Quote from: richmke on March 02, 2014, 11:39:38 AM

Quote from: urwhatuknow on February 28, 2014, 05:28:57 PM

we are evaluating different proposals and ideas, but at the end of the day if we implement a system it must make sense.
To prove we have access to a certain amount of coins doesn't mean anything.
How can each of you be sure about the total number of coins we say we have on behalf of our customers?
Every customer just knows how many coins he has, but can never be sure of what is the total we claim.
Is seems easier than what it really is.....

Any suggestion is as usual more than welcome

....
In theory, the gain in trust by customers will result in increased transaction fees earned by Bitfinex. Those increased fees would more than offset the additional cost of Audits and Trustee fees. If Bitfinex were the first exchange to adopt the standard, that could be huge for you, and possibly make it the top exchange. Even though Bitstamp is "headquartered" in London, their use of a Slovenia banks makes me really wonder about them.

A couple of things...

1. What percentage of liquidity are we still getting from Stamp on average?
2. How much of Finex's holdings are kept in the Stamp account at any time on average?

For the remaining concerns, the simplest solution is to simply hire someone like Andreas Antonopoulos to come validate your BTC balances, fiat balances (ie witness you login to your bank), Stamp balances, your facility security, infrastructure locations/connectivity, cold storage, etc... like he did for Coinbase last week. A regular auditor wouldn't have the experience to validate many of these effectively.