Exchanges Scramble to Compile 'Proof-of-Reserves' as FTX Contagion Grips Marketswww.coindesk.com/business/2022/11/09/crypto-exchanges-scramble-to-compile-proof-of-reserves-as-ftx-contagion-grips-markets
97 sats \ 3 comments \ @cryptocoin 9 Nov 2022 bitcoin
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100 sats \ 0 replies \ @cryptocoin OP 9 Nov 2022
Easily faked. Take your #Btc off exchanges.
https://twitter.com/BitcoinMagazine/status/1590324667474010112
https://twitter.com/maxkeiser/status/1590326119764353024 [Nitter]
The issue is that CEXs can’t do proof of reserves
So what if you show a wallet with $20B? How do you know the sum of user balances isn’t $30B?
How do you know if the entity has outstanding loans? How do you know what contracts they’ve entered into?
https://twitter.com/cz_binance/status/1590055819416330240
https://twitter.com/AntonioMJuliano/status/1590058085002792960 [Nitter]
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0 sats \ 1 reply \ @cryptocoin OP 9 Nov 2022
An archive of the article is here. An archive has no paywall, no subscription requirement, and can be easier to read.
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0 sats \ 0 replies \ @cryptocoin OP 9 Nov 2022
For additional comments on this topic, see also another post found here on SN:
CZ: Binance will start to do proof-of-reserves soon. Full transparency. #91210 https://twitter.com/cz_binance/status/1590055819416330240 [Nitter]
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