Episode Transcript
WEBVTT
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Alright, it's time. It's that
time of the hour, time of the
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day, time of the year.
Uh. And the man of the year.
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I don't know if it's official somewhere, you've got to be the man
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of the year for cryptocurrency. Uh, what I'm talking about the Dwayne Heart,
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not Dwayne Heart, the Duyne Heart
is joining us in the studio once
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again for another conversation about cryptocurrency.
Alright, and today's topics specifically, is
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gonna be about all things cryptocurrency.
We talk Actually, we talked about a
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lot about cybersecurity right on all levels
from A to Z. This episode is
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about cryptocurrency, and here's some of
the hot points we're gonna hit. Um,
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the cryptocurrency exchange network, financial scams, account takeovers, mobile scams,
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which I think is really interesting.
That's a surface we've never really kind of
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delved into. So maybe we're gonna
cuch on touch on it. Maybe an
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upcoming episode just on that topic.
Also, um, for businesses, know
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your customer is should be on your
short list, and crypto mining. Those
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are just a few of the topics
we're gonna hit on. But Dwayne,
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before we kick things off, Actually, if you haven't heard of Dwayne Hart
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dot Uh he's not dot com,
that's this website, right, But if
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you gotta check out Dwayne Harart dot
com for all things about cryptocurrency. He
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literally wrote the book on the subject
matter. He's an expert guru if you
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will. Um, he has a
podcast as well as this interview, and
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as well as you YouTube channel.
So having said that, Dwayne, let's
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start before we talk about cryptocurrency,
let's talk about the blockchain itself and how
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it works. Shall Okay, blockchain
itself comes from typical crypto background, all
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right, Um, it just so
happened that it is starting to be used
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in the financial mins. So when
you think of blockchain and then think about
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a chain link, and think about
each link representative block, and each one
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of those blocks are attached to each
other. So in order for you to
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break this syncle some change, then
you've got to break all the blocks apart
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from each other. So what's so
interesting, especially by cryptocurrency, is that
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it used blockchain and and it's used
hash and algorithms, and so those hash
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and algorithms are pretty much attached to
each block. And if you are trying
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to break any type of blockchain,
uh, Ledger, Well, I guess
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what, you gotta break all of
them apart because they all are connected together.
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And see now, you know,
it's always a discussion that that is
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that is irreversible, and it is
irreversible. But trust me, UM,
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hackers are getting smarter every day in
some way. In the future, I'm
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pretty sure they're gonna find find ways
to break through. But by time they
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find ways to break through, I
think that the algorithms are going to change.
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Cryptocurrency is going to change a lot
one of these. One of the
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things I like to bring up here
too, is that when you deal with
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cryptocurrency, UM try to understand that
that there is no middleman, you know,
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because it's not regulated by the government. It's anonymous. Every transaction is
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anonymous. Right. Also to just
keep in mind that there's no gatekeeper,
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right, okay, because it's like
in a while, there are no gatekeepers.
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When you're working with the dollar system, there is a gatekeeper with which
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is the Department of Treasury. Be
careful you don't say much more than that.
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Um, So that can be uh, that's a yen and yang thing,
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right, So the gatekeeper, no
gatekeeper can be great, But there's
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um challenges by not having some any
kind of monitor this, right, yes,
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you know, the challenges are that
people have control of the currency,
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but also too, there is no
monitoring of the hacking advice it, right
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because the government is not watching hackers
that try to infiltrate a crypto system,
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uh, pretty much a a cryptocurrency
system, all right. So what happens
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is that you're count in a while
and and it's not really um I gotta
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say centralized, kind of decentralized,
and it's and it's a virtual way of
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doing transactions. Now, blockchain technology
has pretty much been around for a long
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time. It's just so happened that
cryptocurrency is trying to take a new leap
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now. And I will admit it
sounds really good because you can buy a
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coin for only two cents, right
and hopefully in the next couple of years
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that you know that coin is worth
five dollars, So that's a completely not
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mark up big time. It's a
huge returnal investment. And again the gatekeeper
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issue is that it's really the definition
of a true free marketplace right where there's
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no um entity, whether government or
private, making any judgment calls decisions of
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who can play the game. It's
a really uh it levels a playing field
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for all participants involved, right,
yes, yes, yes, you know,
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Rich, I just want to say
something for a second. When it
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comes to cybersecurity, some of the
same type of issues that we have with
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cryptal currency standard all across the industry, all right, because when we look
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at hacking and we look at cyber
crime, someone who's trying to infiltrate the
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bubble, you know, the bubble
is cybersecurity one of far ways to defeat
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cybersecurity, right, and usually with
something like cryptal currency because it's such a
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um growing market. I'm pretty sure
a lot of people use their cell phones
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because you know, you get that
text and and say that, um,
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one of the cryptocurrencies, like bitcoin, it has taken a dip. The
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person goes, oh, yeah,
you know, I need to invest in
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it now, I need to do
this now. But step back, was
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that really from bitcoin? Was it
just that a person was being lured right
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into an area of um hackn us, I may add, So let's talk
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about the cryptocurrency and cybersecurity connect right, Um, what are some of the
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steps or processes involved in you know, connecting these two entities. Well,
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the first one is proper authentication because
with authentication, especially with some of the
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sites like coin based now and order
for you to log onto your crypto currency
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account, you're gonna have to use
one computer, and if you go to
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another computer, then you have to
verify that computer, all right. And
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then also too, during the authentication
process, you're always gonna be using two
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factor authentication. Okay. So so
because you need authentication in place, so
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you can verify the identity of the
person that is either logging into the count
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or the person that's making the transaction, right to provide those safeguards and those
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checks and balances in place, um, which then talk about encryption. Encryption
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is about secrecy of information. Okay, this is the bulk of cryptocurrency.
