Topic: Annual January 3rd Proof of Keys Celebration of the Genesis Block (Read 126 times)

It's a complete waste of time and all you are doing is giving exchanges even more profit since the majority grossly overcharge for withdrawal fees.

Only a minority of users will ever take part, meaning centralized exchanges which are either already insolvent or running fractional reserve (i.e. all of them) can easily cover the small number of coins which will be withdrawn. Further, since it is advertised and the date well known, all these exchanges can easily pull back in some risky investments or loans, or take out a loan themselves, to cover the withdrawals for a day or two if they need, before going right back to their usual scammy ways the very next day. Despite this day existing for several years, the number of exchanges going bankrupt or insolvent or turning out to be scams and their users losing everything is going up, not down. This day proves nothing and prevents nothing.

Most users who take part will withdraw their coins, pay the ridiculous withdrawal fees, and then just send their coins straight back the very next day. All they achieve is lining the pockets of the centralized exchanges even more, while gaining zero additional security.

If your coins are on a centralized exchange, then you do not own them and you are at constant risk of losing everything. This pointless day changes absolutely nothing. The only real proof of keys is having your coins in your own wallet 24/7/365.

Aside from some near-worthless altcoins that are too small in value to withdraw, I have no funds on centralised exchanges.  Every day is Proof of Keys day for me. 

If you're not actively trading your BTC, don't leave it on exchanges for 355 days a year and pretend you're part of the solution.

I recently read about the Proof of Keys Day and I thought it would be great to share with this community who may not have heard of it. To make it easier to read, I will put it in bullet point. A very important day for Bitcoin HOLDERS is January 3rd. So, what makes it special and important? January 3rd is known as the Proof of Keys Day to mark the celebration of the Genesis Block.

Here is what you should know about the Proof of Keys Day.

Who started/created this tradition?
Trace Mayer

What year did it start?
January 3, 2019, the 10th anniversary of Bitcoin, and it has since become an annual celebration.

What is its purpose?
Proof of Keys Day aims to encourage crypto users to move their funds from exchanges to their own private wallet that they control. It was started in an effort to remind everyone that if you don’t control the keys to your Bitcoin, it’s not really yours. By withdrawing our funds from exchanges and 3rd parties on the 3rd of January to into our wallets, we also aim to keep exchanges or 3rd party services in check, by ensuring that they have the money that they say they do.

What is the importance of the Proof of Keys Day?
Simple, to keep exchanges accountable and prove that they actually have our coins as they say they do.

How do you show support for this?
Add the [Jan/3➞₿🔑∎] to your Twitter handle?


1. Jan/3 - the Proof of Keys date
2. ➞ - the heavy right arrow symbol (symbolizes what will be done)
3. ₿ - the Bitcoin symbol
4. 🔑 - the private key symbol
5. ∎ - the End of Proof symbol

Some Crypto exchanges that support it
1. Binance
2. CoinBase CTO
3. Trust Wallet
4. Exodus Wallet
5. Atomic Wallet

January 3rd, 2023 is going to be my first time to participate in the even and I am looking forward to it.

Have you ever taken part in Proof of Keys Day? Please let us know what you think about it.

Sources:
https://www.proofofkeys.com/
https://hackernoon.com/not-your-keys-not-your-bitcoin-jan3bitcoin-z6k3ktb