Tag Archives: scam

Beware EOS and NEO

Both EOS and NEO have been billed as the ethereum-killer and both have had concerted hype machines behind them. They are both building smart contract blockchains that hope to offer the same level of service as the current Ethereum Public Blockchain but with more throughput. Scaling is the buzzword of the month and EOS and NEO aim to achieve higher transactions per second by using a delegated proof of stake or delegated Byzantine Fault Tolerance method.



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Delegated proof of stake is a system where a limited number of Block producers actually stake coin to validate and create blocks. In the case of EOS the Block Producers is set at 21 initially. Those 21 nodes stake EOS coin and are granted the privilege of creating blocks and capturing the block rewards.

EOS coin holders can vote for which nodes are staking through a 1 token = 1 vote method. Now these EOS coins should not be confused with the EOS ERC20 token. The EOS website is very clear “The EOS Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the EOS Platform.”

Those that have bought the EOS ERC20 may have very well been scammed out of their ethereum.

NEO is using a slightly different consensus method call delegated Byzantine Fault Tolerance. This refers to an agreement problem involving trusting third parties and dealing with bad actors. The byzantine generals problem has been a big issue for many years {clip}.

So if satoshi solved the generals problem though the Nakamoto consensus why are back at this problem? Scaling. In a race to be the one blockchain that rules them all many scaling methods are being attempted. The big issue with the dBFT that NEO is using is two parts.

The system only needs 66% agreement.
The system is starting out with a handpicked 7 validator nodes. Chosen by the NEO developers because they hold 51% of the coins.

This is a huge red flag. The developers effectively have a 51% attack on the NEO blockchain. They control enough coin to pick the nodes regardless of votes, and the nodes they pick can choose to accept or reject whichever transactions or smart contracts they wish. There is no recourse. Even if the public NEO holders voted for a different node they only have 49% of the votes at most.

This is not a blockchain I trust or recommend. Even if more validator nodes were allowed the token distribution effectively squelches any dissenting opinions.

Even if the tokens were distributed more widely and more publically there would still be huge issues. With both EOS and NEO the voting to select a block validator process is fatally flawed from the onset. First and most importantly, most people don’t vote. Even when incentivised the turnout is almost always less than 50%. Second, votes can be bought and sold for money, social capital, or promises of future favors. Finally voting typically and most assuredly in the case of these two blockchains results in a plutocracy where the whales make the decisions. None of these are better than what we have now with the current consensus methods employed by Ethereum or Dash or Bitcoin Cash.

Furthermore I am very interested to see how the EOS ethereum token transfers over to the EOS platform. If there is not a direct 1 to 1 transfer then the fundraiser regardless of disclaimers is fraudulent. Be careful out there. Anyone can buy hype, anyone can make claims, but not everyone delivers.

Music: “Out of the Skies Under the Earth” by Chris Zabriskie

Ep248: Centra Card Exit Scam, LitePay Vanishes, Darren talks DASH

Centra.tech, Centra Card, CTR token has been revealed to be a scam, principles arrested and facing charges of fraud. LitePay vanishes. Sergey Mavrodi has died leaving his MMM ponzi scheme in limbo. Darren Tapp givens an update about his time at Arizona State University working with the DASH team. He was also a presenter at the Blockchain: Security, Scalability & Research Initiative in Phoenix. There is also a lot of NeoCash related news and interviews!



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Bumper music by: Lamprey
Song: Stuck up
http://freemusicarchive.org/music/Lamprey/The_Greener_Grass/Stuck_Up


Traditional Financial Markets Cryptocurrency Markets
Gold $1,334 Bitcoin Cash (BCH) $715
Silver $16.43 Bitcoin SegWit (SW) $7,441
Oil $63.47 Ethereum (ETH) $406
Dow Jones 23,758 points DASH $339
30Y UST Yield 3.012% Litecoin (LTC) $129

Continue reading Ep248: Centra Card Exit Scam, LitePay Vanishes, Darren talks DASH

Ep246: More AML Hand Wringing, John Oliver Takes on Crypto

In this episode Darren and JJ discuss the anti-money laundering boogieman at the G20 summit. Circle rolls out a trading app just one week after buying Poloniex. Google is set to ban crypto ads as of June 1st. Last Week Tonight with John Oliver talks about crypto and does pretty well.



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or Direct Download this episode as an MP3 – Neocash Radio cryptocurrency podcast ep246


Tune in to Neocash Radio every WEEK and
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Bumper music by: Lamprey
Song: Stuck up
http://freemusicarchive.org/music/Lamprey/The_Greener_Grass/Stuck_Up


BitGrail Insolvent After 17 Million XRB Theft, China Bitcoin FUD Fakeout

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or Direct Download this episode as an MP3 – Neocash NewsCast 003


Welcome to NeoCash NewsCast number 003 bringing you the latest cryptocurrency news from around the world wide web. Please be sure to click the subscribe button and be one of the first to receive cutting-edge news.

NeoCash Radio and the NeoCash Radio logo has been used to perpetuate a scam! There is a google doc, weak sauce, that purports to offer the sale of NCR or NeoCash Radio tokens. This google doc has no affiliation with NeoCash Radio and is a scam. Please do not send ether to this contract address.

