Trace Mayer on Proof of Keys - WBD176
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 13 December 2019
⏱️ 58 minutes
🧾️ Download transcript
Summary
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.
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Transcript
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| 0:00.0 | Welcome to the What Bit |
| 0:02.0 | the What BitCon Did Podcast Podcast. |
| 0:05.0 | Hello from Uruguay, how are you all? |
| 0:09.0 | You all have a great week. |
| 0:10.0 | I'm having amazing time down here in South America. |
| 0:12.0 | It's my first time, met so many great people. |
| 0:14.2 | It's just a really cool place. Really enjoying Uruguay. |
| 0:16.2 | Anyway, welcome to the What Bitcoin did podcast which is brought to you by Krakhan and |
| 0:19.8 | today I've got an interview with Bitcoin O., Trace Mayer, discussing proof of keys campaign. |
| 0:24.0 | But before that, I've got a message from my show sponsors. |
| 0:27.0 | So first up we have Block Phi. |
| 0:28.0 | Yes, the amazing Block Phi, my longest ever sponsor. |
| 0:31.0 | They are the future of Bitcoin and financial services and I've |
| 0:34.1 | been catching up with the team here in Uruguay finding out what is happening next |
| 0:37.1 | year the new products they're going to be releasing which are very cool. I really |
| 0:40.1 | can't wait to tell you about them all. They are definitely the best in the |
| 0:43.4 | sector. They are building a powerhouse of Bitcoin borrowing and lending. So if you |
| 0:47.4 | need a loan for your cyber truck, your flamethrower, a trip to the moon, or if you |
| 0:51.8 | got to pay the man, then Block 5 got you covered. or if you got to pay the man then Block 5 got you covered. |
| 0:54.0 | And if you want to earn interest on your Bitcoin, ether or GSD, |
| 0:57.0 | while they've dropped all minimum deposits, they've removed the early withdrawal penalty |
| 1:01.0 | and you can receive interest payments in the currency of your choice. |
... |
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