What is proof of keys day?

Long-time Bitcoin advocate and well-known influencer in the space, Trace Mayer, recently took part in a discussion on the WhatBitcoinDid podcast with Peter McCormack. The discussion moved between Bitcoin, time preference, the US constitution, and guns. Liberty and personal sovereignty were central themes.

Mayer is known for stirring up passionate Bitcoiners and doesn’t shy away from making claims that resemble war cries from a battlefield.

When describing the real purpose of Bitcoin and the responsibility it brings, Mayer had this to say:

“This is the great battle of our time. We’re on a planet that’s chained by central banks that engage in monetary repression, and they have all the money and guns in the world… How are you going to win this battle? You’re going to fight against this and all you’ve got is math on your side? That’s freaking pretty cool, like, bring it on

What is proof of keys day?

It is an annual event started by Trace Mayer that is held on the 3rd of January, it is an example of how Mayer “rallies the troops”. The idea behind the event is that people should be in control of their own keys, the saying, “not your keys not your bitcoin” is based on this premise. The date is derived from the message that was encrypted into the genesis block of Bitcoin by Satoshi Nakamoto:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”

 

The event is also a solvency test for companies such as cryptocurrency exchanges who have custodial wallets. The theory is that if everyone withdraws their bitcoins from exchanges they are not only proving their personal sovereignty but checking if the 3rd party company is running a fractional reserve or not. In the past, some exchanges and suppliers have been caught off guard and it has led to them failing the test or worse yet collapsing completely.

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.” (Source: https://www.proofofkeys.com/)

 

Failures During
 Proof of Keys

 

Proof of Roger Ver on MtGox

QuadrigaCX Files For Creditor Protection

QuadrigaCX and Proof of Keys

HitBTC Freezing Accounts Before PoK

HitBTC Fails PoK

Bitfinex Fails PoK

Poloniex Issues During PoK

Draws Focus On HitBTC

Purse.IO Fails PoK

Robinhood Fails PoK

Coinbase Halts Trading; POK Suspicions

Cryptopia Enters Liquidation

Tether and Bitfinex Have $850m Seized

$40m Binance Hack

Senior Bitgo Engineer Hacked For $100k+

(source:  https://www.proofofkeys.com/)

Time is ticking!

There remains only 80 days before the next Proof of Keys, are you combat ready? The bitcoin halving is only 9 months away! Is your OpSec up to scratch? Unchain yourself from the grip of central banks, learn how to manage your keys and thus your Bitcoin. Head on over to our Bitcoin101 section and brush up on your Bitcoin knowledge.

As a noncustodial platform, CryptoFish joins Trace Mayer and fellow Bitcoiners in holding companies and 3rd party services in the Bitcoin space to the highest possible standard. We support PoK day!

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