Okay Proof of Reserves, But for Real This Time?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 20 November 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Circle and Kraken. On this edition of “Long Reads Sunday,” NLW reads Nic Carter’s newest “Let’s Actually Commit to Proofs of Reserve This Time, Okay?” - Nexo Pro allows you to trade on the spot and futures markets with a 50% discount on fees. You always get the best possible prices from all the available liquidity sources and can earn interest or borrow funds as you wait for your next trade. Get started today on pro.nexo.io. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - Kraken, the secure, trusted digital asset exchange, is our sponsor for today’s show. Kraken makes it easy to instantly buy 185+ cryptocurrencies with fast, flexible funding options. You’re covered by industry-leading security and award-winning Client Engagement, available 24/7. Sign up and trade today at kraken.com. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is "Back To The End" by Strength To Last. Image credit: C.J. Burton/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.3	The breakdown is sponsored by nexo.io, Circle, and Cracken, and produced and distributed by CoinDest.
0:22.9	What's going on, guys? It is Sunday, November 20th, and that means it's time for Long
0:27.2	Read Sunday. Before we get into that, however, if you are enjoying the breakdown, please go
0:31.4	subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the
0:35.3	conversation, come join us on the Breakers Discord.
0:38.2	You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:42.1	All right, friends, well, last week, I read an old Nick Carter piece about proof of reserves.
0:48.2	It was from 2020 and it came after the Quadriga case.
0:51.8	It was called something to the effect of how we prevent the next Quadrigo, which, spoiler alert, we did not. Completely appropriately, Nick is back with a follow-up
0:59.8	called, let's actually commit to proof of reserves this time, okay? In the week that has transpired
1:05.0	since I read that post, not only has the need for proof of reserves made itself known even more
1:09.8	clearly, but the debate
1:11.1	has gotten a lot more sophisticated. People are discussing what type of proof of reserves is acceptable.
1:16.9	Can it be occasional auditing? Does it have to be constant on-chain analysis? And I think
1:21.5	it's great to see that sort of engagement. But let's see what the latest update from Nick is,
1:26.2	and we'll go from there.
1:29.5	I'm not going to mince words.
1:34.9	The fraud-driven collapse of FTX and Alameda research is, in my estimation,
1:39.0	the worst single event in the crypto industry since its inception.
1:42.3	Even though as a share of overall crypto market cap,
	...

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