貝萊德的參與增強了人們對 cbBTC 的信任

正如彭博社高級 ETF 分析師 Eric Balchunas 所指出的，貝萊德的參與意味著 Coinbase 將妥善管理比特幣資產。

Coinbase has faced scrutiny over the transparency of its cbBTC, a new wrapped Bitcoin product on the exchange. BlackRock's role in the project has been highlighted as a factor that could help restore trust.

Coinbase 因其 cbBTC 的透明度而面臨審查，cbBTC 是交易所上的一種新的包裝比特幣產品。貝萊德在這個計畫中的作用被強調為有助於恢復信任的因素。

According to Bloomberg senior ETF analyst Eric Balchunas, BlackRock's involvement suggests that Coinbase will handle Bitcoin assets properly. Mismanagement of the situation could lead to violations of the Securities Act of 1933, posing a risk to the exchange.

彭博社高級 ETF 分析師 Eric Balchunas 表示，貝萊德的參與顯示 Coinbase 將妥善處理比特幣資產。如果管理不善，可能違反 1933 年《證券法》，為交易所帶來風險。

People keep asking me if I believe him. Yes I do. Mostly bc BlackRock isn't playing around folks. They would flip out if $COIN was screwing around w their btc, plus it would violate the '33 Act. The reason this 'theory' is a thing is two-fold: 1) Bitcoiners looking for scapegoat… https://t.co/VrklFi9yxN

人們一直問我是否相信他。是的，我願意。大多數情況下，貝萊德不會在人們面前玩耍。如果 $COIN 在他們的 BTC 上亂搞，他們會發怒，而且這會違反 33 法案。這個「理論」的原因有二：1）比特幣人尋找替罪羔羊...... https://t.co/VrklFi9yxN

However, skepticism persists within the community, especially among those who distrust institutions and governments in the cryptocurrency realm.

然而，社區內部仍然存在懷疑態度，尤其是那些不信任加密貨幣領域機構和政府的人。

Others have drawn comparisons to past allegations against gold ETFs like GLD, which were accused of not holding physical gold. According to Balchunas, such fears arise from inherent distrust in the financial sector rather than any actual failures of management.

其他人則將其與過去針對 GLD 等黃金 ETF 的指控進行了比較，這些黃金 ETF 被指控不持有實體黃金。巴爾丘納斯認為，這種擔憂源自於對金融部門固有的不信任，而不是任何實際的管理失敗。

Coinbase Defends cbBTC Transparency, Addresses Concerns

Coinbase 捍衛 cbBTC 透明度並解決擔憂

Coinbase CEO Brian Armstrong highlighted a response to Tron founder Justin Sun's criticism regarding the lack of proof-of-reserve for cbBTC. Armstrong also noted that cbBTC is a centralized custodian product and all transactions are settled on-chain.

Coinbase 執行長 Brian Armstrong 強調了對 Tron 創辦人孫宇晨關於 cbBTC 缺乏儲備證明的批評的回應。阿姆斯壯也指出，cbBTC 是一種中心化託管產品，所有交易均在鏈上結算。

He explained that institutional clients have the opportunity to utilize trade finance and over-the-counter options before trades are executed on-chain. Armstrong also mentioned that Coinbase is a publicly traded company, which means it is audited annually by Deloitte, adding to the transparency.

他解釋說，機構客戶有機會在鏈上執行交易之前利用貿易融資和場外選擇權。阿姆斯壯也提到，Coinbase 是一家上市公司，這意味著它每年都會接受德勤的審計，這增加了透明度。

He stated that the funds are held in Coinbase's Prime vault and trades are settled within one business day. Despite these claims, some users still voiced concerns regarding government interference and the lack of PoR.

他表示，這些資金存放在 Coinbase 的 Prime 金庫中，交易在一個工作天內結算。儘管有這些說法，一些用戶仍然對政府乾預和缺乏 PoR 表示擔憂。

Some of Sun's followers agreed with his criticisms, echoing concerns about users' balances being frozen at the company's discretion. Others argued that cbBTC, being a centralized product, could be subject to government subpoenas or seizures.

Sun的一些追隨者同意他的批評，回應了對公司自行決定凍結用戶餘額的擔憂。其他人則認為，cbBTC 作為一種中心化產品，可能會受到政府傳票或扣押。

Armstrong, however, dismissed such worries, stating that the practices employed by Coinbase are standard in the industry and that the exchange prioritizes its customers.

然而，阿姆斯壯駁斥了這種擔憂，表示 Coinbase 所採用的做法是行業標準，並且該交易所優先考慮其客戶。

Debate on Proof-of-Reserve Intensifies, Concerns Remain

關於儲備金證明的爭論加劇，擔憂依然存在

The discussion around PoR gained momentum in 2022, especially following the collapses of Terra/LUNA and FTX, among others. The crypto community has come to view PoR attestations as essential for rebuilding trust and ensuring proper financial handling.

圍繞 PoR 的討論在 2022 年勢頭強勁，尤其是在 Terra/LUNA 和 FTX 等項目崩潰之後。加密社群已經開始將 PoR 證明視為重建信任和確保適當的財務處理的關鍵。

While some major exchanges like Binance regularly provide PoR reports, Coinbase has not yet disclosed similar statements for cbBTC.

雖然幣安等一些主要交易所定期提供 PoR 報告，但 Coinbase 尚未披露 cbBTC 的類似聲明。

#cbbtc lacks Proof of Reserve, no audits, and can freeze anyone's balance anytime. Essentially, it’s just 'trust me.' Any U.S. government subpoena could seize all your BTC. There’s no better representation of central bank Bitcoin than this. It’s a dark day for BTC.

#cbbtc 缺乏儲備證明，無需審計，並且可以隨時凍結任何人的餘額。本質上，這只是“相信我”。任何美國政府傳票都可以沒收你所有的比特幣。沒有比這更能代表央行比特幣的了。對 BTC 來說，這是黑暗的一天。

Justin Sun's criticism once again raises the question of whether centralized exchanges should implement more transparent PoR mechanisms. Sun argues that without PoR, users are subjected to a “trust me” system, which is detrimental to their interests.

孫宇晨的批評再次引發了中心化交易所是否應該實施更透明的 PoR 機制的問題。 Sun認為，如果沒有PoR，使用者就會受到「相信我」系統的影響，這不利於他們的利益。

His comments have prompted calls for Coinbase to adopt PoR reporting to restore customer trust and align with prevailing industry standards. In response, Coinbase maintains that its current auditing and security measures are sufficient.

他的言論促使人們呼籲 Coinbase 採用 PoR 報告，以恢復客戶信任並符合現行行業標準。對此，Coinbase 堅稱其目前的審計和安全措施是足夠的。

Armstrong reiterates that the exchange will continue to follow best practices for institutional investors, and the involvement of reputable firms like Deloitte enhances the credibility of Coinbase's transparency claims.

阿姆斯壯重申，該交易所將繼續遵循機構投資者的最佳實踐，德勤等信譽良好的公司的參與增強了 Coinbase 透明度聲明的可信度。