Just because they never believed in you, it doesn't mean that they don't need to know...Our lonely ride.
According to an analysis, more than 20% of all BTC is lost forever. I am referring to BTC because obviously it is the battle ram and the king of them all in the crypto world.
20% of all BTC in circulation might not seem as a great number, but the truth is that is huge. It means that out of ~ 18.67 mill tokens in circulation ~3.75 mill is lost forever and most likely won't be recovered, ever.
The main reason behind this is that people lose access to their private key either of their hot or cold wallet. Not your keys...not your crypto, right?
Another reason is that they lose the cold wallet itself.
A third reason is that something really bad happened to them (maybe even a death) and nobody knew about those codes/keys
One would expect that this number would have a tremendous impact on the BTC network, at its price and possibly to new but also old investors. That it could be the reason that the so called "bubble" by many could collapse at any given moment.
Well, I have news for ya.
It had no negative impact. Not only the BTC network keeps expanding day after day and more and more people have access to it but exactly because those addresses act as nullified "accounts" it also benefits its steady growth and its crazy course to the moon.
A great example of this very situation is a whale LEO account whose owner lost access to his private keys. This account which by the way has more than 3K Mega miners and thousands of dollars worth of LEO tokens now act as "null" too...which is pretty sad for the owner but great for the rest of the holders.
Consider those tokens as burnt. Less tokens in circulation make the circulating tokens far more valuable. So if those forever lost BTC or in the above example LEO had any impact at the network, the reputation and its price it definitely wasn't negative.
Now tell me this...
How many times have you tried to convince family members, friends, colleagues to invest in crypto and you've miserably failed? Happens to me all the time...
"Wtf...what has it anything to do with what we are discussing here @mindtrap?"
Shhhh...it has everything to do with what we are discussing.
You've been involved with crypto for quite some time now, right? At least most of you. Most likely you are registered to Binance, Coinbase, Bittrex, Huobi, and a ton of other exchanges to make your trades.
You also use Metamask.
You have a Hive account.
You used to have/or still do have a Steem account too.
You also use Publishox...noise.cash and God knows what else.
You might have a well secured cold wallet where you hold your BTC or ETH regardless if your bag is small or big. It is still a bag.
Now if you count all those codes, all those seed phrases...all those private keys you mechanically use every day you just wouldn't believe they are so many.
Personally I've written everything down in 2 different pieces of paper where I store in different places and also have saved all the above codes in 2 different USB sticks where I also keep safe in different locations.
But NOBODY else knows about it, expect me.
Which I think it terribly wrong.
But what if God forbid, you die tomorrow? What if something terrible happens to you?
Would't you want at least your family to be benefited from all the hard work/vision of yours even if they didn't want to invest in crypto or never believed that you'll "make it" one day and live a better life?
I would...it would be selfish not to.
Your holdings might worth a few hundred $$ today or a few thousands. But a few years from now it could worth millions.
You wouldn't like your accounts to act as another "null" would ya?
I am trying to find a way to at least let my brother know about all those codes and holdings of mine, I am just not sure how. He's the one I'd jump into the fire after all.
Maybe something like "Keep this USB safe and if anything bad happens to me, just use it"?
I don't know, I guess I'd have to think about it a little longer.
So how about you?
I assume you keep your keys/codes safe, but does anyone else know about it?
PS. I apologize in advance if you find today's post a bit depressing but we, humans, take everything for granted...Take nothing for granted.
Have a good one people.
Image
Cheers!
Posted Using LeoFinance Beta
I think you bring up a fantastic point. Not only on how to alert others to your potential wealth, but how to secure your own Passcodes! You have made me think about this a bit deeper. It would be drastic to lose any of these keys. Great post.
Thanks for the kind words. It's always nice when people find the stuff I write useful.
The digital world is fantastic, and at the same time it's kinda hard to explain to the older why their keys/codes are so important. They feel safe knowing that they can recover their codes with a simple phone call to their bank/to their web provider etc and it's unthinkable to them that they could lose everything if they are not careful enough in the crypto world.
Maybe it's another reason or even a barrier to mass adoption, but what the hell? Decentralization has a cost, right?
Posted Using LeoFinance Beta
The complexity in short doesn’t help with mass adoption in my opinion. There is always a trade off through. Also, I think what we will see is the younger generations adopting these systems and the current systems will die out as we age dying with older generations. I think it’ll be a slow but consistent process then again, perhaps it will explode. 🤷♂️
well my sister knows about it and would most probably knew what to do with the seeds and passwords, but some accounts would probably be lost.
I tried to get her on Hive (she made an account and few posts but she was never big on posting things on social media) and i gave her a opendime with some sats so she is exposed to crypto.
Now how to make sure that she knows where to find it all, well no idea :D
I am pretty sure that 90%+ of the people haven't taken care of that matter. Not that they should but it would be a shame everything to be lost..
