DeFi User Security - TreeDefi Weekly

[Music] how's it going everyone and welcome to another episode of 3d fight weekly this week i wanted to cover a topic that's a little bit more serious especially if you're somewhat of a new crypto investor and specifically if you're a new crypto investor in d5 projects um one of the main things about d5 projects it's making sure that your assets are being secured and that you're not being fooled by anyone not only by project owners or uh users around crypto just the landscape is filled with scammers and various people that will try to steal funds from you and we'll try to steal your wallet so you have to watch out and use a few fundamentals just to make sure that you're trying your best to be safe it's not that hard to be safe you just have to keep a few things in mind and i'll try to go over them at least the best of my ability and uh try to spot a lot of the things that i've seen in the past few months while uh operating in this landscape and while having our own project and hopefully this helps you not only as a user but maybe also as a project owner to try and secure your community and make sure that they're not getting scammed by some outside people so staying safe in crypto what can we start off with we can start off with the obvious the obvious would be things such as don't share your private keys or seed phrases now this may seem like something almost like a joke to you if you've been investing for a while but a lot of new users don't actually know about this they don't know that their seed phrase and private key are such essential things for their metamask wallet or hardware wallet or anything along those lines they just think it's a private key ah if someone that's from a project is asking me for my private key it's probably because they want to help me with something no no one will ever ask you for your private key whether it's a project owner some other user don't even give it to your grandma like just keep it to yourself make sure you have it stored securely and i will talk about some methods on how to do that in a little bit and never share with anyone because there is nothing that other users can do with your private key that you can't do yourself uh if you need some help with something around your wallet or you're not understanding something sure you could get some help from someone but never share your private key or seed phrase because they will have direct access to your wallet and they can steal all of your funds and there's nothing you can do about it the beauty of crypto and also one of its demises is the fact that things that are done very often can't be undone there are no refunds there are no secret agents that will get your money back generally things like that are not successful so make sure that you keep your seed phrases very safe and don't share them with anyone at all another obvious thing is checking website urls so a lot of times you will see something for example our website uh which is 3d5.com or app.redify.com those are our only legitimate links other times you will find maybe a website that is 3dflu.com with an l at the end instead of an i same thing for telegram groups so make sure that you check all of the alphabetics of the links that you're going to if you want to be 100 sure go to the project's twitter page or to their well i would say official website but you might be on the scammy website so go to their official telegram if you find the official telegram go to their twitter and check the links directly from there and make sure that you look at the alphabet of them because there could be just a tiny little trick in that link that uh induces you into an error you go to a wrong website and you get all of your funds stolen and let me tell you they've gotten really good at copying and impersonating other websites they make them basically spot on one-on-one they just add a little feature in there where you have to put your private key in there to access the website a new magical feature so stay safe with website urls obviously as i said avoid websites that ask for your private keys there is no reason why they should be doing that smart contracts are not set up that way they don't need to have your private key to be able to to give you the possibility to trade your funds on their platform to do exchanges token exchanges so yeah don't ever give your private keys to any website that is asking for them and uh very important especially on telegram is to not download random files that you just receive online sometimes people will send you something look at this this is the new bot for bsc and you'll be able to sell your tokens at time intervals like this and that or look at this cool thing and they send you some shady rar and you click on it you install something and then your whole crap is bricked like they will have access to your entire computer i've seen this in the past unfortunately especially with one of our old investors from the project that i'm still kind of friends with and um essentially his problem was that he gave he gave his laptop to his daughter and his daughter installed the some pirated version of photoshop i believe or something from the adobe suite and uh basically the hacker who managed to get inside of his computer and steal everything for him from him uh because of that another important thing there is that he didn't have a hardware wallet he had all of his private keys stored on his local computer in some text file probably so it made the hacker's job even easier but it doesn't even have to be that easy it can also be as simple as the hackers get access to your computer and they can view your monitor while you're using your computer and they will just see the the private keys or the key inputs that you have to access your wallet so they can still steal everything from you you have to really think ahead like 10 steps ahead of other people because these people it's an industry for them it's a business what they're doing though it is theft obviously but they get really crafty with their theft they're not people that are creative about creating new projects or new ideas for the blockchain they get as creative as possible with stealing people's funds so just know that there's someone out there that's smarter than you about stealing things and you have to be