How To Prove That Exchanges Really Have Your Money

From all the news encircling Gox’ s demise, it seems pretty certain at this point that it was operating with a fractional book, trading with only a small percentage of the money that it was supposed to have. The question now is, how can we be sure that others aren’ t doing it, too?

Whether you’ lso are a straightforward bitcoin wallet or even an exchange, the wish is that you’ ll have enough bitcoins to cover everyone’ h accounts, should they all decide to empty their funds at once. This week, large bitcoin businesses seemed eager to persuade people that they did.

In their joint statement condemning Gox, five major exchanges described that they would be “ matching efforts over the coming times to publicly reassure clients and the general public that all money continue to be held in a safe and secure manner”. How do they do that, precisely?

Continue reading in CoinDesk


CoinDesk

Leave a Comment

Your email address will not be published. Required fields are marked *

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Scroll to Top