Posted Using LeoFinance Beta
It would make sense to break up the necessary information to recover all the passwords and private keys into two or more parts each held by a different escrow service that do not know about each other. In the event of your death, the two or more of these escrows would each send the information they hold in the event of your death to whoever you have nominated as persons of trust.
Posted Using LeoFinance Beta
Makes sense. Unless they meet each other and keep everything for themselves :P
Posted Using LeoFinance Beta
Who? The escrow services? They would not know about each other. Who says they even have to be run by humans.
Posted Using LeoFinance Beta
Read how this all have started with Toruk
Posted Using LeoFinance Beta
The only bomb I love in this world :)
Posted Using LeoFinance Beta
Good post! Definitely something a person has to spend some time thinking about. Part of the problem is most of us get in when it's not worth a whole lot. That's what happened to all those bitcoin people. Hell, there's a small chance I actually got some 10 years ago and don't remember. lol Pretty sure not but...if you didn't really care about it at the time, it wouldn't be too hard to forget it if you got it in some innocuous way. I mean, if someone gave me 200 dollars of Monopoly money in 2010 I wouldn't remember that either.
Back to your post though, as I was saying, when people start, it's barely worth anything. All of a sudden it can become a fortune and now it gets a lot scarier dealing with it. I don't have that problem yet. lol But hopefully it's coming...
Posted Using LeoFinance Beta
When it comes to money in a bank account, your family can take it back
But when it comes to more than 30 different letters and numbers to enter a digital wallet, they cannot
It is worth thinking about
Posted Using LeoFinance Beta
Yes, I've mentioned to my wife about my btc keys and exchange passwords but i'm pretty sure she hasn't registered what it's all about. To her it is still 'magic internet money'.
I think what i will do is separate the keys and the instructions into 2 separate files. That way, someone will need both sets in order to act on them.
That's an insane amount of lost Bitcoin, I am inspired to get all of my codes and phrases in better order and take a similar approach as you.
Posted Using LeoFinance Beta
Sad for the owners but good news for the rest. Ha. ha. Well explained.
Posted Using LeoFinance Beta
I keep those keys safe, and have told my wife how to get to them. I should do some key housekeeping and make sure everything is safe and backed up in a few places. Thank you!
Posted Using LeoFinance Beta
Here's a short video I ran into a while back:
Posted Using LeoFinance Beta
I understood the fact that you find this post "depressing", @mindtrap... However, it's very necessary for bringing very interesting reflections.
Posted Using LeoFinance Beta
That is how you store. I think you need to teach your kids or trusted one to send and receive crypto asset. Because giving only a piece of code to one who do not know the use will be dangerous.
Posted Using LeoFinance Beta
In 2018, I saw a project that offered solutions to a similar problem. Now I do not remember what it was called, but I will try to describe its essence.
Let's say you have an encrypted message or file on the blockchain. In which all the keys from different projects are stored and instructions for working with them. At your choice: for example, once a month you will receive a letter in your mail to which you need to answer with the necessary password within 1 month. If you have not responded within a month, the file with the keys is sent to your relative, to the mail previously indicated by you.
Posted Using LeoFinance Beta
Interesting, you make it kinda difficult for them but hey, they will probably receive something of great value which they had no clue it even existed.
Posted Using LeoFinance Beta
nice
Posted Using LeoFinance Beta
a
Posted Using LeoFinance Beta
Use passphrases.
I gave my passphrase to closer ones without letting them know what it really was. They can't use them without your device, neither with 'only' your 24 seed words.
'Keep this piece of paper secure just in case something very bad happens to me. Don't trust anyone. Never tell anyone about his existence.'
Posted Using LeoFinance Beta
They obviously need to know that it has something to do with crypto etc otherwise I am afraid they might quit easily. Everyone likes riddles as long as they solve them in the end
Posted Using LeoFinance Beta
I have been thinking recently along the same lines. Though I have no wife or children, it would be a shame for me to be null and my crypto go the way of the ether.
Already having gathered together all those seed phrases and keys, it is just a matter of letting someone know about it. My younger sister and I have already discussed it. She can get help from her daughter who is already involved in crypto should the Almighty call me home.
I did not find your post depressing, but practical advice to our fellows in this space. We do indeed take things for granted, but as I often say like others:
Hope you have a wonderful holiday weekend! Be safe.
Posted Using LeoFinance Beta
Have a wonderful weekend yourself also!
Posted Using LeoFinance Beta
I think it’ll be a slow but consistent process then again, perhaps it will explode.You have made me think about this a bit deeper. It would be drastic to lose any of these keys. Great post.
Posted Using LeoFinance Beta
I had a post about the exact same things you're bringing up here, a few months ago. The title was Do You Have A Crypto Will?