as safe as possible to make sure that none of that is going to happen to you now let's move on to the not so obvious the not so obvious would be checking a project's track record so if you found a new project that seems relatively viable at least in their in their business proposals their system if you understood it correctly just uh go through the project see if they have any docs developers if they have any docs developers see what companies they worked in previously see if those people that they're naming on the website are actually associated with the project and uh in some cases the projects will be anonymous but if they've had previous crypto projects they will obviously love to brag about them so check the old projects that they've had see what kind of things happen see if the devs ever did anything shady ask the old communities just general knowledge about a project that you're trying to invest in because it can buy you in the butt let me tell you uh check code as well code is very important you may not be experienced with code but just doing a general check is not really that hard you don't have to be a programmer you don't have to be very experienced with it you just have to know what to look for so you can go through their code and look for minter privileges for look for their lock liquidity see if there is any lock liquidity or not see how long the liquidity is going to be locked for see it what kind of time intervals it's getting released to the developers see what they're using is specifically for see what they've used it for in the past have they been truthful just general investment fundamentals that you should always look at in projects because it's fun to think of these projects as games and ways to get rich quickly but they really aren't they're still companies to some degree without a legal company in the real world so there's a lot of freedom for them to do a lot of shady things with no repercussions especially when they're anonymous developers when they're not giving away their identity when they're not really saying anything about their previous background they just offer a cool product and they can do whatever they the heck they want with it basically because a lot of times there are no repercussions for them and uh to be fair it's all on you if you don't do your proper research so make sure you look into the code as well and if you can't figure it out just ask an audit firm or check an audit firm's page because a lot of these projects will be audited usually all of the audit firms they either have a dashboard online like zertig where you can check every vulnerability that the project had or they will always have a pdf file where they describe all of the code the smart contracts that they analyzed so also if you go on a on a project audit page make sure that you check that the smart contracts are updated so the ones that are inserted for example are the current ones that are in use by the project because a lot of times projects may just release new smart contracts they don't audit them and they will still use that zertek badge that they got in the past just uh to be able to claim that they have been verified and audited by certik but you can't trust it fully so just do a lot of that general knowledge that you need to do about smart contracts and various things in general uh if you don't know anything about it i know a lot of people that i can recommend to you guys that will help you learn more uh unfortunately all of those people are probably busy doing audits and project reviews for other people so they will probably ask for some money if you want consultancy from them but especially if you're a really deep investor into these projects it's very good for you to know what you're investing into and know exactly how it works because otherwise you could be you could be scammed very easily or just misled in general and not understand what you're actually doing another big tip is as i said learn before you invest so forget the hype and be realistic even if you see the project that has the most perfect idea that you absolutely love and you want to put all of your money into it and sell your house motorcycle and dog to invest more money into this project don't because this may not be the next big thing this is not going to be the next facebook you have to be realistic about what these projects are a lot of them they will reach very high heights they might get to 10 million 50 100 1 billion 5 billion anything along those lines and over but it doesn't mean that it's the only opportunity that you will have in your entire life realize that there's projects that are going to get to 1 billion that are released basically every week a ton of projects are blowing up a ton of projects get to immense heights and then they fall off anyways so don't portal put all of your trust into one single project and don't get carried away by hype make sure you take care of your risk assessment and that just essentially means look at the project look at what it offers what it has to give back to you and then find the percentage of your portfolio portfolio that you are comfortable with investing into that project make sure that percentage is not like over 30 40 50 of your portfolio because then you're endangering your own position even if the project does extremely well you can't know that just put something realistic into it and something that you can consider lost basically like it's gone as soon as i invested it i don't have this money anymore if it does well fantastic if it does horrible i was already expecting that it would do horrible that's the kind of mentality that you need to have with defy in general uh obviously calculate the roi as well this is really easy especially with a lot of the game five projects right now where roi is generally between 15 to 30 days which is really crazy actually that they could offer something like that but in a lot of cases it works but still even in such a short time span where you can get your roi still study the project and do proper risk assessment because those 15 days may not be a thing uh it's basically the thing that happened to me recently with crypto mines i was studying their whole system i got really excited i wanted to see how everything works and basically all my money is gone because i got too excited