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However, it's totally possible for an exchange to periodically prove, or at least persuasively demonstrate, how much money they have, by proving they have the p
by roywiggins 8y ago
However, it's totally possible for an exchange to periodically prove, or at least persuasively demonstrate, how much money they have, by proving they have the private keys for wallets worth a certain amount.
Proving they don't have more obligations is harder, obviously, but you can prove you haven't lost all your deposits if you want.
- v64 8y agoFor those interested, here's an example of such a Proof of Liabilities implementation [1] with previous HN discussion [2]. [1] https://github.com/olalonde/proof-of-liabilities https://github.com/olalonde/proof-of-liabilities [2] https://news.ycombinator.com/item?id=7277865 https://news.ycombinator.com/item?id=7277865