I understand that proof of reserves isn’t perfect. I understand that. 100%. And they’re right, it isn’t perfect.

However, give us proof of reserves to begin with … let’s see the bitcoin on the blockchain. MSTR should be able to point to ~500k bitcoins and say … those ones are the ones we bought…right there!

And then let the public disclosures start to report their leverage against their Bitcoin. Then maybe we start to demand that they line up the blockchain addresses to match their financing strategy. Maybe there are certain “accounts” or UTXOs disclosed as levered bitcoin or some other transparent solution.

This whole “proof of reserves isn’t perfect therefore we shouldn’t demand it.” is an incredibly bad take. and it is a take held by some of my favorite bitcoiner personalities.

They never would have gone for it if Saylor wasn’t out there being one of them on the podcast circuit. If it was a bank who was doing this … with no public face orchestrating it, no Saylor ramblings on only the top 5 bitcoin podcasts (with maybe a surprise appearance on a smaller one), every bitcoin podcaster would be berating the company to disclose. “Do not trust. Verify.” Used to mean something.

But no — They’re getting invited to parties. They’re getting invited to conferences where their entire trip is comped. Ego is creeping back in on them…