This is false. Bitfinex implemented their current security system with BitGo prior to discussions with the CFTC. https://twitter.com/aantonop/status/760849808378597377 …
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I asked Zane. We'll see if he replies.https://www.reddit.com/r/BitcoinMarkets/comments/4vtv1m/bitfinex_down_due_to_bitcoin_security_breach/d62ui0u …
Seems you were right. @Bitfinex choice to abandon a cold wallet setup seems to have nothing to do with regulatory requirements.
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Not what was said. They planned on setting up something w/ bitgo. CFTC then required abandoning cold wallet.
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"That isn't to say that we didn't make any changes based on our discussions with the CFTC."
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and none of that addresses the fact that cold storage isn't a legal option under CFTC rules.
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True, but it seems Bitfinex wanted this scheme for other reasons. Proof of reserves? Sounded more secure?
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"nothing to do with" is a bit of a stretch, BitGo adopted in Aug, spoke w/CFTC in Sept, further changes made in Jan
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The waters are a little muddy now. I'm sure will have much more details in a few days.
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Tim's a researcher, but more important - likes doing homework before talking. Best 2 listen-just my 2 cents.
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I can't convince others without evidence.
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Being skeptical is great, we all should be.
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We even know the date the CFTC got involvedhttps://www.reddit.com/r/BitcoinMarkets/comments/3l82c5/email_from_cftc_regarding_bitfinex_trading/ …
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