Deribit moved 90% of customer assets to Coinbase, and then, as a bonus, cancelled the daily Merkle proofs.
I don’t understand this move.
Proof of Reserves (PoR) is basically an exchange’s low-end consolation prize for users. Now they don’t even do the daily checks anymore—only the regulatory reports and audit materials remain. Those things are even less public, so ordinary users can’t verify them in their day-to-day lives.
I’ve been DCA-ing for a long time, and most of the time my coins are in my own wallet. It’s not that I don’t trust anyone; it’s that once “trust” turns into a quarterly report, the window for things to go wrong becomes longer.
I don’t understand this move.
Proof of Reserves (PoR) is basically an exchange’s low-end consolation prize for users. Now they don’t even do the daily checks anymore—only the regulatory reports and audit materials remain. Those things are even less public, so ordinary users can’t verify them in their day-to-day lives.
I’ve been DCA-ing for a long time, and most of the time my coins are in my own wallet. It’s not that I don’t trust anyone; it’s that once “trust” turns into a quarterly report, the window for things to go wrong becomes longer.
