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Title: Trust of new businesses and weekly proof of reserve audit Post by: xinxi on October 10, 2014, 11:58:44 AM It is hard for a new business to gain users' trust. This becomes even harder when big exchanges such as mtgox failed. We believe transparency is the key to this problem. So we (https://coinut.com) adopted the proof of reserve audit approach described in this article https://iwilcox.me.uk/2014/proving-bitcoin-reserves, which generates verifiable audit results and has been adopted by a few big name exchanges such as Bitstamp and Bitfinex. We move this idea one step further. Instead of relying on a third party to verify that we have more bitcoins than users' total balance, we directly show how much bitcoin reserves we have and how much the total user balance is, and we do this weekly instead of yearly. This removes the necessity of the third party, which users may not trust, and also provide much better transparency to the users.
Disclosure of information has been adopted by many regulated financial companies, and thus its effectiveness and necessity have already been proven. We think the bitcoin community needs the same level of transparency, and this weekly audit may meet the needs well. Title: Re: Trust of new businesses and weekly proof of reserve audit Post by: wangxinxi on February 07, 2015, 04:38:19 PM Hi sorry that I am traveling in the US to pitch to investors. I'll audit it immediately after I go back.
Title: Re: Trust of new businesses and weekly proof of reserve audit Post by: pythonpro1337 on February 08, 2015, 06:45:20 AM Hi while you are away ive performed a security audit and your exchange HAS MAJOR SECURITY ISSUE, leaving it vulnerable to attack! i have a comprehensive report on the security audit but this site is VULNERABLE TO ATTACK AND INTRUSION!! please proceed with caution. owner of site can pm me or post on my services post for auditing and pen testing! i would like a reward bounty to my address PM ME AND I WILL SHOW YOU THAT COINUT.COM IS VULNERABLE!!! THIS IS NOT A GAME THIS IS SERIOUS!!!!
sample flaw I HAVE TOTAL ACCESS TO THIS EXCHANGE AND ASSETS! nginx/1.4.6 (Ubuntu)!!!!!! |