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Jesse Powell

@jespow ↗

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Last Checked Feb. 18, 2023

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Fri Nov 25 22:44:03 +0000 2022

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Jesse Powell @jespow

@cadhodl @PopMelancholic @FatManTerra @hellspawncrypto @cz_binance It's about minimum liabilities. You will never be able to prove 100% max liabilities. If the exchange doesn't have enough assets to cover min liabilities then that's all you need to know. If we had known that for Gox & FTX, damage would have been way less. https://t.co/1t2SNA0dZ1 — PolitiTweet.org

Jesse Powell @jespow

@AriDavidPaul Think of the audited merkle tree of client balances as proof of MINIMUM liabilities. You will never b… https://t.co/eUtrqY1zR6

Posted Nov. 25, 2022

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Jesse Powell @jespow

@BitMEXResearch @FatManTerra @coinmetrics @TheBlock__ Then you need to look at the construction of the tree and which accounts would be in a position to identify negative balances. It's so much easier to just 1. get an auditor to confirm no shenanigans, 2. publish the whole list of balances. Assume a bad actor would use all tricks. — PolitiTweet.org

Posted Nov. 25, 2022

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Jesse Powell @jespow

@IamDaveChapman @osldotcom Don't let the perfect be the enemy of the good. Legit PoR would have caught Gox and FTX when the holes were a lot smaller. If an exchange can't at least prove that it has enough coins to cover client balances, we don't need to know about the other liabilities to call insolvency. — PolitiTweet.org

Posted Nov. 26, 2022