Wow, we really are creating an ICO for everything. I was just going through my weekly spam removal in my email and discovered an ICO for a Digital Asset Inheritance Platform! Funny thing is, I was just talking about something like this the other day.
As many of you know I bought a motorcycle a few weeks back. It's a morbid thought and nobody wants to think about it but what would happen to my crypto currency holdings if I got into an accident and died. I'm not married, don't have a girlfriend, and my parents are close to 80 years old with no understanding of bitcoin or cryptocurrency what so ever.
In the greater scheme of things if I'm dead I really don't have to worry about it. LOL... However, why burden the family with funeral expenses on top of all the grief that comes with losing a loved one. I may not be a crypto millionaire, and as much as I'd love to leave my loved ones a nice inheritance, the bottom line is I have enough crypto assets to cover funeral expenses with probably a little left over for someone to buy something nice for themselves as a rememberance to whoever knew how to retrieve the funds. A problem many of us face however is how do our loved ones collect these assets after we're gone?
I tried to explain to my 80 year old father how to retrieve said funds, but he can't even operate the remote on his TV let alone be burdened with private keys, syncing wallets, and cashing out on an exchange. I'm not calling him an idiot, it's just the generation he comes from. On top of that he doesn't even have a computer and has no interest in ever getting one. I've thought about giving my cousins copies of my private keys, but frankly I don't trust anyone with my private keys! I've considered creating a "Dead Mans Switch" that after so long a period of time, if I don't reset it, it sends an email to whoever I want with my private key info and how to retrieve it. I've even talked about creating something like this as a service.
Anyway, I came across this today. https://www.digipulse.io/ DigiPulse IO has created an ICO to operate as a Digital Asset Inheritance Platform. This isn't an endorsement of the ICO, and I really haven't researched the platform enough to even make an endorsement. I will say that this is a service that the industry terribly needs and something I've actually been looking for. Not really sure if I'd trust this info with a new company either though.
So to end this where I started. I just had this conversation with my 80 year old father the other day. If I died, how could my family collect my cryptocurrency holdings? Anyone else have any thoughts on this? I know it's not a topic many people care to talk about, but in the greater scheme of things, the more crypto I accumulate, the more this question bothers me. Would love to hear any thoughts from the community :) Has anyone else considered this, and how are you handling this issue?
Wishing you all long prosperous futures. Happy trading everyone :)
Good question.. I need to show my husband.. however what if he and I are together and something happens. Great post! This is something we all need to share our thinking on resteemed.
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I never really thought about it till I started riding my bike. It's definitely something all of us need to consider. As you said, it's quite the conundrum.
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Leave instructions where the private keys will be found, as in "Take the purple USB stick in drawer X to guru Y and ask them to figure out what to do from reading the README file on the stick"
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then you have to trust whoever they take it to.. this is really a conumdrum :)
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This was actually a thought! Great idea, I was thinking along the lines of a safety deposit box with two keys given to two people I trusted. Someone else on twitter suggested a smart contract and a law firm with the technical expertise to activate the smart contract and distribute the funds accordingly.
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Everything and I mean everything is being disrupted and re-configured for the blockchain. It's fucking overwhelming. Just as you start to read about one interesting project 3 more pop up. I want to go back to March when everything was much simpler.
Having said that, these guys are onto something good.
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Was just thinking the same thing. Everything was a little simpler before March. You're right though, lots of interesting projects popping up. I may have to spend the weekend researching some of them.
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Could you make a multi-sig wallet with both keys required, give one key to a family member and leave the other in the will? Sure if no-one is capable of using them that's a problem, but I'm sure they could hire someone to do the retrieval.
I was thinking about this too, I gave my partner my passphrases and told her to look to the online communities to help her in the event of my death.
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That would definitely work for wallets and individual coins. Great idea too. For me that only fixes half the problem. Being a trader, I have a large amount of crypto on multiple exchanges at any given time. That's part 2 of my dilemma.
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Use decentralized exchanges as much as possible? I dont know if you can do multisig on Bitsquare for example, but it might be worth a try.
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Just give your dad your key and tell him, in case of death do a crash course with a person of trust
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I'm thinking everything on a USB stick with instructions for one of my cousins.
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I really need to put something together with all my wallets and on-line accounts so that someone could deal with them if anything happened to me. My Steemit account at least has a substantial value. I'll look around to see what others are doing. Maybe an encrypted flash drive in a safe with the key and password split between a couple of people I trust.
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I was thinking along the same lines. Flash drive, instructions to recover from both wallets and exchanges, and a couple family members knowing where to find the flash drive.
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Too many ICOs, too little time to research every one of them :( Have you heard about Kik ICO?
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I really try to stay away from all these ICO's. I let them hit the exchanges, give them a few months for the hype to die out, and if they're still around and the project seems to be running smoothly then I consider buying in. I just had to many problems with ICO's in the past, so I'm really cautious now.
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