about it i managed to get like a really cool fleet put a little bit of my money in there and the project died like five or six days after it wasn't really even the developer's fault necessarily even though a lot of people would disagree it's a really deep conversation there but essentially what happens in there is that you can be deceived you can find a project that will give you roi in 15 days but you can never certify that the project will last for 15 days in the case of crypto mines people thought it would last six months a year they thought it would go on finance soon because it was so chilled by them and because it won the mvp program but you'll never know how a project is going to react and it may just be a few days before your favorite project goes down and all of your funds are lost especially if it's like 50 60 70 of your portfolio you will suffer a lot so remember this is not the only opportunity in your life be safe when you invest don't invest everything obviously check if the if the yield percentage makes sense do all of your math calculations understand the system understand the smart contracts not all of the code understand how they work and if they actually work in the project and um that's about it and one really important thing and how to avoid uh essentially what happened to our investor in the past uh where he he got his funds stolen by a hacker just because of a cracked version of photoshop is buy a hardware wallet if you're really serious about defy you need to have a hardware wallet because in that case all of your private keys are not stored on your computer anymore they're not in some word file and the hacker can't even get your private keys by just monitoring your computer because your private keys are always going to be shown on your hardware wallet and all of the inputs that you put on your computer are essentially anonymous so that will keep you very safe from any sort of exploits uh so yeah buying a hardware wallet there's various options for that obviously there's ledger there's a trezor any of them work essentially you just have to see what you believe most and again it's another study even in that field and maybe i'll make a separate video just for treasure and ledger wallets but some of them are open source source code some of them are closed source code some of them have a bluetooth function functionality some of them don't and there's advantages and disadvantages to all of them some of them are really pricey some of them are more cheap so there's a lot of options for that but it's always better than just keeping your uh your private keys into a word document file so uh those are some of the tips on security i hope you guys are already implementing them and you don't have to listen to me talk about them and i'm sure i missed a few things i'm sure there's even more things so if you have anything else in mind that could help people please share it in the comments and have a conversation about it as well and let's get into the news of the week alrighty crypto news of the week uh so it's been a quite uh lackluster week essentially where nothing much has happened we've seen basically bitcoin dip up and down and up and down and up and down with a crash that people thought were gonna it was gonna be just absolutely drastic and uh murderous for bitcoin but it seemed to to come back relatively well from uh from the whole crash so far so it's just mostly been a week of it hanging around 48 to 50k uh and failing consistently to hold 50k it's already failed several times i believe about yeah about three times already just uh barely almost made it to 50k again yesterday and it seems like it's uh it's just there to stay at that point a lot of people are expecting very bad things for bitcoin and crypto in general stock markets and just general world economy uh obviously with the new virus uh dlc pack coming out right now uh and all of the new vaccinations that they're trying to do for it it's probably going to cause a lot of fun around the world obviously more death cases and more infections are also going to cause even more chaos in the markets and just generally the the inflation of the dollar how much it's being printed it's gonna affect everything if it keeps going this way and it really seems like uh we might be heading into a little bit of a slow moment with crypto for some months again obviously slow moments like that pose huge opportunities as well and not just risks so uh yeah you gotta do your risk assessment uh see what you can do with your own money if you're investing into crypto right now if you have all of your money into crypto maybe it is wise to get some of that money out buy some land maybe get yourself an apartment somewhere uh make sure you have assets that are diluted over several places and they'll keep everything just in crypto but uh i think it's not that bad and i think next year is probably going to be a year to shine for crypto with a lot of cool things coming out especially a lot of systems that are going to help projects survive during times of drought so things like the dows for example that work strategically much better in bear markets so i think the situation is not really that bad i think we'll all make it out of here and we'll make it with a smile on our face at the end of the day i don't know when maybe five ten years from now but world adoption is coming uh and uh what else did we have that was interesting this week also marked the effective death of cryptomines uh that was a really interesting project take a look at really interesting experiment that they did essentially huge success initially and uh unfortunately some of the things in their oracle system and the general game system in um it just didn't work out the way that they expected it to and it made them extremely extremely available for market manipulation by their biggest whales which have ultimately taken them down and caused a lot of fun that over a week basically killed the whole project now when they decided to cut everything on it uh the project was already around 100 million dollars i believe which may seem like a lot but coming from uh over 2.5 billion down to 100 million it was quite bad for them and most of the investors so to a lot of people there was really no hope left for it uh so yeah they decided to just relaunch