Annual January 3rd “Proof of Keys” Celebration of The Genesis Block! (#GotBitcoin?)
Trace Mayer: Get Your Bitcoin Off Exchanges in ‘Proof of Keys’ 2020
Bitcoin (BTC) could be set to disappear from exchanges en masse in two months’ time as the second annual Proof of Keys event takes shape.
In a Twitter post on Nov. 5, Proof of Keys’ organizer, Bitcoin Knowledge podcast host Trace Mayer, appealed to spread the message prior to the event on Jan. 3.
Mayer Challenges Bitcoin HODLers
Now in its second year, Proof of Keys challenges Bitcoin HODLers to take control of their funds and stop using trusted third parties.
Under the slogan “Not your keys; not your Bitcoin,” Mayer highlights the still frequent exchange implosions and seizures as an argument for investors to control access to funds themselves.
“A lot of people just don’t want people holding their own private keys and doing their own network consensus,” he said in a promotional video recorded for the 2019 Proof of Keys.
Participants Are Encouraged To Add Their Support As
part of their Twitter handle in advance. On Jan. 3, the date of the Bitcoin genesis block, they then withdraw all cryptocurrency funds from exchange wallets.
“Prove Trustworthiness And Consensus”
As Cointelegraph reported, novice cryptocurrency holders face a daunting task when selecting how best to store their wealth.
Even the best-known exchanges remain open to attack, while alternatives such as hardware wallets also continue to see mixed reviews as competition intensifies.
“This simple exercise costs little, perhaps a few transaction fees, yet proves possession and strengthens network consensus. Companies and exchanges must prove their trustworthiness and consensus,” part of Proof of Keys’ official website description explains.
HODLers of Last Resort
Proof of Keys:
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.
What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
Every year HODLers celebrate with a test of trust. HODLers test people, exchanges, corporations and other services. Get withdrawals limits ready. Plus, one can easily forget where small amounts of bitcoins are. Remember and find them. Most importantly, HODLers can test themselves.
On January 3rd HODLers everywhere celebrate Bitcoin by withdrawing all their bitcoins to wallets they control that perform network consensus and use best practices like the Glacier Protocol.
- Bitcoin Core for network consensus; who controls Bitcoin Core
- Armory for private keys
- Glacier Protocol for operational procedures
- Purism [a Purism complaint] for hardware
Play Stupid Games
Win Stupid Prizes:
Those who are ignorant of or ignore history are doomed to repeat it. Learn from the experience of others.
- Individual threw away hardrive with about 7,500 BTC
- Individual threw away iMac with about 50 BTC
- Individual imported about 335 BCH of private keys to scammy fork wallet
- Bitpay fraudulently labels consensus rule change an ‘Upgrade’
The signatories of this agreement wrongly believe that the currency created by adopting this contentious hard fork will eventually become Bitcoin. Therefore storing any BTC on services such as Coinbase, Bitpay and Xapo is strongly not recommended. By storing BTC on these services, you could find that after the hard fork, your BTC has been renamed to something else or replaced entirely with the new altcoin.
HODLers Who Celebrate
Proof of Keys:
Want to show your support? Perhaps add the [Jan/3➞₿🔑∎] to your Twitter? Or fill out the below short form.
And please help spread the word!
This simple exercise costs little, perhaps a few transaction fees, yet proves possession and strengthens network consensus. Companies and exchanges must prove their trustworthiness and consensus. Many HODLers have extensive war experience with BIP148, UASF, NO2X, etc.
You can consider Proof of Keys a combat readiness drill. Hopefully, it will help prevent further annoying skirmishes with those who despise individuals empowered with monetary sovereignty.
- HODLers risk nothing.
- HODLers do not trust.
- HODLers verify.
- HODLers are in control and can prove it on the blockchain.
You Think You Own Bitcoins?
Then join the HODLers of Last Resort and PROVE IT!
Remember, remember the 3rd of January! Please help spread the word.
Then on the 4th of January there can be a return to business as usual with renewed confidence based on proof of keys.
In assessing the soundness of their [trusted third parties], [HODLers] must therefore apply a stress test to all participants in the chain, and must contemplate a catastrophe loss occurring during a very unfavorable economic environment.