There appear to be a bunch of transactions sent to the contract address. I would like to think that anyone who actually listens to the show would know this is a scam from the onset. We would have promoted it in our podcast at least once.

This highlights one potential issue with the current breed of investors/gamblers: they don’t do much research. If a bad actor was going to fleece the crypto newbies, now is a good time for it. Please be ever vigilant and research what you are sending crypto to. Also be sure to check out the destination address on etherscan or another prominent block explorer. Continue reading BitGrail Insolvent After 17 Million XRB Theft, China Bitcoin FUD Fakeout

Ep241: Bitfinex and Tether Subpoenaed by CTFC, OpenBazaar Integrates Bitcoin Cash and Zcash, First Video Episode!

Bitfinex and Tether receive subpoenas from the U.S. Commodity Futures Trading Commission. Facebook’s new ads policy forbids options and crypto trading hype. Blockchains, LLC buys up more than 67,000 acres in a Nevada industrial park. Japanese chat app LINE to open crypto exchange for 200 Million monthly users. OpenBazaar 2.1 integrates Bitcoin Cash and Zcash payment options. BitPay upgrades website plug-ins to help merchants accept Bitcoin Cash. Coincheck suffers a massive hack that sees more than $500 Million in tokens disappear. The SEC steps in on a Texas-based scam ICO. We are moving to video so please let us know how we can do better!


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or Direct Download this episode as an MP3 – Neocash Radio cryptocurrency podcast ep241


Tune in to Neocash Radio every Wednesday night and
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We’re also on Tunein, Player.FM, Overcast.FM, Podcast Addict, Blubrry, LBRY and more!

Bumper music by: Lamprey
Song: Stuck up
http://freemusicarchive.org/music/Lamprey/The_Greener_Grass/Stuck_Up


Traditional Financial Markets Cryptocurrency Markets
Gold $1,347 SegWit (SW) $10,130
Silver $17.30 Ethereum (ETH) $1,102
Oil $64.76 DASH $689
Dow Jones 26,080 points Litecoin (LTC) $162
30Y UST Yield 2.946% Bitcoin Cash (BCH) $1,484

Continue reading Ep241: Bitfinex and Tether Subpoenaed by CTFC, OpenBazaar Integrates Bitcoin Cash and Zcash, First Video Episode!

Ep234: The Future of Money is Gold, Crypto Futures Trading

Precious metals deregulation in Russia as BRICS nations prepare to trade gold. The Vanguard Group to offer blockchain-based index. Bitfinex hires law firm to squelch free speech. SEC Chairman releases statement about cryptocurrencies and token offerings. Waves Platform is the next to launch self-regulating body. Crypto Futures trading starts in the US and abroad. Steam drops Bitcoin as fees continue to rise. OpenBazaar to offer a token to incentivize curated lists of items for sale. Venezuela talks about offering a petro-backed cryptocurrency.


Stream this podcast episode:
or Direct Download this episode as an MP3 – Neocash Radio cryptocurrency podcast ep234


Tune in to Neocash Radio every Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

Subscribe to the Neocash Radio podcast
on iTunes/ Soundcloud/ Stitcher/ YouTube/ Google Play & iHeartRadio!
We’re also on Tunein, Player.FM, Overcast.FM, Podcast Addict, Blubrry, LBRY and more!


Traditional Financial Markets Cryptocurrency Markets
Gold $1,256 Bitcoin SegWit (BSW) $16,656
Silver $16.04 Ethereum (ETH) $639
Oil $56.72 DASH $889
Dow Jones 24,585 points Litecoin (LTC) $306
30Y UST Yield 2.781% Bitcoin Cash (BCH) $1599

Continue reading Ep234: The Future of Money is Gold, Crypto Futures Trading

Ep232: Tether Hack, Ethereum and Casper, Darren is back from Hong Kong

Tether was hacked losing some 30 Million USDTether and 5 Bitcoin to a wallet address connected to the 2015 hack of BitStamp. We discuss the future of money and what a Tether implosion could mean for the crypto market. Darren was in Hong Kong this past week for a work session with the DASH core team. He talks about the experience. Vlad Zamfir releases a first look at possible Casper Proof-of-Stake code.


Stream this podcast episode:
or Direct Download this episode as an MP3 – Neocash Radio cryptocurrency podcast ep232


Tune in to Neocash Radio every Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

Subscribe to the Neocash Radio podcast
on iTunes/ Soundcloud/ Stitcher/ YouTube/ Google Play & iHeartRadio!
We’re also on Tunein, Player.FM, Overcast.FM, Podcast Addict, Blubrry, LBRY and more!


