Trust of new businesses and weekly proof of reserve audit

[xinxi]

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://bitcointalk.org/index.php?topic=813287.0) 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.

https://coinut.com/php_res/coinut_screenshot_2.png

[wangxinxi]

Guys I posted this just because I thought this may be useful for you as well. If you think this is not useful or if you have anything else to say, you are welcome to comment on it.

[vigsun]

Firstly, why do we trust you? Why me audit with you?

[Vortex20000]

Why do you have two accounts?

[wangxinxi]

Why do you have two accounts?

I applied this account a few years ago and used this account to publish https://workforbitcoin.com. You can see the avatar is still showing workforbitcoin.com.
I thought it's not very good to use this account to publish my new business https://coinut.com as I cannot change the avatar so I applied for a new account. But then people criticised that my new account is a Newbie account and not trustworthy so I had to switch back to this Full member account.

[bitmarket.io]

Another noob idiot.

[wangxinxi]

Another noob idiot.

Could you elaborate?

[bitmarket.io]

any 'company' using bootstrap is a complete joke. esp default styling. clearly built by people without taste. i sense greed is the only motive. i'd not spent a single satoshi there.

[wangxinxi]

any 'company' using bootstrap is a complete joke. esp default styling. clearly built by people without taste. i sense greed is the only motive. i'd not spent a single satoshi there.

Oh, thanks for the comments. I am a computer scientist instead of a designer. But don't worry about that, my designer is working on it. I just want to follow the standard procedure of iterative design and minimize the cost.

[🏰 TradeFortress 🏰]

Having a proof of audit does not prevent you from running with the coins. It won't give you any additional trust - it is only suitable for large businesses to avoid losing trust due to speculation that they are operating on a fractional reserve.

Oh, email me if you're interested in a security audit.