Bitcoin

Anyone enjoying the current crypto rally?

BTC pushing towards $60k and there are some nice ALTs with small market caps there for the taking.

Aye. 😊


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Spartacus, please halt the downward trend. 😊


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Mac wrote:

Spartacus, please halt the downward trend. 😊


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This is no downward trend my friend. This is loading up...

Well done Spartacus, you have arrested the slide 👍


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Ah, anytime

Guys I don't know much about Bitcoin etc.

All I can tell you as I know a chap who had over 10M in the currency and he passed away suddenly and the family can't get access to one cent?
Understand it's to do with password and code.

So maybe there should be somewhere to save or share this crucial info ?

Dave Scott wrote:

Guys I don't know much about Bitcoin etc.

All I can tell you as I know a chap who had over 10M in the currency and he passed away suddenly and the family can't get access to one cent?
Understand it's to do with password and code.

So maybe there should be somewhere to save or share this crucial info ?

What a horrible story.
Basically, bitcoin and other crypto is stored either in an exchange that you are using to trade, or more typically, in a wallet.

Every wallet has a 12 word password. If you dont save these words, you will never access your coins, they are as good as gone. They still exisit, but it would take a life time to gain access.

With regards to your story, I would scrub every device, every piece of paper to try find those keys.

Not the only story like that.

Dave Scott wrote: Guys I don't know much about Bitcoin etc.

All I can tell you as I know a chap who had over 10M in the currency and he passed away suddenly and the family can't get access to one cent?
Understand it's to do with password and code.

So maybe there should be somewhere to save or share this crucial info ?

Yes, dreadful. If your friend’s family know this late chap’s email-address-password then they may have a lifeline on the “forgot password” route in the exchange, that is hopefully if his user ID is the same as his email address. Again, depending if they know the passcode to the phone, they will also probably need to quickly learn how the app “Authenticator” works in the late chap’s cellphone which should not be a difficult challenge for a modern youngster. There is some hope for recovery this route. H’ever, as Spartanza says, hardly any hope via the private wallet route.


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Especially for those in the “departure lounge”, ensure that your loved-one knows your passwords to, at the very least, your email address and to your phone.
Even better, compile a list of all your significant asset accounts showing your user id’s and passwords and leave it in a place that is known by your loved-one. I, myself, did so during the hard lockdown.


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Mac wrote: Especially for those in the “departure lounge”, ensure that your loved-one knows your passwords to, at the very least, your email address and to your phone.
Even better, compile a list of all your significant asset accounts showing your user id’s and passwords and leave it in a place that is known by your loved-one. I, myself, did so during the hard lockdown.


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There are many ways to do this effectively.

Use a Password Manager like LastPass.com. This is a service that allows you to store all of your passwords and its protected by a passphrase. A long word or series or words you can remember.

If that is setup, all your loved ones will need is the passphrase to access the password vault.

If you have crypto, write your seed key (12 word password) on a piece of paper and it put it in the safe alongside your gold and silver.

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A few decades ago a major court case was won in The Hague. Don’t know too much of the details but the Swiss banks had to reveal the account holders of all the secret passwords. The idea being to re-route dormant Nazi funds to the victims of the Holocaust. I sometimes wonder if something similar will happen to “lost” and dormant funds within crypto-currency exchanges. The big challenge would be that the exchanges use “complex” digital passwords whereas the Swiss used “simple” anologue passwords.
Today, I believe, Swiss passwords no longer exist in the manner they were before.


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