Testing a Crypto Exchange with Proof of Keys
January 02 2019 - 1:05PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
January 02, 2019 -- ADVFN Crypto NewsWire -- Last night, CCN
published a follow-up article to the on-going chain of events
involving the HitBTC crypto exchange, its’ customers, and the fast
approaching Proof-of-Keys event. If you do not already know what
the PoK event is, you should become acquainted with it, simply due
to what it can prove and how it can affect the market prices of
cryptocurrencies.
The foundations for the
Proof-of-Keys event date back to earlier this year when Trace
Mayer, a well-known Bitcoin advocate, proposed that the only way to
prove that cryptocurrency users are free of the traditional
monetary system is to choose one day a year to call for everyone to
withdraw their Bitcoins from all third party services. Apparently,
Mayer’s inspiration came from an anonymous Reddit user, who
proposed the same, but had gained little traction for his or her
proposal.
In response to this, Mayer took the
proposal, fleshed it out a bit and sent it out to his Twitter
following, which sits at just over 53,000. Reportedly, Mayer’s key
conclusions ended up being that once this event has finished on
January 4th, we will truly know who is free of the tethers of
traditional banking and who does not really own his or her
cryptocurrency holdings.
A secondary, yet arguably equally
important implication that could come from all of this is that we
may soon find out which crypto exchanges can handle a mass exit of
customers, even for a short time, and which cannot. In HitBTC’s
case, according to CCN’s report yesterday, it would seem that they
fall into the latter party due to allegations of their staff
engaging in the mass freezing of customer accounts.
Until January 3rd is over, however,
we will not know if this truly proves to be the case or
not.
By: BGN Editorial Staff
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