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Binance proof-of-reserves shows 582K BTC to 575K BTC user balance, a 101% ratio
- tschwimmer 4y agoAs has been discussed to death at this point, reserves are only half the story. In order to get a sense of solvency, you'd need to understand what Binance's liabilities are. They only have calculated a tiny subset of this: user deposits.
- acapybara 4y agoImpossible --unless you go fully on-chain.
- skinnymuch 4y agoSure but if you’re going to present something at least present a picture that matters. Even if it’s not provable.
- senttoschool 4y agoIt's possible. It's called auditing by a big 4 firm, which Binance will never allow because they're a fraud.
- MuffinFlavored 4y agoIs Coinbase a fraud?
- senttoschool 4y agoThey're not a fraud. But they do have fraudulent securities on their platform.
- MuffinFlavored 4y ago> These Big 4 are the four largest public accounting firms in the world: Deloitte. PricewaterhouseCoopers (PwC) Ernst & Young. KPMG. In case nobody has heard (I hadn't)
- user_named 4y agoEveryone else has.
- tazard 4y agoI haven't
- canadianfella 4y ago
- ranguna 4y agoI haven't either
- MuffinFlavored 4y agoTo clarify, Binance/nor anybody else are disclosing their liabilities at all, right? Like, as a customer, you have 0 insight/auditing into whether their reserves are 1:1 with liabilities, 2:1, 1:2, etc. etc. It's almost like... dishonest? Saying "look! our reserves! we're above water! we're not over-leveraged! trust us!" and then hoping people are... foolish enough?... stupid enough?... to not know to ask... "ok... and liabilities?..."
- acapybara 4y agoGood, they seem to have more than enough to cover claims. It's interesting to me that the Bitcoin network itself is the ultimate authority for truth here.
- taolegal 4y agoWhy is this getting downvoted? Are people upset that bitcoin seems a lot better off than all the other apparently much more centralized systems?
- IXxXI 4y agoBinance is pushing for global crypto regulation, which no one wants or supports. They also have a guilt by association issue due to them being closely affiliated with FTX. Their fractional reserve rates (which are inferior to tether) aren't likely to impress many who have been paying attention.