61–70 of 119 posts
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.
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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
Some libertarian crank (I forget who) said that the best charity a person could do is to cash out their fortune and burn the paper dollars. This is a deflationary event and does just what you mention--gives everybody a little gift. Somehow a cynical suggestion like that is considered serious now. Because it is high-tech I guess.
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?
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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.
Just use something like Dashlane. People can report you dead, and then you have up until your specified waiting period to mark yourself as not actually dead. If Dashlane goes out of business you'd need a new provider, but as long as you don't die within a month or so of your password manager then you're set. Much better than writing your own.
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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.
Bitcoin continues to impress me with its consistent level of sketch
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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'
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It may be the way I was brought up, but, you know, the guy is dead. He can't defend himself. Especially from nameless attackers. Just leave him alone.
Strange, on the McAfee thread people where bathing in hate for the guy and I kinda respected his crazy life. This guy, being my conational that I never heard of, I got into a bit of digging and discovered a really creepy couple of blogs of women with CS PhDs that talk about him like some kind of cult leader and at the same time apparently the man regularly had 4chan level public discourse. What's up with that? Does a…
That's not "uncovering knowledge".
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?
The currency is digital. If the current smallest unit is worth too much, then we can just increase the decimal places.
Bitcoin is not like gold where its limited supply makes it infeasible as a currency for a large number of people because the size of the coins for everyday purchases would be too small to physically handle (hence the concurrent use of less value dense silver).
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.
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