Annual Proof of Keys January 3rd - page 3.

mk4

legendary

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Quote from: bitmover on December 26, 2019, 05:32:17 AM

Of course removing coins from exchange January 3 and moving back to exchange in 4h is idiot, but that's not what the event is about

Withdrawing the funds on the 3rd and bringing it back on the 4th isn't THAT stupid per se, it's not stupid if you're a daytrader. Especially for those people who's main source of income is trading. But yes, checking an exchange's solvency isn't the only goal to be achieved here. It's to hopefully make people comfortable in holding their funds ont heir own wallets as it's pretty safe to assume that a huge majority of people still store non-trading funds on centralized exchanges.

bitmover

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bitcoindata.science

I don't think prof of keys is a bad event . It is an interesting one because it is a promotion against custodial wallets and exchanges

Quote

Every January 3rd the Bitcoin community HODLers of Last Resort participate in a Proof of Keys celebration by demanding and taking possession of all bitcoins held by trusted third parties on their behalf.

By demanding and taking possession of their assets, individuals will learn real fast with blockchain proof whether they are part of the elite HODLers or not. Proof of Keys is the annual HODLer initiation.

https://www.proofofkeys.com/
Of course removing coins from exchange January 3 and moving back to exchange in 4h is idiot, but that's not what the event is about

ABCbits

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Crypto Swap Exchange

This event is half-hearted, if they really believe about "Proof of Keys" then they should manage their own Bitcoin/keys all the time and avoid centralized/3rd party as much as possible.

omone1

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This year proof of keys exposed some exchanges, there is an exchange that disabled withdrawals prior to proof of keys event and resumed withdrawals few days after the invent. I hope some exchanges don't fold up if people are to strictly comply. Not exchanges really have investors fund intact.

mk4

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Quote from: o_e_l_e_o on December 26, 2019, 04:26:17 AM

Furthermore, companies know this is coming so could quite easily sell other assets to cover the date, whilst still not holding enough bitcoin the other 364 days of the year.

Let's say if an exchange got hacked though without publicly announcing it, I don't think they'd have enough assets to cover the solvency(depending on how bad the hack is). While what you said makes sense, it's worth trying though.

Quote from: o_e_l_e_o on December 26, 2019, 04:26:17 AM

whole thing is just backwards. If you want "proof of keys", then hold the keys yourself. Any other solution is incomplete.

That's pretty much one of the main end goals though as far as I know- to convince people to hold their funds on their own non-custodial wallets, even though it wasn't directly mentioned on the website.

o_e_l_e_o

legendary

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This event makes absolutely no sense. The only funds you should be storing with a third party or custodial wallet are funds which are actively being traded. If you are not actively trading, then why are you storing your bitcoin on an exchange or with a third party? And if you are going to go to the effort of setting up your own wallet and transferring your bitcoin out on January 3rd, why on Earth would you then transfer this bitcoin back to the third party on January 4th? If you are truly concerned that the third party you are using is not solvent, then by the time you try to withdraw on January 3rd along with hundreds or thousands of other users, then you may already be too late. Furthermore, companies know this is coming so could quite easily sell other assets to cover the date, whilst still not holding enough bitcoin the other 364 days of the year.

The whole thing is just backwards. If you want "proof of keys", then hold the keys yourself. Any other solution is incomplete.

Icygreen

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On January 3rd each year, Bitcoin hodlers worldwide celebrate the genesis block anniversary in an event started by Trace Mayer known as "Proof of Keys". This is the powerful and simple concept of moving your Bitcoins, for this one day of the year, from exchanges and other custodial holdings to a wallet or address that you personally control. This action is important as it lays claim to our monetary sovereignty while ensuring that custodial solutions cannot easily become insolvent or bad actors in our communities.

If you are unfamiliar with moving or storing Bitcoin, please take this opportunity to get support from the community here and refresh your confidence in your ability and that of your custodian.

https://www.proofofkeys.com/

Topic: Annual Proof of Keys January 3rd - page 3. (Read 685 times)