Trusted societies are gone. Verified societies can and must replace them.
Discussion
Agreed. Speaking of, when MSTR proof of reserves?
Ask MS
Just a little snark, You’re the dood going to his parties and advocating for MSTR on the podcast circuit. You’re on a much better position to affect change than little ol me.
As an MSTR shareholder I personally don’t care at all about proof of reserves because I think it gives a false sense of confidence. It’s theatre imo.
Then we’re just back to trust…not verify.
No. It means we need more robust verification. Not go back to trust. Proof of reserves sucks.
Why does proof of reserves suck?
Because you can’t account for the liabilities
That’s an extra level of fraud. Let’s get the first step, first.
What good is the first step without the second step?
It makes the fraud more egregious.
(1) here is the bitcoin … you can see it is all there.
(2) I am going to take a step to compromise the bitcoin that is on the chain by collateralizing it as debt to do something different.
Step 1 is a duh step…why WOULDN’T he do it? It only derisks his strategy which would benefit his shareholders. It removes counterparty risk with Coinbase and Fidelity doing things with his btc that MSTR shareholders do not approve of.
Step 2 without explicit disclosure is likely illegal and would completely betray the trust of anyone who gives him the benefit of the doubt that he ISN’T actively undermining the bitcoin market.
I don’t understand the resistance. Bitcoiners should hold other Bitcoin accountable to the beneficial attributes of Bitcoin the technology. The verfiability of Bitcoin on the blockchain means I can expect that MSTR would provide proof of reserves.
The fact that they don’t - and the best argument being there are other mechanisms for them to cheat don’t doesn’t matter - is very disheartening. I expect you, nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a , nostr:npub1s5yq6wadwrxde4lhfs56gn64hwzuhnfa6r9mj476r5s4hkunzgzqrs6q7z , nostr:npub1s05p3ha7en49dv8429tkk07nnfa9pcwczkf5x5qrdraqshxdje9sq6eyhe and any and all others who have an audience with Saylor to push him to do the thing that a real bitcoin company would do … provide proof of reserves.
MSTR now holds ~3 years of global bitcoin issuance! Lots of funny business is possible just within their stack.
I thought one of the benefits of bitcoin is that everything is verifiable. With that comes the ability to claim proof of reserves. With no proof of reserves, aren’t we opening the door paper bitcoin?
Everything that happens on chain is verifiable yeah. But you can’t account for anything happening off chain.
I have a NIP-05 verification. That should do it ✅😅🙋🏻♂️
In the West and online (the digital west), 100%.
“Доверяй, но проверяй” (Doveryay, no proveryay) —Russian proverb
…translates to “Trust, but verify”. It’s a practical piece of wisdom that balances faith in others with a healthy dose of skepticism.
Hard to scale anything without some degree of trust.
section on that in my book
Bitcoin is trust-minimized, not trustless. Verification reduces reliance on trust in systems but societies still need trust between people. Verified systems can’t replace human relationships, social norms, or moral judgment. Both are essential
Centralised trust has been destroyed.
Bitcoin removes the trust required from 1 half of every trade. Trust is still important although the impact of risk is limited to the individual.
In the new society, individuals choose who to trust. They wear the risk & cost while alerting society to bad actors.
It's more about aligning incentives & building relationships than eliminating trust.