Trace Mayer on Proof of Keys
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“That’s another thing I think is very important… bringing financial discipline and order to people. It changes time preference; it changes cultures; it changes values.”
SHOW DESCRIPTION
Location: Skype
Date: Tuesday, 26th Nov
Project: Premier Ark LLC
Role: Manager
When Bitcoin is held on an exchange or with another 3rd party custodian, that 3rd party owns the Bitcoin, they have control of the private keys and can they have the ability to use it as they choose. As the customer to that custodian, all you have is the promise of that Bitcoin.
One of the core fundamentals of Bitcoin is that it allows you to become self-sovereign; so is adding a layer of trust to a trustless system antithetical to what it was designed to do?
On the anniversary of Bitcoin’s genesis block Trace Mayer’s Proof of Keys campaign encourages everyone to take control of their Bitcoin and remove it from these 3rd party custodians. Not only does this encourage everyone to control their private keys, but it also ‘stress tests’ the exchanges and offers proof that they are running fully reserved.
In this interview, I talk to Trace about his Proof of Keys campaign, exchange hackings, claiming your monetary sovereignty and stress testing custodians.
TIMESTAMPS
00:03:03: Introductions
00:06:57: Proof of Keys 2019
00:13:25: Why is Proof of Keys important
00:20:40: The impact on exchanges
00:23:46: Should exchanges be treated equally?
00:28:28: Impact of exchange hacks
00:33:44: Spectrum of monetary sovereignty
00:36:33: Privacy and Mimblewimble
00:43:00: Importance of decentralization
00:49:09: Bitcoin lending services and Proof of Keys
00:54:35: Final comments
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