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Title: What happens if ?? Post by: rajat08 on January 16, 2016, 07:55:27 AM I am curious about campaign managers and the ones that provide escrow service.
This may be stupidest question ever but I am curious to know what people think of this topic. The campaign managers and escrow has lots of bitcoins and collateral also. I know many escrow and managers are very good with their service and their trust but what if they die due to health disease or any natural disaster. What happens to all those collateral or there bitcoins. Those bitcoins will remain their wallet all the time and no use of it. What happens when someone providing loans die and they have your collateral? Title: Re: What happens if ?? Post by: DrG on January 16, 2016, 08:01:25 AM It is effectively lost. The value of coins in the keys is not destroyed but nobody will ever be able to access those coins.
This is why a good escrow agent will have a contingency plan should something happen to them with instructions clearly spelled out. Title: Re: What happens if ?? Post by: tyz on January 16, 2016, 08:31:15 AM Well, there is always a minimal risk. You could spread the risk by distribute the collaterals (if the collateral is very valuable) to two or more honest escrows. If someone die or get injured by an accident for instance, you have lost only a part of it.
Title: Re: What happens if ?? Post by: OmegaStarScream on January 16, 2016, 08:35:41 AM People mostly prefer to see users as scammers (and don't see the worst-case scenario which could be death) , so when someone stop connecting they will assume that he scammed people and leave negative trust and that's it .
Now what happens to the coins ? they will be lost for ever and like Satoshi said .. Quote Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone. Title: Re: What happens if ?? Post by: avatar_kiyoshi on January 16, 2016, 01:56:07 PM Definitely lost coin, and usually the person will stamped as negative trust on their account.
Title: Re: What happens if ?? Post by: abhishek.g on January 16, 2016, 02:35:58 PM I don't think this is a stupid question and yes there will be loss. This is why I think escrow should share his details and responsibilities with a person on whom escrow trusts.
Title: Re: What happens if ?? Post by: achow101 on January 16, 2016, 04:17:58 PM If the person knew that there was a high possibility that he might die, then he probably should not be escrowing or giving loans.
If he told people that he trusts (e.g. family) what he was doing with Bitcoin and how they can access his Bitcoin after he dies, family members or friends could continue his business or at least close out any deals so that others do not lose their money. Otherwise, the coins are lost. Title: Re: What happens if ?? Post by: avatar_kiyoshi on January 16, 2016, 05:23:19 PM If the person knew that there was a high possibility that he might die, then he probably should not be escrowing or giving loans. If he told people that he trusts (e.g. family) what he was doing with Bitcoin and how they can access his Bitcoin after he dies, family members or friends could continue his business or at least close out any deals so that others do not lose their money. Otherwise, the coins are lost. You can't predict how much your possibility to die. Well like you said, the best thing this, for all members is try to educate your family to understand bitcoin, and what is your activity in this forum/community, because when you die, you can give your bitcoin for who need it. Title: Re: What happens if ?? Post by: achow101 on January 16, 2016, 05:33:15 PM You can't predict how much your possibility to die. True, but if there are somethings where predicting death is a lot easier, like a terminal illness where the doctors say you have X amount of time left. And maybe if you live in a dangerous place maybe you shouldn't escrow, for more reasons than death. And if you live in a place where deadly natural disasters tend to occur, then it may be a good idea to also not escrow. |