Marty's Ƀent
Issue #1055: BitMEX adds user verifiable Proof of Reserves
This is a novel way to implement a Proof of Reserves system and should raise the bar for the industry.
This is a novel way to implement a Proof of Reserves system and should raise the bar for the industry.
The charges against BitMEX were a loud shot across the bow of the industry.
BitMEX is an incredibly innovative company that provides innovative products that stay true to the core ethos of Bitcoin.
Tough day for the industry in the eyes of the mainstream. If anything, this highlights how early we are in all of this and how much room for improvement and competition there is.
This is a great moment to reflect and bask in the beautiful glory of consensus via Proof of Work being tested in the wild. Bitcoin works!
To pull this off, Binance would have needed to coordinate with miners to rewrite the chain to change the transaction executed by the hacker. Now, that doesn't seem very decentralized or trustless, does it? Nor does it seem very practical.
We try not to waste too much time on laughable vanity projects here at the Ƀent, but Bitcoin SV, a low hash rate minority fork of Bitcoin Cash, which is a minority hash rate fork of Bitcoin, has provided us with a learning opportunity.
At the moment, being a good liquidity provider and profitable routing node is a very manual process that is not a very friendly user experience if you are not very technical.
