Nostr Archives

River132d ago

Not a single Bitcoin exchange has implemented Proof of Reserves in 2025. You should be able to verify that your bitcoin is real, every step of the way. We prove to our clients each month that their unique balance is part of the total assets under custody and our liabilities. You can walk through the flow on our page. https://river.com/reserves

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daniele132d ago

I read: > How do I know River controls the reserves? River proves wallet ownership by sending a transaction with a predetermined amount on the Bitcoin network. The amount of the transaction is determined by taking the smallest seven digits from the largest output of the coinbase transaction (the first transaction) from the block selected for the monthly Proof of Reserves report. Is there a specific reason why signing a message with your own key is not sufficient? Maybe broadcasting a transaction is more immediate and the outcome is accessible without any special tool, and at the same time you are also automatically timestamping the proof? Is there anything else?

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River132d ago

Nevada is the only state that requires a Bitcoin custodian to have a trust charter. Without a trust charter, we would need to subcustody with a trust entity to serve Nevada citizens, which goes against the principles upon which River is built. We would like to operate in Nevada, and are exploring all options for how to make that work. Unfortunately, we don't have a timeline at the moment.

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River131d ago

We have public financials as of earlier this year as a private company, so you can review our liabilities. https://river.com/financials We are not downplaying custodian risk, we are encouraging awareness of custodian risk by telling Bitcoin users to demand Proof of Reserves from their exchanges. Even if you withdraw to self-custody, you still don't want to take the risk of an exchange not being fully backed before you get the funds out, and you don't want to be recommending an exchange that may be selling paper bitcoin to friends and family who may take a longer time before they get to self-custody.

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