Bitcoin Exchanges BANKRUPT? Programmer explains.

Home Video News Reports Bitcoin Exchanges BANKRUPT? Programmer explains.
Published on January 2, 2019

Bitcoin HODLERs need to be very careful this week. Proof-Of-Keys movement started by Trace Mayer is a great initiative, but there are some possible side-effects to this story. Let’s discuss what those are!

twitter.com/cryptokeepkey/status/1079803559967969280
blog.blockonomics.co/2019-is-seeing-more-support-for-bitcoin-proof-of-keys-906d2884801d
cryptoinsider.com/proof-of-keys-coming/
www.proofofkeys.com/
glacierprotocol.org/docs/overview/
www.youtube.com/watch?time_continue=12&v=_bNk5g_S0ZA

Podcast with Trace: www.youtube.com/watch?v=2trdTWDnUoA

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DISCLAIMER: This is NOT financial advice. This is just my opinions. I am not responsible for any investment decisions that you choose to make.

Ivan on Tech is all about cryptocurrencies and the technology behind Bitcoin, Ethereum, Litecoin, Ripple, IOTA. We also cover Bitcoin price, altcoin price, investing, analytics, different altcoins.

Ivan on Tech by Ivan Liljeqvist

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  1. Yo ivan how do you keep talking the entire video without getting out of ideas? I find that amazing. Do you prepare yourself with a script?

  2. simple, put the exchange deposits and withdrawals on a blockchain 😉

  3. That's dumb.. for many reasons..

  4. Proof of keys successful. Nothing major happened

  5. It’s highly unlikely these exchanges are operating on fractional reserves. This is not the fiat system. They don’t need to do that to be profitable. That doesn’t mean it won’t happen but it makes it very unlikely. Fiat banks operate on fractional reserves by DEFAULT and are always susceptible to this.

  6. That's why I keep trading with Mr kelvin Peter, making $14500 weekly, thank you so much sir

  7. Why would anyone be concerned of bank run and exchanges collapsing due to proof of keys celebration? Let them die. They are fraudulent and should be erased from the cryptocurrency space. If you lose cryptocurrencies from them when they collapse, deal with it. Sue them or whatever you want to do with them. We are the pioneers in this space and we need to keep it clean. Some of us may suffer the consequences now but it is for the good of the future generations.

  8. Proof of keys is an interesting concept, but I doubt many people will do it. I did it, but I have a very small amount anyway. But I am pretty sure that some if not all exchanges are trading with customers funds and have lost at least some of these funds and do not have all funds they say they do. Self regulation is the best thing ever, if people as a community can come together and make it work!

  9. I think I’m becoming against this idea of everyone withdrawing at once. We like our exchanges. If you think they’re shady, don’t use them. But even Coinbase is having trouble giving me my last piece of crypto. They gave me 80k, but are putting a $0.00 limit on my last $500 worth of crypto.

    It’s like, “hey, lets everyone fuck with the exchanges. We like them but FUCK’EM.”

    We like that they use cold storage and of course, they’re going to use some of our money to make money to stay in business. We’re just making business harder for them. And for no reason.

    By all means, keep all your crypto on the Nano Ledger. Every month, take all your crypto off the exchange to prove you own it. Maybe this should be mandatory. Maybe we should lose our crypto to which we haven’t controlled the private keys for over a year.

    Keep less on exchanges. That’d be great.

    Everyone should know how to handle their crypto. But everyone taking it off exchange at once is a dumb idea. We are just asking for there to be fewer places where we can buy and sell our cryptocurrencies. You should not want any exchange to manage all of your funds. You should leave as little on there as possible, to trade and sell. But there’s no reason we all need to do this on one single day. We have the entire year. Unless this is a ploy to keep less crypto in circulation to prices pump. We all know many lazy people aren’t going to put their currencies back in play for quite some time.

    We have all year, folks.

  10. Insolvent !!!! They spent the money and have been playing this game for a very long time. Game over — All HARD DRIVE LINT & STAR DUST.

  11. John W

    Cardano looking nice!

  12. pretty clickbait title, thanks for the news though

  13. Yes there may be some downside, but you learn to manage your money and potentially can show some exchanges they don’t have any clothes on.

  14. Feed

    Gotta love the fake casual laugh at every video beginning, pretending you don't know you're live hahaha

  15. I think this Proof of key initiative should be a practice more often, and like every educated person in crypto says "do not store crypto on exchanges". This way only the real exchanges will remain to work, all scams will run out of business. Also about the proof of keys happening tomorrow, I think that exchanges wont paid every user in full and that concerns me a lot.

  16. Ivan can you please explain the process how to claim the forked coins: Ethereum Classic Vision hard fork – January 11, 2019A snapshot of the ETH network will be taken on January 11, 2019. ALL users who hold ETH in their personal wallets at the moment of the snapshot will receive 3 ETCV per each ETH after the fork.

    Note: you must hold ETH in your personal wallet (Jaxx, Coinomi, MyEtherWallet, Ledger Nano, etc.) to get your free ETCV after the fork. Exchange wallets are not accepted! Is the Ethereum-Wallet-win64-0-11-1 a good Wallet to claim the coins from?

