Death & Crypto
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A bit of a morbid topic, but death is really a part of life. It's the ultimate inevitability. At the point of editing this video, a crane collapsed in east London, killing a lady that didn't know she was going to die today.
Traditionally, money in the back, or investments can be made known to loved ones and solicitors (or people with powers of attorney), who can deal with one's fortunes after one passes away. A will could also be left behind to clarify what goes where and to whom.
Cryptos come with a whole load of complexities. There's the legal and financial issues, which are similar to standard money, but there's the added layer of dealing with cryptographic keys. I talk about these issues in the video.
The global pandemic has brought the topic of death to the centre of most people's minds these days. It's got some people pondering their mortality for the first time.
Peace & Love,
AdeΜ
I have been thinking about this. I started putting together a Google doc that I am sharing with some family members with details of various financial stuff such as pensions, bank accounts and insurance that will have value should I die. Of course there is also crypto. My Steem was worth serious money at one point and I still have a few grand in Hive. The two issues are communicating what it is and how to give access.
I have used the Lastpass password manager for years. They have a paid family plan that allows you to give access to others under controlled conditions. I am in the process of checking this out. It looks like you can designate people who can request access and if you do not respod within a set time they get it. So there are risks of it being abused, but then I would be very careful who I gave this too.
Of course I need to give them instructions on how they could access my crypto accounts and extract the funds. That can be in the shared document.
I have thought about ways to split the keys between several people, but that adds extra complications. There might be ways to automate a process that sends details to given people if I do not stop it happening, but that's also complex. People don't even use encrypted email, so sending anything that way is risky.
I'm interested to hear about how others are handling this.
I've seen a few of those tools that send passwords periodically (unless you stop it) to designated people. Like you said, that's subject to abuse.
I feel like there needs to be a crypto solution, like a smart contract of some kind that is trustless. The good thing about Hive is the wallet is public anyway, so what is contained there is clear. The information is also out there for would be claimants to educate themselves on the value of the token and how to cash it out, or continue staking, or whatever. The issue is how to grant access.
If only Skype worked in heaven (or hell) sigh.
There are cryptographic protocols for key splitting, but we have to make it easy for the right people to get access when needed. Maybe one of our smart developers can come up with something. Of course you can go old-school with a flash drive or printout in a safe. I'll give it some more thought.
There's a potential millionaire making tool there somewhere for a clever developer :)
Thank you for this ... we do need to consider this now. I do know what I would do for my choice of heir if I KNEW I had Covid-19 in terms of access to keys, but I can definitely do more. This does require trust on a level that is hard to find in this world situation.
By the way, you present very well online on such a serious subject ... beautiful calm voice and spirit, delivering a message in a way we can receive it.
Oh thank you for the wonderful compliment. I receive it π :)
It's a pretty serious topic. I am still looking for solutions. I am not comfortable with handing my keys to anyone - not even a lawyer. It's a hard one :)
Yes, it is. But what you are doing is getting us all thinking about it.
W ow, muy interesante lo que has explayado en este post, la verdad es para meditarlo, pero la ultima palabra de nuestro destino esta en manos de nuestro creador, por eso lo susesivo es si somos un poco o quizas muy precavidos para dejar todo correctamente detallado, gracias por compartir.
Gracias por el comentario. Estoy de acuerdo :)
This reminds me of a brilliant phrase said once by Andreas Antonopolous: "If I could get a chance to rename Bitcoin, I would call it TRUSTNET."
Because it is all about trust.
100%.
I think it is useful to think about mortality and make plans accordingly. It is not morbid, it is realistic. Thanks for sharing!
Thank you. It's a difficult subject nonetheless :)
Yes, it is. I think that you were brave to approach it so direct and so realistic. Many people would benefit if they would follow your example. Death is natural and it is part of life. Nobody returned to tell us how is on the other side, but having this crippling fear of death makes people be oblivious in front of it.
!ENGAGE 10
ENGAGEtokens.The solution to this is to go the old fashioned way. You make up a testament with a notary or lawyer. There you give sealed envelopes which will be designated to the people you want after you died, if you like to add an extra layer of security, you can start working with two layers, two envelopes which each hold a part of the keys or instruction set ... it also depends on the total worth of your assests
Good suggestion! I think it will workout. We all know that old is gold π π π π
Right.. so if the lawyer opens the envelope, you know what stole your funds before you died :)
They are not supposed to open the envelope ... and for safe keeping you could split the mnemonic into parts. With that said, it is good that we as a community are thinking about these real world problems, that do need a solution
Yikes scary! I got to think about this :)
Haha. Sorry :)
dont know what will happen. :(
Nobody really does :/
I dont have to worry all these things because I dont have both. I dont have money in the bank and I dont have crytpos in exchanges and online wallets.
LOL. The living the simple, worry-free life.
You are right with that, less worry.
important topic! we should definitely write down the keys for people close to us in case something happens, it's a no brainer, but it's something that is hard for the reasons you mentioned
Some people trust their family enough to do this with peace of mind. haha.
I have a sealed box with some of my passwords in a secure location. This has details to be passed to my best friend in the event of my death as he is one of the few who would know what to do with it.
Not 100% secure but I'm happy enough with the set up and at least it won't be lost.
I think this may just be it. We'd have to just trust someone to an extent. Better than it being totally lost.
I can't die, I'm a Mannequin ;-)
Hugs
Hivelander The Immortal Mannequin
Haha! Lucky you. That's a great skill to have :)
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