贝莱德的参与增强了人们对 cbBTC 的信任

正如彭博社高级 ETF 分析师 Eric Balchunas 所指出的，贝莱德的参与意味着 Coinbase 将妥善管理比特币资产。

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 的透明度而面临审查，cbBTC 是交易所上的一种新的包装比特币产品。贝莱德在该项目中的作用被强调为有助于恢复信任的一个因素。

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.

彭博社高级 ETF 分析师 Eric Balchunas 表示，贝莱德的参与表明 Coinbase 将妥善处理比特币资产。如果管理不善，可能会违反 1933 年《证券法》，给交易所带来风险。

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

人们一直问我是否相信他。是的，我愿意。大多数情况下，贝莱德不会在人们面前玩耍。如果 $COIN 在他们的 BTC 上乱搞，他们会发怒，而且这会违反 33 法案。这个“理论”的原因有两个：1）比特币人寻找替罪羊...... https://t.co/VrklFi9yxN

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

然而，社区内部仍然存在怀疑态度，尤其是那些不信任加密货币领域机构和政府的人。

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.

其他人则将其与过去针对 GLD 等黄金 ETF 的指控进行了比较，这些黄金 ETF 被指控不持有实物黄金。巴尔丘纳斯认为，这种担忧源于对金融部门固有的不信任，而不是任何实际的管理失败。

Coinbase Defends cbBTC Transparency, Addresses Concerns

Coinbase 捍卫 cbBTC 透明度并解决担忧

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 首席执行官 Brian Armstrong 强调了对 Tron 创始人孙宇晨关于 cbBTC 缺乏储备证明的批评的回应。阿姆斯特朗还指出，cbBTC 是一种中心化托管产品，所有交易均在链上结算。

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.

他解释说，机构客户有机会在链上执行交易之前利用贸易融资和场外期权。阿姆斯特朗还提到，Coinbase 是一家上市公司，这意味着它每年都会接受德勤的审计，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，这些资金存放在 Coinbase 的 Prime 金库中，交易在一个工作日内结算。尽管有这些说法，一些用户仍然对政府干预和缺乏 PoR 表示担忧。

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的一些追随者同意他的批评，回应了对公司自行决定冻结用户余额的担忧。其他人则认为，cbBTC 作为一种中心化产品，可能会受到政府传票或扣押。

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，阿姆斯特朗驳斥了这种担忧，表示 Coinbase 所采用的做法是行业标准，并且该交易所优先考虑其客户。

Debate on Proof-of-Reserve Intensifies, Concerns Remain

关于储备金证明的争论加剧，担忧依然存在

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.

围绕 PoR 的讨论在 2022 年势头强劲，尤其是在 Terra/LUNA 和 FTX 等项目崩溃之后。加密社区已经开始将 PoR 证明视为重建信任和确保适当的财务处理的关键。

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

虽然币安等一些主要交易所定期提供 PoR 报告，但 Coinbase 尚未披露 cbBTC 的类似声明。

#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 缺乏储备证明，无需审计，并且可以随时冻结任何人的余额。本质上，这只是“相信我”。任何美国政府传票都可以没收你所有的比特币。没有比这更好地代表央行比特币的了。对于 BTC 来说，这是黑暗的一天。

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.

孙宇晨的批评再次引发了中心化交易所是否应该实施更加透明的 PoR 机制的问题。 Sun 认为，如果没有 PoR，用户就会受到“相信我”系统的影响，这不利于他们的利益。

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.

他的言论促使人们呼吁 Coinbase 采用 PoR 报告，以恢复客户信任并符合现行行业标准。对此，Coinbase 坚称其当前的审计和安全措施是足够的。

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.

阿姆斯特朗重申，该交易所将继续遵循机构投资者的最佳实践，德勤等信誉良好的公司的参与增强了 Coinbase 透明度声明的可信度。