Bitcoin [BTC]: Maintaining an exchange is the hardest thing to do in the world, claims ex-Bitfinex CSO

2019 has been a generous year for the cryptocurrency ecosystem as consistent market surges, along with minimal price corrections, collectively raised the market capitalization of all virtual coins. However, the community also witnessed its share of negative press when the Bitfinex-Tether fiasco engulfed the crypto-space with doubt and uncertainty.

Phil Potter, the Former CSO of Bitfinex and Co-founder of Tether, spoke about the earlier “challenges” faced by Bitfinex.

In a recent episode of whatbitcoindid with Peter McCormack,  Phil Potter stated the aspect of technology was a major issue in the early days of Bitfinex. He said that running a “Bitcoin exchange” was the hardest thing to do since it was a newly developing market that was functional over a 24/7 window. The co-founder also stated that building a cohesive “dev team” was also critical in the initial stages for an organization that was entirely “dispersed around the world”.

He stated,

“All the other exchanges had some kind of Nexus somewhere there, based somewhere and a bunch of kids in an office coding away or doing KYC. But Bitfinex was very much decentralized company, for you know to trade decentralized currencies.”

Potter also mentioned that it was important for Bitfinex to have a “set of principles” in different time zones so that the exchange was always under someone’s surveillance. This was essential as running a platform that included aspects like margin trading. Potter added that the security challenges were “quite substantial” too.

He said,

“Runnig a Bitcoin exchange means you are constantly under attack, constantly under attack and they would necessarily not come at you from the direction you think they are coming at you.”

Lastly, Potter indicated that no matter how much the security of a coin developed, hackers would always find a way to take “advantage of systems”.

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