Kracken where the first to audit reserves and have always been transparent in their dealings so don't want to hassle too much but any plans on doing another audit soon or implementing verifiable reserves?
Your inquiry is welcome because people should be more insistent that exchanges do regular audits. We plan to work towards doing them more regularly, but at the present time the best I can say is that we want to do another one as soon as we can, but don't have a specific estimate.
Thanks for the reply and setting an example
Any thoughts on a simultaneous audits, something like announcing a date and inviting other exchanges to perform theirs at the same time? The last round of audits did a lot for trust (imho) but if there's bad actors involved with them there was plenty of time to transfer coins between exchanges.
That's an interesting suggestion, but as to whether we'd consider doing it, I don't know at this time. Have people been discussing/worrying about this scenario? I don't think I've seen it come up before.
It hasn't come up a whole lot but I'm trying to make folks more aware of it since seeing a lot of coins dumped on a few of the more popular exchanges with no corresponding movement in transaction volume or days destroyed. They could have simply been on the exchanges beforehand but every large movement in the past has a corresponding transaction volume and days destroyed blip.
Bitfinex's swaps have me concerned too but maybe that's just me not understanding the system, 8k of swaps activated in in 2 days with only a slight rise in swap prices yet the depth of available swaps is only 2k.
That's not really the issue though, we have this revolutionary system that makes everything transparent and for the first time in history removes the need for a trusted third party in transactions yet the point at which this plugs into the legacy system requires trust and all through history that situation has resulted in that trust being abused for profit.
Exchanges implementing "enterprise grade security for users funds" is laughable in that context too. Enterprises get hacked, the blockchain doesn't, why rely on local security methods for users coins? I know its not that simple but I'm sure you get my meaning
Anyway, Kraken is the last exchange I'd want to cause any concern over, you where the first to perform an audit and that set an example to others and you've always been reliable and very transparent in your dealings. I am concerned by some others and by users acceptance of trust based exchanges when its such an important issue everywhere else in the system, that's the fiat way of doing things and it was left behind by Gox .
Yep, I understand. We certainly want to do what we can to improve the audit process. But we may need to balance that against the need to do an audit fairly soon. Again, thanks for your efforts to promote awareness of the importance of audits in the community.