Posted Using LeoFinance Beta
Really? Drop a link to give it a read
Posted Using LeoFinance Beta
I can't believe it was 4 months ago :)
https://leofinance.io/@erikah/do-you-have-a-crypto-will
Posted Using LeoFinance Beta
Very good @mindtrap ...
... as this is absolute truth. We may not like to think about it, but ... Doesn't change the fact it is true.
My beloved lifemate knows about where the details are, of all of our keys, passwords, etc. However, she always says, "I hope you don't die!" as she is very uncomfortable with computers generally and tells me clearly she would have no idea where to even start. Showing her what I do and having her try it here and there (when I can get her to, which is not often ...) only reinforces, for her, what she thinks of her ability to "carry on," in the event of something happening to me ...
My answer?
Get the details to our "techy" firstborn son and he'll take care of it. Yeah, well, maybe so, but if we both go to "meet our maker" at the same time? 🤔 Hmmm, big problem ...
Nice encouragement to all of us to think very carefully about our "estate planning," particularly with how much "our fortunes" have collectively improved over the last 3 to 4 months.
Onward and upward! 🦁🚀
Posted Using LeoFinance Beta
Depressing? I don't think so, in fact it's instructive, as it talks about something that people commonly hate, and being sure who benefits from that if we die is something to think about.
But one thing I don't agree with is, if you work and work and gather good money in crypto, why not use it to enjoy with your family? I know the savings thing and that in the future it will be worth more, but if you die probably your family will enjoy that money. And why not you with them now? of course with this I don't mean that you have to squander it all, I mean that in saving and saving we lose sight that the most important thing is to spend time with the ones you love, and although money is important to support a family, it is never the main thing.
Posted Using LeoFinance Beta
Taking some of the table from time to time is a wise move. Both to enjoy simple stuff with your family but also as a safety net. Anything can change really fast in this world
Posted Using LeoFinance Beta
"But what if God forbid, you die tomorrow? What if something terrible happens to you?"
Damn, whoever comes after may close the door fam, I'm out, I don't care about my crypto. Yet I know that people with kids and whatnot may think differently.
I can still afford to be self-centered.
Posted Using LeoFinance Beta
Good post! Definitely something a person has to spend some time thinking about. Part of the problem is most of us get in when it's not worth a whole lot. That's what happened to all those bitcoin people.
Posted Using LeoFinance Beta
Even though this is something we don't like to think about in crypto, we should definitely think about it. Why do people make a will in 'real life' and not for crypto?
I have prepared a document that states that all my crypto assets go to my partner if something happens to me, and in the event that both of us die in an accident. Then 50% goes to my sister, and 50% to my partner's brother, describing exactly how this is divided.
The corresponding keys are included in this document and this document is safely deposited with our will.
It is certainly not much now, and may not be worth it at all for some. But who knows what will happen in the coming years? I still wanted to have it arranged!
Posted Using LeoFinance Beta
I kind of found the solution that works for me.
I have a Lastpass account. This is a secure password management tool and there you can set a trusted party that will have access to your passwords.
https://www.lastpass.com/
If they know that anything has happened to you they can request access. Then the system will ask you if you are ok with granting them access to your passwords. If you are no longer there to answer it will automatically grant them access after the period you have defined. If you are still there you can just decline the request the passwords are still only in your hands.
Posted Using LeoFinance Beta
I keep my passwords safe on various places, not only in one. I wish there was an app on the blockchain to keep all le ny passwords because there are so many its overwelming sometimes because yes se are humana de forget, aftrrvall this time in crypto Im still figuring out how to handle this things, I need a system.
Death is a sensitive subject but you are right we have to think about those real things and I would like to leave everything to my loved ones on a email, I think I would program an email to be sent to my loved ones with all my keys from all my accounts.
I could even make my testament in advance like leaving to different persons different accounts, like a cyber-testament, with no need of lawyers.
Actually Facebook has an option that you chose an account to mánage your personal page when you die, maybe in blockchain we need something like that, something like what we have with the recovery account, This is an interesting subject, good article, it made me think a lot of things.
Posted Using LeoFinance Beta
Thought-provoking for sure! Although I don't plan on dying anytime soon, I could die tomorrow, for all we know. I have my keys written down and I hope my friends and loved ones will manage to use these private keys in case anything happens to me.
Posted Using LeoFinance Beta
Congratulations @mindtrap! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :
Your next target is to reach 90000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out the last post from @hivebuzz:
You raise some good questions.
Posted Using LeoFinance Beta
Really, really so true! And I did not expect the number of "lost" btc to be this high!
Posted Using LeoFinance Beta
And it will only go up from here. Same goes for every projects. I wonder how many HIVE tokens are lost forever just because their owners lost access to their accounts...
Posted Using LeoFinance Beta
I hope/think not that many as Hive is newer and was not for so low as bitcoin was for years
Posted Using LeoFinance Beta