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Analysts at Bitfinex wrote in a report shared with The Independent: “With the digital token space reeling from frenetic selling pressure, Bitcoin’s unique premise as a truly decentralized form of digital cash will become more apparent,"
https://uk.finance.yahoo.com/news/bitcoin-price-plummets-crypto-space-140034148.html?guccounter=1&guce_referrer=aHR0cHM6Ly90LmNvLw&guce_referrer_sig=AQAAAHbIPu0qu0eD9h3urXN0dFmhfi8oEiOLfHIOxxkiqIj3Bmdy5BO3HG6ksDGHpBtmNmUoWFDkCsHcOSNpeJ3d7KiiN6XpNEOGYhbnIhaiIqtzspCG7BO9FwpqZpuXjbYu309Ct9EnTl5al6CWTQ-7ImiHtgr_kGPjnLi2MvYul0lp
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Bitfinex Responds to Market Events, Commits to Transparency and Demonstrates Proof of Reserves
Bitfinex announced that it is not affected by the latest market events. The exchange remains liquid, stable and strong and has no exposure to FTX Exchange or its FTT tokens.
Over the past week, Bitfinex has witnessed an increase in trading volume and has been processing orders, deposits and withdrawals as normal.
Bitfinex also released its public wallet on its GitHub: github.com/bitfinexcom/pub/bl…. iFinex Inc., the parent company of Bitfinex, holds: 204338.17967717 BTC (top Bitcoin holder), 2018.5 L-BTC (Liquidity), about 1000 BTC on Lightning Network, 1225600 ETH (top Ethereum holder).github.com/bitfinexcom/antaniBitfinex is also fully committed to providing transparency into the health of the exchange, having started developing an internal open-source library called Antani four years ago (github.com/bitfinexcom/ballot), its web-ui implementation (Ballot
) showing proof of exchange-wide reserves. Antani is a #nodejs library for efficiently proving solvency and delegating off-chain voting for crypto exchanges.
Bitfinex’s white paper on Proof of Solvency, Escrow, and Off-Chain Delegated Voting Proofs is available here:https://github.com/bitfinexcom/bip/blob/master/proposals/001.md
https://blog.bitfinex.com/media-releases/bitfinex-resilient-in-face-of-market-events-committed-to-greater-transparency-and-demonstrating-proof-of-reserves/
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Bitfinex published a blog post showing its Proof of Reserves and said it remains liquid and stable and does not risk FTX or its FTT tokens. It added that four years ago, the exchange began developing an internal open-source library called Antani and its web-ui implementation, Ballot, to showcase proof-of-reserves across the exchange.
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Bitfinex CTO Issues Reserve Proof Amid FTX Bankruptcy Crisis
Bitfinex developed an open-source library called Antani back in June 2018 to provide transparency for proofs of solvency, custody, and off-chain delegated voting proofs. While neglected in the past, Ardoino confirmed that Bitfinex plans to revive the system, which will allow users to verify their balances without compromising privacy.
While the news was warmly welcomed by the community, members pointed out that the data was incomplete as the information did not include Bitfinex’s liability data.
https://cointelegraph.com/news/bitfinex-cto-releases-proof-of-reserves-amid-ftx-bankruptcy-fiasco
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Bitfinex Alpha | FTX's gloom adds to macro woes
In the same week that we saw the silver lining of slowing inflation, we also saw what may be the most damaging event in the short history of the crypto market, the implosion of FTX.
The outcome of the collapse of what was once the third-largest cryptocurrency exchange by trading volume and the impact on the cryptocurrency market would be enormous. But if ever there was a time to focus on fundamentals and what really underpins asset pricing, this is it.
Good news is slowly emerging on the macro front. In addition to the weaker-than-expected CPI report, the ISM manufacturing price index also edged lower. The Federal Reserve's aggressive monetary tightening appears to be having an impact.
Manufacturing is growing at its slowest pace in two years, with the market now expecting growth to peak at 4.75-5%.
Of course, the market reaction we saw -- the Dow rose 1,000 points at one point -- was overly optimistic. Food prices are rising rapidly, hurting households badly. Housing costs also remain high. The Fed's much-needed pivot won't happen anytime soon. Investors should be wary of an overreacting market.
At the same time, the fall of FTX will have a depressing effect on the entire crypto industry and will keep the price depressed for some time. Not only does it shake confidence, but it may strengthen the resolve of regulators to react in potentially overextended ways. This should keep cryptocurrency investors on their toes.
However, in our view, the collapse of FTX that we detailed in this week's Alpha was not caused by the volatility of the cryptocurrency, but was actually caused by a failure to adequately manage risk and what appeared to be an underlying criminal abuse of customers asset behavior.
