knickerbacher (OP)
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August 30, 2014, 03:35:39 AM |
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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 |
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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Ron~Popeil
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August 30, 2014, 03:44:46 AM |
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That is a good thing for all of us. Hopefully it inspires other exchanges to follow suit.
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coinits
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011110000110110101110010
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August 30, 2014, 03:46:42 AM |
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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. |
Jump you fuckers! | The thing about smart motherfuckers is they sound like crazy motherfuckers to dumb motherfuckers. | My sig space for rent for 0.01 btc per week.
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bigasic
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August 30, 2014, 03:48:10 AM |
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Wow, thats awesome.. It gives me hope that all exchanges will be transparent and we will never be goxxed again..
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BitCoinNutJob
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August 30, 2014, 07:57:35 AM |
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good news now lets see them pass the volume authenticity test  |
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LMGTFY
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August 30, 2014, 10:27:05 AM |
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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. This article suggests "most if not all of the Digital currency exchanges based in China" will be - or have been - audited. |
This space intentionally left blank.
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tooil
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August 30, 2014, 10:32:40 AM |
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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?
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tmbp
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August 30, 2014, 11:31:01 AM |
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If they were transparent they could be checked for solvency at any time.
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fa
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August 30, 2014, 12:48:50 PM |
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Why the extra 3.52%? Still in double about the reserves.
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OrientA
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August 30, 2014, 12:50:41 PM |
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good news now lets see them pass the volume authenticity test That is much more difficult. |
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ensurance982
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August 30, 2014, 04:27:55 PM |
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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!
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We Support Currencies: BTC, LTC, USD, EUR, GBP
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CreamyPie
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August 30, 2014, 05:30:51 PM |
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That's a good news. If others exchangers/merchants follow this then it will be cool!
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itsAj
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August 30, 2014, 05:48:09 PM |
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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. |
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ensurance982
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August 30, 2014, 05:51:23 PM |
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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! |
We Support Currencies: BTC, LTC, USD, EUR, GBP
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iluvpie60
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August 30, 2014, 07:21:38 PM |
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they will still probably be goxxed at some point. it only takes one leaker to give out admin passwords or hack them!
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Meuh6879
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August 30, 2014, 07:24:27 PM |
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Wow, thats awesome.. It gives me hope that all exchanges will be transparent and we will never be goxxed again..
but 24h, all are gooooooooone.  bitcoin magic network ! |
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Meuh6879
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August 30, 2014, 07:30:38 PM |
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Why the extra 3.52%? Still in double about the reserves.
 it's the BOOOOOOOOOOOOOOOOOOOOSSSSSSSSSSSSS daily benefits ! |
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itsAj
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August 31, 2014, 04:36:37 AM |
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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! This is exactly why they would never do this. It would be too easy to determine when people are about to buy/sell bitcoin, making it too easy to trade ahead of whales. This would make it so no one would want to trade on the exchange. |
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Nagle
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August 31, 2014, 06:34:07 AM |
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Remember when Roger Ver said Mt. Gox was solvent?
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tooil
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August 31, 2014, 04:37:40 PM |
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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. |
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