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Jesse Powell

@jespow ↗

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Last Checked Feb. 13, 2023

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Fri Nov 25 19:39:15 +0000 2022

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Jesse Powell @jespow

I'm sorry but no. This is not PoR. This is either ignorance or intentional misrepresentation. The merkle tree is just hand wavey bullshit without an auditor to make sure you didn't include accounts with negative balances. The statement of assets is pointless without liabilities. — PolitiTweet.org

Tree of Alpha @Tree_of_Alpha

BREAKING: Binance Releases Proof of Reserves System Starting with BTC (Bitcoin), every user can verify the assets… https://t.co/kyebNGLVxd

Posted Nov. 25, 2022

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Jesse Powell @jespow

@OurielOhayon You can't keep proving control if you have cold storage. Publishing all your wallets in realtime could be done at the expense of user privacy. Sum of the wallets could be provided in realtime through an auditor that conceals the addresses. Still need the auditor for liabilities. — PolitiTweet.org

Posted Nov. 23, 2022

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Jesse Powell @jespow

This is simply "here's a hash of your record in the BTC spreadsheet". ok... but what's the point? The whole point of this is to understand whether an exchange has more crypto in its custody than it owes to clients. Putting a hash on a row ID is worthless without everything else. — PolitiTweet.org

Posted Nov. 25, 2022