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Okay, you want to make it
as secretive as possible. See, there
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els something called ciphertexts, and it's
called and also to something called clearer text.
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Now, with side protects, you
are encrypted information, all right.
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With this plain text, there is
no encryption at all, really just standard
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data in the wow. So with
cryptocurrency, it's uses encryption and the information
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is put in a cyphertext that is
sent through the blockchains, all right.
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So so that's one way of looking
at cryptography. But see, cryptography has
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been around for a long time and
with these uh policies in place or that
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infrastructure. Uh, there's no guarantee
in life, but that does that um
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ward off a lot of the typical
financial scams that could be conducted elsewhere.
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No, no, okay, never
never. There's no guarantee, but it
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probably does provide you know, a
little bit uh more sense of security.
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Yes, yes, yes, you
get a sense of the security. But
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cyber chromos are cyber chromals, Yeah, exactly. I mean you can go
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back to the old stage coach days
or or the robber you know, train
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robberies. Right, the train was
pretty secure, but there's no guarantee.
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You know, I don't know how
they really hijacked the train with horses.
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I never understood that part, right, But I guess if you have enough
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ammunition and can um create a fear
within the engineer, um, that can
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happen. So let's move on maybe
to talk about it's about some concerns in
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terms we mentioned the financial scams.
Um, you know, what are some
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of the electronics you know, crimes
that are more difficult to track. Yes,
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when you think about these electronic crimes, people people or like hackers are
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sitting behind a computer or that phone
and they carrying out um and and illegal
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activity. So what happens is that
that sometimes you may not even be able
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to um peeing in on the laptop
or what computer they're using, because they
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can log into another network and to
carry it out. So so let's just
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imagine, right, if you had
your laptop, and if it was a
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building across the screen over here,
right, and let's say that you wanted
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to probably hack into a crypto currency
a count you could literally try to hack
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into that building over there and use
their network to hack into that system.
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Okay, So so what you're doing
now is that you're putting it on this
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on the other building over there.
So so that's one of the ways of
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looking at this because as an electronic
crime is that there are so many end
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points everywhere. See it's see it's
not like a physical crime. You know,
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people were walking into a bank saying
give me all your money easy.
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It was a body. But today
we have laptops and we have different systems
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that people use and they'll call endpoints, and so what you have to do
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is to have some type of way
of tracking these end points down and hopefully
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your threat logs are doing it.
You know, a threat logs tells you
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that that this is an IP address
that has logged onto the system that has
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not been authorized or authenticated, like
we talked about it. There you go.
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All right, So let's talk about
um, either the American dollar where
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where does this? Where does the
American dollar or any currency around the world,
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physical currency? Um, what's the
future if you will? Or you
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know the risk in terms of versus
cryptocurrency online? Well, you know the
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digital dollar if you want. Yeah, well, you know the problem is
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that there are a group of people
that want to change all the currency over
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to cryptocurrency. Okay, Dan,
It kind of put the American dollar at
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risk because nobody wants to use American
dollars anymore. Okay, okay, bro,
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But what part of that is that
it's a get rich scheme? Okay?
