If you bought Bitcoin and want the price to go up, OWN your private keys

Many exchanges are trading more BTC than what is owed to their customers, ie. they have non-solvent BTC reserves and are trading paper Bitcoin.

QuadrigaCX (extinct Canadian exchange) revealed that Cotten gambled away its reserves which were owed to its customers. Mt. Gox (largest exchange until 2014) was insolvent, but still operated until its demise.

Had the majority of customers demanded custody of their keys, exchanges would need to BUY BTC to have enough to operate, otherwise collapse. Keeping exchanges honest with their reserves = extreme BUY pressure.

Recent evidence on fractional reserve: It was obvious during the first few hours after the launch of GRIN, that the trading volume on exchanges was greater than its total supply. Grin’s inflation schedule is calculable, and it requires 1440 blocks confirmation for coinbase reward maturity. You can't spend the coinbase output before 1440 blocks, but yet exchanges listed and traded as if you could.

NOT YOUR KEYS, NOT YOUR COINS!

Submitted July 15, 2019 at 12:05PM by lobt https://ift.tt/32oGX7T