Technology Disaster | Bitcointalksearch.org

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Quote from: pooya87 on July 27, 2019, 10:33:36 PM

this is a big hassle and if you miss a deadline some time in the future for being busy or forgetting or whatever, the funds will be sent and now you would have to contact that family member and beg for your money back! and that is if they have not lost their "empty" private key!
additionally if the server gets hacked, the hacker can broadcast the transaction just to be annoying and you will have the same problem.
and finally if you use locktime in that transaction (which is usually the suggestion) the bigger problem is that you have to keep accessing your cold storage on those intervals move the funds to invalidate the previous tx and create a new transaction with a new locktime.

Well, the difference between this method and trusting your private key to some third party is that here the worst case is your family members getting coins prematurely, whether with third party they can just take your coins at any time. As far as I know, there's no perfect scheme that doesn't have some risks or tradeoffs, but feel free to correct me if you know some.

pooya87

legendary

Activity: 3472

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Quote from: hatshepsut93 on July 27, 2019, 10:09:24 PM

This topic has been discussed many times in the past, and there are many solutions proposed. For example, you can create a server (rent something like AWS) that will store signed transaction that moves coins from your wallet to wallet of your family, then you just send a message to the server that tells it that you are alive and well. If you fail to send the message after some time, it will automatically release the funds.

this is a big hassle and if you miss a deadline some time in the future for being busy or forgetting or whatever, the funds will be sent and now you would have to contact that family member and beg for your money back! and that is if they have not lost their "empty" private key!
additionally if the server gets hacked, the hacker can broadcast the transaction just to be annoying and you will have the same problem.
and finally if you use locktime in that transaction (which is usually the suggestion) the bigger problem is that you have to keep accessing your cold storage on those intervals move the funds to invalidate the previous tx and create a new transaction with a new locktime.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

This topic has been discussed many times in the past, and there are many solutions proposed. For example, you can create a server (rent something like AWS) that will store signed transaction that moves coins from your wallet to wallet of your family, then you just send a message to the server that tells it that you are alive and well. If you fail to send the message after some time, it will automatically release the funds.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Quote from: Malvika_sitlani on July 27, 2019, 05:26:42 AM

...
What if the person holding private key is dead or met with an accident and lost memory or the person gets Alzheimer?
...

I think your fears are well founded. This could happen even if the user has multiple wallet backups. One might consider writing a letter explaining how to get access to their bitcoin, then keeping it in a safe deposit box. In the event of death or incapacitation the box will be opened by the executor who will then be able to recover the funds.

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

One can keep the seed / private keys / whatever in a bank deposit box, with clear description what they are and how to use them.
But I am not sure if the bank will notify the family about the deposit box, in case of death. I think that you have to make certain papers for that while you are alive. From what I've read here, certain paper can be used for that only together with your death certificate.

Coyster

legendary

Activity: 2184

Merit: 1302

Quote from: Malvika_sitlani on July 27, 2019, 05:26:42 AM

What if the person holding private key is dead or met with an accident and lost memory or the person gets Alzheimer?

Crypto investment is quite risky and I know the part of we need to always protect ourselves, but we all have loved ones we trust, there are one or two people we can entrust with our crypto funds, in case we die, the thing to do is to educate those persons if they lack crypto knowledge, of how to use the system, what a private key is. etc. That way you'll be preparing them to handle your funds quite well In case something bad happens.

Quote from: Malvika_sitlani on July 27, 2019, 05:26:42 AM

In case of centralised currency there are nominees of the account and ways to get access but, here one has the monopoly on his/her funds. Which is total good and even I like the fact that I am the only one accessing my funds. But, what if any such situation fits in?

The thing with centralized currencies is that when we put up our money in the banks, we are always alert to adding a next of kin who'll inherit out funds if we die, but do not forget that crypto wallets also provides such features in its multi signature wallet which allows you to share your private keys with maybe two of your most trusted family members as well as yourself, that way if you're gone, one of them would not be able to access your funds single-handedly without the other, it adds an extra layer of security.

bitmover

legendary

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bitcoindata.science

Anyone who have a family and holds any significant amount of money in cryptocurrencies should tell a trusted family member where the privatekeys are.

This would be a nice back up and also a way for family members to use your money if you pass away.
Would you let your children without your BTC if you pass away?

dkbit98

legendary

Activity: 2212

Merit: 7064

In the case of death or Alzheimer,
he should leave his private keys to his trusted family member before that happens,
or maybe in safe with will after death.

It is like with any other assets people have.

Malvika_sitlani

member

Activity: 116

Merit: 14

There was this Joke flowing on whatsapp these days

Quote

'XYZ' was setting the voice recognition password of his phone.

A dog barked and ran away..

'XYZ' is still looking for the dog..! Wink

Taking it as a joke and enjoying is one part but, this msg took me to a though. I am thinking similarly in crypto world the private key holder is the one having access to everything and we can hardly trust someone and share any of our password or private key.

What if the person holding private key is dead or met with an accident and lost memory or the person gets Alzheimer?

In first case when he dies it is lows of funds to others but not the holder. In other cases the person is the owner of some(huge/low) amount of funds but due to memory loss he is not able to access his own funds. If there was some other way that funds would help him recover or at least get treated for his condition.

In case of centralised currency there are nominees of the account and ways to get access but, here one has the monopoly on his/her funds. Which is total good and even I like the fact that I am the only one accessing my funds. But, what if any such situation fits in?

I might be sounding stupid or emotional but, this though is striking me since I read the above mentioned joke.

Topic: Technology Disaster (Read 221 times)