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Christ Cryptocurrencies are very, very volatile, all right, because today you
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can have a million dollars. In
tomorrow you can have two dollars. You
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know, the dollar is not as
volatile as these cryptocurrencies um are. So
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so it's a major, a major, major type of concern but also too,
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the reason that it is a concern
is because it's not policed. Nobody
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really has a handle on who is
really trying to control the market because these
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are peer to peer networks that are
being used. Yeah, that's definitely the
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two sides of the coin. No
pen intended, but it basically is where
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things have happened. Nefarious players have
come in and who's placing this right and
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what's their motive? Um, when
you allow you know, somebody's hand in
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the candy jar, so to speak, Uh, there's greed comes into play
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and they try to embezzle money and
they had had a YadA right because they
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have access to it. If um, any given individual, organization, company,
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antony, government doesn't have access to
it, then it should prevent or
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it helps provide again that safeguard and
eliminates a lot of this uh because whenever
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there's money available to people, you
know, it's almost um you have it's
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problematic at the at the front end. Right. So the concept of I,
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as I understand a blockchain and cryptocurrency
is with nobody kind of governing this,
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um, you eliminate the greed factor
in the in the ability for someone
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to uh take advantage of the system. But the hackers are basically the new,
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you know, twenty one century version
of somebody trying to break into the
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cookie jar. They are the new
form of um currency. Yeah right right,
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Okay, So we got lots more
to cover here, but just want
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to remind our listeners again. You're
listening to uh Rich casting over here on
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this side of the mic in our
Atlanta Global Podcast studios and Dwayne Hart on
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the other side. And if some
of these topics of interest to you,
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check out Dwayne Heart dot com.
There you'll find access to order a copy
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of this book, uh and talk
to us give us your seventeen second best
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pitch on the book here in a
second. But on that Dwayne Heart dot
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com you'll also find links to his
YouTube channel to the podcast cyber Security Mindset.
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Talk to us about the book,
you know, the Soybersecuted mindset UM
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simplify cybersecurity. It also the other
streets how to operate cybersecurity, and it
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also hit readers understand how to connect
soybersecurity and to form what I called the
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cybersecurity blue front because there's a fair
factor about cybersecurity. So what cybersecuity Mindset
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does is to take their different pieces
of cybersecurity talk about it, and it
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was great to read us how to
connect them together so that they can build
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at sobersecurity blueprint. And also I
would say this again, it's it's is
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to remove that fear factor. Uh, you know, because people are afraid
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of cybersecurity today, so we have
to be moved at fear factor. Well,
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and what's interesting about cyber I mean, blockchain and the cryptocurrency is that
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people do you have that fear of
the unknown. But and they go,
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well, that's kind of weird.
There's no physical money, you know,
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my hand, and so I'm not
interested. I'm um, I don't run
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a deal with cyber uh, cryptocurrency. But what the reality is if you
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go back in history in the very
early days, you know, I had
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some goats and you had some coffee
beans, and we were making transaction right
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because I didn't have and we would
trade um that that type of currency.
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Then it was well, here's a
here's a piece of here's a coin that
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has the queen's picture on there.
I'm like, no, I'm not taking
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that. Give me your offee beans
or your goat milk, right right?
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And then it then it morphed into
like, well, we don't have the
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coins because that was cumbersome. Let's
i'll give you a piece of paper that
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has a government image on there.
It's like, I'm not taking paper,
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give me your coin. Then it
was like here, I'll write you a
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check instead of paper. I'm like, I don't know what this is.
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It's I owe you, no,
give me a give me your dollar instead
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of a check. Then it was
American Express travelers checks. Then it was
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here's a piece of plastic. I'm
not going to give you a check,
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but I'll give you a piece of
plastic and you can scan it. Credit
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card. People weren't adopting all of
those versions of currency exchange until it became
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popular, right, So now people
are looking at cryptocurrent digital. No,
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I'm not interested, give me your
credit card, but it's good to be
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a matter of time and the curve
is gonna shift and potentially this will be
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you know all of those other things
I mentioned, nobody's training training, um
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coffee for goat milk anymore? Right, or you know old coins right,
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so well, you know what it
does, go and help out with bounced
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checks exactly right. You know they
don't want to take the check. Is
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it's going to clear it out with
cryptocurrency? You know, uh, it's
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online. So okay, So a
couple more topics hip before we wrap things
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up. So let's talk about some
risk. Um what are someone on your
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short list of significant risk? All
right? Account hijack, someone takes over
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your account. That's why two factor
authentication is in place for these cryptocurrency account
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and normally and normally what happened is
during the registration process. If it's a
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lag in time, that's when hackers
can hijack and account. Once it's created,
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then it become much more difficult to
hack into those accounts. A second
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level is that the identity fraug concept
comes to surface. Here here goes the
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way that the identity fraud can actually
um work is that someone will pretend to
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be you, or someone will pretend
to be uh someone from coin based and
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trying to get information. Okay.
