MicroStrategy co-founder Michael Saylor dismissed the crypto industry's use of proof-of-reserves as a "parlor trick" that fails to provide meaningful financial assurance and instead increases security risks, according to a public address Tuesday. Saylor argued that exposing wallet addresses creates an attack vector for hackers and lacks the comprehensive accountability of public company audits. He emphasized the superiority of traditional financial transparency with Big Four auditors and legal liability for executives. Binance founder CZ mocked Michael Saylor on social media, suggesting he sold his Bitcoin. The viral tweet highlighted the clash between corporate-style financial governance and the transparency-focused values of the crypto-native community. The strategy maintains over $40 billion in authorized securities through its active ATM program.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02MicroStrategy co-founder Michael Saylor dismissed the crypto industry's use of proof of reserves
00:06as a parlor trick that fails to provide meaningful financial assurance and instead increases security
00:11risks. We're into a public address Tuesday. Saylor argued that exposing wallet addresses
00:16creates an attack vector for hackers and lacks the comprehensive accountability of public company
00:21audits. He emphasized the superiority of traditional financial transparency with big
00:25forewarners, legal liability for executives. Finance founder CZ mocked Michael Saylor on
00:31social media suggesting he sold his Bitcoin. The federal retreat highlighted the clash between
00:35corporate style financial governance and the transparency focused values of the crypto
00:39native community. Strategy maintains over $40 billion in authorized securities through its
00:44active ATM program. For all things money, visit Benzinga.com slash GSTV.