Bitfinex Heist Rings a Alarm of Bitcoin Centralization

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Nozomi Hayase, PhD, is a author who has been covering issues of leisure of speech, clarity and decentralized movements.

In this opinion piece, Hayase discusses a new penetrate during a vital bitcoin sell and because she believes this should offer as a call to transformation for those who trust in decentralized solutions and their virtues.

alarm, clock

The problems compared with handling a bitcoin sell are not going away.

On 2nd August, Bitfinex, one of a largest bitcoin exchanges by volume, became a latest to announce itself a plant of a vital confidence breach. Accounts were hacked and consumer supports stolen. The spook of Mt Gox influenced again.

Yet notwithstanding a issues, exchanges still offer as gateways into bitcoin, a interfaces with a universe of executive banking. With vast exchanges like Coinbase and Bitfinex winning a trade scene, commercialization has come to a front of what was once a grassroots transformation spurred by anarchists and technologists.

The potency and speed that these centralized systems offer trade-offs with security. These fast-growing companies yield preference to users, while during a same time, supports amassed in a handful of exchanges tend to combine risk and emanate singular points of failure.

The Bitfinex theft


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