Traditional Financial Markets Cryptocurrency Markets
Gold $1,292 SegWit (SW) $8,189
Silver $17.13 Ethereum (ETH) $369
Oil $58.01 DASH $584
Dow Jones 23,526 points Litecoin (LTC) $71.40
30Y UST Yield 2.743% Bitcoin Cash (BCC) $1314

Continue reading Ep232: Tether Hack, Ethereum and Casper, Darren is back from Hong Kong

Ep 219: Scam Warnings About Bitfinex, Tether, and Empire Card

Scam alerts! There’s a fishy smell emanating from BitFinex and USDTether. Spammers attack Bitcoin cash. Darren shares his Bitcoin cash analysis. JJ interviews founders of Santiment and Centra. Overstock is doing $50K/week in Bitcoin business. Plus, you heard it here first: Empire Card ICO may be a scam!

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 Darren and JJ!


Stream this podcast episode:

or Direct Download this episode as an MP3 – Neocash Radio cryptocurrency podcast ep219


Tune in to Neocash Radio every Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

Subscribe to the Neocash Radio podcast
on iTunes/ Soundcloud/ Stitcher/ YouTube/ Google Play & iHeartRadio!
We’re also on Tunein, Player.FM, Overcast.FM, Podcast Addict, Blubrry, LBRY and more!


Traditional Financial Markets Cryptocurrency Markets
Gold $1,282 Bitcoin (BTC) $4,331
Silver $17.07 Ethereum (ETH) $301
Oil $46.77 DASH $228
Dow Jones 22,024 points Litecoin (LTC) $44.75
30Y UST Yield 2.812% Bitcoin Cash (BCH) $298

Continue reading Ep 219: Scam Warnings About Bitfinex, Tether, and Empire Card

Ep205: TokenCard Tribulation and Potential, Ethereum Powers Car Charging and Food Aid, Onecoin Falls

Venezuelans rebel as Maduro grabs power. Onecoin ponzi scheme members arrested in India. South Korean Bitcoin Exchange Yapizon Hacked for 3816 BTC. TokenCard ICO both went well and had some bugs. We also discuss the potential that a crypto backed coin could have. German energy giant uses the Ethereum blockchain to charge cars. United Nations World Food Program uses the Ethereum blockchain to distribute food assistance. After talking about the Proof of Stake platforms NXT and Ardor we discuss the criticisms of such a consensus method. Ethereum is being searched a lot more on Google lately. JP Morgan Chase leaves the R3 Consortium, remains in Ethereum Enterprise Alliance.

All this and more on the Neocash Radio podcast, episode 205 — Wednesday, May 3rd, 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, Darren, and Pedro!


Stream this podcast episode:

or Direct Download this episode as an MP3 – Neocash Radio cryptocurrency podcast ep205


Tune in to Neocash Radio every Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

Subscribe to the Neocash Radio podcast
on iTunes/ Soundcloud/ Stitcher/ YouTube/ Google Play & iHeartRadio!
We’re also on Tunein, Player.FM, Overcast.FM, Podcast Addict, Blubrry, LBRY and more!


Traditional Financial Markets Cryptocurrency Markets
Gold $1,239 Bitcoin (BTC) $1,485
Silver $16.47 Ethereum (ETH) $79.42
Oil $47.63 DASH $88.93
Dow Jones 20,975 points Zcash (ZEC) $90.68
30Y UST Yield 2.969% Monero (XMR) $25.02
Litecoin (LTC) $20.72

Continue reading Ep205: TokenCard Tribulation and Potential, Ethereum Powers Car Charging and Food Aid, Onecoin Falls

Ep188: HUGE Ponzi ScaMMM in Africa, Airbnb Considers Bitcoin, India’s Anti-Crypto Propaganda

Millions of Nigerians turn to the MMM ponzi scheme for economic relief. Mavro coin is a scam. Central Banks are addicted to cutting interest rates. The next chapter in the IRS v Coinbase saga. Airbnb CEO may consider Bitcoin integration for 2017. India Today creates a Reefer Madness-style anti-Bitcoin video that is both funny and terrifying. The Harvard Business Review talks about the future of blockchains. We discuss Bitcoin’s technological evolution and focus on how blockchains will see growth that more closely mimics a cellular organism than a digital construct. Randy talks about his experience solo mining & pool mining Zcash.

All this and more on the Neocash Radio podcast, episode 188 — Wednesday December 28th, 2016!

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, Darren, and Randy!

Stream this podcast episode:

or Direct Download the podcast as an MP3 – Neocash Radio episode 188


Tune in to Neocash Radio every Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

Subscribe to the Neocash Radio podcast
on iTunesSoundcloudStitcher/ YouTubeGoogle Play & iHeartRadio!
We’re also on Tunein, Player.FM, Overcast.FM, Podcast Addict, Blubrry, LBRY and more!


Traditional Markets Crypto Markets
Gold $1,142 Bitcoin (BTC) $970
Silver $15.98 Litecoin (LTC) $4.37
Oil $53.62 Zcash (ZEC) $50.70
Dow Jones 19,833 points Ethereum (ETH) $7.55
30Y UST Yield 3.094% DASH $10.22
Euro (EUR) $1.04 Monero (XMR) $14.10
Chinese Yuan (CNY) $0.14 Augur REP $3.33
British Pound (GBP) $1.22 1 Doge = 1 Doge

Continue reading Ep188: HUGE Ponzi ScaMMM in Africa, Airbnb Considers Bitcoin, India’s Anti-Crypto Propaganda