51–60 of 133 posts
Earlier quoted context omitted.
I am from India and trust me, finding a public toilet is more difficult than faking a death certificate
Can you easily buy a new identity and passport though?
Yet another aspect of crypto's long term ignored consequences come to light. i haven't seen ANY possible solution for transfer of crypto after original owner's death. even ethereum doesn't have this simple ability inbuilt(which you'd think would be obvious). this basic question gets downvoted on any forum you'd think of - husband/wife has large amount of money in crypto, they die due to unforeseen circumstances(or ev…
That's like saying cryptography is faulty since if someone encrypted an important document and threw away the key, it would be irrecoverable. That's the point. As for solutions, there are many: use a multi-sig contract with several owners (like a spouse and/or lawyer), or simply leave the seed phrase to be released in your will. The proposed solutions that "may or may not work" are easy to test, I'm not really sure w…
No, it is like saying cryptography has important long term consequences. I don't even see any synonyms for "fault" in the post.
There are mechanisms if someone is careful about their estate planning, the issue is we have a great deal of evidence that most people don't do estate planning [0] and the courts have to clean up the mess.
Kkarakk is completely correct in saying that a (potentially non-technical) spouse or heir is being exposed to an exciting new way of losing large sums of money that they are entitled to. This is clearly a disadvantage of cryptocurrency, even if it is an intentional part of the design.
Edit - This is a conspiracy theory but it doesn’t mean it’s totally crazy - there is a good chance this “dead” CEO is still alive. Very shortly before his death he got his affairs in order and flew to India. Then it’s reported he died along with a death certificate from India. Now they can’t find $200mil in crypto and are not reporting the cold storage addresses. Would not surprise me if there has been massive fraud…
Fake your death, get some plastic surgery done, enjoy life with those $200 million dollars
The company, which presumably has more employees than this one dude, never considered the fact that he was the only person who held the keys? C’mon. I’m smart enough to have given a friend my 1Password emergency recovery kit and, I tell you now, that ain’t worth $200m.
who would you trust enough to give the private keys to $200m?
The amazing thing is that BTC is still 3.5k after the countless money heist that happened. Actually I really thought that it was dead after Mt. gox. I guess that it’s Darwin at work here.
In heists, the coins become tainted and very difficult to sell as everyone can see their origin.
Mtgox removed quite a lot of BTC from the circulating supply.
Edit - This is a conspiracy theory but it doesn’t mean it’s totally crazy - there is a good chance this “dead” CEO is still alive. Very shortly before his death he got his affairs in order and flew to India. Then it’s reported he died along with a death certificate from India. Now they can’t find $200mil in crypto and are not reporting the cold storage addresses. Would not surprise me if there has been massive fraud…
http://dayssinceacryptocurrencyexchangehaslostmorethan100mil...
Edit - This is a conspiracy theory but it doesn’t mean it’s totally crazy - there is a good chance this “dead” CEO is still alive. Very shortly before his death he got his affairs in order and flew to India. Then it’s reported he died along with a death certificate from India. Now they can’t find $200mil in crypto and are not reporting the cold storage addresses. Would not surprise me if there has been massive fraud…
I am no expert but Indian laws are very strict when it comes to foreign money transactions. The law behind is called the Foreign Contribution (Regulation) Act, 2010. Everyone taking in foreign contributions need to register and file the amount of dollars flowing in.
I tried searching for the NGO on the FCRA website: https://fcraonline.nic.in/fc8_statewise.aspx
in state of Andhra Pradesh and got nothing.
Earlier quoted context omitted.
Dying from complications related to Crohn’s is not out of the question, especially in places that don’t always have the best health care.
https://en.wikipedia.org/wiki/Medical_tourism_in_India "India is cost-effectiveness, and treatment from accredited facilities at par with developed countries at much lower cost."
(Serious question, I have no idea what the answer is).
It's almost like they never heard of Mt.Gox and MagicalTux.
Earlier quoted context omitted.
A small typo can throw all the money in the trash, while a typo in a real contract can be fixed by a court based on other evidence.
No, there is no legal difference. A small typo in a crypto contract does not entitle the beneficiary to the funds. Your access to restitution through the courts is exactly the same.
That was the whole point of the comment you were replying to. Legal real-world contracts are simply better for the scenario described.