had similar problems finding good coaches and information during our spec mining days so we decided to put that right on imoneyforum, to save you the same trouble.

• I remember trying to throw good money for almost a year at an algo specialist, to have them build one to no avail. It shouldn’t be that difficult. We kept pushing the concept forward and then …enter Ronald Mannack – dev extraordinaire, MIT graduate, Co-founder and CEO at Starling Protocol.He’ll help you understand smart contracts, and the powerful capabilities they unlock. Do you need to build one directly for your business? He can do that too.

• And for those who need creative and website help, we have Marco Belletti, graphic designer and CEO of creativejuice.com who will help you transition your ideas to reality and work on what is severely lacking in crypto right now- user experience.

Finally, the last piece of the puzzle.

Exchange Reviews:

In poker, you have rake. In crypto, it’s trading fees. They’re the taxes we pay to providers and the biggest burden we have as traders. Fees alone turn an estimated 25% of all traders from profitable to unprofitable. The percentage is even higher when we look at high frequency traders. To my surprise, there wasn’t an exchange agnostic resource out there to help traders get better deals and rake back, as well as navigate through the endless new exchange scams and perils with an unbiased set of reviews.

We needed a container where you can decide at a glance which exchange best suits your needs and get the best possible deal without endless streams of useless data or a bunch of hyped up bullshit.All of this while avoiding the perils of what still seems to many to be the wild west early days of a financial revolution. So we built one.

We are just getting started. We are excited to push this vision forward and are working tirelessly to continually add to it and grow our roster of coaches, experts and content providers as well as working with exchanges to offer better deals and resources to our customers.

NeoBux – Paid to Click, Best Of Best

NeoBux – Paid to Click, Best Of Best
14. February 2009 – 00:31

First and for all lets start with a simple review with neobux.com. This website is a paid to click site that offers 1 cent per click by just viewing ads for a few seconds. Each day you will be given 4 ads to view. You will earn more if you will upgrade immediately. This site has been in the business for more than 2 years already and still going steady.

EasyHits4U – Make money with traffic exchange and surfing websites

EasyHits4U – Make money with traffic exchange and surfing websites
14. February 2009 – 00:31

It is 1:1 traffic exchange (it means that you earn 1 credits when you view other member website in easyhits4u, some traffic exchange like ilovehits, hit2hit it’s 2:1 or 3:1, you have to view 2 website to earn 1 credits. whereas in easyhits4u to earn 1 credit when you view 1 website)

It is a manual surfing (There is no auto surfing all human being have to surf to view your website, there is no robot system because there is no point if your website is viewed by a robot. You website quality improves when a human or customer likes your website and gives you feedback right that how all website in internet industry works)

20 secs or more visitor (You website will be view for 20 sec or you can increase your time by in your account whenever you like but if you give it 20 sec your 1 credit will be deducted and if you give 30 sec they will deduct you 1.5credit and you give 40 sec 2 credits will be deducted, but works oppositely as well, if you view 40 second website you earn 2 credits)

Guaranteed 24 hours unique hits ( What is unique hits – Unique hits means when one member viewed you website that member can’t view your website again in whole 24 hours. But it will work when easyhits4u have more members because the logic says that 120000 member is regsitered and 500 to 700 people surfs and all 120000 members website are rotated every day so from there your website will get 500 to 1000 hits daily and from there you would get 400- 600 unique hits0

5 levels referral program (10%-5%-3%-2%-1%) ( When you refer some one like if I refer you and you surf daily I get 10% of your surfing credits and if you refer some and he/she surfs daily I get 5% this is called downline so easyhits4u have 5 levels of downline. Receive cash for active surfing ($0.30 for 1000 sites viewed) (Here comes the money matter if you view 1000 page you will get $0.30 and which really works and this system you will only find in this traffic exchange program. My sense tells that I also earn credit to advertise my website to easyhit4u members and mean while earn some money also. I am not telling you to keep this as your income)

