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Remove coins from exchanges lead to supply squeeze?
3 sats \ 5 comments \ @bitcoingraffiti 2 Dec 2021 bitcoin

Would supply be lower if more people would take their Bitcoin off exchanges?
How much of Bitcoin held on exchanges is actually only IOU?
So could supply be more squeezed with increased self custody?

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2 sats \ 2 replies \ @bitcoingraffiti OP 2 Dec 2021

My broker for example where I DCA doesn't make a transaction per buy I make.
I made a lot of buys and then when I withdrew to coldstorage all my BTC was sent from a single address. So with that broker, I don't really have a wallet it appears.
They likely not have a full reserve.

Perhaps we should introduce a self custody day a year viral campaign, so that everybody is encouraged to take it off exchanges.

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2 sats \ 1 reply \ @nout 2 Dec 2021

January 3rd is a self custody day: https://www.proofofkeys.com (mentioned by @ugmug above too)

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1 sat \ 0 replies \ @bitcoingraffiti OP 2 Dec 2021

I saw Trace Mayer and got spooked. I don't know a lot about the history to be frank. Heard the guy went nuts on alts.

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1 sat \ 0 replies \ @k00b 2 Dec 2021

It makes sense.

  1. Removing keys from an exchange implies HODLing.
  2. There's no way to know for certain but there's likely all kinds of fraction reserve wonkiness going on in apps like Robinhood.
  3. Yes, self-custody is a lot of overhead if you plan to sell short term.
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1 sat \ 0 replies \ @ugmug 2 Dec 2021

Relevant event: proof of keys.

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