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A comment on Binance's books are a black box, filings show, as it tries to rally confidence. Parent comment

Re:Binance's books are a black box, filings show, as it trie... by blowski on Monday December 19, 2022 @04:02PM (#34057668)
Financial transparency and integrity is a wonderful goal. However, I am yet to understand why any kind of blockchain is necessary or sufficient, or even a good solution. If you want to cook the books you can do it with or without blockchain. Same if you want to be honest. Blockchain seems like a very complex and expensive way of persisting transactions in a database.
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Re:Binance's books are a black box, filings show, as it trie... by coffeebeqn on Monday December 19, 2022 @05:40PM (#34058817)
It’s just a fundamental naïveté about how the world works. If I’m dodging taxes or hiding profits then I’ll just enter false numbers on the blockchain. Now what good is the blockchain?

Or I sell you a plot of land and mark it on the blockchain but then bribe the local officials and keep the plot to myself. But but muh blockchain says it’s mine

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