4 ms·

The idea is that the exchange publishes a sum of their liabilities, and each individual user can check that their balance was uniquely included in the sum, cryp

by darawk 4y ago

The idea is that the exchange publishes a sum of their liabilities, and each individual user can check that their balance was uniquely included in the sum, cryptographically.

beefield 4y ago
Unfortunately this does not prove in any way that the exchange has included all liabilities in the sum, it only proves your deposit is included. A very, very different thing.
- darawk 4y ago
  Of course. But it lets every individual check this, which means if any individual's balance is not included, they can publish that. It is a vast improvement over the current state.
  - beefield 4y ago
    The problem is not the ones who want to publish if their balance is missing. The problem is the ones who want to hide their balance is missing.
    - nwah1 4y ago
      For instance, if Alameda owes FTX billions of dollars, but both are owned by the same people.
    - darawk 4y ago
      This is addressed in the article.
lottin 4y ago
Users could falsely claim that their balance is wrong.
- darawk 4y ago
  This would be easy to cryptographically certify, this is not a problem.