Proof of Reserves means nothing if we don't know much the exchange should have!

In light of the recent FTX collapse exchanges have decided to post up proof of reserves.
It's definitely something but it's all smoke and mirrors since the numbers they post up are meaningless.

Here is an example: I get two people to both give me 10$. I lend out half of it to my friend who wants to start a business. I now have half of what was deposited to me. Then my mom comes and asks if I still have all of my friends money and I show her the 10$ I have left. She has no idea how much was initially deposited so it's impossible to make out if I am lending out any of my friends money.

All in all it's shady to me that the exchanges think this is proof enough they aren't messing with users funds and especially even more shady with the big overlap with how BINANCE is structured compared to FTX.

• Separate exchanges registered in the US for US customers only due to regulations
• Minting their own crypto currency
• Investigated by the SEC for trading against users