Nostr Web Client

Bryan 2y ago

If they can’t prove ownership by signing, and do this periodically, it’s safe to assume they own zero bitcoin.

GBTC, coinbase, binance, all of them. They all have zero until proven otherwise.

Show me the signed message…or it’s zero.

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Discussion

BHN 🍁 2y ago

The old trusty adage of "dont trust, verify". Always wise words to live by.

BHN 🍁 2y ago

Also, get lightning setup for some zaps!

puddintaine2 2y ago

Actually it’s “trust, but verify”. And btw, it’s an old Russian proverb. Doveryai, no proveryai

Derek Ross 2y ago

Right. These proof of reserves are more proof of address. We want to see that they haven't lost the keys.

Bauzen 2y ago

My entire retirement is locked in GBTC 😅

Bryan 2y ago

I’m sorry man. Maybe things will work out for the best somehow. Try to get some bitcoin in cold storage.

Bauzen 2y ago

I have a a Hodl, just rolled my Roth IRA into GBTC

Bryan 2y ago

Ahh, your good then. I did the same thing. Rolled most of my retirement into GBTC and MSTR.

In the end, my hodl stack is the retirement plan.

GHOST 2y ago

Oh shit

Bauzen 2y ago

I’m holding onto hope… still think GBTC would be the ultimate bear flag this cycle… but I agree they should f’ing sign & verify already 😩

Luke Dashjr 2y ago

Bitcoin signed messages don't prove ownership

mark tyler 2y ago

Are you referring to signing a message with the key for an address that only temporarily has the correct balance?

Luke Dashjr 2y ago

Addresses don't have balances at all

mark tyler 2y ago

Haha ok true. I don’t mean that in the ETH sense. I mean that UTXOs have been sent to an address that is related to a private key, which has signed a message, and not thereafter moved. That’s possible to check, right?

Luke Dashjr 2y ago

No, because that UTXO isn't necessarily theirs anymore

mark tyler 2y ago

How so since in the hypothetical we’ve already checked that it hasn’t been spent? Maybe.. if they have signed a transaction and broadcasted it but it has yet to make it into a block?

Luke Dashjr 2y ago

Or if they transferred it off chain

BUB 2y ago

Can you elaborate? Don't you have to own the private keys to sign a message?

Luke Dashjr 2y ago

No. Custodial wallets are supposed to let you sign messages for your addresses, and UTXOs don't necessarily need to move when you transfer the bitcoins to someone else.