We reveal that 172 million moves by FTT, most likely FTX trading company Alameda, were the beginning of the end for the company. This movement of tokens has been interpreted as a bailout by FTX to Alameda, likely following unsustainable losses following the Terra Luna crash. The pressure on the token intensified after it was revealed that FTT was a significant part of Alameda's balance sheet and wiped out Alameda's liabilities, marking the end of both FTX and Alameda.
Remember to trade cautiously during these challenging times.
https://blog.bitfinex.com/bitfinex-alpha/bitfinex-alpha-ftx-gloom-adds-to-macro-woes/
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Bitfinex Releases Manifesto of Freedom at Bitcoin Apps Conference in El Salvador
Bitfinex announced the Bitfinex Declaration of Freedom at the Adopting Bitcoin conference in El Salvador, outlining the exchange's vision for a new era of self-sovereignty through the use of peer-to-peer solutions and decentralized ledger technology.
Drawing inspiration from the cypherpunk movement and protagonists such as Phil Zimmerman, Jim Bell, and Eric Hughes, The Declaration of Freedom is unwavering in its commitment to advancing individual freedom through technology. Bitfinex believes that freedom begins with financial freedom and extends to freedom of speech and privacy, which can be achieved through cryptography, distributed systems, and open source software.
Unveiled at the Adopting Bitcoin conference in El Salvador, the Bitfinex Declaration of Freedom provides a blueprint for individual autonomy. El Salvador, which will adopt Bitcoin as legal tender in 2021, was chosen as the natural place to present the declaration of freedom to the public.
Technologies such as the Lightning Network (a peer-to-peer payment technology that addresses the scalability and cost issues of using Bitcoin as a means of payment) and fully encrypted video calling and chat app Keet show the potential of peer-to-peer - disrupting centralized control and surveillance System peer technology.
Bitfinex believes that financial freedom can be achieved by using Bitcoin as a means of providing access to financial services, especially for the unbanked, while Keet provides freedom of speech, allowing the freedom not to be routed through centralized servers and personal interactions. Bitfinex is committed to building distributed system technology to provide more tools that can provide freedom.
"To interpret the cypherpunk manifesto, we write code," the manifesto declared. "We know someone has to write software to defend freedom, and we're going to write it."
"As a technology battle-tested under the harshest conditions of the open public internet, Bitcoin shows the potential of cryptography and peer-to-peer networking to increase freedom," said Paolo Ardoino, Bitfinex Chief Technology Officer. "We believe that privacy is a sacred Inviolable fundamental human rights, freedom of speech and financial freedom are important cornerstones of individual sovereignty. Furthermore, we believe that Bitcoin as a peer-to-peer network is the best way to provide global financial inclusion.”
The Bitfinex Declaration of Freedom makes three promises:
We are committed to building open peer-to-peer communication solutions so that anyone, anywhere can freely interact and transact online
We will support and invest in the Bitcoin community, including developers and white hat hackers, to ensure the strength, resilience and immutability of the Bitcoin network
https://blog.bitfinex.com/media-releases/bitfinex-unveils-freedom-manifesto-at-adopting-bitcoin-conference-in-el-salvador/
Bitfinex CTO: Believe Bitcoin Adoption Will Succeed in El Salvador, But It Will Take Time
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https://diarioelsalvador.com/creo-que-la-adopcion-de-bitcoin-sera-un-exito-en-el-salvador-pero-tomara-tiempo-paolo-ardoino-cto-de-bitfinex/296716/
Paolo Ardoino Discusses FTX Events, Cryptocurrency Adoption, and Self-Custody with NewsBTC
Bitfinex chief technology Paolo Ardoino said that the FTX incident shows the difference between Bitcoin as a more reliable, secure, and censorship-free currency network and other currency networks. We are in the same situation in the ICO era. We must do more to regain the trust of our users and educate them on how to take good care of their funds. So it's really a complex process that needs to be better invested in Bitcoin adoption.
Regarding the freezing of FTX funds, Paolo Ardoino said that Tether received a law enforcement request. The Bahamas Safety Council SCB may issue a statement related to our freeze procedure. Law enforcement contacted us and we had to take action, remember Tether is a centralized stablecoin. Because although it uses a decentralized transport layer, it is a centralized stablecoin. We must comply with law enforcement requests. Honestly, I'm glad we acted very quickly and saved the user a little bit of money.
https://newsbtc.com/news/paolo-ardoino-talks-ftx-adoption-and-self-custody-with-newsbtc/
