One motive why you should not belief Proof of Reserves
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benumbs.cards & bennumb.cards & bennumbs.cards & benumb.cc & many more…
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Welcome to the real deal.
Please bookmark this link — the other sites have simply copy/pasted our html and don’t actually have any cards to sell.
They can be easy to fall for if you aren’t cautious!
the timeline doesnt even check out for this to be true. twitter boi danny needs to look at some blockchain before he makes himself look stupid
The solution would be a cryptographic proof of reserves done on regular basis in a certain block interval, say every 144 blocks (which would basically mean daily).
Let’s start this interval with the next difficulty adjustment in block 764,064. Every exchange that holds bitcoin has to prove how much BTC they hold, all of the exchanges had to do it simultaneously in the given block. This way we circumvent the possibility of them moving the funds around so that all of them could proof their holdings with the same stack of bitcoins.
Just an idea. Those who don’t participate should be avoided as exchange in general. I am not an expert, but I think this could be doable.
Wait how tf is bitfinex still a thing? Lol
Wait he does know blockchain records all transactions and this is very easy to check right? I mean proof of reserve can be gamed, but this is not it. Proof of reserve can be gamed when the company takes out loans against the customer assets as collateral. So even if the reserves exist, the company can still go bankrupt and customers lose their funds.
That actually took place weeks before proof of reserves was even a thing. ????
Wouldn’t this be considered a liability? How does this help the other exchange?
Does it really matter if it was an accident or malice? I wouldnt trust someone who made that kind of “mistake” with so much money.
Bitcoin is a joke
S e l f c u s t o d y
Or, you know… get rid of imposters. There’s only BTC
Whatever is the truth of all this, the next few weeks or months are looking to be a hell of a ride looking at this all unfold from the sidelines.
This is just a reason you shouldn’t trust chucklefucks like OP and danny because OP listens blindly to bullshit and danny doesn’t actually take the time to understand what he’s talking about.
This is more of a problem with the shitcoins. Not as big a problem with bitcoin.
What about a target BitFunds rate. ????????????
“All the way up to binance and bitfinex” he says! LMAO
Try Kraken or Bitstamp. Perhaps Coinbase. Don’t touch anything else with a 12 ft pole.
Banks do this as a common practice. Overnight lending is not a new or illegal concept.
the reserves could be all their customers’ funds, i.e. liabilities in reality
I dont understand why he would have done that, when the transaction can be found by everyone, its bad if it was a mistake sending multiple 9999 transactions to a wrong wallets, its even worse if this was done for another exchange’s proof of reserves.
Been alot and I mean alot of accidental transfers between exchanges. I dunno about you guys but that big long alphanumeric sequence is pretty hard to accidentally get your money to a safe place if you accidentally fuck up the transfer. Must be like a one in a 60 forfillion bazillion fafillion million chance that you don’t send it to an unrecoverable address..i guess these guys are just lucky hey
I’m sure exchanges do this, but with this example it is just FUD as the audit happened before the transaction took place.
Not your keys but this is just fear mongering.
“All the way up to Binance and Bitfinex”
This guys means all the way down, that’s where the rot starts.
Mirror image of Lehman routinely moving 50b in assets to off balance sheet sub on reporting days, lowering leverage for that governmental report. “It’s only one day”
so… crypto repos ?
Cool, so they’re just another overnight reverse repo market. Nothing is kept in reserve, it’s just shifted every single day. Not exactly the definition of stability…
I don’t necessarily disagree and also think you shouldnt leave your coins on exchanges, but why does he just make a statement without providing any proof for his (quite serious) allegations? Like how does this help anyone except spreading more fud
Wow I didn’t even think about this. I did read about that 400m mistake but in my mind I chalked it up to employees making mistakes with the added attention and pressure from FTX collapsing but moving funds around to prove reserves makes WAY more sense. Fuck exchanges. I haven’t liked them since MtGox burned me. Went from there to Localbitcoins and never looked back to exchanges. I use them now but only to buy and immediately offload out of the exchange
If I’m not mistaken, the audit was performed on a chain state that was a couple of days before the transfer. But this does seem to be happening with other exchanges, and it’s worth further scrutinizing CDC’s imbecilic “mistake”.