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Title: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: knickerbacher on August 30, 2014, 03:35:39 AM Huboi, a Chinese Bitcoin exchange, has undergone a proof-of-reserves audit, the report of which has been made available to the public via a post on Bitcointalk.org. The audit was conducted by Stefan Thomas, the original poster of the Bitcointalk thread regarding the audit, CTO of Ripple Labs, and an administrator of Bitcointalk.org.
http://www.coinfinance.com/news/huboi-passes-proof-of-reserves-audit-reserves-at-103-52 Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: Ron~Popeil on August 30, 2014, 03:44:46 AM That is a good thing for all of us. Hopefully it inspires other exchanges to follow suit.
Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: coinits on August 30, 2014, 03:46:42 AM That is a good thing for all of us. Hopefully it inspires other exchanges to follow suit. Self regulation is always better than government imposed regulation. All of the scam artists in the world of crypto are just drawing the noose tighter for all of us. Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: bigasic on August 30, 2014, 03:48:10 AM Wow, thats awesome.. It gives me hope that all exchanges will be transparent and we will never be goxxed again..
Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: BitCoinNutJob on August 30, 2014, 07:57:35 AM good news now lets see them pass the volume authenticity test ;D Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: LMGTFY on August 30, 2014, 10:27:05 AM That is a good thing for all of us. Hopefully it inspires other exchanges to follow suit. It is - and at least one other exchange has already done this: https://bitcointalk.org/index.php?topic=754279.0 (https://bitcointalk.org/index.php?topic=754279.0). This article suggests "most if not all of the Digital currency exchanges based in China" will be - or have been - audited. Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: tooil on August 30, 2014, 10:32:40 AM Didn't China still have a soft ban on bank servicing the exchange ?
How are they able to accept deposit and do business in China? Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: tmbp on August 30, 2014, 11:31:01 AM If they were transparent they could be checked for solvency at any time.
Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: fa on August 30, 2014, 12:48:50 PM Why the extra 3.52%? Still in double about the reserves.
Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: OrientA on August 30, 2014, 12:50:41 PM good news now lets see them pass the volume authenticity test ;D That is much more difficult. Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: ensurance982 on August 30, 2014, 04:27:55 PM Actually it's a sad thing that such things need to be done, but especially after Mt. Gox it definitely is a good thing that all legit exchanges are jumping through the loops and proof their reserves. People should only use exchanges that pass such a proof!
Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: CreamyPie on August 30, 2014, 05:30:51 PM That's a good news. If others exchangers/merchants follow this then it will be cool!
Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: itsAj on August 30, 2014, 05:48:09 PM If they were transparent they could be checked for solvency at any time. This would be very difficult because this would reduce privacy for their customers. It would also expose the exact amount that is in their hot wallet at any time, which would tell an attacker exactly the potential payout that could be had in the event of a hack, which is generally a bad idea. Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: ensurance982 on August 30, 2014, 05:51:23 PM If they were transparent they could be checked for solvency at any time. This would be very difficult because this would reduce privacy for their customers. It would also expose the exact amount that is in their hot wallet at any time, which would tell an attacker exactly the potential payout that could be had in the event of a hack, which is generally a bad idea. Yeah, a completely transparent exchange may be problematic, indeed! Sure, the blockchain is transparent, but imagine the consequences of having insight into the complete database containing all the customer funds, order books, and trade logs! Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: iluvpie60 on August 30, 2014, 07:21:38 PM they will still probably be goxxed at some point. it only takes one leaker to give out admin passwords or hack them!
Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: Meuh6879 on August 30, 2014, 07:24:27 PM Wow, thats awesome.. It gives me hope that all exchanges will be transparent and we will never be goxxed again.. ;D but 24h, all are gooooooooone. http://www.thrashhits.com/wpress/wp-content/uploads/2008/06/slipknot_may_2008_1.gif bitcoin magic network ! Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: Meuh6879 on August 30, 2014, 07:30:38 PM Why the extra 3.52%? Still in double about the reserves. http://thumbs.newschoolers.com/index.php?src=http://31.media.tumblr.com/148714bc650a83898d648fe55d149e69/tumblr_miavbpUcIG1qb2n4qo1_500.gif&size=400x1000 it's the BOOOOOOOOOOOOOOOOOOOOSSSSSSSSSSSSS daily benefits ! Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: itsAj on August 31, 2014, 04:36:37 AM If they were transparent they could be checked for solvency at any time. This would be very difficult because this would reduce privacy for their customers. It would also expose the exact amount that is in their hot wallet at any time, which would tell an attacker exactly the potential payout that could be had in the event of a hack, which is generally a bad idea. Yeah, a completely transparent exchange may be problematic, indeed! Sure, the blockchain is transparent, but imagine the consequences of having insight into the complete database containing all the customer funds, order books, and trade logs! Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: Nagle on August 31, 2014, 06:34:07 AM Remember when Roger Ver said Mt. Gox was solvent?
Title: Re: Huboi Passes Proof of Reserves Audit: Reserves at 103.52% Post by: tooil on August 31, 2014, 04:37:40 PM Remember when Roger Ver said Mt. Gox was solvent? Guess he get away and held zero responsible for saying that. Jesus is wrong for once. |
