Thread

1. matesz · 1789648229 · focus · HN ↗

   I’ve read so many news stories of people gone missing who had been know to have sole access to bitcoin wallets with large amount of bitcoins in them.

   I wonder how people at large crypto exchanges handle that. Perhaps shamir share the access to the pkey password and store parts at secure places like a bank? And make official access protocol akin to dnssec, but simplified?

   1. krageon · 1789648515 · focus · HN ↗

      Large exchanges handle this very simply: If they have the keys, it goes to the inheritor(s) once they get a court order. If they do not, it goes nowhere

      1. slipwalker · 1789648878 · focus · HN ↗

         but what sort of people keep their bitcoins on the exchange ? the whole point is about not being seizable by dirty governments...

         1. debesyla · 1789649056 · focus · HN ↗

            Hype vibe investors, probably.
         2. pjc50 · 1789649330 · focus · HN ↗

            Traders; low information investors; people who are not 100% confident in their personal infosec and not willing to lose their bitcoins on their own.

            "Not being seizable" hasn't really worked out for bitcoiners who've been arrested. Or for that matter robbed at gunpoint.

            1. skinfaxi · 1789658625 · focus · HN ↗

               > "Not being seizable" hasn't really worked out for bitcoiners who've been arrested. Or for that matter robbed at gunpoint.

               This seems orthogonal to the ability to seize assets.

            2. lowdest · 1789659780 · focus · HN ↗

               There are plenty of legends of old wallets "waking up" due to the person getting out of prison, as it seems the only plausible way someone can sit on 30 BTC for 10-15 years, through all the news and price movements, without touching it once. One would only expect to hear about the successful seizures law enforcement makes.
         3. LtWorf · 1789650009 · focus · HN ↗

            People who want to be scammed.
         4. lizardking · 1789650941 · focus · HN ↗

            "Number go up" people
         5. plopilop · 1789651067 · focus · HN ↗

            Pretty much everyone. There's a reason people lost money with ftx, Mt gox and other scams.

            Managing your private keys is cumbersome, error prone, requires some computer literacy, the list goes on.

            Tbh I have been kind of impressed by how fast L2 businesses brought back centralisation in every possible way. I guess it's more efficient for them.

            In the same way, the internet was supposed to be decentralised, everyone being in charge of their own servers. But in practice nobody has the time to set up their own MX servers.

         6. jubilanti · 1789653560 · focus · HN ↗

            > but what sort of people keep their bitcoins on the exchange ? the whole point is about not being seizable by dirty governments...

            For most people, cryptocurrency is just another stock market / betting app.

         7. thesuitonym · 1789656985 · focus · HN ↗

            > not being seizable by dirty governments

            If you believe that, I have some land to sell you

         8. ajkjk · 1789658726 · focus · HN ↗

            Most people don't care about that at all

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