Bitcoin Forum
November 14, 2018, 05:41:18 AM *
News: Latest Bitcoin Core release: 0.17.0 [Torrent].
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Could exchanges open their books?  (Read 875 times)
zby
Legendary
*
Offline Offline

Activity: 1586
Merit: 1000


View Profile
September 21, 2011, 10:58:17 AM
 #1

This probably would be too radical for most of the exchanges but maybe some could start doing that as an experiment?  After  the disaster of the Full Tilt scam (http://blogs.reuters.com/felix-salmon/2011/09/20/full-tilt-ponzi/) - this might be a way to improve accountability.
1542174078
Hero Member
*
Offline Offline

Posts: 1542174078

View Profile Personal Message (Offline)

Ignore
1542174078
Reply with quote  #2

1542174078
Report to moderator
1542174078
Hero Member
*
Offline Offline

Posts: 1542174078

View Profile Personal Message (Offline)

Ignore
1542174078
Reply with quote  #2

1542174078
Report to moderator
1542174078
Hero Member
*
Offline Offline

Posts: 1542174078

View Profile Personal Message (Offline)

Ignore
1542174078
Reply with quote  #2

1542174078
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
fivebells
Sr. Member
****
Offline Offline

Activity: 462
Merit: 250


View Profile
September 21, 2011, 10:59:43 AM
 #2

It's for precisely this reason that bitcoin exchange/trading services make me nervous.
phantomcircuit
Sr. Member
****
Offline Offline

Activity: 463
Merit: 250


View Profile
September 21, 2011, 11:44:56 AM
 #3

The answer is basically no because it's confidential user data.
hugolp
Legendary
*
Offline Offline

Activity: 812
Merit: 1000


semux


View Profile
September 21, 2011, 11:54:32 AM
 #4

The answer is basically no because it's confidential user data.

They could use OT and have their books open while keeping confidentiality.

            ▄▄████▄▄
        ▄▄██████████████▄▄
      ███████████████████████▄▄
      ▀▀█████████████████████████
██▄▄       ▀▀█████████████████████
██████▄▄        ▀█████████████████
███████████▄▄       ▀▀████████████
███████████████▄▄        ▀████████
████████████████████▄▄       ▀▀███
 ▀▀██████████████████████▄▄
     ▀▀██████████████████████▄▄
▄▄        ▀██████████████████████▄
████▄▄        ▀▀██████████████████
█████████▄▄        ▀▀█████████████
█████████████▄▄        ▀▀█████████
██████████████████▄▄        ▀▀████
▀██████████████████████▄▄
  ▀▀████████████████████████
      ▀▀█████████████████▀▀
           ▀▀███████▀▀



.SEMUX
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
  Semux uses .100% original codebase.
  Superfast with .30 seconds instant finality.
  Tested .5000 tx per block. on open network
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
zby
Legendary
*
Offline Offline

Activity: 1586
Merit: 1000


View Profile
September 21, 2011, 11:57:31 AM
 #5

The answer is basically no because it's confidential user data.
At least the BTC part of the balance is composed of anonymous addresses.  The traditional currency part would be more tricky - sure.
casascius
Mike Caldwell
VIP
Legendary
*
Offline Offline

Activity: 1386
Merit: 1040


The Casascius 1oz 10BTC Silver Round (w/ Gold B)


View Profile WWW
September 21, 2011, 01:18:05 PM
 #6

They could open their books to an auditor and allow the auditor to render an opinion without disclosing any confidential data.  This is how the rest of the world does it.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
NetTecture
Full Member
***
Offline Offline

Activity: 140
Merit: 100


View Profile
September 21, 2011, 02:16:03 PM
 #7

Exactly. From my futures broker I get a balance sheet every month to see how their balance and health looks like.
TTBit
Legendary
*
Offline Offline

Activity: 1136
Merit: 1000


View Profile
September 21, 2011, 05:23:01 PM
 #8

They could open their books to an auditor and allow the auditor to render an opinion without disclosing any confidential data.  This is how the rest of the world does it.

To finish the thought if not clear: If MtGox goes belly up, the auditor can then be sued for damages, and put up a bond. Of course, the auditor is going to require a fee to do this.

Pick your poison: do you want to pay higher fees for a little more security, or place a discount on MtGox funds that you lay claim to.

good judgment comes from experience, and experience comes from bad judgment
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!