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As 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 lia
by tschwimmer 4y ago
As 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?..."