xlbuttplug

4 ms·

1. 1.▲
   by xlbuttplug 4y ago

   It 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.
2. 2.▲
   by xlbuttplug 4y ago

   That's a good point. The exchange's remaining liabilities outside user deposits are still an unknown. (Or at least can't be verified in a trustless manner.)
3. 3.▲
   by xlbuttplug 4y ago

   Providing a proof of reserves is about putting user/investor minds at ease. If you're not willing to go all the way, why bother doing it at all? Though I guess post FTX, all exchanges are scrambling to avoid losing a large chunk o
4. 4.▲
   by xlbuttplug 4y ago

   The proof of reserves can be done in such a way that each user can verify that their balance is backed: https://www.kraken.com/proof-of-reserves > Proof of reserves today != proof of reserves tomorrow. You should be able
5. 5.▲
   by xlbuttplug 4y ago

   https://www.kraken.com/proof-of-reserves