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I'm still waiting for an exchange taking proof of reserves or multi-sig with other exchanges seriously.

We know it can be done, and we k ow that none of the exchanges do it anymore.

As hopeful as I am, I know that scaling number of users is much more important for exchanges than advancing security through cryptography that users can verify.

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At BitMEX we do 100% offline multi-sig. Unfortunately, that also means any form of live proof-of-reserves is quite difficult to do, as the keys are offline.

Early in our history, we thought once-a-day withdrawal would be a problem customers would be quite vocal about. Instead, we found many of them appreciate what it means - that the keys aren't hooked up to a hackable webserver, but are actually protected. Accessing funds should be difficult and should require human interaction.

Pardon me for sounding ignorant, but how does this process work out procedurally each day?

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