So so when you look at the identity
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fraud there all your personal information can
be used for other means as also too
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for your own for your own account, because you think about a mobile device
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and if someone tries to log into
a coin based account and let's say they
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send someone a text and saying that
you need to uh log into this link
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on coin base and you need to
update your information whatever, right instead of
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person logs into coin base and and
it's not coin based, but it's a
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bogus website, right, Okay,
So so that happened. One of the
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other ways is fishing. Fishing is
good too. You know, you send
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them that email and as I said
before, you know, you send them
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to a to a bogus website.
You know, let's even let's even talk
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about some ransomware. Okay, you
gotta pay me a thousand dollars to go
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get back into your million dollars account
that you have, so exactly, so
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what happens A good idea right now, now, this is what a return
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on the investment comes to surface.
If I give him a thousand dollars,
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I can get back into my million
dollars on coin base. See that's just
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the easy way of of how hackers
can uh infiltrate account. What about a
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computer glitch, let's say for instant
during the time that someone is registering.
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And if there's a computer glitch and
let's say the information install this is this
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is very significant here, all right, So so that's one. And let's
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talk about minors, because miners they
can disrupt tim and you know, minors
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are um they like to review transaction, you know, because when you think
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of mining, you're talking taking a
deep dive, and now is and going
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in and searching and try to find
information. See it's like coal monus right,
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digging right right, Well the tackles
are digging as well too and just
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trying to find information. And so
what happened is that that minus are going
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to reviewed each transactions and try to
gain control of of your big coin accounts
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and so forth. Now one of
the topics that's on the list here,
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I really have to put a question
mark next to what is this? This
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concept of double spend currency? Yeah, and I caught my attention. I'm
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like, what is that? Okay, because minors will go and find out
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to your information and try to set
up a second a a second transaction.
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Okay, so that something cloned,
so that the MINUS will set it up
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because the crypto chain is irreversible.
But what if they can set up another
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transaction and double spend your money just
like for instance, you may say,
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okay, then I have ten dollars
that I want to pull out. But
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if a miners can find that information, then they can set up another transaction
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and replicate that transaction. You know
it replicates. So that means that the
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ten dollars that you thought that you
were extracting, you know it right?
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Okay, that makes sense because then
it doesn't necessarily set up red flags.
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Well but yeah, exactly for you, but not for the average Joe.
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Yeah, okay, UM, so
I think our last topic on the list
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here, let's talk about some we
talked about, you know, defining UM,
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the blockchain, defining cryptocurrency UM,
some you know hacker UH tools that
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they've been using, and UH financial
risk and problems and some of the frauds.
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Let's finish up with what are some
controls to counter all of these uh
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some of these topics we've talked about. Let's go talk about email. Email.
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The number one that pay close attention
to email and make sure that it's
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from a legitimate source, because if
it's anything such as someone sending you a
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way up link and telling you to
go to a website so that you can
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update your coin based account or something
like that, you you really have to
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watch that. UM and just to
make sure that you are stand wise and
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also too that you're noticing any type
of unfamiliar activity on your accounts as well.
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And I bring up email because that's
probably the most centralized. That's the
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entry point, right, it's your
front door. It's your front door,
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yes, right, yes, it
is the front door. So so if
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someone can find a way to infiltrate
your account to email by actually UM conversing
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someone to go to another website that
is I legited it and you know,
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the person put information in there,
and and now someone can log into your
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coin based account because because it can
be as easy as like coin bases going
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through and making sure every user can
reset that passwords and you get the email
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and you said you must go to
this link, and you go to that
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link and you put your user name
of passwords in there. Okay, game
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over, game is over. Yeah. It made a lot of these principles
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apply that we're somewhat familiar with UM
in our everyday life in terms of you
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don't keep out your pin to the
A T M machine, right, UM.
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You don't take a phone call that
UM and they're asking for private information
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and it could be from the source, you know, your bank or your
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home mortgage or whatever it is.
But instead of completing that conversation, you
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go directly to the source and you
contact the bank. Are the I R
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S? Who are you know that
entity? So in this case UM,
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you might get it. You might
be a legitimate email from a cryptocurrency account
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that you've set up that has some
updates, some system updates, some things
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you need to correct, But don't
reply that emails. What you're saying,
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go go to your log into your
actual accounts, see if there's any alerts
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there. I am going to say
that humans are the weakest link in this
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process. Let's just to be real
apps because humans are the weak ist linked.
