Ep 213: South Korea Hack Attack, Buying Soap with Altcoins, Plus How Can We Educate the Crypto-Curious?

South Korea hack attack. Will SK legislature regulate crypto? Switzerland goes Fintech friendly. EOS: Hype or Hero? Monaco fixes flaw and reissues tokens. PorcFest soap merchant accepts crypto. DASH unveils new depository “dips.” The hosts ask for your suggestions and feedback.

All this and more on the Neocash Radio podcast, episode 213 — Wednesday, July 5th, 2017!

We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ and Pedro!

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Traditional Financial Markets Cryptocurrency Markets
Gold $1,227 Bitcoin (BTC) $2,607
Silver $16.07 Ethereum (ETH) $269
Oil $45.62 DASH $210
Dow Jones 21,478 points Litecoin (LTC) $52.50
30Y UST Yield 2.84%

South Korea to Introduce Legislation to Legalize Cryptocurrencies


South Korean lawmakers will be presenting several bills that could affect the legal status of cryptocurrencies. The legislation is intended to fill “the void of a state-led protection that guarantees digital currency’s value,” and eradicate “the possibility of wreaking havoc on national economy from digital currency bubble burst.”

One bill aims to revise the Electronic Financial Transactions Act. If approved, the bill will require traders, brokers, and other businesses involved in cryptocurrency transactions to get regulatory approval from the Financial Services Commission, maintain data processing facilities, and have at least 500 million won ($436,300) in capital.

Tax laws will also be revised to allow Korean financial authorities to pursue tax evaders who do not pay income or corporate tax from digital currency transactions.

South Korean Exchange Bithumb Hacked

One of the largest exchanges in the world suffered a hack last week. This time the thieves gained access to a personal computer rather than the exchange servers. The attackers made off with the personal data of roughly 31,800 of the sites users. Following the hack, customers are reporting missing bitcoin and South Korean Won. The data that was stolen did not include passwords but enough information for hackers to somehow reset or find the account passwords.

Once again, we here at Neocash Radio would like to remind you that if you don’t hold the private keys, you don’t have the coin. Leaving your treasure on an exchange is inherently risky. Attacks on exchanges are a regular thing. It is recommended that as soon as you are done trading you move the funds to a wallet you control, preferably a hardware wallet.

Monaco Reissues Tokens

After completing their token generation event on June 19th, the Monaco team discovered a flaw in the token contract. The have since re-issued the tokens. This is just a reminder to check that you have the correct token contract set-up in your wallet.

EOS Hype or Hero?

EOS is an idea with a lot of big names behind it but with little else to show. The plan is to create a new blockchain that will compete with Ethereum for the decentralized application market leader. To make that happen they need money and a lot of it. The token generation event is going on now and will happen for nearly a year. 1 Billion EOS tokens will be distributed with plans for the blockchain to be live in September of this year. 20% of the total has already been distributed and is already being traded on exchanges.

The ideas and technology described by their website and whitepaper are fascinating. Once the blockchain is live it is assumed that the Ethereum Tokens will be transferred or credited to accounts on the new EOS blockchain. It bears mentioning that an open ended token generation event for a product that has yet to be created raises a couple of red flags.

Switzerland adopts Fintech friendly regulations

Beginning on August 1, 2017, Switzerland will put its new regulations regarding Fintech companies into force. Companies will be able to operate in a sandbox environment without the need to register with the regulatory authority. Furthermore this sandbox will not be limited to a specific duration (e.g. 3 months) but will be unrestricted in its length.

Crypto at PorcFest 2017

We got an email from our friend Hershel at Shire Soaps talking about their Porcfest vendor experience. Shire Soaps makes all natural soaps, lip balms, body butters and more. These are typically $5 or less items. Last year, the only cryptocurrency they accepted was Bitcoin, but this year they were accepting 15 different alt-coins and silver. Hershel reports that 8 different alt-coins were used to buy his products this year: Bitcoin, Litecoin, Dash, Ether, Ether Classic, Dogecoin, Monero and ZeroCoin.

Collaborating with Neocash Radio

We have also received an email from someone who wants to collaborate with us to produce episodes for Neocash Radio. I wanted to spend a moment to talk about the opportunities available. I am very much interested in branching out internationally and experimenting with podcasters as collaborators. Ultimately I would like to see successful contributors become full-fledged correspondents. Many places, cultures, and languages can only help us reach a larger audience.

Darren and I have created a pithy, hype-free, news analysis and opinion show with a family-friendly tone. If you are interested in working with us and helping to build the Neocash Network, please send me an email at jj@neocashradio.com.

Dash creates new repository dips for improvement plans

On the Dash github, there is a new blank repository called dips.  Darren reports that this repository is of future improvement plans similar to bitcoin BIPs.

Educational Blockchain Video recommendations for Neocash Radio

As the crypto market heats up, people have been approaching us about where they can become more educated on the basics of crypto. We would like to find videos and guides out there that provide a good introduction to various aspects of blockchain and crypto, so we want to tap into our viewers for suggestions. Many of our listeners are also now being asked by their friends and family about crypto and we want to know what materials you might be using to educate others.

Please email suggestions to jj@neocashradio.com. Topics to cover include, but are not limited to 1) the Fundamentals of blockchain technology 2) Overview of Bitcoin 3) Overview of Ethereum & smart contracts 4) Overview of Dash. For each topic, we’re looking for both a high level overview as well as a more technical deep dive.

First Suggestion: https://www.youtube.com/watch?v=HAXPt58x7LI

Tips appreciated!

BTC Address: 1MmFwDeZPgxJ4GyzbfmZVLJv3aZcpxSfR5

ETH Address: 0xe4689EF88F239C6eed1Ff262876e2499495c1617

DASH Address: XtLEPo6DKeu45e2czdHLEb5EzJRVDz2aLZ

NXT Address: NXT-TT49-WV65-HZJA-5EJF9

Contact Us!

If you want to send us an email use these addresses:

JJ – jj@neocashradio.com

Darren – Darren@neocashradio.com

Pedro – pedro@neocashradio.com

Randy – randy@neocashradio.com

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