all key employees of mstr, coinbase, anchorage, etc are already targets
proof of reserves does not change that
flow of funds can still be disguised if that is necessary, dont send in to your public wallets until after you announce a buy
can sign ownership proof then move to new addresses if exposing public key is a concern
The ultimate proof of reserves only exists with spot bitcoin or in-kind redeption:
when the custodian allows 24x7x365 FULL withdrawl of all bitcoin into self custody
✅ proof is in the policy, no need for any other *proof*
agreed, i still think proof of reserves will become the standard for public companies with bitcoin treasuries
Maybe it will but I don't think it's wise. Not wise for security of the btc, for the investors, for the employees, and not even wise for us "not your keys, not your coins" humbly stacking privacy-advocating plebs. But maybe that's the way it'll go.
Zero Knowledge proofs. Saylor was correct that doxxing every address is IRL dangerous, and it's all moot anyway if you self custody.
Disagree, it's not enough. Just because there is enough to process the first 50% of withdrawals says nothing about whether the next 50% exists.
Sure, they then would "freeze withdrawls" during the run, which is the same as lying/faking their *proof of reserves* - ie hiding liabilities.
Leaving themselves open to withdrawls ungaurded - to me is a purer signal to the market that they could cover.
I mean, anything's better than nothing I guess! "We don't promise to honor withdrawals in less than 1 month" would be pretty bad. Some hedge funds do stuff like that.
You're also a privacy advocate so I'm surprised to see you suggest that it would be better to make the addresses public. I wouldn't even want that as a precedent that people could point to and say "well, the big guys do it, why can't you".
Is it public knowledge where the MSTR btc are being held? I'm not aware of that but I didn't really look into it. If they're already disclosing that, it's true that it would be less relevant to have the flows tracked. But still, let's say they decide to sell later : if you know what the addresses are and you see them move to an exchange, you could front-run MSTR, etc. It would hurt them getting the maximum value for their investors.
I'll repeat it : I don't invest in any way in MSTR, and I don't want to. But someone who chooses to invest in public markets is accepting those sets of rules.
As for moving the btc to different addresses after the proof of reserves (to not hold btc in addresses for which the public key is known) : wouldn't that pretty much defeat the purposes of the proof of reserves ? In the fiat world, people do that : they get their friends and family to move funds to a bank account just long enough to prove a certain amount in a bank account. The money is redistributed afterwards.
