A grass roots movement is sweeping through the crypto community that aims to force crypto currency exchanges to show users they have 'proof of keys' for all the digital assets being traded on their respective platforms.
Calls are being made to remove all crypto assets from exchanges by January 3rd 2019. The 10 year anniversary of the BTC genesis block being mined.
In a sense, the plan is something of a run on the bank, however unlike the legacy banking system whom we all know does not have the cash in the branch to match depositors balances, crypto exchanges should be able to account for every microbit of its users assets.
Almost all exchanges (with the notable exceptions of Binance and Bitfinex) have recently been outed for manipulating their trading volumes. The community simply does not know if these exchanges are also allowing users to trade asssets that do not exist. A practice that is both unethical and dangerous.
Fractional reserve banking allows organisations with banking licenses to loan out approximately 10 times the amount of money that it has received in customer deposits. It has enabled financial institutions to amass great power and wealth. It is also responsible for almost every economic crisis during the era of FIAT currency.
Unlike FIAT money and the legacy banking network however, the whole crypto community has the power to say, "No. Not this time."
Exchanges and banks cannot be allowed to print bitcoin.
So, before the 3rd January 2019 - Join The Decentral and thousands of other crypto currency investors, developers and miner by removing your assets from the exchanges and keeping them in a secure wallet that you control the private keys.
As Andreas Antonopoulos likes to remind us all:
Not your keys, not your coins.Mobile wallets: Hardware wallets:
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David Black is a staff writer at The Decentral, living and writing in Chiang Mai, Thailand. He's also the author of both fiction and non fiction books and likes to debate the finer parts of crypto currency and politics to anyone who will listen.
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Originally posted on www.thedecentral.com.
Never use CEX! They can shut down whenever they want!
Thanks for the tip :) I'll stick to Binance. Never heard of a problem from CZ
The country you live in is not important. When Binance shuts down some services, it does it worldwide.
All entities that have a ON/OFF switch button must be disregarded.
UPDATE: HitBTC have already suspended withdrawals ahead of January 3rd deadline.
Will you be taking part and withdrawing assets before January 3rd?