[quote author=KFR link=topic=178336.msg5471773#msg5471773 date=1393800844]
Just not true.  Serious academics shouldn't make such statements - baseless assumptions that a couple of minutes of research would completely debunk.
http://antonopoulos.com/2014/02/25/coinbase-review/
[/quote]

Thanks for the link.

Right, and I forgot also that Roger Ver did a similar audit of MtGOX and certified that they were fully solvent.  ;)

For over 10 years I have been explaining to people down here that is a fully-digital voting machine prints the total votes in two different formats, and the printouts match, it does not follow that the totals are correct.  Most people understadn that, unfortunately not the people who are in charge of our voting system.

So Mr. Antonopoulos was shown two numbers by Coinbase, the total BTC balance of their clients and the total number of BTC in their cold storage wallets.  He checked the latter, and since the two numbers matched, he vouched for Coinbase not being Karpelian.

At least  he did a more thorough audit than Ver, who was shown bank statements about the value of "A" and vouched that "(A+B)-(X+Y)" was positive.

And neither Ver nor Antonopoulos told us the actual numbers...

[quote author=KFR link=topic=178336.msg5471773#msg5471773 date=1393800844]
http://blog.coinkite.com/post/77699705732/updated-audit-report-transparency-and
[/quote]

That site is unreachable now, may be a problem with my network here.  Will check when it comes up.  Isn't that the new exchange that vowed to be transparent?

[quote author=KFR link=topic=178336.msg5471773#msg5471773 date=1393800844]
etc.
[/quote]

The "etc" does not include BTC-e, does it? Or Bitstamp, or Bitfinex?

AFAIK, those three are now the largest exchanges outside China, and the rest is small crumbles.