Discover and read the best of Twitter Threads about #ProofofSolvency
Most recents (3)
1/ Talk about #proofofreserves /liabilities/solvency as the solution to @FTX_Official misses the surrounding parts which could make crypto a viable alternative to the fiat system. Join as we journey through:
☑️ Quality of reserves
💸 Capital &💧liquidity
💰 Collateral
#FTX
☑️ Quality of reserves
💸 Capital &💧liquidity
💰 Collateral
#FTX
2/
🧾 Transaction histories and 💳 Credit scores
％ Fractional banking
🪙 New money creation
with a little bit of:
🆔 @w3c Verifiable Credentials #W3C
to build consumer protection and stop this happening again🛑. It's going to be a long one, strap in!
#FTXScandal
🧾 Transaction histories and 💳 Credit scores
％ Fractional banking
🪙 New money creation
with a little bit of:
🆔 @w3c Verifiable Credentials #W3C
to build consumer protection and stop this happening again🛑. It's going to be a long one, strap in!
#FTXScandal
3/ Let's start with ☑️ Quality of Reserves. This is covered excellently by the @FT below so pulling out the key pieces from FTX 👇
#cryptosignals #ftxbankruptcy #ftxwithdrawal
#cryptosignals #ftxbankruptcy #ftxwithdrawal
1/ STUNNED but not surprised by #Bitfinex #Tether news out of #NewYork. I'll let other cryptolawyers analyze it but here are two macro thoughts: (1) There's a big double standard here. (2) Exchanges, clean up your act--cryptographically prove your solvency
2/ First, the double-standard. Why didn't the NY AG throw the Martin Act at Merrill Lynch for doing something actually quite similar from 2009-12? Seriously, why the double standard??? Quoting the SEC's press release here: sec.gov/news/pressrele…
3/ "The maneuver freed up billions of dollars per week from 2009-12 that Merrill Lynch used to finance its own trading activities. Had Merrill Lynch failed in the midst of these trades, the firm’s customers would have been exposed to a massive shortfall in the reserve account."
@nic__carter 1/ TOUR-DE-FORCE, *MUST READ* from @nic_carter. Well-researched & well-reasoned. I don't agree w/ all of it, but it's a timely call to arms to #bitcoin intermediaries to PROVE YOUR SOLVENCY cryptograhpically. Thanks for naming names, Nic. I wasn't aware that one exchange has...
@nic__carter @nic_carter 2/ ...routinely issued #ProofofSolvency reports (Coinfloor). Your point is well-taken that Coinfloor puts its better-capitalized competitors to shame--bc when an intermediary holds 100% reserves, that means it is SOLVENT & it doesn't really matter how well-capitalized it is. I'd
@nic__carter @nic_carter 3/ ...rather trade via a small but provably solvent counterparty than a big but insolvent one any day. @nic__carter's chart is worth studying in detail & it shows what everyone should realize--that we're in a debtor/creditor relationship with #crypto exchanges when they take... 
