4 ms·

You can easily audit total assets though. Just look at one number on the chain.

ForHackernews 4y ago
I assume you have to install software to do that? Software written by some author(s) that you have to trust? That you have to download and install from trusted sources? It's not like I can verify "one number on the chain" with my own human eyes and no third parties involved. There's always trust somewhere in the system, you're just making that trust relationship more obscure and opaque.
- siftrics 4y ago
  You're acting in bad faith and you know it. This clearly reduces trust dramatically.
  - ForHackernews 4y ago
    It absolutely does not. As a developer who has worked to secure software systems, I fundamentally reject your assertion that "just trust the code" is a better security policy than "employ trustworthy people".
    - siftrics 4y ago
      Unbelievable ignorance. We just witnessed one of the largest frauds in all of human history. It would have been nearly impossible to trick every client that exists that can examine the chain. You are so wrong it is unfathomable that you are being honest right now.
      - ForHackernews 4y ago
        The is the point I am making that you refuse to understand: You don't have to trick the clients, you have to trick the people; one way you might trick the people is with bogus software.[0] Consider that Tether is obviously a scam but continues unabated to this day. Better tooling is not going to fix the problems you think it will, because the incentives are all stacked toward dishonesty and fraud. [0] - https://insidebitcoins.com/news/scammers-are-using-fake-wallet-apps-to-stealing-crypto-funds-from-chinese https://insidebitcoins.com/news/scammers-are-using-fake-wall...
        siftrics 4y ago
        First, the greater community that would "accept" such an audit that is simply proof of on-chain funds is not dumb enough to download some random "Bitcoin wallet" that shows fake numbers for one single company. Second, the fraud you're alleging Tether is doing is off chain! It's in the fiat world! It's not happening on-chain. Stop blaming a system that literally mathematically precludes fraud (within the system itself, of course).

I assume you have to install software to do that? Software written by some author(s) that you have to trust? That you have to download and install from trusted sources? It's not like I can verify "one number on the chain" with my own human eyes and no third parties involved. There's always trust somewhere in the system, you're just making that trust relationship more obscure and opaque.

siftrics 4y ago
You're acting in bad faith and you know it. This clearly reduces trust dramatically.
- ForHackernews 4y ago
  It absolutely does not. As a developer who has worked to secure software systems, I fundamentally reject your assertion that "just trust the code" is a better security policy than "employ trustworthy people".
  - siftrics 4y ago
    Unbelievable ignorance. We just witnessed one of the largest frauds in all of human history. It would have been nearly impossible to trick every client that exists that can examine the chain. You are so wrong it is unfathomable that you are being honest right now.
    - ForHackernews 4y ago
      The is the point I am making that you refuse to understand: You don't have to trick the clients, you have to trick the people; one way you might trick the people is with bogus software.[0] Consider that Tether is obviously a scam but continues unabated to this day. Better tooling is not going to fix the problems you think it will, because the incentives are all stacked toward dishonesty and fraud. [0] - https://insidebitcoins.com/news/scammers-are-using-fake-wallet-apps-to-stealing-crypto-funds-from-chinese https://insidebitcoins.com/news/scammers-are-using-fake-wall...
      - siftrics 4y ago
        First, the greater community that would "accept" such an audit that is simply proof of on-chain funds is not dumb enough to download some random "Bitcoin wallet" that shows fake numbers for one single company. Second, the fraud you're alleging Tether is doing is off chain! It's in the fiat world! It's not happening on-chain. Stop blaming a system that literally mathematically precludes fraud (within the system itself, of course).