Bitfinex Responds to Insolvency Rumors

Bitfinex Responds to Insolvency Rumors

During the weekend, a Medium post by ProofofResearch cautioned readers to leave Bitfinex. For now, the Medium post has been removed

The post claims that grievances regarding restricted and frozen withdrawals shared on Reddit depict the exchange’s insolvency. The post also alleged the moderators of r/bitfinex are censoring posts related to the said issue.

Public Wallet Links

Bitfinex chose to respond through a blog post to deny the allegation. It states the exchange is not insolvent. They are working with a small team and operating on low costs.

The exchange also presented links to their public wallet addresses to disprove the rumors.

Normal Cryptocurrency and Fiat Withdrawals

According to Bitfinex, verified clients can withdraw Euros, US Dollars, Pounds Sterling, and Japanese Yen without restraint. They are doing their best to reduce waiting time for fiat deposits and withdrawals.

Noble Bank Bankruptcy

The exchange said the bankruptcy of former partner Noble Bank does not bear any impact on the solvency, survival, and operations of the company.

Reference: Bitfinex has been around since 2013. In 2015, they established fiat operations to accommodate traders across the globe who wanted to go into cryptocurrency trading. Over the weekend, news about their new banking partnership with HSBC was reported.

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Prominent BTC Core Developers Discuss Non-Lightning Network Wallets Using SegWit

BTC and the entire crypto market has seen some major disruptions in price with the prices hitting highs and extreme lows. In just 20 days of 2019, there have been bull runs and bear runs in equal measure. After seeing a major downturn towards the end of 2018, BTC saw a slight bear run on January 19, where the price went from $3624 to $3778. The rise of BTC for use in payments has caused most people in the crypto world to express support for it. Recently, a BTC Core developer, Luke Dash Jr recently tweeted about it. In his tweet, he said that SegWit must not be used in BTC wallets without lightning support. This will be harmful in his opinion. The developers claimed that larger blocks would lead to more centralization of BTC. In his closing remark, he said that it included Bech32 addresses. Instead, he advised people to use 1xxx or 3xxx addresses which they were sure did not have SegWit. A Heated SegWit Debate The debate on SegWit has been around for a while now. Several proponents of BTC have given their opinion on this issue. A renown BTC proponent called Andreas Antonopoulos and an author added his voice to the discussion. He said that the computation power required for verifying a timelock contract and route was such that if there was a pair of nodes on a network, and conduct transaction between the nodes, you might be able to conduct hundreds of thousands of transactions in a second. This was because the transactions would only be visible to the nodes in the channel, in his opinion. In Luke’s opinion, there was an exception to using SegWit. This was where it was used for long-term savings. He mentioned that if a user planned to leave the assets untouched for years, they could utilize SegWit. This was because they would probably only conduct another transaction when they needed to upgrade to Lightning. In a tweet, Dash said that since many people had expressed concern, there was no risk of funds being stolen when they use SegWit. He added that anyone who claimed funds would be stolen with more ease was a liar. Luke concluded by stating that the danger lay in the sync time and not in the funds being stolen. Luke Defends the BTC Small Block Size Luke was recently in the news for defending the small block size of BTC. He also mentioned that the Lightning Network is a great solution that allows P2P transactions to take without flooding the network. The smaller block debate was one of the reasons, which led to the creation of Bitcoin Cash. While discussing the scaling of BTC, Dash Jr. discussed some of the possible changes that might occur in future. He told the audience at the LA Bit conference in Chile that various changes were still being considered. He introduced Segwit v1, which is a revised script that is not the same as SegWit v0 released in 2018.
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