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Because humans are very flexible. The
technology as a standard, So why
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not deal with the issue of being
flexible because a human can make the wrong
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decision, but technology has a standard. If you state in technology that two
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factor authentication is the primary type of
UM safeguard, that is that is being
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used, guess what is there?
But as a hacker, you want to
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defeat that purpose must saying Okay,
if I can get to humans to go
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and actually to authenticate to the wrown
source, then I can gain assets.
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Some of the other errors here you've
got to safe guard your account passwords.
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UM. We talked about it last
time. In real estate, they say
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the three principles or location, location, location, UM. In cybersecurity,
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it's all about password, password,
password, passway pass way password, you
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know. I just I was reading
an article earlier about having a password manager
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and versus using two factor authentication,
and two factor authentication is best if you
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have a lot of passwords and to
use the passwords manager. I've always thought
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that, you know, a password
managers just something that's saving your passwords either
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either through the browser, and it
makes it easy. But at the same
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time, I prefer to use two
factor authentication. Now. Coin base is
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very very strong with making sure that
two factor authentication operates. Any of you
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have not logged into your account and
an extremely long time, it's gonna have
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you to re authenticate and to reverify
who you are. Another safeguard in place.
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Yes, UM. Okay. So
last question is we've teased at the
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top of the hour about this crypto
crypto exchange network UM defined or helps determine
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what that UH is involved in the
crypto exchange network. Oh okay, then
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well let us appear to peer network. Okay, and it's usually usually one
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person that is trying to create a
ledger, and so in that blockchain network,
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so what you have is that someone
that registers for a transaction and h
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then the transaction is represented as a
block and a share ledger. Then then
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so after that the block is broadcasted
to all participants and then after that the
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participants approved the transaction is valid.
And you know, this is the area
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here that is most most important.
Is it valid? Because if it's not
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identified as as being valid, that's
when double spin currency comes to place,
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all right. And then the next
thing is, you know, the block
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is added to the chain because as
you build these block chains and as they
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are encrypted, and as they hash
once you once you do a transaction,
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which is a record, they are
added onto the chain. So for a
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hack or two infiltrate that chain or
to make it irreversible, you're gonna have
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to break all of the different blocks, okay, which is increasingly hard to
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do. So the easy way that
a hacker can infiltrate a crypto network is
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prior to the network being created,
or prior to the peer to peer um
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uh connection, right all right,
because once it's created, it's increasingly harder
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yeah, it's it's kind of more
locked. Like you said, that's interesting.
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Takeaway I had was the concept of, uh, if there's a glitch
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while you're setting up the account or
you pause or whatever, that's basically kind
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of leaving your go back to the
analogy, it's like you're leaving your front
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00:28:17.559 --> 00:28:22.039
door cracked open. Right once the
door closed and locked and locked with a
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00:28:22.079 --> 00:28:25.960
dead bull, it makes it not
impossible, but a whole lot more of
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a challenge than just like, oh, the door's open, let me just
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walk in that lag time. Yeah, okay, because that makes sense.
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This same concept applies to any transaction
and any type of network communication that you
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have because the cryptocurrency networks are very
fast. Okay, see that speedy transactions,
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So what if you can slow it
down in its lag time? You
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know, that's that's when the problem
occurs. Most other people that are familiar
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with a handshake over in UM over
in I T T C P I P
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okay and shaking okay, this is
this is kind of you know, the
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same concept you know between your sink
and your acknowledge concepts. Right, So
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so if you have a lapse in
timing, then you kind of open the
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door see it's see it's kind of
like a bank, right if you walk
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through a bank door, and if
the door closed is really fast, so
355
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that means that the criminals cannot get
in. But what if it's just all
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00:29:32.640 --> 00:29:37.440
the closes and you know it,
depending on the size of the criminal itself,
357
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you can slip through the door.
So that same concept follows. Um
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follows timing and these timing eros well
speaking, the timing our time is about
359
00:29:48.160 --> 00:29:51.480
up here. So that's a great
way to segue. And I'm just looking
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at the list of our upcoming topics. We've got a great lineup for this
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season coming up, so stay tuned. Uh. Some of the on the
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shortlist is, um, what's security
hackers don't want you to know? Um,
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you're how to determine your cybersecurity business
capabilities. We're gonna be covering lots
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of other UM topics on that on
the line zero trust in terms of US
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government agencies, key reasons. They're
so lots lots coming up here. But
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Dwayne again, our pleasure to have
you back in the studio here on the
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Georgia our global podcast studios here in
our Atlanta, Georgia studio, so rich
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casting over here signing off, Duayne
will see you on the other side of
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the microphone soon, all right,
and take care.
