Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Millionero]

What good is your money when you're dead?  Seems like you should want it to benefit your heirs.
I'm over 60 and my bitcoins are sitting in a wallet that nobody but me can access.
I have to start thinking about this stuff.

[d_eddie]

How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

If the button isn't pressed one week, it is assumed the bitcoin user is dead or incapacitated and it's time for the bitcoin to be passed on, at which point the service automatically dispenses a "secret," which can be used to retrieve the crypto.

https://www.coindesk.com/how-to-protect-bitcoin-for-your-heirs-with-the-push-of-a-dead-mans-button

Here they are talking about LN, but it's okay to think about these things. (it doesn't have to be LN.)

Don't cheap out with this. Go set up your will with a lawyer that specializes in this. Make sure all your accounts and the information needed to access them is setup ahead of time for your heirs. Choose your estate executor. Update as needed every few years. This is important stuff if you have a family or otherwise want to disburse your assets after you die. Nothing is as soul draining as when already suffering from loss to then have to spend your time you should be grieving instead messing with lawyers and gov't types and unscrupulous relatives because your loved one failed to plan ahead. Ask me how I know this.

Here's btctalk thread about a dead man's button system, still in alpha though.
This is one of the few topics I'm always interested in.

https://bitcointalk.org/index.php?topic=5185907.0

[Elwar]

How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

If the button isn't pressed one week, it is assumed the bitcoin user is dead or incapacitated and it's time for the bitcoin to be passed on, at which point the service automatically dispenses a "secret," which can be used to retrieve the crypto.

https://www.coindesk.com/how-to-protect-bitcoin-for-your-heirs-with-the-push-of-a-dead-mans-button

Here they are talking about LN, but it's okay to think about these things. (it doesn't have to be LN.)

Before my flight from Thailand I had most of my bitcoins on cryptosteel wallets evenly distributed which I carried around all over the world (letters and numbers scrambled in a way that only I knew).

I also created a printed copy, 2 halves of each private key.

I gave them to two of my non-crypto family members that I knew could keep them safe. I told them if I die to combine the papers. They didn't really know what that meant but were fine with locking them away safely for me.

After I made it safely to Panama after Thailand took my house (along with my cryptosteel), I got on a video chat with each of my two family members and had them read off the numbers so I could combine them and secure my bitcoins.

That was my dead man's switch.

Sure, in theory, my family members could have combined the papers and took all of my money...but I trust them with my life so I was not worried about that.

[VB1001]

The two halves in any of its methods are a good option, hardware, paswoords or whatever comes to mind.
Then you have to choose well who is given each half and of course have a copy of everything.

[AlcoHoDL]

[...]

Sure, in theory, my family members could have combined the papers and took all of my money...but I trust them with my life so I was not worried about that.

The problem is not that your family members will steal your money intentionally. The problem is that they may innocently tell someone about it, or just not take proper care of it and let it leak to the wrong hands. This is exacerbated by the fact that they don't understand it, and may even think it's not so important, thus not treating it seriously. That's why you should never share a passphrase, even with your parents or spouse.

Personally, when they complain that "I don't trust them" or "I don't love them enough", or whatever, I say "it's because I love you dearly that I don't share it with you". It's a bit difficult for them to understand, but eventually they get it (girlfriends are the most difficult).

When it comes to security, my motto is "if you disclose it to anyone, consider it compromised".

[lightfoot]

Elwar: Cool. I thought you might be sunk since your Trezor was acting up (turned out to be a non-data USB cable). Glad you had backups.

[lightfoot]

Personally, when they complain that "I don't trust them" or "I don't love them enough", or whatever, I say "it's because I love you dearly that I don't share it with you". It's a bit difficult for them to understand, but eventually they get it (girlfriends are the most difficult).

Oh yeah: Explain to them that they could be tortured if they knew your key.

Of course they may be tortured anyway, and if the torturer doesn't believe them then it's going to be a very long night. Maybe give them access to a small portion of the stash, but large enough to remove the torture.

[AlcoHoDL]

Personally, when they complain that "I don't trust them" or "I don't love them enough", or whatever, I say "it's because I love you dearly that I don't share it with you". It's a bit difficult for them to understand, but eventually they get it (girlfriends are the most difficult).

Oh yeah: Explain to them that they could be tortured if they knew your key.

Of course they may be tortured anyway, and if the torturer doesn't believe them then it's going to be a very long night. Maybe give them access to a small portion of the stash, but large enough to remove the torture.

