Jure Pirc, AMA: » I do not understand why people who get scammed keep following those same scammers into new scams!”
Jure Pirc, president of Bitcoin association Slovenia and advisor to the MoneyRebel project on security, investment opportunities and why he decided to advise to the MoneyRebel project.
Urban Cjuha (MoneyRebel): So, do we have to send ETH if admin of channel sends us private message, and has special offer for us?
Jure Pirc: Never sent ETH or any other cryptocurrency to an address you received from a team member via private message. Instructions on how to participate and where to send funds are always published on official website of the project.
Simon Ručigaj: How do you check an ICO to make sure it is not a scam?
Jure: Great question! There is no bullet proof method for this. The best advice I can give is to research the entire team — usually the team member LinkedIn profiles are posted on the project official channels. These links to SM accounts only tell a part of the story, as there is no guarantee that those people are involved in the project. To verify that the person listed as core member or advisor is a part of the project it is best to ask around a bit on twitter, PM on LinkedIn … To get confirmation or maybe ask a friend that is perhaps friends with the person. Then comes the background of the team. If they have zero or little work experience in the field/industry of the project, it is safe to say they do not have the knowledge or skillset to deliver the work load. That does not mean the project is a scam, but it questions the ability to deliver on the promise. Also research the project on Bitcointalk, Reddit, Google, code repository on Github is also a must have.
Nataša Kozlevčar: What are the most common questions you receive today about crypto?
Jure: The number one question used to be “hey Jure, what coins to invest in”. Nowadays it is more like “hey Jure, we are launching an ICO, can I send you Whitepaper draft”.
Aleš Brenčič: Let’s say that your dad/mum got interested in crypto. Before they start let us assume they will take the first “safety lesson” at your private school, but they can learn just 3 things at the time. So, what are your first 3 recommendations to them?
Jure: Since Bitcoin is still the father of all cryptos, a good start would be opening a bitcoin wallet (the type where the user owns the private keys/seeds), next step would be to get some bitcoins to that wallet (how to get those bitcoins depends mostly on the size of the initial investment, so let us say if we are talking about a few hundred euro, the destination would be an exchange like Bitstamp), and for step 3 to get those coins from the exchange to the wallet we created in step 1.
With step2 comes some side steps like a strong password, learning about and starting to use 2-factor authenticators and use it to secure any accounts related to cryptocurrency activities.
Aleš Brenčič: Main security issues that can go wrong when executing these 3 steps?
Jure: Loosing backup seed words for the new bitcoin wallet with a combination of a broken mobile phone, and the second part of not securing access to the exchange.
David: Do you have any favourite coin which is it still undervalued, whit good future potential? A hidden gem?
Jure: I believe cryptos are only as good as the developers/teams that created them. I have a few favourites, but I will not name them since this is the MoneyRebel channel. I really do not like to advise people on crypto investments, because the history has shown that when there is profit no one remembers that — but when there is portfolio loss, everyone is loud and hateful.
₿laž™: What do you think we should do with the onecoin scammers, promotors etc.?
Jure: I do not think the promotors themselves are the key issue. Scammers will always scam and move on to the next scam. I do have a problem with understanding why people that get scammed by the scammers keep following those same scammers into new scams.
David: Fair answer👍😀 what do u think about MR? I think it is one of the best and transparent ICO right now.
Jure: I think only the best of MoneyRebel project, I would never put my name on a project without solid foundations and belief that the team can deliver. And the MR team is delivering in accordance to the roadmap!
Marek Zubacz: Jure — in your opinion — do smart contracts have a future? Cryptocurrency is a chance, but also a threat for the bank system, according to what we know today — and on this depends how they will adapt. Smart contracts can remove 3rd parties, so it is a solution aimed directly against part of the law-community.
Jure: Smart contracts (not just the ones on Ethereum) will play a very big role in industrial automation in many industries — so, yes, they have a future! Banks have become their own worst threat since the debt model has become unsustainable. I believe the banking system has bigger problems that the threat of cryptocurrencies that give the power of responsible personal finance to the individual.
Urban Cjuha (MoneyRebel): What about the Ledger Nano security issue? Does the last patch fix the issue and is secure again?
Jure: The last MCU update version 1.4.1 resolves the issue. What was problematic was mostly poor communication from Ledger team and lack of responsible disclosure.
Trezor had a similar security issue with Trezor one model. That was also resolved with the latest update 1.6.1 that was announced today.
Urban Cjuha (MoneyRebel): But you had to have direct access to ledger to compromise, right?
Jure: Correct. This is called “a man in the middle” attack. An attacker can “hack” the firmware before the device reaches the buyer. Best advice here is to buy these devices directly from the manufacturer or from a certified reseller. Buying an used item on eBay for example — I advise strongly AGAINST that!
David: Which is the best alternative for coins which are not supported on ledger? Sia, Cardano, Iota, Nano, Icx …
Jure: Native wallet of the selected cryptocurrency would be the best choice. There you can create a backup of the wallet or write down the seeds. The alternative is generating paper wallets — if a tool that can be run on an offline computer exists for the desired cryptocurrency.
Aleš Brenčič: Jure, you mentioned MR. What is good in this project security-wise, what (if anything) could be better?
Jure: In terms of funds security — MoneyRebel will not have access to your cryptos, because the the app will offer you the seed words in the same way as a dedicated Bitcoin or Ethereum wallet.
Rok Hočevar: Hi I have question for Jure. How will you contribute to MoneyRebel ICO that it will be as successful as for example Insurepal, which is also a Slovenian ICO?
Jure: The question is a little off-topic, but I will answer anyway. My role with MoneyRebel is to give quality feedback and advice about the platform functionality, and I am also having a role right now — hopefully I am delivering :). I am also not quite sure what Insurepal has delivered so far — except raising a lot of money/crypto from a small bunch of investors.
Marek Zubacz: Next question about MR — since quite a long time I’m active in the crypto-education area. Is the MoneyRebel platform a solution for the people like me, to get a chance to show my content to a bigger auditorium, build a reputation and have profits in future?
Next question about MR and debit cards: As we know, all projects which provided debit cards were in fact killed by the Visa decision that WaveCrest and all cards connected with cryptocurrency are not issued anymore. How has MR solved this problem?
Jure: If I understood the entire question correctly, you are asking if there is an educational role for you in the MR project. MR will be building a list/team of experienced professionals/advisors — so I would say yes.
Regarding the debit cards: you must first understand the reasons why WaveCrest cancelled the cards. WC is not the only issuer of debit cards on the planet. I will let other team members the MR debit card integrations.
Urban Cjuha (MoneyRebel): I can only say we are in talks with a CC provider who is not against crypto, but the conditions are stricter.
Urban Cjuha (MoneyRebel): Besides Jure, I will also comment on this. This Monday we had meeting with crypto advisors and we were looking for their input for platform. And answer is, yes this is exactly the thing we are building, a platform for advisors!