Bitfinex’s Lesson: Has the Time for Regulation Arrived?
In light of the Bitfinex hack and other hacks, the bitcoin community faces the need to improve security and is considering various options, according to a Bloomberg article by Yuji Nakamura and Olga Kharif. The article suggests it may be time for some type of regulation. The Bitfinex attack demonstrates the fact that the industry has not come up with a way to ensure security, despite improvements to bitcoin’s infrastructure. Industry’s Reaction: Lay Blame. Observers do not expect the investigations into the Bitfinex hack will reveal any insights on how to improve protection. What is more....
Related News
The company is experienced in different types of audits, including those related to cryptocurrency. It is due time Bitfinex starts to take action regarding their ongoing issues. A lot of people claim the exchange is insolvent. However, the company states that is not the case. To prove their point, they are now hiring a third party to conduct a financial audit. An intriguing turn of events that should hopefully put rumors to rest. A Major Audit Of Bitfinex’s Balance Sheet. There have been a lot of questions regarding Bitfinex’s solvency over the past few months. The company redeemed all....
Making payments with a credit card is very convenient, as this method of value transfer is accepted both online and in-store all over the world. But at the same time, so many different third party players are involved in the processing of credit cards, leaving customers exposed to financial information being stolen. Amex users have received a letter from the card issuer informing them about a potential hack recently. Bitcoin users could take note from this lesson, though, as there is no need to trust third parties with digital currency either.
The never ending tragedy known as the Eurozone is flirting with disaster and the unknown consequences of what would happen if Greece is ejected by brute force or leaves by sheer will from the EU. Interestingly enough, the first Bitcoin ATM has arrived in Athens just in time. The clear lesson being learned is the recipe of political and social integration before economic integration makes a terrible meal. A lot of noise and overcomplicated explanations have been put forth as to what will happen. In reality, there are four options left as to how this can play out: “Hours after the call for a....
Bitcoin, Ethereum, Dogecoin, and other crypto assets are making headlines all across mainstream finance for making people rich left and right. But as abundant as success stories are these days, there’s also a growing number of horror stories where people end up with misfortune instead. Here’s a sad and painful lesson where a teacher learned […]
The importance of regulation was the topic of the day as industry heavyweights joined current and former regulators at Bloomberg's bitcoin conference yesterday. Bitcoin: Beyond the Currency, held at the organization's global headquarters in New York, drew an audience of roughly 200, many of whom were investors and other denizens of Wall Street. Former SEC chairman and recently appointed advisor to BitPay and Vaurum Arthur Levitt told the audience that there is a lot of work still to be done on bitcoin's image to take it into the mainstream. "I think a lot of people in the industry think....