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I'm still waiting for an exchange taking proof of reserves or multi-sig with other exchanges seriously. We know it can be done, and we k ow that none of the ex
by xiphias 9y ago
I'm still waiting for an exchange taking proof of reserves or multi-sig with other exchanges seriously.
We know it can be done, and we k ow that none of the exchanges do it anymore.
As hopeful as I am, I know that scaling number of users is much more important for exchanges than advancing security through cryptography that users can verify.
- STRML 9y agoAt BitMEX we do 100% offline multi-sig. Unfortunately, that also means any form of live proof-of-reserves is quite difficult to do, as the keys are offline. Early in our history, we thought once-a-day withdrawal would be a problem customers would be quite vocal about. Instead, we found many of them appreciate what it means - that the keys aren't hooked up to a hackable webserver, but are actually protected. Accessing funds should be difficult and should require human interaction.
- jameskegel 9y agoPardon me for sounding ignorant, but how does this process work out procedurally each day?