“After all, you only find out who is swimming naked when the tide goes out.” Warren Buffett
[HODLers of Last Resort] retain our risks and depend on no one. And whatever the world’s problems, [HODLer’s of Last Resort transactions will confirm].
Interviews about the
Proof of Keys Annual Celebration
Articles about the
Proof of Keys Annual Celebration
Bitcoin.com – Support grows
Bitcoin Exchange Guide
BEG – Support grows
Just Learn Bitcoin
Ethereum World News
Coinbase Halts Trading; POK Suspicions
Companies that Celebrate
Proof of Keys
Individual HODLers Who Celebrate
Proof of Keys:
Omar Bahn – CryptO
The Bit Generation
Armin Van Bitcoin
Crypto Scam Central
Saj le Great
Gary Palmer Jr.
Freedom of One
The Four Satoshis
Too Crypto To Quit
Hip Hop Crypto$
CashFlow Queen Kenet’ra
Crypto & Dirt
Eril Gün Ezerel
Book of Eli
Greg DaPonte Jr.
Gustavo Diaz de Leon
My Two Satoshis
Marcel Trader Bitcoin
Yuri De Gaia
Saj le Great
Sir Grant Fleming
Crypto Pura Vida
Just Learn Bitcoin
BTC Daily News
Dragon On Crypto
Crypto Revolution FR
Savage Santa Miner
Bits and Tokens
‘Don’t Leave Your Coins In Exchanges,’ Says Crypto Entrepreneur Who Lost All His Assets
Speaking today at BlockShow Asia 2019, Genesis Block HK co-founder Clement Ip shared a negative personal experience during a panel on how Asian trading firms make profits. His company is a blockchain venture capital firm, crypto quant hedge fund, and mining company focused on investing in blockchain projects.
Sharing the stage with two other speakers — Kyle Davies of Three Arrows Capital and Joshua Ho of QCP Capital — Ip came out with his sad story. He said he lost “a lot of coins” due to an exchange hack, and his takeaway lesson was clear:
“Don’t leave your assets on exchanges. Don’t be lazy. I’ve been into it and learned a good lesson.”
During the same panel, Davies and Ho also discussed crypto regulation in Asia, how it might affect the market, and how it will affect the crypto ecosystem at large. “Regulation in Asia has been a move in the right direction so far,” said Davies.
Exchange hacking is nothing new to the crypto ecosystem. Some of the biggest companies in the space have faced issues here this year, including market leader Binance.
Not Your Keys: 92% of Institutional Investors Keep Crypto on Exchanges
Cryptocurrency institutional investors overwhelmingly keep their wealth on exchanges despite the inherent security risks, new data claims.
Compiled by cryptocurrency exchange Binance on Nov. 22, a survey asked 76 institutional investors who used its platform about their trading habits.
Exchange Storage “Most Popular Choice”
The survey was part of Binance’s Institutional Market Insights research, which is now in its second edition.
Among the most surprising results was that 92% of participants chose to keep their crypto — Bitcoin (BTC), stablecoins and others — with trusted third parties, and not under their own control.
The figure dwarfs much safer alternatives such as hardware wallets and other cold wallets.
“Exchanges remain as the most popular choice for cryptoasset storage amongst our institutional and VIP clients at 92.1%,” Binance summarized. Researchers added:
“When moving to self-storage, cold wallets are the second most favored choice, given their improved safety and control. Third-party custody services were the least popular option at 2.6%.”
The 76 investors cannot be said to have significant exposure in terms of capital — over 50% had total crypto holdings of under 10 units of a coin. 10 BTC currently equals around $72,000.
Demands to take back control of crypto
As Cointelegraph reported, investors face significantly increased risk of loss and theft of coins if they remain in wallets to which they do not control the private keys.
Exchanges, including Binance, continue to see hacks this year, while regulatory scrutiny can also see funds locked up without notice until an account owner provides personal identity data.
Efforts to make investors aware of the need to control their money are mounting. On Jan. 3, the second annual Proof of Keys event will challenge all Bitcoin holders to remove their funds from third-party wallets.
The brainchild of advocate Trace Mayer, preparations for the move, which coincides with the anniversary of the Bitcoin genesis block, are already a common sight on social media.
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