I’m not a huge fan of proof of reserves because I consider it solvency theater. It tells you nothing about the liabilities the business has. So I think it provides a false sense of security.
Love nostr:npub1s5yq6wadwrxde4lhfs56gn64hwzuhnfa6r9mj476r5s4hkunzgzqrs6q7z and nostr:npub1rtlqca8r6auyaw5n5h3l5422dm4sry5dzfee4696fqe8s6qgudks7djtfs and nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle … and I agree with the theory MSTR is espousing. When will y’all use your platforms and relationships with nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m to push for blockchain verified proof of reserves?
If El Salvador can do it, so can MicroStrategy. If nostr:npub1xkere5pd94672h8w8r77uf4ustcazhfujkqgqzcykrdzakm4zl4qeud0en can do it, so can MicroStrategy.
cc: nostr:npub14pymadh04lt8tl3lv93yr3vnlxw39s3ahdvmhvlu6u27fve8umfqa9zd6m nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx nostr:npub1sg6plzptd64u62a878hep2kev88swjh3tw00gjsfl8f237lmu63q0uf63m nostr:npub10uthwp4ddc9w5adfuv69m8la4enkwma07fymuetmt93htcww6wgs55xdlq nostr:npub1guh5grefa7vkay4ps6udxg8lrqxg2kgr3qh9n4gduxut64nfxq0q9y6hjy nostr:npub1s05p3ha7en49dv8429tkk07nnfa9pcwczkf5x5qrdraqshxdje9sq6eyhe nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak
Discussion
Is it better than an open-ended promise? Especially for an entity that will likely hold the significant portion of their reserves in perpetuity (or at least very long duration)?
I see how technically your answer is valid however I still like to see blockchain verification behind the public announcements. Don’t let perfect stand in the way of good.
I know that we as bitcoiners don’t trust the traditional system, but if Saylor didn’t actually have the coins its fraud of the highest order and it would destroy his accounting firm, law firm and custodian in addition to microstrategy. I personally feel very confident that they have every coin they say they do.
I’m more concerned with Coinbase than MSTR specifically. Corporate and government custody has the potential to become a daisy chain of risk spreading…just like the banking system.
I’d like to see more of an effort to leverage these unique attributes of bitcoin to show the market that they actually have claim to a fully-reserved stockpile.
If I was Saylor, I also would believe the markets I am targeting would only value my entity more if I could show (on the blockchain) where my reserves sat. Regardless of the liabilities.
But I’m simply a toxic maxi wanting a bitcoin standard. Maybe I am wrong for barking up this tree. But I’m not gonna stop barking until this gap is addressed.
They’re claiming they are literally buying an entire year’s worth of new bitcoin issuance. More incoming. Their legitimacy matters.
Now that sab 151 is done. Can Microstrategy change custodians to a bank of their choosing?
Wot
What part of that confuses you
Maybe I’m mixing up my definitions - isn’t proof of reserves proving MSTR actually have the Bitcoin (I believe is - maybe - with Coinbase Prime atm) - are you saying you don’t need MSTR to prove they have the Bitcoin ? As I would love them to. Ala El Salvador and Metaplanet. Via nostr:npub18d4r6wanxkyrdfjdrjqzj2ukua5cas669ew2g5w7lf4a8te7awzqey6lt3
I think it would be a good thing for them to do, but I don’t need them to do it.
Why don’t you ? Do you trust MSTR are buying and have the number they say ? Why do you trust that ? Make it make sense bro..
Exactly. Who cares if they have 50,000 in Bitcoin reserves if they have 250k worth of liabilities.
Once we see the bitcoin on the blockchain, then we can worry about the liability question.
I understand proof of reserves isn’t perfect, however it is better than “just trust me, bro”
The counterparty I am most concerned about is Coinbase. Whether or not MSTR and their auditors are comfortable with a certain amount of fractional reserving from Coinbase is also a question.
But I want to see the bitcoin addresses. Like River. Like El Salvador. Seems like an obvious compliment to the MSTR bitcoin strategy. Only adds confidence (therefore value) in the fiat markets.
Unless they are a public company, the liabilities will never be shown. There is zero chance kraken, or whoever will announce they ftx 9 gazillion, and so on...