Michael Saylor โ the Bitcoin bull himself ๐๐ฐ โ is making waves again, and this time it's all about onchain proof-of-reserves (PoR) ๐งพ๐
๐๏ธ In a recent statement, Saylor threw cold water on the growing trend of public blockchain-based reserve disclosures ๐๐ง
๐ฃ โProof-of-reserves is a bad idea,โ he warns โ and heโs not mincing words. According to Saylor, putting all that sensitive data onchain exposes both individuals AND institutions to massive cybersecurity risks ๐โ ๏ธ
๐ป Think about it:
๐ Transparent wallet info
๐ต๏ธโโ๏ธ Real-time balances
๐จ Onchain exposure
= A hackerโs dream ๐ง ๐ป๐ฅ
Instead of broadcasting cold wallet addresses to the world ๐, Saylorโs MicroStrategy is taking the traditional route:
โ
Independent audits
โ
Privacy-first approach
โ
Institutional-grade security protocols
๐ โWe don't want to draw a target on our backs,โ says Saylor. โThis isn't about hiding. It's about protecting.โ ๐ก๏ธ๐ซ
๐ฅ Hot take or hard truth? While many in the crypto community hail PoR as a key to transparency ๐งฟโจ โ especially after the FTX collapse โ Saylor argues it could be a ticking time bomb for those with serious holdings ๐ฃ๐ผ
๐ก For Saylor, itโs not about avoiding accountability โ itโs about controlling the narrative and keeping assets safe from bad actors ๐ฆนโโ๏ธ๐
๐ "Proof-of-reserves may look like security, but it often just opens the door to more attack vectors," he says.
๐ Bottom line:
Saylorโs saying no thanks to blockchain-based PoR ๐
โโ๏ธโ๏ธ
He's betting on classic audits and smart opsec to keep MicroStrategy's Bitcoin fortress ๐๐ฐ secure.
๐ Love it or hate it, you canโt ignore it. The debate over transparency vs. security is heating up in the crypto world ๐๐ฅ
๐ฌ Whatโs your take?
๐ง Are onchain PoRs the future of trust โ or just a massive honeypot for hackers? ๐๐ฃ
Drop your thoughts below! ๐๐ฌ
