Announcing proof of reserve would be a plus to those who would but we just cannot demand for it. Best thing is to do our part of responsibility such as not storing huge amount in exchangers treating it like a wallet. Also, from being in this industry for years, this is the first time I've saw an actual negligence from exchanger's end so I think it would be wrong to generalize the situation for it would just complicate things. Risk is always involved in this industry and losing is a part of it. So if you cannot endure things (i'm not normalizing what happened), or even look with the possibility, then investments might probably not suit you.
As far as I know, only Binance has come out to announce their proof of reserve idea - in fact, I think they are the first to come up with this, so I don't know why you are saying 'several'.
I don't think users have any choice but to deal with exchanges even if they can not trust them enough, but this is just my opinion because despite what happened some people will still not find it necessary to store their funds in their personal wallet, users are as guilty as the exchange.
If people can use exchanges the way they should be used such an incident will not occur, exchanges are created to enable investors buy their desired crypto and store it in personal wallets not use the exchange as their personal wallets.
Im one with this side. I'd choose to make the adjustment as an investor because that's the right thing to do than to try seeking for changes from them.
GM crypto fam. Happy December!
I've seen that several exchanges are trying to increase client transparency after the FTX crash by disclosing their Proof of Reserves. Since there is no way to determine whether the exchange is not using client funds to cover hidden debt or anything, I personally don't buy any of this.
Since I'm genuinely unsure of whether I'm missing something, I figured I might get some helpful insights from more experienced people here.
Is PoR actually enough after all that has happened so far?
Source: https://app.getresponse.com/view.html?x=a62b&m=BVGySe&mc=9I&s=BtgXWnG&u=QcLhh&z=EShzGUd&
I've seen that several exchanges are trying to increase client transparency after the FTX crash by disclosing their Proof of Reserves. Since there is no way to determine whether the exchange is not using client funds to cover hidden debt or anything, I personally don't buy any of this.
Since I'm genuinely unsure of whether I'm missing something, I figured I might get some helpful insights from more experienced people here.
Is PoR actually enough after all that has happened so far?
Source: https://app.getresponse.com/view.html?x=a62b&m=BVGySe&mc=9I&s=BtgXWnG&u=QcLhh&z=EShzGUd&
As far as I know, only Binance has come out to announce their proof of reserve idea - in fact, I think they are the first to come up with this, so I don't know why you are saying 'several'.
I don't think users have any choice but to deal with exchanges even if they can not trust them enough, but this is just my opinion because despite what happened some people will still not find it necessary to store their funds in their personal wallet, users are as guilty as the exchange.
If people can use exchanges the way they should be used such an incident will not occur, exchanges are created to enable investors buy their desired crypto and store it in personal wallets not use the exchange as their personal wallets.