Jesse Powell

@jespow ↗

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Last Checked Feb. 13, 2023

Created

Fri Nov 25 19:39:15 +0000 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

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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

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

People who oughta know better, journalists, especially, should take the time to understand this before overselling it and misleading consumers. https://t.co/Qzb5UY3Bdj — PolitiTweet.org

1/ I said I was going to be more assertive with calling out problems. This is one of them. "Reserves" = assets min… https://t.co/qlREqtun2v

Posted Nov. 25, 2022