Coinkite believes in proof of reserves — reports with even more detail now.

greyhawk

hero member

Activity: 952

Merit: 1009

Quote from: bitcoinminer on February 24, 2014, 03:30:43 PM

Maybe you tie a string to an actual bitcoin, and run into the wind with it, to try and fly it like a kite, as opposed to "Check kiting".

Or maybe it was just a random GoDaddy generated name starting with "Coin".

Probably. Kinda like pirate wasn't a coinstealing pirate and mefario wasn't nefarious and all the ponzis calling themselves ponzis were not ponzis.

bitcoinminer

sr. member

Activity: 322

Merit: 252

Maybe you tie a string to an actual bitcoin, and run into the wind with it, to try and fly it like a kite, as opposed to "Check kiting".

Or maybe it was just a random GoDaddy generated name starting with "Coin".

greyhawk

hero member

Activity: 952

Merit: 1009

kite (noun) \ˈkīt\

[...]

2: : a person who preys on others

[...]

4: : a check drawn against uncollected funds in a bank account or fraudulently raised before cashing

[...]

Synonyms
bloodsucker, buzzard, harpy, predator, shark, vampire, vulture, wolf

Antonyms
prey

Related Words
exploiter, user; leech, sponge, sponger; destroyer, devourer

nvK

sr. member

Activity: 381

Merit: 259

Quote from: BADecker on February 24, 2014, 03:03:29 PM

Quote from: Tirapon on February 24, 2014, 12:52:53 PM

Quote from: BADecker on February 24, 2014, 12:46:56 PM

Quote from: nvK on February 24, 2014, 12:22:57 PM

Quote from: BADecker on February 24, 2014, 12:21:56 PM

And then go the next step. Consider MaidSafe at http://maidsafe.net/.

I don't like their licensing model. If they went the FreeBSD or Linux route would consider looking further.

I'm sure they want to get rich like anyone else. They claim to be open source. Getting rich off something that is open source doesn't work easily.

I expect that there is someone out there who will use their ideas and platform to build competing systems that have a different price structure. They have done the work. Good thinkers and programmers can build off their ideas. There will be competition.

Have you heard of something called Bitcoin? You should totally check that out.

Bitcoin is GREAT as money. But, what if you could encrypt your usage of Square (https://square.com/cash). It would take government a court order to even find out what the banks were doing. And that is with a fiat currency.

Consider using Bitcoin over MaidSafe. There could be complete anonymity, not simply the anonymity that has to rely on difficult tracking processes. How could it be? Nobody could tell which ISP was operating at the same time a Bitcoin transaction was occurring. The difficulty of tracking anyone would be multiplied many times.

Again, I won't even look at MaidSafe with the stipulated licensing.

PS: In Canada we still have due process.

BADecker

legendary

Activity: 3990

Merit: 1385

Quote from: Tirapon on February 24, 2014, 12:52:53 PM

Quote from: BADecker on February 24, 2014, 12:46:56 PM

Quote from: nvK on February 24, 2014, 12:22:57 PM

Quote from: BADecker on February 24, 2014, 12:21:56 PM

And then go the next step. Consider MaidSafe at http://maidsafe.net/.

I don't like their licensing model. If they went the FreeBSD or Linux route would consider looking further.

I'm sure they want to get rich like anyone else. They claim to be open source. Getting rich off something that is open source doesn't work easily.

I expect that there is someone out there who will use their ideas and platform to build competing systems that have a different price structure. They have done the work. Good thinkers and programmers can build off their ideas. There will be competition.

Have you heard of something called Bitcoin? You should totally check that out.

Bitcoin is GREAT as money. But, what if you could encrypt your usage of Square (https://square.com/cash). It would take government a court order to even find out what the banks were doing. And that is with a fiat currency.

Consider using Bitcoin over MaidSafe. There could be complete anonymity, not simply the anonymity that has to rely on difficult tracking processes. How could it be? Nobody could tell which ISP was operating at the same time a Bitcoin transaction was occurring. The difficulty of tracking anyone would be multiplied many times.

nvK

sr. member

Activity: 381

Merit: 259

Quote from: BitTrade on February 24, 2014, 12:53:38 PM

This belongs in service discussion.

I posted here, because i think its beyond our service.

This is a huge problem and we think that if we can other companies to do the same.
We need to move into more transparent business environment.

BitTrade

full member

Activity: 173

Merit: 100

This belongs in service discussion.

Tirapon

hero member

Activity: 898

Merit: 1000

Quote from: BADecker on February 24, 2014, 12:46:56 PM

Quote from: nvK on February 24, 2014, 12:22:57 PM

Quote from: BADecker on February 24, 2014, 12:21:56 PM

And then go the next step. Consider MaidSafe at http://maidsafe.net/.

I don't like their licensing model. If they went the FreeBSD or Linux route would consider looking further.

I'm sure they want to get rich like anyone else. They claim to be open source. Getting rich off something that is open source doesn't work easily.

I expect that there is someone out there who will use their ideas and platform to build competing systems that have a different price structure. They have done the work. Good thinkers and programmers can build off their ideas. There will be competition.

Have you heard of something called Bitcoin? You should totally check that out.

BADecker

legendary

Activity: 3990

Merit: 1385

Quote from: nvK on February 24, 2014, 12:22:57 PM

Quote from: BADecker on February 24, 2014, 12:21:56 PM

And then go the next step. Consider MaidSafe at http://maidsafe.net/.

I don't like their licensing model. If they went the FreeBSD or Linux route would consider looking further.

I'm sure they want to get rich like anyone else. They claim to be open source. Getting rich off something that is open source doesn't work easily.

I expect that there is someone out there who will use their ideas and platform to build competing systems that have a different price structure. They have done the work. Good thinkers and programmers can build off their ideas. There will be competition.

nvK

sr. member

Activity: 381

Merit: 259

Quote from: BADecker on February 24, 2014, 12:21:56 PM

And then go the next step. Consider MaidSafe at http://maidsafe.net/.

I don't like their licensing model. If they went the FreeBSD or Linux route would consider looking further.

BADecker

legendary

Activity: 3990

Merit: 1385

And then go the next step. Consider MaidSafe at http://maidsafe.net/.

nvK

sr. member

Activity: 381

Merit: 259

Updated Audit Report: Transparency and Accountability
You already know that on Coinkite, your funds are segregated and allocated to your own private key. We believe that all web wallets, exchanges and websites holding your funds should provide proof of reserves.

The audit report backs up our commitment to be completely transparent about what we do with your deposits.

No one loves to audit more than we do!

We overhauled it with better CSV (ie. correct quoting) and more useful columns, including: date, time and running totals for each crypto-currency.

We now also offer a shorter report that includes only unspent coins (UTXO). It is a proper subset of the full report but is faster to generate, and excludes spent coins, which are only of historical interest anyway.

Check it out here
Do you use the audit report?
What would you like to see in it?
Any simple changes that would make your life easier when importing into your spreadsheets?

Official post here

Don’t have an account yet? Get one here.

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