⚡️🚨 NEW - Saylor says showing Proof of Reserves is not a good idea.
https://blossom.primal.net/0f0f86a4d74319906bcb3c2b24f871e1a11b03820365997903d30b3214f54256.mp4
Discussion
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Does any custodial service in existence provide a proof of reserves?
#asknostr
This is what the cryptocurrency exchange Kraken provides as a proof of reserves methodology https://www.kraken.com/proof-of-reserves
River does https://river.com/reserves
🗞️ Full answer uncut unedited here
https://blossom.primal.net/6e4c94779ad679933b3d46f0f15803f0b5b09ed23476ec6747f91dc4f3879987.mp4
Wah Wah wahhhhhh don't trust, verify. Saylor talking gibberish. Show proof, it's literally the whole point
If a *public* company that happens to be the biggest institutional holder of Bitcoin is not obliged to proof their reserves (which their entire stock value is anchored to) then I, as a *private* citizen, shouldn’t be forced to give proof of income to banks and institutions that service me.
You did say “citizen” that’s Roman
If banks can KYC me, than I can KYC their employees. How do I know they're on the up and up? Maybe they're still doing some of the shady stuff that they've already been fined for, in the billions. I wouldn't want to be involved in any of that, now would I ?
If governments can KYC me, than I can KYC the politicians and all of the public employees. How do I know they're not using my money to bomb brown people somewhere (to quote George Carlin) ? I don't want to be involved in any of that either.
Fair is fair. What's good for the goose is good for the gander.
But I agree with Saylor on the security front concerning proof of reserves. Publishing addresses is a terrible idea. And signing anything where you'll end up publishing the public keys for addresses full of bitcoins (while keeping the btc in those addresses long term) is also pretty bad. There's a reason why we hash the public key to make the address.
#kyc #banks #btc #bitcoin #security
NGL, if I was an investor in MSTR, this answer would keep me up at night.
The ultimate proof of reserves only exists with spot bitcoin:
when the custodian allows 24x7x365 FULL withdrawl of all bitcoin into self custody
✅ proof is in the policy, no need for any other *proof*
Saylor has done a lot to push and validate bitcoin to the mainstream but people need to treat him as what he is. His intentions are not to facilitate the revolution we are seeking but just capitalize in bitcoin's inevitable monetary superiority. He is not seeking to revolutionize the system that made him rich - it works for him. He is looking to at bitcoin as a captured asset. We need to thank him, keep his involvement in the space - because hyperbitconization does not happen without the traditional financial system being included - but notch him down a few levels. We should be giving this treatment to people who are looking to maintain and develop bitcoin as freedom money.
Saylor has done a lot to push and validate bitcoin to the mainstream but people need to treat him as what he is. His intentions are not to facilitate the revolution we are seeking but just capitalize in bitcoin's inevitable monetary superiority.
He is not seeking to revolutionize the system that made him rich - it works for him! And he has publicly talked down about the cypherpunk ethos that birthed bitcoin. He is looking to at bitcoin as a captured asset. We need to thank him, keep his involvement in the space - because hyperbitconization does not happen without the traditional financial system being included - but notch him down a few levels. We should be giving this treatment to people who are looking to maintain and develop bitcoin as freedom money.
Anybody else has a different perspective? #bitcoin #asknostr #plebchain