Geo Targeting of your ads ( It’s like if you want to promote your website to Europe, only Europe members of easyhits4u will view your website like london, italy, finland) “Top Surfer” bonus every day ( Your surf more pages daily your get surfing bonus, like if you be in the top of all surfer will earn 10% of your surfing credits)

Surfing and referral contests (When you surfing in between you get some b0nuses like money, credits or banner impression and so on)

50 free credits on sign-up (after you surf 50 sites)

If you don’t want to surf and advertise your website, you can buy credits from it and this is most cheapest advertising in online business)

You will get more benefits if you upgrade your account to Premium members

Join Free NOW 🙂

Sweeva – i like it manual surf

Sweeva – i like it manual surf
14. February 2009 – 00:31

30.000+ Members. Nice Manual Traffic Exchange.

Ranks and Levels
Although it has not been fully disclosed how many ranks and levels there are on Sweeva, I am told that the more levels one completes, the more benefits are achieved in conjunction with a member’s account, whether upgraded or not. When one runs the full gamut of levels in a rank, one is moved to the next rank and can enjoy the privilege of even bigger benefits for each level achieved. It is my understanding that Pro members DO get bigger benefits and can eventually earn as many as 10 credits per page view when in the viewing area of Sweeva. Activities on Sweeva are awarded by Experience Points. It is not necessary for one to complete every single activity listed on the Awards area but the more that one participates, the more Experience Points one accumulates resulting in a higher level achieved.

Bidding Process
The bidding process can be a little confusing, if one has not “played around” with it and this seems to cause a lot of stress for some folks. Here’s a little more on how that works. After one has entered sites and those have passed the TE Toolbox site checker test, one can then open the Bids page and begin the bidding process. To bid on a site, the member must choose it through the little drop down box at the top of the page after clicking on the button to place a bid. Once the site is opened, members see a schedule of days and hours from which to choose for the script on Sweeva to consider accepting the bid. The script will give a member the recommended bid for the time slot(s) chosen, or one can decide independently of the suggestion how much to bid. Then one must allot enough traffic credits to the site to cover the bid amount at least once. This gives the member the opportunity to allot as many credits as he or she is comfortable doing.

The script is designed to “scan” the bids once about every 15 to 20 minutes. If one has the highest bid in place at that time, or if one has older bids, the script will accept the highest first and then the older ones with higher bid amounts.

Comments
The “chat” area on the Sweeva surfbar is in place to communicate with Sweeva members whose sites are currently being viewed by all of the ones who are surfing/viewing at that time. While socializing is encouraged, the area is actually there for critiquing the site currently in place on the viewing area on the left side of the browser. It is not acceptable to advertise one’s own site unless it is the one actually being viewed and members can be suspended from using the chat feature to do this.

Constructive criticism is welcome and definitely encouraged. “Generic” comments are not helpful and should be avoided, most especially if a member wishes for his or her comments to stand out and quite possibly be “starred” by other viewing members. Those “starred” comments can also earn a member Experience Points.

Traffic Credits and Experience Points
There is a difference in these two features. Traffic Credits may be earned or purchased. Experience Points are earned or awarded for activities on Sweeva. They cannot be used or converted to traffic credits. The amount of Traffic Credits and Experience Points earned increases as one moves up in Rank on Sweeva. Of course, Pro members earn higher awards of each than do free members.

Earning Money on Sweeva
Sweeva members can earn money only by having downline members who upgrade or make purchases. Pro members receive a higher percentage than do free members. No one can earn cash by viewing/critiquing other members’ sites. Sweeva is definitely NOT a paid-to-surf site and its owners do NOT buy back traffic credits.

Join Sweeva click on this banner.

Paid to Promote [PTP]

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Traffic Awards | Manual Traffic Exchange

Paid to Click [PTC]

Paid to Click [PTC]
NeoBux – Paid to Click, Best Of Best
14. February 2009 – 00:31

First and for all lets start with a simple review with neobux.com. This website is a paid to click site that offers 1 cent per click by just viewing ads for a few seconds. Each day you will be given 4 ads to view. You will earn more if you will upgrade immediately. This site has been in the business for more than 2 years already and still going steady.

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