Proof Of Keys Event - Trace Mayer - Join Us!

Hey you, welcome back to the channel. And guys, today I want to talk about an event coming up in about a day or so called the Proof of Keys event. And I've done, um, many crypto videos over the last year, and some videos are just very important and In my opinion, this is probably gonna be one of the most important videos I do in cryptocurrency. Now, Tracy Mayer is an early notable cryptocurrency enthusiast. He has a lot of respect in the space. Very, very smart guy. And so there was an interview that took place with a YouTuber crypto, I'm not sure if his name's pronounced— if you pronounce crypto. I know him as Omar, uh, so I'm just gonna say Omar because I watched his production sometime. But in this interview, the pair is promoting a crypto ownership awareness event called Proof of Keys. During this event, cryptocurrency holders are urged to remove their crypto assets from exchanges and other third parties in an effort to prove solvency. Not your keys, not your Bitcoin. The idea is that if the exchanges actually hold customers' crypto assets, which they claim to store for customers after deposit, then all customers should essentially be able to remove their assets from those third parties at any point, focusing on the fact that crypto holders should know how to store and protect their crypto private keys and effectively transfer them into their own possession at will. Mayer described the details and reasoning on his website. By demanding and taking possession of their assets, individuals will learn real fast with blockchain proof of whether they are part of the elite holders or not. Proof of Keys is the annual HODLer initiation. This event is designed to help test the blockchain network consensus withdrawing assets in theory would prove the validity of different asset chains. Moreover, Mehr urged the crypto community to use his event to find out which crypto exchanges and other third parties can prove they have the funds they claim to store. This is a fight over your monetary sovereignty. Um, and, uh, this comes from Chappacap, this article. I, I did see the interview, uh, with Omar, uh, and between Omar and Trace Mayer. So let's talk about that a little bit, um, guys, and try to help us all really take this serious and understand the importance of this. So recently I had done some videos talking about, uh, the problems with and the manipulation of exchanges. And it's a, it's a, it's a severe issue. Uh, these exchanges, um, uh, it has been, um, they've been audited and it's been found out that many have, um, been, um, well, not audited, but there's been a lot of research done where they found out that a lot of the trading is wash trading that goes on, on these exchanges, which basically means it's same people buying and selling back and forth to one another, and it's creating this fake volume. So why would you want to create fake volume? Well, first you would create fake volume, uh, based on, uh, the idea of trying to create this image that there's money there that really isn't, right? Um, and so that's a problem. They, they— and so basically what it adds up to is, uh, they believe only about 1% of the volume we see is real. And, uh, guys, this is a problem. This is— this can show why we can have 90% drops in value, um, because the numbers, the books are cooked. right? Now, when many of us first got into cryptocurrency, the idea was to get away from the banking system, the methods of the banking system, the fractional reserve banking. Now this kind of first came about, these ideas of like fractional reserve banking kind of was stumbled upon by accident, many believe, throughout history when people would deposit their gold and the goldsmiths and keepers found out that whilst you weren't using your gold, they could loan it out to someone else. The problem, of course, was when you came to reclaim your gold and it wasn't available. The problem we could be facing with these centralized exchanges is that they say they have our money. But if you notice, a lot of these exchanges have position limits, right? You can only take out so much of your own money at a time, right? Why is that? And various things like that. You know, is there a fear of some type of bank run or something like that. So this is what we're trying to find out, you know, are the funds really there? Uh, because we, we got a problem if they aren't. Now, so this also teaches responsibility on how to handle your wallet, how to hold your keys and be responsible for your own money. This was the idea of crypto, to be like your own bank. Of course, a lot of the, uh, issue is, and a lot of problems people have is, uh, the responsibility of holding their own wallets and money. You know, if you lose your keys and your private information, there's nobody who can recover them. And so, you know, uh, you know, by and large, you have to, you know, be responsible and really keep up with that. I know that's hard for some people. I know personally I lose a lot of things, so I understand, guys, but it is very important that we find out that these, um, these, uh, exchanges, these centralized exchanges, are solvent, that they do have our money and there aren't any nefarious activities going on. Now, interesting, in some of the research I've done, we found out that, uh, you know, uh, basically like there are about 3 exchanges that might pass the test. But what concerned me was that the volume of the trading being only about 1% of what we actually see, that actually as well accounted for even the major centralized exchanges that we oftentimes believe are good exchanges, right? And so this is a, this is a very concerning, but this will help us to see who is really, uh, exchanges we could depend on with our money. So this event will take place January 3rd. I will be participating in this event, and I invite you all to do so as well. Um, now, uh, many of you who watch the channel are aware that, um, I talk about a personal project of mine, BitcoinMYK. And, uh, BitcoinMYK doesn't trade on centralized exchanges. And I think this is very important to the conversation too, to help you understand that, uh, decentralized exchanges don't fall in the realm of centralized exchanges. So if you're on a decentralized exchange, more than likely, unless it's got a lot of third-party attributes to it, more than likely you're okay because the idea of decentralized exchanges are use of smart contracts where money is sent peer-to-peer to one another. And so it's not the same as centralized, which is based on us depositing our money to a a third party that now holds our money on deposit. It's completely different. So decentralized exchanges are different, um, and I'm, I'm making this point as well, guys, because for me, I think it's really getting to the point where I don't know if we need centralized exchange or should be using them at all. Uh, now, uh, unfortunately for me and my particular situation with BitcoinMYK, It has been that in order for us to get listed on CoinMarketCap, they actually want us to trade on several exchanges. And it looks like to me they're really interested in us trading on these centralized exchanges, which I'm not interested in trading on based on the information I've seen and gathered from reports about wash trading, manipulation, and possibly some form now of fractional reserve banking. Of course, after January 3rd, if we all participate in this, we can put many of these, uh, accusations and potential problems with our money to rest. Um, and so very important, guys, I hope you all participate in this project, Proof of Keys. It will happen on January 3rd. Um, and I hope, guys, that you all will help support Trace Mayer's initiative here, which I support and many other people in the cryptocurrency space support. Many people in the cryptocurrency space do not use these centralized exchanges, and I think that might be a good thing. When Vitalik said that centralized exchanges should all burn in hell, Now I'm starting to understand what he meant by that, guys. Anyway, that's all I want to say in this video, guys. If you like content like this, don't forget to like, subscribe, and until next time, take care.