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?

"Not a single...." not true.

But when are you coming to Nevada? Or is there anything we can do to make that easier? Nevadan's have an outsized amount of control over the government compared to other states. We can litterally bypass the state congress to pass laws. We can recall elected officials. Our petitions are generally taken seriously. Let me know.

Which exchange newly implemented Proof of Reserves in 2025 that was not already doing it before?

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.

Thanks. I will research this and contact my legislators so they know this is an issue. Nevada is known for its financial innovation, I think the rule here being applied to bitcoin custodians is inadvertent rather than intentional based on my first look.

proof of reserves are dumb. they don't actually stop theft or anything. and you weirdos keep freezing people's accounts for made up reasons so what good is any of this anyway?

So you'd prefer then not to show and push transparency

#DontRiskItBisqIt

Custodians even when fully backed can have other liabilities and they can freeze customer funds at any moment. So come forward telling us how many accounts with non zero amounts you have frozen this month. How many transactions you have stopped going out and how many transactions you have reversed for AML risk. Then tell us the total amount of coins involved and average/median amounts. Then tell us about other liabilities your company has and we talk. Else keep silent. You are downplaying the custodian risk because it benefits your state licenced business.

We have public financials as of earlier this year as a private company, so you can review our liabilities.

River

Public Financials | River

Review our financials as a private company to gain insight into our health as a Bitcoin exchange.

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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there is no upside for a custodian to publish proof of reserves. they are just advertising how many funds an attacker could steal. and if they want to steal from their own reserves they can just do that whenever they want and stop publishing. it is security theater. I literally don't want them to publish proof of reserves at all. and again, why the fuck should I care if they weren't fractional yesterday? they have no way of proving that they are not going to become fractional tomorrow. they have no way of proving that they will not freeze my account for made up reasons at some point in the future, and often the state forces them not to tell me why my account is frozen. proof of reserves fix nothing.