I respect Francis a lot but I'm with the rabbi and 6102 here. A car can be hotwired. Private keys cannot. I don't fully get liquid yet, but it seems like you've distributed trust, as opposed to holding your own keys: self trust
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In straight M-of-N when other people have the shares, there's a tradeoff between risks of denial of service attack (M a larger fraction of N) and of having colluders steal the money (M a smaller fraction of N).
Probably better to keep a good fraction of the shares oneself, or between known trustworthy family members or good friends, just store them different places far enough apart. Usually OK even good to make it inconvenient yet reliable to reconstruct.
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but in this case
@francispouliot_ is right about on an infinite timeline all keys are lost. Because one will need a small amount of bitcoin for everyday transactions that they can't be bothered with all the multisig security. So if they die unexpectedly that small amt is lost. -
@thebitcoinrabbi or did I just make the same mistake twice in a row? (when I said cheers I meant it ;) ) -
The statement “on an infinite timeline...” followed by anything is pretty meaningless
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true. but what if someone like Trace Mayer dies unexpectedly without the ability to pass on his coins? in a hyperbitcoin world that's a big supply shock do we just make bitcoin more divisible by adding 9 zeros behind the decimal point?
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Not really a supply shock if coins already weren’t moving...halvening is a supply shock bc it’s assumed a portion of block reward is continuously being sold to cover overhead/operating costs
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ya i get what you mean, but it's kind of the same. people assume that supply can be put into play at any time. But when they know it's really gone things get valued differently.
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watched a few minutes. that does not address when we have BTC as a unit of account and then 2% of the supply is suddenly vanished, let alone if satoshi is confirmed not capable of spending 10% of the total supply.
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Best is if they don't even know they're holding a fraction.
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Give them a special hat with a secret 3/5 key hidden inside!
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You just gave
#ProofofHat new meaning :) -
Cool but what if it's really windy and your hat blows away
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Hat-astrophic loss
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