Since we already have this thread I saw no reason to create another relating to strategy.
I came across a post on X that saylor stated that Proof of Reserve is bad and many were stating that they were shorting or selling.
I too was against his wordings until I watched the full video
https://x.com/LeeWinbush/status/1927256933183926780?t=O8fllIecM9RhH6e8Yn5psg&s=19Though I understand his points, I still feel that transparency and trust shouldn't be empty and should be backed by proof.
He stated that proof of Reserve affects the funds security since address becomes public and counter the use of ZKP citing it won't account for liability.
What are your take on this? I'd advice watching the video first. I assure you saylor isn't boring to listen to.
Liked what he said in 1:35 MSTR isn't Bitcoin many don't want to get that yet
My little bit of brainpower is disappointed on his response against POS as bad(others do it) and trying to undermine the real lesson of FTX debacle
Not your key, Not your Coin It is sure that traditional financial institutions have standards of verification, yet he is already telling people how many bitcoin he has, which is part of the obligations of a public company, so it would be great if he would show proof of reserves and not be arguing against bitcoin best practices, especially for a public entity. If the company were to be private and/or not publicizing its coin holdings, then he would be more justified to proclaim no need to show reserves.
Another thing is if MSTR needs to have official audits, there is no reason not to do the official audits and also show proof of reserves also.
Sure, MSTR does not hold the coins in private custody, so it may well be more complicated to show all of their coins if they are having to have the custodians show and segregate MSTRs coins. and they likely are not doing it, since they may well not have all the coins that they claim to have, and/or even the custodians may well be moving around coins to make it appear that they have all of the coins that they claim to have.
Definitely, you made a strong point. Since MSTR is a public company and Saylor openly shares how much Bitcoin they hold, then backing that up with proof of reserves would only add more trust. Traditional audits are fine, but this is Bitcoin and not any other asset the standard here is transparent ownership. I get the concern about security, but that shouldn’t be used to completely dismiss proof of reserves. If the coins are with custodians which is possible, yeah it might take more effort to show them properly. but that is part of the responsibility when you publicly claim to hold that much. I believe transparency matters and he has to, and the part you said they may not have as much as they claim to, sounds really crazy lol, because that could literally be true..