Bitcoin Q&A: Key Management and Inheritance Planning

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How does the average person solve the "$5 wrench problem" / prevent rubber-hose cryptanalysis? What is the easiest way to do a multi-signature or multi-factor set-up? Could timelocks and smart contract solutions be used for inheritance issues? The technology and educational resources around key management need to mature first. There needs to be a pragmatic balance between legal and technical plans, with human-based processes and controls. Take an entrepreneurial perspective and you will help overcome the barriers to adoption!
You can find out more about Third Key Solutions here: thirdkey.solutions/who_we_are/
The XKCD comic I referenced: www.xkcd.com/538/
Chapters
0:00 My wife and I are currently working on a multi-signature setup to avoid the '$5 wrench problem,' but also make it available for our potential heirs. We have been thinking a lot and the setup is almost overwhelming; it feels like our heirs will be going on a Robert Langdon treasure hunt to access our savings, and also keep it secure while we are still alive. What would you suggest for people trying to set these up?
4:43 Can you give us some of your thoughts on rubber-hose cryptanalysis?
7:22 Inheritance problems and possible multi-sig solutions
14:04 One of the systemic problems that I see, that occurs to me every day while holding cryptocurrencies, is caring for my family and the inheritance issue, which is a big deal. We have no idea what will happen to our coins if there is forking or nation state attacks. What happens at the end of our generation? What do we need to start thinking about, at this time, to secure these assets, in a multi-generational effort?
These questions are from the September and October Patreon Q&A sessions, the HoshoCon event, and the Seattle 'Internet of Money' tour event, which took place on September 29th, October 27th, October 11th, and November 10th 2018 respectively.
If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: / aantonop
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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.
Follow on Twitter: @aantonop / aantonop
Website: antonopoulos.com/
He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
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MASTERING BITCOIN, 2nd Edition: amzn.to/2xcdsY9
Translations of MASTERING BITCOIN: bitcoinbook.info/translations...
THE INTERNET OF MONEY, v1: amzn.to/2ykmXFs
THE INTERNET OF MONEY, v2: amzn.to/2IIG5BJ
Translations of THE INTERNET OF MONEY:
Spanish, 'Internet del Dinero' (v1) - amzn.to/2yoaTTq
French, 'L'internet de l'argent' (v1) - www.amazon.fr/Linternet-large...
Russian, 'Интернет денег' (v1) - www.olbuss.ru/catalog/ekonomi...
Vietnamese, 'Internet Của Tiền Tệ' (v1) - alphabooks.vn/khi-tien-len-mang
MASTERING ETHEREUM (Q4): amzn.to/2xdxmlK
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Outro Art: Rock Barcellos (www.rockincomics.com.br/)
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3 авг 2024

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Комментарии : 24

@EuclidAndOaks 5 лет назад

My wife and I were there at Hoshocon 2018. Such a great presentation you did.

@ixaeon 5 лет назад

Quite possibly my favorite video ever!

@fbafelipe7666 5 лет назад

For inheritance, why not just using a time lock transaction? If the tx is timelocked of a year, or two, you just have to double spend it every year (before it becomes valid) and update the will transaction every year while you are still alive. When you die, they just need to wait for the timelock expire and broadcast the tx. You can be sure that each heir will receive exacly how much you wanted. And the best part is: you get 80 characters for you last words to be recorded on the blockchain, forever.

@dajosova 5 лет назад

many thanks. this is so usefull info!

@tsun2beculturd33 4 года назад

safe haven protocol??? would that be a viable option for people who want to safely pass on their assets ??

@mork6911 5 лет назад

Hi Andreas, thank you for all your work in this space but i have lost $100K of my cash not some silly profit but hard earned pennies. I can not see this market recovering due to self interested parties have sucked it dryer than a crisp. It's Empty.

@markwinstein 5 лет назад

A digital trust fund scenario could provide a simple approach to many of the inheritance issues noted here. Access could be granted while all parties are alive. The amount of funds controlled by the inheritor would be ramped up programmatically.

@YK-yb5qf 5 лет назад

what if we remove the human factor out of the loop, only can be included if we need to.

@VvVv-kg6se 5 лет назад

“Vincent” With this market going down are we in a period of transition to the pre mining cryptos?

@bruceshowalter6046 Год назад

6:23 commonly use $5 wrench no trust

@LILLILLILLLLL 5 лет назад

😎😎👊

@minniemouserapes50 5 лет назад

So, the $5 wrench just keeps hitting me in the face because I can't pay the kidnappers? Ouchie

@jpp59 5 лет назад

Yes, on the cost Vs gain ratio, the beating until you die is always winning. Even if you give a duress / fake wallet, there is still gain to beat you because offender think you are lying / hiding funds.

@houstonobserver6718 5 лет назад

Wait a sec. 3 hardware wallets? Can you elaborate?

@nion456789 5 лет назад

Smashed the like

@ra803g6 5 лет назад

Removing your control over keys just means you get to keep being beat.

@josketobben 5 лет назад

Unless the criminals have heard of the implemented system before. If they're able to believe you on rational grounds then they're not gonna risk jail over nothing.

@cheshirecat6519 5 лет назад

Please talk about bitfinex and tether manipulating market. If you believe in bitcoin that much, talk about scammers. Everyone listen to you Andreas, make a statement. Please.