One of the largest owners of Bitcoin, reportedly held over 1B dead at 41
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Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41
#2Now if I understand correctly, unless someone inherits a private key of his, his bitcoins are effectively dead now, right? I wonder how this will impact the economics of cryptocurrencies over time: I'm starting to see more and more reminders to congratulate dead people on work anniversaries on LinkedIn, and it feels quite morbid.
Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41
#3Now if I understand correctly, unless someone inherits a private key of his, his bitcoins are effectively dead now, right? I wonder how this will impact the economics of cryptocurrencies over time: I'm starting to see more and more reminders to congratulate dead people on work anniversaries on LinkedIn, and it feels quite morbid.
social recovery wallets [1] may be a solution to this problem.
Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41
#4Now if I understand correctly, unless someone inherits a private key of his, his bitcoins are effectively dead now, right? I wonder how this will impact the economics of cryptocurrencies over time: I'm starting to see more and more reminders to congratulate dead people on work anniversaries on LinkedIn, and it feels quite morbid.
social recovery wallets [1] may be a solution to this problem. [1] https://vitalik.ca/general/2021/01/11/recovery.html
But they’re not yet so 1B of Bitcoin just went bye bye
Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41
#5Now if I understand correctly, unless someone inherits a private key of his, his bitcoins are effectively dead now, right? I wonder how this will impact the economics of cryptocurrencies over time: I'm starting to see more and more reminders to congratulate dead people on work anniversaries on LinkedIn, and it feels quite morbid.
I don't think anybody is stupid enough to keep $1 Billion in some wallet protected only by their private key.
That would mean putting themselves in great danger.
Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41
#6Now if I understand correctly, unless someone inherits a private key of his, his bitcoins are effectively dead now, right? I wonder how this will impact the economics of cryptocurrencies over time: I'm starting to see more and more reminders to congratulate dead people on work anniversaries on LinkedIn, and it feels quite morbid.
If he didn't have a backup plan in place to be accessible by his estate, then yes, the coins are dead.
The coins dying with him are actually the best case scenario for all other holders.
"Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone." - Satoshi Nakamoto
Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41
#7"Of Polish origin"
With that (very Romanian) name, unlikely.
Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41
#8so, people being fallible and all, are we going to end up in a situation where there is .05 bitcoin remaining in the world; and the government controls it, and backs its fiat with it, and we're right back where we started
Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41
#9Earlier quoted context omitted.
social recovery wallets [1] may be a solution to this problem. [1] https://vitalik.ca/general/2021/01/11/recovery.html
But they’re not yet so 1B of Bitcoin just went bye bye
Bitcoin has had multisig wallets for a long time: https://en.bitcoin.it/wiki/Multi-signature
So it's not that hard to distribute several keys of the multisig to various heirs, who would have to agree on any transfers of funds. Another option is to keep each key in a different safe deposit box, with a will stating who gets access to the boxes.
Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41
#10Now if I understand correctly, unless someone inherits a private key of his, his bitcoins are effectively dead now, right? I wonder how this will impact the economics of cryptocurrencies over time: I'm starting to see more and more reminders to congratulate dead people on work anniversaries on LinkedIn, and it feels quite morbid.
Apple is introducing a mechanism to allow access to certain data after passing: https://www.cultofmac.com/744814/apple-digital-legacy/. It would be great to see more tools and services provide ways to pass on digital information so we don’t have too many haunted digital graveyards not too much digital treasure lying in waste.