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25 sats \ 0 replies \ @sommerfeld 9 Nov 2022 \ parent \ on: CZ: Binance will start to do proof-of-reserves soon. Full transparency. bitcoin
TIL. I have to admit that is an ingenious solution and much better than nothing.
Still, it only works if everyone verifies which is unlikely. In the end, it's the same principle as a bank run, everything is fine as long as no one verifies they can withdraw their money at the same time.