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100 sats \ 0 replies \ @cryptocoin OP 9 Nov 2022 \ on: Exchanges Scramble to Compile 'Proof-of-Reserves' as FTX Contagion Grips Markets bitcoin
Easily faked. Take your #Btc off exchanges.
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/AntonioMJuliano/status/1590058085002792960 [Nitter]
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