Topic: Do you guys participate on the Proof of Keys annual event? (Read 154 times)
I agree with you that investing in crypto is better than attending annual events Your personal key must be well-protected for every investment Then we can avoid the risk in our investment Decentralized websites often have problems That is why it is best to work on Bitcoin and Crypto except at annual events to avoid risk.
I agree. Not just Bitcoin, but other "real" cryptocurrencies. The health of a cryptocurrency should also be determined by how decentralized it is. If you create a cryptocurrency, it's not a good idea to encourage your users to use centralized exchanges. This is for both the users sake and the sake of the project.
People should aswell consider the risk of having lots of coins on a single address or smart contract. It is a risky practice in the world of decentralization. My favorite kind of smart contract would be well decentralized smartcontracts... Just lock your coin in wallet you have full control of the keys and let people use it according to the agreed terms
The centralized ones totally broke the decentralization principle.
People should aswell consider the risk of having lots of coins on a single address or smart contract. It is a risky practice in the world of decentralization. My favorite kind of smart contract would be well decentralized smartcontracts... Just lock your coin in wallet you have full control of the keys and let people use it according to the agreed terms
The centralized ones totally broke the decentralization principle.
QuadrigaCX went tits up shortly after proof of keys. I participated - thank god... or I should say thank JBreher
You really shouldn’t only participate annually and instead always have the private keys for your BTC.
Bitcoiners participate in Proof of Keys by taking possession of all bitcoins held by third parties. “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,” reads the movement’s website. “Proof of Keys is the annual HODLer initiation.”
Proof of Keys is a celebration of our monetary sovereignty, explains Trace Mayer, host of The Bitcoin Knowledge Podcast. “We do that by actually flexing our monetary sovereignty muscles. We show how strong we are and we do that by proving the keys.” What’s that mean?
more info about the annual event: https://www.forbes.com/sites/justinoconnell/2020/02/17/bitcoin-investor-trace-mayer-others-want-to-take-your-monetary-sovereignty/#65066f4b509e
“We run a full node and we hold our own private keys to our Bitcoin and any other crypto, ether, litecoin, et. cetera,” said Mayer. “And we withdraw all of our crypto from any third party, from any exchange, from any lending service, from anywhere.”
Mayer believes Proof of Keys teaches us a key lesson. “We don't necessarily know who the bad actors are until we start flexing those [monetary sovereignty] muscles,” he said. “So, Proof of Keys is how we do that. Centralized third parties having giant stockpiles of Bitcoin and crypto goes against the decentralization characteristics or nature [of blockchain].”
These centralized third parties become honeypots, targets for hackers. “Whether those hackers are elicit actors or whether those hackers are governments or lawyers or regulators trying to look for fines, compliance costs––or stuff like that––is very dangerous.”
He encourages people to dig up their old Bitcoin accounts with exchanges and withdraw their bitcoin. “See if you can get it,” he goads. “See if they'll actually process the withdrawal and send [your bitcoin] to you.”
Proof of Keys is a celebration of our monetary sovereignty, explains Trace Mayer, host of The Bitcoin Knowledge Podcast. “We do that by actually flexing our monetary sovereignty muscles. We show how strong we are and we do that by proving the keys.” What’s that mean?
more info about the annual event: https://www.forbes.com/sites/justinoconnell/2020/02/17/bitcoin-investor-trace-mayer-others-want-to-take-your-monetary-sovereignty/#65066f4b509e
“We run a full node and we hold our own private keys to our Bitcoin and any other crypto, ether, litecoin, et. cetera,” said Mayer. “And we withdraw all of our crypto from any third party, from any exchange, from any lending service, from anywhere.”
Mayer believes Proof of Keys teaches us a key lesson. “We don't necessarily know who the bad actors are until we start flexing those [monetary sovereignty] muscles,” he said. “So, Proof of Keys is how we do that. Centralized third parties having giant stockpiles of Bitcoin and crypto goes against the decentralization characteristics or nature [of blockchain].”
These centralized third parties become honeypots, targets for hackers. “Whether those hackers are elicit actors or whether those hackers are governments or lawyers or regulators trying to look for fines, compliance costs––or stuff like that––is very dangerous.”
He encourages people to dig up their old Bitcoin accounts with exchanges and withdraw their bitcoin. “See if you can get it,” he goads. “See if they'll actually process the withdrawal and send [your bitcoin] to you.”
Jump to: