What doesn't kill you makes you stronger!

Unfortunately, this proof-of-reserves thing is just hype. We know this because 100 years of expecting financial statements of corporations to be fool-proof/audit-proof/idiot-proof have given us nothing but failure after failure after failure. No many how many times we try to improve on this.

There are an infinite number of ways for CEO's to hide everything from poor earnings to out-right fraud in the financial statements. There are so many common ways that we even have terms for them in the account field.

If anyone thinks that somehow a simple Merkel tree system for giving full transparency is going to be a miracle solution... then I have something for you to read from a company that had the biggest team of independent auditors going through its books:

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Note: To any millennial reading this and "Don't get it". This is sarcasm.
 
Proof of reserves just means someone has the money, but it doesn't mean any of it will come back to you when you want it.
 
Binance makes money from trading fees, margin fees, interest on crypto loans, spreads, withdrawal fees, and fees from the broker program. It also makes money from cloud offerings, mining services, interchange fees, and profits from its investments.
 
earth_imperator said:
There's a not much known conspiracy theory behind ENRON and its fall...
Same with the recent bankruptcy of the crypto exchange FTX...
Hint; corrupt politics...
More...

No, FTX engaged in criminal fraud by it's CEO stealing client money and giving it to his meth head girl friend to trade. It's just that simple. Power corrupts and trading on meth is just suicidal.
 
oraclewizard77 said:
No, FTX engaged in criminal fraud by it's CEO stealing client money and giving it to his meth head girl friend to trade. It's just that simple. Power corrupts and trading on meth is just suicidal.
More...
Why don't you mention that he was the biggest financier of these Midterm elections for the Democrats?...
 
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