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Proof of reserves = Unnecessary added risk 👎 It Incentivizes Attacks Publicly proving you hold 43,500 BTC on specific addresses is like painting a target. Hackers now know exactly: • Which addresses to watch. • When reserves move (possible withdrawal runs or internal fraud). • That a successful attack would be enormously profitable. That's why I am grateful that Saylor want 650,000 BTC to be secure for Strategy shareholders. Strategy have four big firms doing audits for their BTC reserves. That's sufficient and mindful of security standards. 👍

"Banks and everything else will be first targeted by quantum" - I get this false argument everyday. No Bitcoin is at most risk and it breaks first. Here's why: 1. Most banks and tradfi institutions have been migrating to quantum proof encryption already 2. 2-FA is Quantum resistant, and most tradfi institutions use it now 3. Tradfi banking hacks can be wound back (centralized) 4. Bitcoins' ECC is weaker than RSA (common encryption standard globally), so Bitcoin breaks years in advance of RSA/banks Bitcoin is first on the chopping block.

$MSTR announces the formation of a $1.44 billion USD Reserve and an increase in its BTC Reserve to 650,000 $BTC.

The Tether folks are in the early innings of running a massive interest rate trade. How I read this audit is they think the Fed will cut rates which crushes their interest income. In response, they are buying gold and $BTC that should in theory moon as the price of money falls. A roughly 30% decline in the gold + $BTC position would wipe out their equity, and then USDT would be in theory insolvent. I'm sure some large holders and exchanges will demand a real-time view of their B/S so they can assess the solvency risk of Tether. Get out your popcorn, I expect the MSM to run wild with this, especially all the editors with TDS who want to shit on Lutnick and Cantor for backing this stablecoin.

How the hell does the city that experienced the biggest Islamic terrorist attack in history vote for a Muslim mayor?