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RE: When the Levee Breaks...
It does. Thanks.
I guess when we deposit our funds on a traditional exchange we take it for granted that they don’t just sell it to someone else then hope they can replace those coins we we demand their withdrawal.
I was a bit wrong. With open.btc and other open.*assets from Openledger, they are simply IOU's from OL the company. So, they say that have 1:1 bitcion for each open.btc, but that's on them to live up to. The bitUSD, bitGOLD, bitCNY, and other bitAssets are part of bitshares and must have at minimum 2X the value of that asset in bitshares locked in a smart contract. Sorry for the confusion with openledger.