Plausible deniability is what you're describing. That's an extremely effective method of protecting your coins/data and still minimizing the chances of being tortured to death. Of course, poor OpSec is your worst enemy in such matters.

[JSRAW]

Yearly Candles...

https://twitter.com/ChartsBtc/status/1231961500392120320

[JSRAW]

When it comes to security, my motto is "if you disclose it to anyone, consider it compromised".

Me and my ledger's security. 

[Elwar]

[...]

Sure, in theory, my family members could have combined the papers and took all of my money...but I trust them with my life so I was not worried about that.

The problem is not that your family members will steal your money intentionally. The problem is that they may innocently tell someone about it, or just not take proper care of it and let it leak to the wrong hands. This is exacerbated by the fact that they don't understand it, and may even think it's not so important, thus not treating it seriously. That's why you should never share a passphrase, even with your parents or spouse.

Personally, when they complain that "I don't trust them" or "I don't love them enough", or whatever, I say "it's because I love you dearly that I don't share it with you". It's a bit difficult for them to understand, but eventually they get it (girlfriends are the most difficult).

When it comes to security, my motto is "if you disclose it to anyone, consider it compromised".

They knew it was a lot of bitcoins they had control of. They joked at times that they were together (rare) that maybe they should put the keys together and be rich. If at any time I felt worried I could move my coins. They put them in safety deposit boxes.

Elwar: Cool. I thought you might be sunk since your Trezor was acting up (turned out to be a non-data USB cable). Glad you had backups.

Ya, that was another portion of my coins. I had my backup passphrase on the seastead. I had the trezor with me.

Fleeing the navy on a sailboat under threat of death while also believing I may have just lost a few hundred k worth of bitcoins was beyond stressful.

Protecting your keys is no joke. Most people don't figure "what happens if the government comes and steals my house".

[AlcoHoDL]

Alan Turing used to chain his mug to the radiator in his office to stop it being stolen. It's still there today.



https://twitter.com/bletchleypark/status/855376587600080896

[soxxx]

Dow is down nearly 900 points today.

It makes you wonder if they are going to blame the Corona Virus as the reason the stock market crashes, when in reality its obviously a lot more than that (federal banks printing money).

[Tash]

I'll bite.  What's the meaning of an M7 hand sign?

edit: here's the reference

Maybe for Bitcoin Belle real name Michele Seven
https://hackernoon.com/bitcoin-belles-ccme-the-woman-who-brought-you-craig-satoshi-wright-strikes-again-f74e4ef129a4
Tax issues in 2009
https://youtu.be/fRJozKGUGiQ
Fee State Project
https://www.fsp.org/
The discussion in November 2015
https://www.youtube.com/watch?v=LdvQTwjVmrE

[nutildah]

Dow is down nearly 900 points today.

It makes you wonder if they are going to blame the Corona Virus as the reason the stock market crashes, when in reality its obviously a lot more than that (federal banks printing money).

Looking at the 10 year chart for the S&P, it looks like the coronavirus was specifically made to incur a correction. The virus didn't move the stock market, the stock market moved the virus.

[Ibian]

Yearly Candles...

https://twitter.com/ChartsBtc/status/1231961500392120320

2 bad years at 4 year intervals. Possibly halving related? If the pattern holds then the next bad year is still 2 years away.

[LUCKMCFLY]

There is little left for the big event ..

#bitcoin halving drawdown cycles

Source: https://twitter.com/ChartsBtc/status/1231964993857277955

[nutildah]

"The logical move from the introduction of bitcoin is to go short suitcases." - Warren Buffet

This was after his meeting with Justin Sun, who was not the best at changing Buffet's mind, apparently. Well HODLers, watch this video and then prove him wrong:

https://twitter.com/CNBC/status/1231939235139268611

[LFC_Bitcoin]

"The logical move from the introduction of bitcoin is to go short suitcases." - Warren Buffet

This was after his meeting with Justin Sun, who was not the best at changing Buffet's mind, apparently. Well HODLers, watch this video and then prove him wrong:

https://twitter.com/CNBC/status/1231939235139268611

He’s an ignorant old fool, with regards to modern day assets he’s probably way out of touch & totally ignorant to new ideas. He’s made his money & doesn’t need to adapt his thought processes.

Fuck him, the old cunt.

[JSRAW]

Yearly Candles...

https://twitter.com/ChartsBtc/status/1231961500392120320

2 bad years at 4 year intervals. Possibly halving related? If the pattern holds then the next bad year is still 2 years away.

365*2 = 730 Days ---- Enough time to cash some profits if we reach magic numbers with in 600 days----