By the way, I am still on the lookout for a reliable dead man switch arrangement. I'm afraid if anything happens to me, my family won't be able to collect. Any tips? Should I open yet another thread "out there"?
The best way I can see this working is by already transmitting the transaction, to a wallet that your family already own, but with a time delay of anywhere between a few months and a decade (depending on your desire for maintenance). I'd like to think this can be done by transmitting into a specific block in the future with
nLockTime (
discussion here), but I may be wrong. Possibly there are features within the lightning network that can facilitate this as well but again not sure.
This would act as the most reliable insurance for worst case scenarios, and don't already have shared custody set up, but more importantly would guarantee that your family get your Bitcoin, at an eventual date of your chosing - without the need for the switch, which is a single-point-of-failure in itself. What if you don't have access to your switch for example? Pragmatically speaking this is what you want I believe, a permanent solution dependent only on the variable of time, as opposed to your access to a switch.
Hope that helps with the brainstorming.
Thanks for your reply, dragonvslinux.
Unfortunately, your proposed solution doesn't cut it for me.
My family are mostly nocoiners.
Besides, I don't like to set up a transaction to a different address. IMO, the coins shouldn't move if there is no need to cash out.
What I would like to do is send an encrypted email with instructions on redeeming a wallet through its seed - and send it NOW.
The dead man switch I am imagining would just send the key to decrypt the email containing the seed.
October 15, 2018, 08:17:01: your own. full of doomy predictions and other rubbish
