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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

#41

Post by rawtxapp »

dheera wrote: post #21
anonporridge wrote: post #6

Earlier quoted context omitted.

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

Even if they didn't, the rest of the world could probably peacefully agree to a hard fork in which those coins stop existing. One of the disadvantages of crypto, I suppose, is that people could gang up and hard fork against any arbitrary billionaire even if they were alive.

If we know anything about Bitcoin is that hardforking it doesn't work and you end up with coins that are worth a couple percentage in value compared to the original chain.

Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#42

Post by hsbauauvhabzb »

dheera wrote: post #24
memco wrote: post #10

Earlier quoted context omitted.

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.

As much as I hope nothing happens to me, I've always thought about writing a "dead man switch" piece of code that sends all my keys and passwords to a couple of trusted people if multiple signals all suggest that the unfortunate has happened. For example, all of the following must be true: * Zero Github commits in a week * Zero Facebook or Instagram posts in a week * Zero e-mail outbox messages in a week * Zero smart…

A week is a short amount of time if you ever take full blown technology holidays. Additionally, zero XXX could be easily broken by some arbitrary function (a Facebook app for instance).

I’d be careful to multi factor data decryption, the encrypted data must be released and some party you trust who isn’t likely to die with you holds a decryption code

Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#45

Post by anonporridge »

dheera wrote: post #21
anonporridge wrote: post #6

Earlier quoted context omitted.

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

Even if they didn't, the rest of the world could probably peacefully agree to a hard fork in which those coins stop existing. One of the disadvantages of crypto, I suppose, is that people could gang up and hard fork against any arbitrary billionaire even if they were alive.

> One of the disadvantages of crypto, I suppose, is that people could gang up and hard fork against any arbitrary billionaire even if they were alive.

This isn't unique to crypto. People have literally been ganging up against powerful individuals since pre history. Hell, it's common in the animal world. Young male lions often gang up to oust the old alpha and take over his pride.

And beyond that, our current legal system can go after any arbitrary person much more easily than it would be for the entire world to consent to hard forking to target a single individual.

Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#46

Post by sneak »

dheera wrote: post #37
sneak wrote: post #33

Earlier quoted context omitted.

You can just give private keys to a bunch of people, and give a cyphertext encrypted to all of them to your attorney, to be distributed upon your death. Then you don't need complex technical triggers.

I suppose. But that means I must find an attorney first. What do they cost, like $900 an hour? ... I think that's part of what I'm trying to replace by technical means.

If you have enough cryptocurrency to worry about distributing upon your death, you have enough money to hire an attorney. (PS: they aren't $900/hour.)

Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#47

Post by jamal-kumar »

wmf wrote: post #34
jamal-kumar wrote: post #28

The craziest thing about this is the beach he died at. Playa Hermosa is pretty well known for mad riptides and not being such a fun place to surf or swim as a result. What the hell was he doing there swimming around casually? There's warning flags everywhere... you can see them in the local news article regarding this https://www.teletica.com/sucesos/extranjero-de-41-anos-murio... "Los hechos se dieron a eso de las 8…

He was a crypto billionaire, so either he was murdered by the G7 or he faked his own death.

blistering take wow

https://www.google.com/search?hl=en&q=muerto%20playa%20hermo...

not like people dont just die at this beach all the time after not heeding warnings. i live like a few hours from here it's really sadly common. especially considering its literally called 'beautiful beach'

Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#48

Post by paulpauper »

macksd wrote: post #2

Now 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.

it effectively reduces the supply by .13%, which is tiny

Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#49

Post by ipaddr »

dheera wrote: post #24
memco wrote: post #10

Earlier quoted context omitted.

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.

As much as I hope nothing happens to me, I've always thought about writing a "dead man switch" piece of code that sends all my keys and passwords to a couple of trusted people if multiple signals all suggest that the unfortunate has happened. For example, all of the following must be true: * Zero Github commits in a week * Zero Facebook or Instagram posts in a week * Zero e-mail outbox messages in a week * Zero smart…

You are one power outage away from that email.

Re: One of the largest owners of Bitcoin, reportedly held over 1B dead at 41

#50

Post by Alex3917 »

senectus1 wrote: post #18
anonporridge wrote: post #6

Earlier quoted context omitted.

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

not really sustainable though is it?

Completely sustainable, because coins are very highly sub-dividable.
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