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How do you identify borrowers, lenders, or custodians of cryptocurrency based on "the Blockchain"? I'm not keeping up on all the latest news, but I had the imp
by vba616 4y ago
How do you identify borrowers, lenders, or custodians of cryptocurrency based on "the Blockchain"?
I'm not keeping up on all the latest news, but I had the impression that people use "oracles" to incorporate off-chain information, and many if not most of the exploits recently involve subverting those trusted sources.
If auditing was trivial, people would've figured it out in the last couple of thousand years.
- LatteLazy 4y agoThe exchange will have a wallet or collection of wallets they control. They can prove they control them by announcing they will move the coins in them at such and such a time and then doing it. I am stuck between "there must be some reason this is more difficult than it should be" and "they won't do it because they also have their hands in customer accounts."...
- vba616 4y agoI think I agree with you on the point that there is no excuse for the absence of a proper audit. However I don't think there is a shared understanding here of what an audit is. You can find audited financials of public companies on sec.gov, and see for yourself that they are not lists of "wallets" controlled by the company. It makes me think of Three-card Monte, a classic con. You see the target card, so you know it exists in a certain place at a certain moment. But the whole con is making you think you know where it will be. Which you don't, since it's a con.