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Worse is that these "audits" do not account for the other side of the equation: liabilities. They can look at the assets sure, but what good is having 1 billion
by cuteboy19 4y ago
Worse is that these "audits" do not account for the other side of the equation: liabilities. They can look at the assets sure, but what good is having 1 billion if you owe 2 billion?
An actual audit is performed by an independent firm going through your books. Something that will probably never happen with crypto
- zeroclip 4y agoThis happens all the time in crypto, look at DeFi which is very transparent and analyzable. If you build a custodial centralized unregulated exchange then yeah, this kind of auditing no longer works.
- cuteboy19 4y agoProblem is that fraud is a comparative advantage. Crypto dot com can do an advertising blitz with their money printer and no defi can match them