In the interview, the pair is promoting a crypto ownership awareness event called “Proof of Keys“. During this event, cryptocurrency holders are urged to remove their crypto assets from exchanges and other third parties in an effort to prove solvency.
Not your keys, Not your Bitcoin
The idea is that if the exchanges actually hold customers’ crypto assets (which they claim to store for customers after deposit), then all customers should essentially be able to remove their assets from those third parties at any point. Focusing on the fact that crypto holders should know how to store and protect their crypto private keys, and effectively transfer them into their own possession at will.
Mayer described the details and reasoning on his website :
“By demanding and taking possession of their assets, individuals will learn real fast with blockchain proof whether they are part of the elite HODLers or not. Proof of Keys is the annual HODLer initiation.”
This event is designed to help test the blockchain network consensus, as withdrawing assets, in theory, would prove the validity of different asset chains.
Moreover, Mayer urged the crypto community to use his event to find out which crypto exchanges (and other third parties) can prove they have the funds they claim to store : “This is a fight over your monetary sovereignty”.
Trace Meyer og Bitcoiner is starting a proof of Keys day for btc on the 3rd or before where you pull all your btc off 3rd parties and establish personal sovereignty over your btc. Great for people to know how to do if they don’t and keeps 3rd parties honest!— HashRight [jan/3 BTC🔑] (@hashright) December 14, 2018