Common objection: it doesn't give you the assurances of an audit Correct. But it's better than nothing! And we still have horrible insolvencies like Quadriga. It's good hygiene
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Common objection: you can just borrow coins to satisfy a PoR Response: if you do PoR on an ongoing basis borrowing isn't really useful – plus third parties could track the month-end flow into your wallets
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Common objection: we prefer to keep our deposits private. We don't want anyone to know how many BTC we have on deposit Response: chain analysis companies have identified and characterized your wallets. (Speaking from direct experience). Your privacy is illusory.
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It’s really a bit of a mind fuck that people (including myself) obsess over audits of Tether but don’t obsess over audits of BTC/ETH reserves of exchanges like Coinbase, Kraken and Bitstamp. And it’s even more of a mind fuck that most people just don’t even care
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I'm on a one-man mission to make them care!
- Još 3 druga odgovora
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At
@hodlwithLedn we provide Proof of Reserves for each of our bitcoin-backed fiat loans. Each loan has a unique bitcoin address, so borrowers can check on-chain that their bitcoin is there 24/7. -
that's awesome
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Wish that was true but what we see in practice is that users mostly don’t care. And institutional users don’t care about PoR unless that effects their white shoe auditor conclusions.
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Education helps people care.
- Još 2 druga odgovora
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This is likely to become a fundamental part of the framework for regulating crypto custodians imho. It’ll take legislation, which means it’ll take years.
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I actually see it as a way to _avoid_ onerous legislation. Imagine if the major exchanges policed themselves and were transparent about this. Regulators might be less inclined to crack down on the industry
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Čini se da učitavanje traje već neko vrijeme.
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