_Good Morning_\ ☕ 📖 🌞 # Cryptoeconomics **by [Erik Voskuil](github.com/evoskuil).**\ **The book can be found on [GitHub](github.com/libbitcoin/libbitcoin-system/wiki/Cryptoeconomics).** ### Auditability Fallacy - **Non-Auditability**: Bitcoin custodian solvency can't be audited; they control asset release and security issuance. - **Custodial vs. Non-Custodial**: If controlled by consensus, it's non-custodial (layer), not auditable. - **Solvency Audit**: Needs simultaneous proof of asset and securities; atomicity is key. - **National Reserve**: Proving all fiat against Bitcoin reserve is complex; even on separate chains, atomicity fails. - **Waiver of Atomicity**: Sometimes waived, assuming errors will be found, but not effective for state banking. - **Historical Precedence**: Deviations are detectable but stopping them is challenging.\ The rest of the summarized chapters are at expatriotic.me