I was listening to The Last Trade: ep. 35, and they talked about irrevocable trusts.
Curious if anyone has set one up.
And I’m curious on your thoughts about this kind of solution, which seems to depend heavily on the legal system.
Am I crazy conspiracy nut for thinking that the legal system isn’t going to protect anything when we reach peak fiat crisis? We all lived through the Covid “crisis” when legal contracts were unenforceable and useless. Landlords had to maintain properties but could not collect rent. Businesses with a legal right to operate were forced to close.
I would like to have some plan in place, but is it not better to set it up on your own with trusted friends, and keep the Bitcoin more in your control, in case flight or hiding becomes necessary?
Yes I would like my descendants to have Bitcoin and use it responsibly. But can that be programmed into the Bitcoin, instead of depending on meat space legal shenanigans?
I feel that many governments are going to do as they please and continue ignoring laws to get whatever they want, and it’s better to just hide the Bitcoin. I see this as a somewhat likely scenario, and not just a tail risk.
What am I misunderstanding about this?
this territory is moderated
Everything Hitler did in Germany was legal.
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Family court routines ignores legal contracts also, and that's been going on since long before the Covid. Regarding the transfer of bitcoin to heirs specifically, I'm hoping someone will eventually develop some open source software that could handle that type of problem (maybe in a smart contract form pendind having death certificates, or something else, as input(s)?). There's not a chance in hell I'd think anyone should feel comfortable just giving their seed phrase to their attorney.
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110 sats \ 0 replies \ @doofus 22 Feb
Don't count out the attorneys and lawyers and bankers stealing your seedphrase if you store it with them.
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I was thinking about mcafee and the dead man switch concept of some sort. something secure but not overcomplicated
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This is an intriguing idea. Especially if it became standardized and widespread. Any thoughts on implementation? High level overview? Something using OP_VAULT? No idea I’m just spitballing.
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unfortunately no, i am however researching it. I saw someone do something in sparrow wallet but im not sure if its the best for my use case; #326762
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