IAG Posted December 10, 2017 Report Share Posted December 10, 2017 If you drop dead tomorrow, would your family be able to access your bit coin? Do they know it exists? Do they have your keys?Do they even know what Bitcoin is?These are the things I think about. My family knows I’m in, but would have no idea how to access probably. Quote Link to comment Share on other sites More sharing options...
IAG Posted December 10, 2017 Author Report Share Posted December 10, 2017 A young man died suddenly in Colorado this year, leaving his family the burden of sorting out his estate. Little did they know their loved one had been investing in Bitcoin, the digital currency that cost as little as $13 in 2013 and recently climbed as high as $5,000. The grieving family stood to inherit a small fortune—that is, if they could only find and access the cryptocurrency. Bitcoins are a virtual form of money protected by unbreakable cryptography. This attribute makes it a secure way to store wealth but also creates the risk that when Bitcoin owners die, their digital fortune will be out of reach forever. That’s a major problem for the relatives of tech-savvy individuals who have invested in a market currently worth about $70 billion. Bitcoins are stored in a virtual wallet. Each wallet uses a string of random characters called a “public key,” visible to anyone, as an address for sending and receiving the cryptocurrency. A separate “private key” allows the owner access to the wallet’s contents. If a Bitcoin owner dies without passing on the private key, his heirs may discover his wallet only to realize that they will never gain access to the wealth inside. To prevent this, the owner simply has to ensure that someone gets a copy of the private key by writing it down, storing it on a flash memory drive, or entrusting it with a commercial service that manages them. But some of these methods come with their own perils. Suzanne Walsh, a wills and estate attorney with Murtha Cullina, says executors and heirs may fail to recognize a private Bitcoin key for what it is and end up discarding it—hence the attraction of a commercial service. Indeed, that’s the reason why the family of the Colorado man will likely be able to recover his Bitcoins, Walsh says. The family discovered the man invested in Bitcoin upon reviewing his bank account, which revealed debits to Coinbase, a popular wallet and exchange service. With documents in hand, the family approached the San Francisco company, which confirmed the existence of a wallet and is in the process of transferring its contents. (Other exchanges also have policies to transfer virtual currency to next of kin but are reluctant to discuss the issue for fear that fraudsters will use fake death claims to steal customers’ Bitcoins.) But what if you don’t know about the existence of a deceased person’s Bitcoins? Henry Leibowitz, an attorney at Proskauer, says executors typically use tax filings as a way to locate assets. He likens the Bitcoin situation to a time when people died with stock certificates in shoe boxes—sometimes they would go unnoticed for decades until the corporation that issued them concluded that nobody would redeem them and turned them over to a state government’s unclaimed property division. Finally, if the Bitcoins are not listed in a will, they are susceptible to what estate lawyers call “probate by truck”—where heirs walk off with property by claiming that “he would have wanted me to have it.” The difference is, instead of a favorite lamp or piece of jewelry, a relative might walk off with the private key to a Bitcoin wallet worth thousands or millions of dollars. A version of this article appears in the Oct. 1, 2017 issue of Fortune with the headline "Breaking the Bitcoin Bank." http://www.businessinsider.com/bitcoin-what-happens-when-you-die-2017-9 I hope his family held those. Quote Link to comment Share on other sites More sharing options...
Teddy kgb Posted December 10, 2017 Report Share Posted December 10, 2017 Slightly on/off topic......if you have money in a cage in Vegas can your family get to it if you died? As far as former deceased poster Taxman the answer was No.... My buddy who was his runner said he talked to the book about the amount Tax had left over and they said there were no arrangements made before hand so under no circumstance can the money be dispersed to anyone but Taxman... He had lost 850k since 2010 so you can see he might have had a good chunk at any given time that would have been lost......he ended up dying with a mere $100 in his account Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted December 10, 2017 Report Share Posted December 10, 2017 No worries, BitCoin will be below $4.40 by NewYears -Jimmy Crackcorn- Quote Link to comment Share on other sites More sharing options...
IAG Posted December 10, 2017 Author Report Share Posted December 10, 2017 No worries, BitCoin will be below $4.40 by NewYears -Jimmy Crackcorn-. Lol. Who is Jimmy Crackcorn? Boat? Quote Link to comment Share on other sites More sharing options...
IAG Posted December 10, 2017 Author Report Share Posted December 10, 2017 Slightly on/off topic......if you have money in a cage in Vegas can your family get to it if you died?As far as former deceased poster Taxman the answer was No....My buddy who was his runner said he talked to the book about the amount Tax had left over and they said there were no arrangements made before hand so under no circumstance can the money be dispersed to anyone but Taxman...He had lost 850k since 2010 so you can see he might have had a good chunk at any given time that would have been lost......he ended up dying with a mere $100 in his account Damn Teddy. Let the man Rest In Peace. Didn’t need the last two sentences. Quote Link to comment Share on other sites More sharing options...
Boatboatboat Posted December 10, 2017 Report Share Posted December 10, 2017 Slightly on/off topic......if you have money in a cage in Vegas can your family get to it if you died? As far as former deceased poster Taxman the answer was No.... My buddy who was his runner said he talked to the book about the amount Tax had left over and they said there were no arrangements made before hand so under no circumstance can the money be dispersed to anyone but Taxman... He had lost 850k since 2010 so you can see he might have had a good chunk at any given time that would have been lost......he ended up dying with a mere $100 in his accountI find that difficult to believe that when his estate is settled a known asset cant be accessed via court order Quote Link to comment Share on other sites More sharing options...
