Have you participated in the "Proof of Keys" event?

[hatshepsut93]

So, apparently there's an event called Proof of Keys, it happens on Bitcoin's birthday (Jan 3rd) and participants simply move any coins that they hold on any wallets they don't control (like exchanges, online wallets, etc) to their own Bitcoin wallets. Read more here: https://wr.reddit.com/r/Bitcoin/comments/abzrzf/the_monetary_sovereignty_warcry_proof_of_keys_jan3/

I personally didn't do it, because I'm super lazy, and also I use a cold storage setup, so it would be slightly  inconvenient for me to move my coins back to online sites tomorrow (I'm investing a little bit in crypto casinos and sometimes trade on exchanges).

So, tell me if you have participated or not and explain why.

[Obiwankenodium]

I did not participate, because i did not know about this event. But even if i knew about it i would not have participated, im one of those idiots with their (small) holdings on an exchange and im perfectly fine with that.

[szpalata]

I never heard of it even though I remembered bitcoin birthday , so I guess that at here reason some of us did not partake in it and had I been aware earlier I don't think i could have had enough bitcoins to be transferring around and  spending transaction fees on them.

[franky1]

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

[yesyes18]

Wow, I never knew about this thing until today but i think it's something very good. At least the initiative makes everyone know they own what they have and that no exchange is in control of their coins. But one thing I'm concerned about is how secure people should be during suvh times. Don't try to make scammers get hold of you during this time.
Anyways it's a nice initiative. I hope I'll join the next round.

[Johninthai]

No, because they're already in cold storage and I don't like people telling me what to do with my shit.

[pooya87]

i saw it yesterday and i have to say that is the dumbest event that anybody could come up with. it has a very good point underneath but the idea itself is dumb.

basically what it is doing is that they are encouraging people to spam the blockchain for no reason whatsoever!
you should NOT keep your coins with third parties in first place and if you do then you must already have a pretty good reason for it which doesn't go away just because it is Jan 3. for example imagine a trader that is trading on Binance. he has to keep some bitcoin there so that he can open orders, this trader does have a good reason for keeping his coins there and he isn't going to "cash out" because it is Jan 3. and if he does then he is spamming the blockchain with a useless transaction because he has to put the coins back in his exchange account again! (of course unless he is done trading).

the good point in this is that it is telling people they should be in control of their own keys.
the dumb thing about it is that it is emotionally encouraging everyone to pull their money out of everywhere (mainly focuses on exchanges).

[mk4]

the good point in this is that it is telling people they should be in control of their own keys.

I personally think this is the whole point of the "event" in the first place though. The point isn't to just move coins to wallets for no reason at all, the point is to give awareness to the people to hold their unused funds(coins not being used for trading) on their own wallets(where they have access to the private keys) instead of leaving their funds on the exchanges. I personally don't find it dumb in the slightest at all; even if it gives awareness to only a small number of people, that's still a decent number of people saved that could definitely be hacked in the future if their coins are previously on exchanges.

[bones261]

Meh, I transferred what I could. Unfortunately, one of my withdrawal requests did not go through and I have to open a support ticket. (The exchange was cryptobridge. So much for "decentralized exchange." )

[squatter]

So, apparently there's an event called Proof of Keys, it happens on Bitcoin's birthday (Jan 3rd) and participants simply move any coins that they hold on any wallets they don't control (like exchanges, online wallets, etc) to their own Bitcoin wallets. Read more here: https://wr.reddit.com/r/Bitcoin/comments/abzrzf/the_monetary_sovereignty_warcry_proof_of_keys_jan3/

I personally didn't do it, because I'm super lazy, and also I use a cold storage setup, so it would be slightly  inconvenient for me to move my coins back to online sites tomorrow (I'm investing a little bit in crypto casinos and sometimes trade on exchanges).

So, tell me if you have participated or not and explain why.

I don't normally keep funds on exchanges since I've been screwed a couple times by hacks and exit scams. So, I wasn't in a position to participate. From the look of the network, not many other people did either. There were no signs of congestion on the network all day.

[pooya87]

the good point in this is that it is telling people they should be in control of their own keys.

I personally think this is the whole point of the "event" in the first place though. The point isn't to just move coins to wallets for no reason at all, the point is to give awareness to the people to hold their unused funds(coins not being used for trading) on their own wallets(where they have access to the private keys) instead of leaving their funds on the exchanges. I personally don't find it dumb in the slightest at all; even if it gives awareness to only a small number of people, that's still a decent number of people saved that could definitely be hacked in the future if their coins are previously on exchanges.

it certainly doesn't look like, at least not to me.
the sticky one /r/bitcoin for example is simply telling people to withdraw their bitcoins from exchanges.

Every January 3rd the Bitcoin community participates in a Proof of Keys celebration by demanding and taking possession of all bitcoins and other cryptocurrency held by trusted third parties on their behalf. You can do this by withdrawing all Bitcoin and other cryptocurrency to wallets where you hold the private keys and perform network consensus for validation.

all i say is that it is one thing to warn and educate people about the risks and downsides of keeping their coins with third parties and not have control over their keys but it is another thing to encourage them to withdraw their coins for no reason with a campaign!

[Kakmakr]

I only transferred the coins that I had on some exchanges to my hardware wallet a few days ago. I reckoned that exchanges will be flooded with withdrawal requests on the day, so I did it well in advance. <I know some exchanges blocked people's withdrawals and even their accounts to stop this from exposing them>

If you were a victim of this, I would advise you to withdraw your BTC at a later stage and start managing your own private keys. <Just transfer coins to exchanges, when you want to sell> 

[TopT3ns]

Not participated yet, i not really update with news from crypto and not save any coins much in exchange. But maybe that is what make some exchanger lock their withdrawal and make people can't withdraw from their site.

[hatshepsut93]

the good point in this is that it is telling people they should be in control of their own keys.
the dumb thing about it is that it is emotionally encouraging everyone to pull their money out of everywhere (mainly focuses on exchanges).

One of the reasons for this event is to test the solvency of those third party wallets. But I dunno how realistic it is, even if the event had gathered much more users.

you should NOT keep your coins with third parties in first place and if you do then you must already have a pretty good reason for it which doesn't go away just because it is Jan 3.

There are some reasons, for example daytrading. Or, like in my case, investing. I'm willingly risking with the amount I can afford to lose to get some profit. There are probably other cases that require holding coins in third-party wallets.

[manfredmann]

I dont have any BTC to move to any online BTC wallets. This event is not ideal to me because I am not a bitcoin holder. I used to hold bitcoin before but after the market price down trend I have sold it already and probably will it in the time that I can receive some altcoin rewards that could be tradable to bitcoin.

[AGD]

I didn't need to, because this was one of my main principles already.

[Wind_FURY]

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....

Oh come on franky1. It was nothing but a few Bitcoiners having some fun celebrating the anniversary of the genesis block. There is no need to be paranoid, and be suspicious about it.

OP, set up a hot wallet, mimimize trust.

[vhns222]

No, and i think its realy absurd becouse in that situation all centralised exchanges wouldnt be exist at all, i dont think its good idea at all we needt this ,its my opinion.

[mk4]

No, and i think its realy absurd becouse in that situation all centralised exchanges wouldnt be exist at all, i dont think its good idea at all we needt this ,its my opinion.

What do you mean? Centralized exchanges make money off your buy/sell offers through the fees they take, not through the bitcoin you deposit.

You know what's absurd? A full member thinking that withdawing unused funds from exchanges is absurd.

[FedorIzmailov]

No, I did not participate in this event and I think that participation is an absolutely meaningless undertaking