Topic: Proof of Keys / Proof of Trust / Bitcoin Independence Day - page 2. (Read 547 times)
Bitcoin was created to fight the banking system and now it loses. Governments are fighting against decentralization, so bitcoin does not currently have development
I really like this initiative. I think it will be useful for the community. The community will be able to check the exchange for honesty and test the network.
Either way, if even just a few more people end up with holding their own private keys, that'd already be a net positive.
A significant portion of all bitcoin mined is already held by individuals at their own private key. This movement wants to test solvency of exchanges before the next bull run.The aspect of regaining control over what's yours seems to be rather important as well though:
Quote from: https://www.reddit.com/r/Bitcoin/comments/a8m031/proof_of_keys_proof_of_trust_bitcoin_independence/
Also the goal should be to create a culture of permanently holding your own private keys and make it a best practice for every single purchase every time. Every single Satoshi off these exchanges every time!
IMHO introducing newcomers to the concept of securing their own coins is more important in the long run than ensuring that all these exchanges are solvent. By now I'm less worried about insolvent exchanges than about users getting complacent with centralized custodial services. It's the mindset of trustlessness that people need to be reminded of.
the thing is, those who are trading bitcoin are not interested in taking back the power, the benefits of "bitcoin", and they don't give a crap about giving the control to "institutions" or banks,... they care about fiat and how much of it they can earn. they will never withdraw their money/bitcoins from exchanges emotionally. they will continue sticking around as long as there is profit to be made.
your title is completely irrelevant to the topic by the way!
your title is completely irrelevant to the topic by the way!
That is a very good point. A big number of people who are currently holding BTC are more interested in the opportunity to get profit from price changes, it's just a way to make more usd or eur or whatever else
Either way, if even just a few more people end up with holding their own private keys, that'd already be a net positive.
A significant portion of all bitcoin mined is already held by individuals at their own private key. This movement wants to test solvency of exchanges before the next bull run. 
Isn't that gonna fuck the market up?
It might make it more volatile. It would remove seller liquidity from the market -- can't post sell orders if you've withdrawn your coins from the exchange! All else equal, this should drive prices up.
I'm really not sure how big this "Independence Day" movement is, though. I've seen it mentioned on Twitter a handful of times, but I don't know how much it'll affect the price.
bitcoin is Proof of Work not Proof of Stake, if it was PoS then what you said about taking the power back from these Legacy financial institutions would have been true because they could affect the network with their large stake that was given to them by their users.
and price is not something that a single exchange can affect only by having a large amount of deposited bitcoins. the days of MtGox are long gone when they controlled more than 85% of the volume. nowadays you would be lucky to get anything close to 10% of the total volume and with that you can't manipulate anything. not to mention that there are already so many whales manipulating the price that exchanges are lost among them.
and price is not something that a single exchange can affect only by having a large amount of deposited bitcoins. the days of MtGox are long gone when they controlled more than 85% of the volume. nowadays you would be lucky to get anything close to 10% of the total volume and with that you can't manipulate anything. not to mention that there are already so many whales manipulating the price that exchanges are lost among them.
the thing is, those who are trading bitcoin are not interested in taking back the power, the benefits of "bitcoin", and they don't give a crap about giving the control to "institutions" or banks,... they care about fiat and how much of it they can earn. they will never withdraw their money/bitcoins from exchanges emotionally. they will continue sticking around as long as there is profit to be made.
your title is completely irrelevant to the topic by the way!
your title is completely irrelevant to the topic by the way!
As much as I love the idea I doubt that many people will follow through. People have been told time and again to not leave coins on exchanges except for trading purposes, yet this warning is rarely heeded. I think the only ones that actually would follow through, are the ones that don't have their coins on exchanges to begin with.
Either way, if even just a few more people end up with holding their own private keys, that'd already be a net positive.
Of course it would fuck the market up if everyone withdrew their BTC from the exchanges. It would probably have the effect of driving the fiat value up, since bids would be piling up and no asks. However, there are quite a few day traders involved in the markets. I doubt that everyone is going to heed this advise.
Shhh, no spoilers!
Either way, if even just a few more people end up with holding their own private keys, that'd already be a net positive.
Isn't that gonna fuck the market up ?
Of course it would fuck the market up if everyone withdrew their BTC from the exchanges. It would probably have the effect of driving the fiat value up, since bids would be piling up and no asks. However, there are quite a few day traders involved in the markets. I doubt that everyone is going to heed this advise.
Shhh, no spoilers!
Isn't that gonna fuck the market up ?
Of course it would fuck the market up if everyone withdrew their BTC from the exchanges. It would probably have the effect of driving the fiat value up, since bids would be piling up and no asks. However, there are quite a few day traders involved in the markets. I doubt that everyone is going to heed this advise.
You are assuming that FIAT will be left at exchanges, while Bitcoin will be withdrawn. That might not be the case. Because, mostly, the guy who is selling, is buying as well.
Isn't that gonna fuck the market up ?
Of course it would fuck the market up if everyone withdrew their BTC from the exchanges. It would probably have the effect of driving the fiat value up, since bids would be piling up and no asks. However, there are quite a few day traders involved in the markets. I doubt that everyone is going to heed this advise.
This is a great movement and we must do more to spread the word.
Isn't that gonna fuck the market up ?
Nopes. It'll fuck the insolvent marketplaces only.
Isn't that gonna fuck the market up ?
Good. The word about Bitcoin Independence Day on January 3 needs to be spread.
Agree with you, we should to take the power back from these Legacy financial institution. we should from now on to using decentralized exchanges only for our trade.
Folks, the goal should be for everyone to have their keys by January 3rd. Not everyone to withdraw at that time! Also the goal should be to create a culture of permanently holding your own private keys and make it a best practice for every single purchase every time. Every single Satoshi off these exchanges every time! Think about how many people say.. I only have a few dollars worth of bitcoin so my small amount doesn't matter. Wrong! If you added all of those people up you start to appreciate that the cumulative effect of this mentality is devastating as it gives these bank backed exchanges power to control world's largest Bitcoin wallets and hence the price of bitcoin! It's imperative that we speak to our family and friends and fellow community members about the urgency of removing all of Bitcoin off of these exchanges as soon as possible regardless of how much (or little) they own. This is our opportunity to take the power back from these Legacy financial institutions that have obvious conflict of interest with respect to Bitcoin's success! Let's make this happen!
Source: https://www.reddit.com/r/Bitcoin/comments/a8m031/proof_of_keys_proof_of_trust_bitcoin_independence/
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