Do we Care About Transparency? How an Exchange Just Proved its Solvency.

koura_cc

newbie

Activity: 28

Merit: 0

Quote from: Bisha on October 16, 2015, 08:26:22 PM

https://beyondbitcoin.org/poloniex-proves-its-solvency-on-the-bitshares-blockchain/

Poloniex just proved us they don't run a fractional reserve for BitShares at least. What if the exchange you used could do this for whatever coins/assets you hold? Wouldn't you feel more safe and have more trust on their service?

Other exchanges can do the same. There are currently a few projects and exchanges working with OpenLedger to bring a better service to their costumers, this includes speed, safety, more market depth and overall performance.

Wouldn't you like if exchanges were more transparent and you could own the private keys to your funds? More info here if you're interested:

http://www.forbes.com/sites/rogeraitken/2015/10/10/openledgers-crypto-financial-platform-officially-launching-as-central-bank-interest-revealed/
https://openledger.info/

Now, will other exchanges follow?

Many exchanges claim to be the most transparent, but unfortunately, there’s no single one-fits-all to this. Ideally, the crypto-asset must need to have an integration plan with several exchanges with adequate information about its commercial purposes, in this way it will be possible for users to easily transact with it without compromising their security. After this, market prices will be the determining factor on the crypto-asset price without interference or manipulation.

avatar_kiyoshi

legendary

Activity: 1106

Merit: 1000

Quote from: Bisha on October 28, 2015, 12:53:55 PM

Quote from: avatar_kiyoshi on October 26, 2015, 05:47:30 AM

Mostly exchanges service turn into "verify account", kill the privacy, anonymously, and not recommend to storing all amount on the exchanges.

OpenLedger is different, you actually own your private keys, not the exchange.

Are you have been used this service? how it works? it's secure? anyway it basically exchange, with decentralization features, looks promising.

Mickeyb

hero member

Activity: 798

Merit: 1000

Move On !!!!!!

That's what I liked always about btc38 exchange. They have all of their coin addresses, cold and hot storage shown publicly. You can't get better than this.

ajareselde

legendary

Activity: 1722

Merit: 1000

Satoshi is rolling in his grave. #bitcoin

Ofcourse we careabout transparency, since it's our own funds that are at stake every time when we are leaving them or depositing to an exchange.
There should be a regular audit of exchanges, but sadly that's not the case, just look at btc-e for example, they said over a year ago to "publish publicly
available statements certified by external auditors." but til this date, no further development on their part.

Raimonn

legendary

Activity: 1470

Merit: 1001

We need more transparency, some of us don't like saving bitcoins on exchanges because we don't feel secure with them. If the exchange hasn't the private key, our bitcoins will be more secure.

Bisha

sr. member

Activity: 289

Merit: 250

Quote from: avatar_kiyoshi on October 26, 2015, 05:47:30 AM

Mostly exchanges service turn into "verify account", kill the privacy, anonymously, and not recommend to storing all amount on the exchanges.

OpenLedger is different, you actually own your private keys, not the exchange.

avatar_kiyoshi

legendary

Activity: 1106

Merit: 1000

Mostly exchanges service turn into "verify account", kill the privacy, anonymously, and not recommend to storing all amount on the exchanges.

favdesu

legendary

Activity: 1764

Merit: 1000

Poloniex is one of the gems out there. really appreciate their decision!

sionsandman

hero member

Activity: 519

Merit: 500

I hope this becomes standard.

Bisha

sr. member

Activity: 289

Merit: 250

We now know btc38 doesn't hold all BitShares it was supposed to hold. Another example of how we can change the transparency of exchanges. They don't seem to want to upgrade from bts to 2.0 and that might be a sign they act on a fractional reserve. Beware everyone, if they do this to one asset, they probably do for all the others.

Quote from: Empirical1.2

Apparently an issue might be that they don't have all the BTS they're supposed too.

Quote from: alt

titan account will lost privacy protect when upgrade to v2.0.
btc38 claim they have 363,130,741.49991 BTS, but there are only 228,449,248 BTS in their cold wallet. they refuse to public all reserve because they say it's not security.
guess what will happen at BTC38 when upgrade to v2.0?

Bisha

sr. member

Activity: 289

Merit: 250

Quote from: bitcoin revo on October 16, 2015, 08:31:05 PM

I absolutely love this step forward that they've taken to prove that they are not scammer s. Hopefully, other exchanges will follow and those who do not will find themselves with little to no users.

Indeed, it's an important step and they just proved themselves! Now it's finally possible to have transparent exchanges while the users own their private keys, meaning their funds can't be stolen by the exchange itself.

Unfortunately, Polo hasn't joined OpenLedger, they might not need that at the moment since they have plenty of volume, meaning they still have all of their user's funds, but at least, now, they proved themselves and there's a way to prevent exchanges theft and manipulation as they're fully transparent. If any exchange wants to have the competitive edge at the moment they might join. The costumers only have to gain from this.

Getting Goxxed is not longer possible! Wink

bitcoin revo

legendary

Activity: 1168

Merit: 1049

I absolutely love this step forward that they've taken to prove that they are not scammers. Hopefully, other exchanges will follow and those who do not will find themselves with little to no users.

Forbes also talked about the surge of the price of BitShares after the announcement:

Quote

The price of BitShares surged by around 50% with the announcement despite the long anticipated nature of the event. “I think many our investors were away on summer vacation,” muses Cryptonomex’s Larimer based in Blacksburg, Virginia.

Bisha

sr. member

Activity: 289

Merit: 250

https://beyondbitcoin.org/poloniex-proves-its-solvency-on-the-bitshares-blockchain/

Poloniex just proved us they don't run a fractional reserve for BitShares at least. What if the exchange you used could do this for whatever coins/assets you hold? Wouldn't you feel more safe and have more trust on their service?

Other exchanges can do the same. There are currently a few projects and exchanges working with OpenLedger to bring a better service to their costumers, this includes speed, safety, more market depth and overall performance.

Wouldn't you like if exchanges were more transparent and you could own the private keys to your funds? More info here if you're interested:

http://www.forbes.com/sites/rogeraitken/2015/10/10/openledgers-crypto-financial-platform-officially-launching-as-central-bank-interest-revealed/
https://openledger.info/

Now, will other exchanges follow?

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