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Binance CEO’s reorg idea could be implemented, but would incur ‘too many side-effects,’ claims Adam Back

Arijit Sarkar

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Bitcoin [BTC]: Mining fees to reduce overtime, says Adam Back
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Blockstream CEO Adam Back has always been in the news for discussing relevant topics in the cryptosphere through various social media channels. On the sidelines of Consensus 2019, Back addressed popular questions related to the future of crypto mining, during his interview on Crypto Finder.

Back believes that although existing protocols related to “transaction and mining fees are improving overtime,” the amount of Bitcoins mined are positioned to go lower in the future. The crypto-veteran commented that lower mining costs can also be attained through decentralization-enabled direct profitability from mining. He added,



“If the mining reward gets very low, you can get a situation where it becomes profitable for miners only to reorganize previous blocks and take the fees. Such a technology can be developed at the time to average out the fees.”

Contrary to popular opinion, Back stated that Binance CEO Changpeng Zhao’s reorg decision could easily have been implemented. However, it would incur “too many side-effects,” he added. One of Back’s suggestions to reduce service fees is to enable users to mine. While speculating about the future possibilities of mining, he added,

“Some exchanges are still profitable with some reporting a $400 million profit. On the other hand, there are other miners who are benefiting from bitcoin via merchants and payment processes. And ultimately if bitcoin wasn’t secure, the miner business would not exist.”

Back also shared Blockstream’s intention to be a reviewer of code in the space, rather than a decision maker. The interview concluded with Back encouraging the growing number of independent developers, something which Back believes, will enable much-intended decentralization in the crypto community.





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HitBTC responds to allegations of insolvency, refutes claims made by Redditors

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HitBTC responds to allegations of insolvency
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HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:



“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”





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