What if you die and you had thousands if not millions in cryptocurrency in your super secure wallet that no one knew about? How will your wife/husband/child/parents/siblings be able to get access to it and exchange it for cash? Have you thought about this issue?
There's thousands of bitcoin accounts of dead people that no one can claim, most likely with millions of dollars combined in these accounts. They're just sitting there... collecting more and more money and nothing can be done about it. They can't even go to a charity or a government to use. They're useless.
How are you securing your digital inheritance for your loved ones?
I'd probably have a written letter explaining about the currency and a location to a hardware wallet.. in a safety deposit box and have the key kept by a lawyer and to be given to my family in the event of my death? I guess.. I dunno
Noah Butler
My mom knows where I keep my private key. I trust her not to steal my coins though.
Samuel Williams
That's why you now have smartcontracts on Ethereum that will transfer funds to pre-selected people when your death certificate is emitted
Juan Adams
coin being locked away for good drives the price up, thats not a bad thing desu tbqh senpai
Jeremiah Fisher
>man accidentally throws out harddrive with $7.5 million dollars worth of bitcoins on it in 2013
Just think how much that 7.5 million dollars is worth now...
There are so many scenarios like this. It's possibly the only thing that is really keeping bitcoin afloat..people losing millions and millions of bitcoins and not being able to do anything about it.
Leo Clark
I have many encrypted backups hidden away tons of places. I used Shamir's Secret sharing system to split the passcode into multiple pieces. Each piece tells you nothing about the passcode itself. It's only when you have enough pieces (you can specify, 2 of 3, 3 of 5, etc) that you can decrypt. I provided a backup and piece (using a cryptosteel) to each trusted party. Will in safe deposit box spells out trusted parties and secret assembly/decryption process. Trusted parties are not known to each other. I don't know the password itself, but rather a string that when hashed generates the password. It's a very difficult gpu/parallel-resistant hash that takes a modern desktop roughly a week to hash.
Setup is resistant to: [X] Casual snoops of myself or parties [X] My dying or having memory loss [X] Local flood, fire or electrical failure [X] Brute forcing or phishing password attacks on backups [X] One party defecting [X] Robbery attempt [X] Being held at gunpoint for coins [X] Destruction of nearly all backups [X] Government seizure of files
Short of a highly coordinated simultaneous robbery or lengthy hostage situation I'm pretty good.
Gabriel Phillips
A lot of these stories are also fake. Although the myth is strong enough that people have ACTUALLY gome out looking for these drives. Unfortunately, the truth is more likely that exposure to the elements has damaged these wayward drives and thus made the wallets irretrievable.
Isaac Parker
>have the key kept by a lawyer
oy vey! what a great idea!
Jordan Carter
>Short of a highly coordinated simultaneous robbery or lengthy hostage situation I'm pretty good.
>didnt even think about securing his precious coins against an asteroid smashing into earth.
Benjamin Ross
I get paid upon PoD, Proof of Death. Like a head.
Connor Sullivan
About 1/3 my stash is easily accessible for them. The other 2/3 require some work, and I have a document explaining the process.
John Howard
Half the key at the lawyer. Half in a safety deposit box with your family as beneficiaries.
Sebastian Garcia
If only there was a way to commemorate in writing your wishes and secrets post mortem. Like a legal document to make your will known to survivors and heirs. That would be cool.
Ian Wright
Fuckin kek'd
Alexander Phillips
>What if you die and you had thousands if not millions in cryptocurrency in your super secure wallet that no one knew about? How will your wife/husband/child/parents/siblings be able to get access to it and exchange it for cash? Have you thought about this issue?
Yes, and my answer is - I don't give a shit, because I will be dead.
Then again, I have showed where I store this stuff to my parents and also briefly explained how it works. If they will be too slow to figure it out, then they don't deserve the money.
In fact, I store my trezor in my safe, so upon my death people will just open the safe, see that it is a trezor or ledger device with numbers written on them (the amounts of crypto they hold) and will probably be able to figure it all out.
Although getting the passphrases and pins might be trickier.
Nicholas Murphy
Holy shit, does it actually work? That is pretty amazing. But how will Ethereum recognize that it is a legitimate certificate of death? For that to work the death certificate should be registered on the blockchain, HOWEVER the problem is there are different laws in place that, for example, say that all the children have to inherity a part of your property. You can't just give 100% to one child.
Evan Lewis
The evil part about this that it would open a pretty effective smart contract market for assassins
"Murders for hire - payment upon PoD".
Hunter Jenkins
What will you do when one of the trusted parties dies?
Cooper Howard
This is easy...
Write a text document with all your info in it. Zip it with a password. Put it on a USB stick Put in deposit box with the password for the zip file.
Make spouse beneficiary on safety deposit box at the bank.
Robert White
No it doesn't actually work.
Colton Morris
good luck with that.. im sure those exchanges and wallets won't block your account when a new IP address or some other computer your wife/child/parent is on tries to access it and it thinks it's a hacker
the strict security measures in place is going to screw many people over
Connor Bennett
Easy....I make my kids and husband learn about this crazy shorn with me....I believe its the future why wouldn't I teach them about it? Coin base is out and I make my husband buy every week on his own Coin base....now I need to teach him how to use the ledger