  17. OKEX HAS 20K OF MY MONEY LOST. PROMISED TO GIVE A REFUND! CAN BE FIXED IF THEY GAVE ME MY KEYS.

  18. Sorry, some guys really missing the point… Are you a treader or a hold'r it doesn't matter! The video is about how might happen at the 3rd of Jan. The decision is yours will you act to protect on this day your founds. It is not obligation, no suggestion, just a simple warning, nothing more. But those who don't agree, might leave their founds unprotected "on this day", and pray that won't happen anything wrong… Now it is to late to buy a Trezor or Nano Ladger S, for this occasion, but those who are still have this devices, now could sleep well… Have a good luck to all.

  19. there's a high fee in most of exchanges for withdraw tho

  20. I have my cryptos off exchanges, but I am positioned to buy if a major dip happens

  21. Ivan, let's say those who invest into crypto now will have 10-100x returns by the end of 2019. What the hell do we do with our FIAT, knowing a global crisis is coming? If I move my profit to a bank account, during recesion banks can limit my access to it. If I leave it in crypto, the prices will go down and I will lose my profit as soon as bull run is over. If I invest it in real estate, prices will go even lower during recesion so money is lost there. Keeping money on exchange is also not safe. Keeping FIAT in the safe might not be the safest option, and who know what will happen to FIAT currency after recession and with crypto growing. What the hell do we do with FIAT in the upcoming 2-3 years?

  22. It's good but if the date is constant for all the year Exchange can prepare themself for it…over all very good initiative..

  23. I don't believe the Proof of Keys movement is scheduled for the same day each year. Only this year. Future Years will likely be on a different day.

  24. It sounds good in theory but it also sounds like we'd be shooting ourselves in the foot. It also sounds like Trace is pitting us against each other. Nobody wants to be the last one on the exchange! That's bullshit. What I've got on Exchange is staying on Exchange. I'm not doing anything unless I lose all my crypto in which case I'm coming for you trace! Fucking genius

  25. c3tr4

    lol my shit has been off exchanges for a long time.

  26. I don't think the proof of keys movement will have that much of an effect TBH, the majority of exchange wallets don't carry significant enough amounts for people to justify withdrawing cos of the transactions fee'ls to pull it out and put it back in, there's 20 million addresses with less than $100 in them, there's less than 2 million addresses above that amount, and the ones with significant amounts in them ($1000+) will already most likely have them off an exchange unless actively trading with it on a daily basis.

  27. well sadly i dont have cryptos on exchanges xD, why? easy: my keys, my cryptos.
    PD: i only send cryptos to exchanges when im going to do something with that money, or a trading window opportunity.

  28. kdel

    99% of people in crypto have no clue how to set up a wallet off the exchange, it is very INTIMIDATING to a person with basic computer skills let alone a total computer illiterate. Trace Mayer said hardware wallets were hackable, then lets get into the major blockchain delays when you send 5 BITCOIN from a wallet to and exchange and its congested and takes 10-12 hours, that will put a knott in you stomach, its not an easy decision as you might think.

  29. Anyone trust that YoBit exchange. They screwed me on an account and wouldnt give me my username. Had around $100 in the acct too, which is enough for me to have missed at the time.

  30. Ben

    The truth is if you're not sure precisely how to use the hardware/cold storage wallets or protecting your private keys
    You are better off leaving it on some of the better exchanges!!! (LEARN how to ASAP!!!!!)

  31. hitbtc scam carful denied proof of key

  32. Interesting idea and I understand why they chose Jan 3, but I feel that for next year theyigut want to change it to December 31 because this would also help with closing out the year for possible tax purposes

  33. Proof of keys! There has to be a way to bring transparency to exchanges, aka proof of liquidity.

  34. I have smashed the likes.

  35. yet all the referral links are businesses that keep value for u.

  36. I think part of the issue is a lack of universal wallets. You can use exodus but even that has a limited amount of crypto it holds

  37. I'm not a "techie", but no way I am taking a chance and moving anything on the 3rd.

  38. Many people don't realize that the reason why so many did not cash out when the market was 800 billion was because we could not get in. We had at least five hours or so, just to move coins from our wallet on to the very busy exchanges. It was very tough to do anything and with a big movement up expected in the New Year, having the coins/tokens on the exchange makes it easier to sell them off. I used to work with Regulators and I could set up an exchange that was 100% safe. Right now, if anyone sets up an exchange that holds 100% of funds in bitcoin, available and why shouldn't they? I mean, they received the money and it should always be there unless the customer takes it so I'm not sure what this BS is that they might not have the money? The best country will have a crypto exchange the can audit any time and if any funds are there. This won't happen until after all the stock markets and world banks collapse this soon, which will cause all the liquid funds to flow into cryptos. This "ten to one" loaning of other people's money will not be allowed.

  39. hit btc froze all btc withdrawals lol

  40. But doesn't withdrawal bring % to exchanges?) Top exchanges won't lose from it

  41. i dont have my crypto on any exchange anyways and i think this "movement" is stupid.

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