Topic: Proof of Keys / Proof of Trust / Bitcoin Independence Day (Read 603 times)

Looks like Cryptopia is the first victim of this movement.

Thats really quite nice idea , but lets be true . Some people trade for living and its impossible that everyone will do it . Yes if we do it each year and spread the word around internet , then alot of more people will join it . But if i would hold loads of bitcoins then it would not be exchange ofcourse , but my own private wallet ..

totally into this, Proof of Keys

Unfortunately, rookies don't care, nor do mostly know what a private key is. Maybe that things will play out in a more favorable way next year, but then again, the effect will still be negligible.

We learn by falling, and this definitely applies to most of the rookies here. Let them burn themselves and based on that horrible experience build up a dislike towards anything with a centralized nature.

Coinbase has over 800k BTC in its reserves, and Xapo has an amount quite similar to that. The worst part is that Xapo secures coins for OGs as well. If they don't take self storage seriously, why would noobs do?

Though this event is over, everyone must remember the slogan "Not your keys, not your bitcoin."

Cynicism makes you lose by not paying attention to the development of bitcoin.
Learn and enjoy the results of bitcoin if you are smart and skilled in the crypto world.

to the sheep
1. proof of keys is not about "sovereignty" it is about a subtle ruse/story to take funds out of an exchange in the hopes(of trace mayor) that the lack of supply of coins on an exchange will cause a flash price rise. but....
2. day traders that actually day trade will continue to day trade.
3. those that dont day trade and just use exchanges as a custodian, means:
       balance sat in exchange wallets(just for custodial purpose) is not balance sat on market order lines.
       thus are free to withdraw without impacting their normal daily activity,
       thus never impacted the price anyway.

so do not expect huge price movements via trace mayors ruse
i do not think trace mayor will get his hidden agenda of a flash price spike like he intends. as the only people that would withdraw ar the ones that are not actually day traders in the first place

...
what will actually cause more of a price surge. is the mining:market dynamic
new next gen asics are being received and set right now. with hashrates rising. the cost of mining rises.
those playing the "which is cheaper mining:buying coins" will see that buying can be cheaper. thus raising the price when they buy

then asic miners see the price rise that gives them confidence to mine more. which causes more cost of mining. rinse and repeat the dynamic upwards
and the dynamic plays out.


in october last year(3 months ago) the dynamic played out the opposite way.
old gen asics sold dirt cheap made mining cheap so less were buying coin. and more were mining and then selling coin for profit. causing the november down slope. other miners were not as profitable so stopped mining. causing more drama

the mining:market dynamic has always been a thing since 2009, so keep an eye on that as a influencer this month

Why do you think that this idea is a bullshit? Any rational explanation?

absolut bullshit idea again from the BTC community- you dont realize you fail in everything?

I just learned about this event today. It is interesting to keep exchanges and other online wallets in check, but shouldn't this be done a bit more often? I mean, if they are really using your money on your back (like modern banks do), and they know every Jan 3rd this event comes around, wouldn't that give them enough time to return back everything, wait for the event to pass and go back and earn interest with your money financing, lending, gambling and what not?

This is the main problem of not using your own wallet, you never know what that 3rd party is going to do with your money...

This is a good idea for everyone to withdraw their coins from the exchanges, but this means that trading volumes will plummet and a possible dump of alts before everyone withdraws. We really need better decentralised exchanges

Nice article: What Proof of Keys Celebration is and Why You Should Care

I already did that. I don't keep my coins on exchanges and I don't even have to participate in this Independence Day event because I'm participating all the time. If someone wants to trade and feels confident keeping coins on centralized exchanges it's his choice. There's so much manipulation and scams that if you don't hold your keys you will sooner or later get robbed. And that's a fact!

And we have started to see the impact...

Bitcoin Exchange HitBTC Freezes Customers’ Accounts ahead of Proof of Keys Event

Proof of Keys website launched - https://www.proofofkeys.com

OP updated accordingly...

I really like this and hope more people start to take there coins off exchanges, 
I think this will separate the legit from the scam exchanges out there thought I guess if there was a mass removal of coins some would just exit scam.

We need more education for people on how to manage there keys on there own.

     Unfortunately, I have some dust on various exchanges and won't be able to accomplish the goal of every single satoshi.   Either I do not have enough to cover the fee or it falls below the minimum withdrawal. I don't want to end up spending more in fees to extract dust by making a deposit.

I was thinking withdrawing to our individual wallets could cause a possible price spike, by creating a kind of scarcity in the centralized market. Another thing is that, the fiat might gain dominance in these exchanges using a pair against altcoins because of limited bitcoin.

This is a good initiative. I'm interested to see whether it can have any real impact on the market.

Historically people have preferred to place trust. You cant wad it off just in a day. Rather, we can try to make sure, that trust is honored and another Mt. Gox does not happen.