Bitcoin Forum

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.

Good. The word about Bitcoin Independence Day on January 3 needs to be spread.

Isn't that gonna fuck the market up ?

Nopes. It'll fuck the insolvent marketplaces only.

This is a great movement and we must do more to spread the word.

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You are assuming that FIAT will be left at exchanges, while Bitcoin will be withdrawn.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.

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.



Shhh, no spoilers! ;)

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!

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.

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.

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.

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

The aspect of regaining control over what's yours seems to be rather important as well though:


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.

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.

Bitcoin was created to fight the banking system and now it loses. Governments are fighting against decentralization, so bitcoin does not currently have development

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.

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

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.

     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 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.

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

OP updated accordingly...

And we have started to see the impact...

Bitcoin Exchange HitBTC Freezes Customers’ Accounts ahead of Proof of Keys Event (https://www.ccn.com/bitcoin-exchange-hitbtc-freezes-customers-accounts-ahead-of-proof-of-keys-event/)

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!

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

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...

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

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

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

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.

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

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?

totally into this, Proof of Keys

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 ..

Looks like Cryptopia is the first victim of this movement.