From: <eric@voskuil.org>
To: "'ZmnSCPxj'" <ZmnSCPxj@protonmail.com>
References: <CAGpPWDYgYjUp+PRirca-QrbJZxwtyAnaQmr1kLbuKHSs2K+OBw@mail.gmail.com>
 <00e201d77518$b8ed8e00$2ac8aa00$@voskuil.org>
 <ZoFreCcyjxc8AE2qCEEsUaxR9JmnqCftuu45MV2K9hcusSnF4hIWQzfs1I3A_2efCF0TMTVzGOata5RZfR_hLz0i4wuWO-JTfU9vqbEuxYY=@protonmail.com>
 <00fb01d77525$7e9913c0$7bcb3b40$@voskuil.org>
 <P3nHrkeDxaIVVC4zqhoNVXPqNQv7id4dyB3tmz8JZ1xo2B2FTaK-lUSQvDuieKUlG4VyfB-gHR__qcLmcJIG5YiDvKasiinwh682x9xJJuI=@protonmail.com>
In-Reply-To: <P3nHrkeDxaIVVC4zqhoNVXPqNQv7id4dyB3tmz8JZ1xo2B2FTaK-lUSQvDuieKUlG4VyfB-gHR__qcLmcJIG5YiDvKasiinwh682x9xJJuI=@protonmail.com>
Date: Fri, 9 Jul 2021 18:49:37 -0700
Message-ID: <010201d7752d$d78f7480$86ae5d80$@voskuil.org>
MIME-Version: 1.0
Content-Type: text/plain;
	charset="UTF-8"
Content-Transfer-Encoding: quoted-printable
Thread-Index: AQJUZ/TNyto1vPqYi1vmX7jHk2R5NgIRlp6GAW5tfHcBo0dHWQHbD7oNqgmYp7A=
Content-Language: en-us
Cc: 'Bitcoin Protocol Discussion' <bitcoin-dev@lists.linuxfoundation.org>,
 'Billy Tetrud' <billy.tetrud@gmail.com>
Subject: Re: [bitcoin-dev] Proof of reserves - recording
Precedence: list

All reasonable.

e

> Okay, it seems to me that what you are saying is something like this:
>=20
> > Proof-of-reserves would (partially) work for a "pure" warehousing =
service
> (i.e. user pays some fee, service keeps money and provides proofs that
> money is kept).
> > However, "pure" warehousing is not what a typical exchange does =
(else
> the explicit fees in their exchanges would be higher), as it takes on =
risk due
> to having to deal with non-Bitcoin monopoly money (by definition, =
since they
> are *exchanges*).
> > Further, with Bitcoin you can be your own warehouse (including =
Green-like
> multisig schemes where you own your own keys that are part of the
> scheme), which is an alternative choice to hiring a "pure warehouse" =
(i.e.
> Safe Deposit).
>=20
> Would that be a fair (if somewhat rough and undetailed) restatement?
>=20
> Regards,
> ZmnSCPxj