Good. The word about Bitcoin Independence Day on January 3 needs to be spread.

Nopes. It'll fuck the insolvent marketplaces only.

Of course it would fuck the market up if everyone withdrew their BTC from the exchanges. It would probably have the effect of driving the fiat value up, since bids would be piling up and no asks. However, there are quite a few day traders involved in the markets. I doubt that everyone is going to heed this advise.

As much as I love the idea I doubt that many people will follow through. People have been told time and again to not leave coins on exchanges except for trading purposes, yet this warning is rarely heeded. I think the only ones that actually would follow through, are the ones that don't have their coins on exchanges to begin with.

Either way, if even just a few more people end up with holding their own private keys, that'd already be a net positive.



Shhh, no spoilers!

bitcoin is Proof of Work not Proof of Stake, if it was PoS then what you said about taking the power back from these Legacy financial institutions would have been true because they could affect the network with their large stake that was given to them by their users.
and price is not something that a single exchange can affect only by having a large amount of deposited bitcoins. the days of MtGox are long gone when they controlled more than 85% of the volume. nowadays you would be lucky to get anything close to 10% of the total volume and with that you can't manipulate anything. not to mention that there are already so many whales manipulating the price that exchanges are lost among them.

A significant portion of all bitcoin mined is already held by individuals at their own private key. This movement wants to test solvency of exchanges before the next bull run.

The aspect of regaining control over what's yours seems to be rather important as well though:


IMHO introducing newcomers to the concept of securing their own coins is more important in the long run than ensuring that all these exchanges are solvent. By now I'm less worried about insolvent exchanges than about users getting complacent with centralized custodial services. It's the mindset of trustlessness that people need to be reminded of.

Bitcoin was created to fight the banking system and now it loses. Governments are fighting against decentralization, so bitcoin does not currently have development

This is a good initiative. I'm interested to see whether it can have any real impact on the market.