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Doesn’t that make it borderline worthless?
by skinnymuch 4y ago
Doesn’t that make it borderline worthless?
- vkou 4y agoCorrect. There is no on-chain way to prove that my exchange doesn't actually owe some third party a trillion dollars.
- xlbuttplug 4y agoIt does prove that the exchange is in possession of "liquid" assets matching user deposits, which I don't think is worthless, especially if the userbase is large. I agree that it's far from a comprehensive proof though. Perhaps exchanges need to stick to the bigger auditors for now.
- lottin 4y agoYes, but it's probably good enough to fool the average crypto investor.