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I listened with intent to Chris Coney (CryptoVerse, @marketingmonk) excellent coverage of a new Security Rating's report that has come out, as reported by news.bitcoin.com
This brings me back to when I first started in crypto. I was very hesitant to put my money on the exchanges, but I also like money. I wanted so badly to trade, and I can't do trading unless I put my money or crypto on the exchanges, so I needed a way to feel more comfortable. So I, too, did my own security roundup and came up with a "ratings" of sorts.
To me, exchanges needed to be secure. Secure like, say, a castle. Like this one:
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I'm a coder, so I write scripts.
This particular script happened to be written in "Python."
Person Quote Cryptokeeper: What...is your name? Binance: Sir Binance of Camelot. Cryptokeeper: What...is your quest? Binance: To displace the UnHoly FIAT. Cryptokeeper: What...is your favorite color? Binance: Blue. Cryptokeeper: Right, off you go.The next one who came up was a little too sure of himself. I had already tested everyone's social engineering, network defenses, DDOS vulnerabilities, and even whether or not they let the user show API secrets easily or not. Is their multi-factor authentication up to snuff? Are they on top of wide-spread trading anomalies? Let's see...
Person Quote Cryptokeeper: What...is your name? Huobi: Huobi of Camelot. Cryptokeeper: What...is your quest? Huobi: I seek the displacement! Cryptokeeper: What...is the capital of Malta? Huobi: (indignant) I don't know THAT!! (An unseen force whisks him up and over the side.) AAAAARRRRRRRRRRRRRRRGGGGGHHH!!!!!!!This continued for a while, as I interviewed those who knew their bitcoins from their bitconnects and their security from their security tokens. If they didn't know the difference between a token and a coin, I chucked them out.
Person Quote Cryptokeeper: What...is your name? Coinbase: King Coinbase of the Adopticons! Cryptokeeper: What...is your quest? Coinbase: I seek the bridging of Holy Blockchain and FIAT! Cryptokeeper: What...number of bits is the checksum of a bitcoin public key? Coinbase: (brief pause) What do you mean, an Base58 checksum or Base64 checksum? Cryptokeeper: (confused) Well...I don't know...AAAAARRRRRRRRRRRRRRRGGGGGHHHH!!! Thomas Lee: (crossing behind Coinbase) How do you know so much about checksums, sire? Coinbase: Well, you have to know these sorts of things when you're a king, you know... (footnote 1)I eventually was able to judge which exchanges were safe enough for me to trade on.
(Footnote 1) Besides, the answer is the same either way - and it's measured in bytes, not bits, but I just wanted to show him who was King.