⭐ Merited by Hueristic (1)
I am all fine with proclaiming that something is not enough... yet? Do we want to go from zero to perfect? And, what is perfect? What would be perfect? Is perfect achievable? Is perfect even desirable? I am not saying don't do nothing, but still there are balances to any of these matters. Wouldn't progress be being made by first having all (or most) exchanges showing their bitcoin (showing what is verifiable, first?)? That would be a start, no? That would be a step in the right direction, no?
Powell seems to be suggesting that it is totally worthless to show the reserves because it is not enough and it is misleading - but is it a step in the right direction? Do we believe that a company is going to show everything? Every single thing? Where's the incentive to show every single little thing? And where is the verifiability in terms of showing every single little thing? At least with bitcoin, and the bitcoin's blockchain there is verifiability.. and what else has anything close to the same level of verifiability as bitcoin? Everything else requires some level of trust, no?
So I am not sure how you can show everything else without trust, so why not start with the verifiable aspects first.. and then once we get everyone showing the verifiable aspects (if that's even possible?), then we might be able to take some additional steps from there? Maybe some exchanges are willing to show some of the their liabilities, but getting to show everything seems a bit much to expect anyone to cooperate in doing or even to consider that we want that level of transparency? Then when is it going to stop? When are the disclosures going to stop? First institutions (such as exchanges) disclosing, but do the disclosures stop at that point, or then will we require individuals to disclose too?
The point is CZ is a snake and he is trying to show how all funds are safu with sleight of hand akin to craig wrong signature scam.
CZ is the one who started all this your funds are not backed that started the dominos and as I pointed out a few days earlier he had this all ready to go while he tried to goad armstrong into calling him out.
But Jesse Powell (Kraken CEO) is not a fool and a true cypherpunk Idealist who has had his books open and audited for years is calling him out on his little maneuvers.
I do agree it is cool to see some info being provided but now is the time to pressure that snake into FULL Disclosure.
Especially since he is the one who started it and apparently thinks he has all his dominos lined up.
https://www.youtube.com/watch?v=DelF6zEHXpE
I suppose he needs a gigantic audit team to consolidate his own numbers. Just look at his "corporate structure", if it can even be called "structure". It is absurd that to this date I believe he hasn't clearly stated where the headquarter is. It is not just about where they are registered. It is about how and where any issues could seriously be addressed. He doesn't care. When Malta said Binance has no license, he just moved on.
The fact that Binance now established some headquarter in Paris is really puzzling. I don't know what happened behind the scenes and what guarantees Binance received from the French government, but when the decision between Ireland and France is made in favor of France, something must be going on. Is this where the company seriously pays tax? Or is this term "headquarter" now just the place where the biggest office with real people working there is to be found? What's the deal between the French government and Binance?
I am asking myself whether CZ himself does even know off the top of his head how much in assets his messed up global corporate network even has. But with one thing I totally agree here: it is time to lay the cards on the table. Following the FTX collapse, tens of billions have been withdrawn from all kinds of exchanges. I wonder whether CZ caused a bank run that even he didn't really like. Or Binance is perfectly solvent and played this sneaky he had up his sleeves.
Then again, I also wondered whether causing an exchange like FTX to collapse could also backfire in many regards concerning his own exchange. People withdrawing assets en masse, massive push for harsh regulation, also massive push for innovation in the DEX space etc.