Dark Raver Camper Posted December 10, 2017 Report Share Posted December 10, 2017 Boat is much more better human than fish. Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted December 10, 2017 Report Share Posted December 10, 2017 Boat is much more better human than fish.He's younger and lives in a rural community, he DAMN well should be. FAZZ Quote Link to comment Share on other sites More sharing options...
IAG Posted December 10, 2017 Author Report Share Posted December 10, 2017 Boat is much more better human than fish.Always thought they were tight. Don’t understand recent tensions. Quote Link to comment Share on other sites More sharing options...
Reno Marty Posted December 10, 2017 Report Share Posted December 10, 2017 Doesn't matter, have enough left behind that my dog could live like royalty. Quote Link to comment Share on other sites More sharing options...
Dark Raver Camper Posted December 10, 2017 Report Share Posted December 10, 2017 Fish is very abrasive. His world crumbled, years ago, but he still puts on a facade, for all to see. Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted December 10, 2017 Report Share Posted December 10, 2017 Doesn't matter, have enough left behind that my dog could live like royalty.That SONSABITCH lives like a king now Fazz Quote Link to comment Share on other sites More sharing options...
Screw Andrews Posted December 10, 2017 Report Share Posted December 10, 2017 Slightly on/off topic......if you have money in a cage in Vegas can your family get to it if you died? As far as former deceased poster Taxman the answer was No.... My buddy who was his runner said he talked to the book about the amount Tax had left over and they said there were no arrangements made before hand so under no circumstance can the money be dispersed to anyone but Taxman... He had lost 850k since 2010 so you can see he might have had a good chunk at any given time that would have been lost......he ended up dying with a mere $100 in his accountDid you give the family the 3K you took from him? Quote Link to comment Share on other sites More sharing options...
Teddy kgb Posted December 10, 2017 Report Share Posted December 10, 2017 Did you give the family the 3K you took from him?I took from him.....lol you don’t know shit.... Taxman (Wade) told me two weeks before he died that his wife and kids will be set for life and when his wife called me asking if I owed him money I was to tell her I owed him nothing.... He gave me $600 at a strip club to eat Asian ass and later that night gave me 1k to blow while he left for Home from Vegas, he had me call Rdalert for a horse pick that he put 1k wps and the horse is still running and he laughed about it... Sorry 3k is the most money you can imangins having but Wade wiped his ass with it and if I was to offer it back to his wife that would be a hair appointment for her......I know damn well he’d rather me keep it and said as much Quote Link to comment Share on other sites More sharing options...
Screw Andrews Posted December 10, 2017 Report Share Posted December 10, 2017 I took from him.....lol you don’t know shit.... Taxman (Wade) told me two weeks before he died that his wife and kids will be set for life and when his wife called me asking if I owed him money I was to tell her I owed him nothing.... He gave me $600 at a strip club to eat Asian ass and later that night gave me 1k to blow while he left for Home from Vegas, he had me call Rdalert for a horse pick that he put 1k wps and the horse is still running and he laughed about it... Sorry 3k is the most money you can imangins having but Wade wiped his ass with it and if I was to offer it back to his wife that would be a hair appointment for her......I know damn well he’d rather me keep it and said as muchWas only going on what you said Ted...... I'm sure it as like hitting a scratch off to you.... Quote Link to comment Share on other sites More sharing options...
jd_ Posted December 10, 2017 Report Share Posted December 10, 2017 If you drop dead tomorrow, would your family be able to access your bit coin? Do they know it exists? Do they have your keys?Do they even know what Bitcoin is?These are the things I think about. My family knows I’m in, but would have no idea how to access probably. Put the info on your batman thumb drive. Problem solved. Quote Link to comment Share on other sites More sharing options...
IAG Posted December 10, 2017 Author Report Share Posted December 10, 2017 Put the info on your batman thumb drive. Problem solved. Hahahaha Quote Link to comment Share on other sites More sharing options...
IAG Posted December 10, 2017 Author Report Share Posted December 10, 2017 https://youtu.be/X08h9XnlERw Quote Link to comment Share on other sites More sharing options...
IAG Posted December 10, 2017 Author Report Share Posted December 10, 2017 Saw at RX. Not sure if I already posted...or someone else did. Funny. Quote Link to comment Share on other sites More sharing options...
Always Call Heads Posted December 10, 2017 Report Share Posted December 10, 2017 http://washington.cbslocal.com/2013/11/29/man-throws-away-7500-bitcoins-now-worth-7-5-million/ https://www.wired.com/story/i-forgot-my-pin-an-epic-tale-of-losing-dollar30000-in-bitcoin/ Quote Link to comment Share on other sites More sharing options...
IAG Posted December 10, 2017 Author Report Share Posted December 10, 2017 http://washington.cbslocal.com/2013/11/29/man-throws-away-7500-bitcoins-now-worth-7-5-million/https://www.wired.com/story/i-forgot-my-pin-an-epic-tale-of-losing-dollar30000-in-bitcoin/I posted that second one before down below in BTC forum I think. A bit of a read, but good suspense. Quote Link to comment Share on other sites More sharing options...
Deemer Posted December 11, 2017 Report Share Posted December 11, 2017 I find that difficult to believe that when his estate is settled a known asset cant be accessed via court orderCorrect Quote Link to comment Share on other sites More sharing options...
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