RE: LeoThread 2025-01-03 18:09
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Today, like every January 3rd since 2018, is Proof-of-Keys Day. In celebration of the first Bitcoin block being mined, we are all invited to withdraw our Bitcoin – and any crypto - from centralized platforms where we hold it - usually these are centralized exchanges, such as Binance, Coinbase, Bitfinex, Kraken, etc.
The purpose of this initiative is not only to remind us that financial sovereignty requires our complete control over our assets, it is also to test those centralized companies, to see to what extent they really own all the Bitcoin they claim to have in their wallets - several CEX's have behaved just like banks: implementing the fractional reserve mechanism, they lend or move a portion of their customers' cryptos, thinking they will never have to pay it all back in a very short time lapse.
#proofofkeysday #bitcoin #selfsovereignty #DEX
Image source: multisigsigner.com
Thanks for the reminder. Think I will give it a test. 😀
You're welcome!
On Hive, we're fortunate enough to enjoy an array of DEX's so that it's not necessary to hand over our keys to any third party ☺️.
Yeah. I know, but I keep some on Coinbase for ease of movement (too much really).
Ok. Yes, even under a supposedly "pro freedom" coming US administration, Coinbase's current status as the almost monopolistic custodian for the $BTC & $ETH ETF's could be too much of a honey pot for the State to not seize those assets at some point. To preserve the Nation's Superior Interest, of course 😉.
I would like to get away from Coinbase, but it is currently the simplest and cheapest way to get cash into crypto for me. 😦
I can however change to holding the majority of my crypto in another wallet. It just adds some headache. One day my financial situation will be such that it won't matter. Hopefully before the hijinks start.
I feel like I am picking up money in front of the steamroller, but the returns are so good. 😂
Are you referring in particular to crypto that Coinbase allows you to stake on their platform?
Yes, ideally our assets must be accessible through several self-custodied wallets and a lot of accounts (it requires some level of organization 😛), so that if you lose the keys to one of them, it doesn't impact you so much.
Crap. Accidentally liked my own comment 🙄 😂
No I am actually living dangerously. I am taking money that I need in the short to mid-term and staking it in HBD. If I happen to need it I may need it relatively quickly, so I move it back out to Coinbase and into the old bank account.
I gave up on trying to stake non-stablecoins. Too volatile for short to mid-term investing.
I've never actually tried coin base before.
yes others would work as well.
I stopped using Coinbase a long time ago. I am into Binance, Bitget, Bitunix now and so far, no complaints
Been meaning to look into Bitunix. Thanks for the reminder. Being a U.S. citizen is difficult in crypto. 🙄
I recently joined and deposited a small amount (NO KYC - but you can do if you wish)
I am not sure if there are any limitations for non kyc customers, so you can check this before joining. They are very active in tele and in socials, with many contests too. Feel free to join with my referral if you do not have by anyone else: https://www.bitunix.com/register?inviteCode=88du93
Thanks! Going to put that on my list (ever-growing).
right👍
Binance works for me pretty well.
really??
Hey I agree with your financial-freedom way of thinking, I will follow your account. Let's do away with centralized financial scamstitutions
Thanks for the follow, fellow Lion! 🙃 I've followed you back.
Yes, that original Bitcoin purpose has sometimes (or often) been forgotten by the latest crypto users, who tend to prefer ease of use over financial sovereignty, i.e. self-custody of their assets. But self-custody is more important than ever, cause we're apparently on the verge of a situation very similar to the physical gold seizure by the US Federal State, back in 1933... I'm gonna publish a long-form post about it in the coming days.
I'll be sure to read it. I wrote a couple myself on my journey of moving away from the bank and trying to adopt crypto as currency. I really wish more people also saw the great potential of crypto in everyday spending