Bitfinex's handling of the hack (as at 6th August 2016)

in #bitfinex8 years ago (edited)

First, I have declare I'm no expert. I am just a very concerned investor on Bitfinex's trading platform who has watched every post, announcement and update as it has been published since the hack. As such, these are my thoughts as to the current situation, whereby we have had broken promises day after day and are currently suffering a complete 'radio silence' from Bitfinex. Here, for what they are worth, are my opinions on what might be going on:

One) Final testing of the 'read only' BFX site is throwing up some last minute issues. I base this on the graph on the staus page (https://bitfinex.statuspage.io) where the recent zig-zagging pattern in response time graph could signify last minute testing of the system. If so, as a fellow dev, I feel the BFX devs pain - working under that sort of pressure sucks, big time. There's no point applying pressure if this is the case - it will be done when it's done - just let us know what's going on.

Two) Getting final approval from the legal guys / upper management / whales for the long awaited announcement on how positions and balances are to be settled is proving contentious. This seems to me the most likely reason for the delay and most likely does not have an easy solution.

Three) Having sufficiently calmed the media storm, BFX are cutting and running. This still seems unlikely, but is still very much a realistic possibility.

Factors not helping confidence levels are:

One) Radio silence from Zane for the last 7 hours. I hope BFX realise thousands of us have been 'on hot bricks' for days and days now - literally, we're losing weight, are sleep deprived and getting increasingly pissed off. I'd strongly suggest getting Zane back online to continue with the (apparent) transparency that has stopped people getting overly angry and trigger-happy-litigious so far. I don't think any of us want to see the 'old money' style legal systems wreck their havoc on this situation, but at some point we will start to feel like it's our last, remaining option. The fact that most of our money would go to parasitic lawyers and administrators is far from ideal, but if it's that or nothing, then that it will have to be.

Two) The fact that, as far as the long awaited announcment goes, it's been a case of 'tomorrow', 'oh wait - tomorrow', 'oh wait - tomorrow'. This is NOT a good time for BFX to be failing to deliver on promises, especially without detailed explanations as to the cause of said delays.

The clock is ticking. I, for one, would like to know why.

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