everything uh and i think at this point it's probably the wisest thing to do only thing that sucks is that people that um that were in the project before basically lost their money and the only thing they're getting back is uh is just a discount for minting tickets like wow but uh yeah you got to figure something out that makes sense for everyone so i guess this is probably the best decision for them right now i hope they have another big success with their new project and i hope that it doesn't get as ridiculously manipulated as the old one uh but yeah lots of interesting things happening in game fight and it seems like one of the only landscapes that's still booming while the market is being so slow uh but everything is not that gloomy to be fair again remember we're at 49k on bitcoin 4k on ethereum which is pretty ridiculous uh so the market is definitely not dead there's still huge interest there's still countless amounts of more money than there was in this whole business field compared to january or before this year so it's not that gloomy it's just it is what it is things go up and down but as long as the concept stays viable and it slowly starts creeping up into the real world more and more it will get more mass adoption slowly uh what else we can move um into our news of the week i guess i will try to keep it short because uh and try to talk a little bit about the direction that we want to take and some of the things that we'll be working on next week to make sure that we figure out what the next best steps are for our project uh so this week we essentially had a gift an nf3 feature that was added so a really cool feature that we we can use for the christmas events uh so people can give 10 f trees to their family to their loved ones to their friends and introduce them to the blockchain to the things that we're trying to do with tree planting over here at 3dfi we've also had a live q a meeting with me where uh some of our users joined then we basically just talked about the project they asked questions they had some really hard questions uh that uh it's it's never comfortable to reply to some questions but i try my best and we talked about a lot of things and uh it seems like the people that are in the project they don't hate us they don't want us to die and leave and disappear off the face of the earth they understand the conditions they understand how the market is they understand that most of these projects don't always survive but uh as long as you have a good concept and you still have a good and strong community behind it there is always a way that you can improve it and always a way that you can change something simplify some things and add something that can be more incentivizing to new users whether it would be a relaunch strategy difference in the way that we do things and manage everything around the project there's always something that we can do obviously to give more quality and uh in my opinion uh simplify things for users so they all just make sense as soon as they join the platform uh we've had 210 tc02 tokens that were burnt so a little bit of a high burn for tco2 but uh nothing massive in that area uh our tree pool went live this week as well and we've had a burn lottery that was initiated where 100 of the seeds are completely burned for your uh seed burning enjoyment uh and yeah as far as our groups go it's been a lot of discussion right now uh we we've actually had a ton of activity compared to previous months in our main chat and uh yeah it's really like a think tank at this point where people expose a lot of their opinions some of the things that they think about the projects some of the ideas that they have for marketing things that we could do for various changes around the platform uh whether it's front-end smart contract logics related uh related to game fire any other thing that people are really interested and knowledgeable about so it's kind of a healthy environment sometimes people get a little bit too passionate about it and they start arguing but uh we try to keep it on the low as much as possible and uh we try to gather all of the feedback and uh as soon as uh we're all gathered up at the office tomorrow morning with all of my colleagues we'll we'll be looking over everything and uh find the next direction that we should take specifically with the project uh obviously i'm also working on some um some more front-end tweaks along with paleo and some of our developers so you guys will be seeing a lot of that fun stuff as well in the next few days and i will also try to get a really good road map out for you guys on the app.3d5.com page uh that way we have something that incentivizes people to take a look and study a little bit more and maybe get curious about the project once more uh because the the roadmap that we have right now is basically on the landing page and uh yeah a lot of people don't really go through the landing page they just go straight to the app so it's probably clever for us to have a good roadmap on the app as well especially since it was such a requested thing by our users so we'll make sure that we take care of that and we will keep you guys updated on any other things that will happen very soon we'll definitely have a map that is scheduled properly and uh we'll let you know you guys know what the what the best direction in our opinion is for the project and uh we will obviously decide everything along with you as well uh and yeah that's basically been it for this week i was looking at some questions that we could reply to but i didn't really see anything that hasn't been answered yet so uh yeah uh i will end the episode here because i was already rambling on and on about security earlier for too long so i think it's okay but thank you guys for joining me i'll see you next week as always uh if you have any suggestions for uh other topics or things that i should talk about if you're curious about anything if you want to chat about anything leave it in the comments and i'll take a look at them and uh we'll see what other fun things we can do and thank you hope you have a good sunday and i'll see you next week bye bye [Music] you

Channel: TreeDefi

Views: 3,242

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Id: eFTaqUM-LLs

Length: 24min 6sec (1446 seconds)

Published: Sun Dec 12 2021