BC CRYPTO
Saved by @SAnngeri

What happens to your cryptocurrency when you die??

A thread...

 Did you know it’s illegal to log into a dead person’s crypto account?

So if you're a crypto investor and you died today, who reaps your fortune?
No one, technically, unless you name a beneficiary in your will. And it's a big deal as ~3.7M bitcoins, $140B is unrecoverable (excluding the 10k+ other cryptocurrencies) since the investor either lost their password or died intestate.
And you can’t just “reset” the password. This is because, when the cryptocurrency network confirms passwords to allow transactions, it does not see or know the password itself!
This complex algorithm keeps the system decentralized. So a lost password is lost money.
But storing private keys on a USB or a piece of paper is risky because it could easily get stolen, or your trustee might simply walk away with your crypto.

And since there’s no oversight from a court or a bank, it's irreparable!
So to solve the issue of crypto asset management, there is a new & booming industry. They consist of services offering crypto investors safe transfer and storage of private keys & account information.
One such company- Casa, splits access across multiple keys stored on separate devices at different locations, in your possession. So to transfer BTCs or retrieve cash, you’ll need all the keys.
And Casa’s CEO said the platform’s diamond tier, which includes an inheritance plan, doubled in the first six months of 2021 alone. One reason for this could be people taking mortality a bit more seriously in the wake of the pandemic.
Further popular cryptocurrency exchanges, like Coinbase, have protocols to deal with deceased holders. A beneficiary must provide the platform with a death certificate, a will, and other documents, to be approved for a transfer of funds.

And now you know the story!

More from Crypto

Daan Crypto Trades #NFT
Daan Crypto Trades #NF...
@DaanCrypto
NFT Crypto Guide 101 📚

🔹What are Non-Fungible-Tokens?
🔹What are NFTs used for?
🔹What do I expect for the NFT space in 2021?
🔹What NFTs do i hold?
🔹Where do I buy NFTs?

I will go through all of these questions.

Thread below 👇

🔹What are Non-Fungible-Tokens (NFTs)?

NFTs are crypto tokens that represent something unique. They are not mutually interchangeable.

This means that one NFT is not the same as the other.

Unlike for example Bitcoin, where each satoshi is exactly the same as the other.

These NFTs exist on the Ethereum Blockchain. Instead of ERC-20 tokens, we call these NFTs: ERC-721 or ERC-1155 tokens.


Each of these NFTs have an unique ID that seperates them.

For example, The Hashmask with ID #6718 is completely different than the Hashmask with ID #9939.

Different visually as well as the ID on the blockchain.


🔹What are NFTs used for?

NFTs are used to create verifiable digital scarcity and digital ownership.

The main applications we see today are:

🔹Digital Art
🔹Collectibles
🔹Games
CRYPTO
Meltem Demirors
Meltem Demirors
@Melt_Dem
1/ crypto VC is going through an explosive 🧨 phase

there are big funds (>$500M AUM), a lot of small funds (<$50M AUM), and *tons* of prop firms + angels

i’ve done 15 deals in the last 3 months as an angel + small fund @CoinSharesCo VC.

observations + implications... 👇🏾

2/ the big firms need to deploy in size - $5M checks and up

a $250M fund could do a $5-10M deal every month for two years and still be under-allocated

and there aren’t enough companies raising series B / C / D rounds!!!

every deal i’ve done lately is under $50M valuation

3/ so we see firms competing to take down entire rounds.

a recent series A financing had two firms competing to take down the ENTIRE ROUND, and it eventually got upsized, a LOT.

if a company is putting up user acquisition / growth and a revenue story, it’s highly competitive

4/ most projects and co’s don’t need money tho - why would a founder take 20-40% dilution when they’re banking cash and crypto? so they do 5-10%

so the valuations go up, but available allocations go down, resulting in an even bigger squeeze on allocators who *need* to deploy

5/ add in the onslaught of non-crypto M&A that’s coming, which is culling the herd of investable unicorns

add in the wave of SPACs and direct listings taking later stage opportunities out

there just aren’t enough places to put capital in size rn

what’s a fund to do?
CRYPTO
Advertisement
Jos\xe9 Maria Macedo
José Maria Macedo
@ZeMariaMacedo
While my time investing in crypto and previously playing poker has gotten me used to experiencing large daily personal net worth volatility, it's never a pleasant experience

Short thread (by my standards...) with some ramblings that help me get through it 👇

1/10 Imo, some DeFi projects represent 10-1000x upside opportunities

Obviously, like all of crypto, it is extremely risky and can go to 0. That said, given the magnitude of potential outcomes, it just doesn't have to succeed that often to make it a massively +EV bet

2/10 As with all early stage tech, realising these outcomes will require 4-8 year holds

Unlike early stage tech, crypto investors will have liquidity, i.e. the possibility, and thus the temptation, to sell

This is both a blessing and a curse

3/10 A look at any of the best performing public stocks will show you that you cannot have 10-1000x upside potential without volatiliy and occasional large drawdowns

Crypto, as early stage tech, is much riskier than established public companies and thus even higher vol too

4/10 Obviously, one should take advantage of this liquidity as it allows for rebalancing. Most importantly, it also makes outcomes less binary and thus less volatile than traditional VC

However, one should not let the liquidity take advantage of us
CRYPTO
OtisA502 \u24d2
OtisA502 ⓒ
@otisa502
Where should I start?
1) Is Blockfi profitable?
2) How much money does BlockFi have on its balance sheet?
3) Is the yield that BlockFi pays to its depositors earned or subsidized by billionaire investors?
4) Has BlockFi ever been profitable?
5) Are you planning to go public?
CRYPTO
Seq
Seq
@CryptoSeq
1/ @MIT discussing the need for blockchain gateways to achieve interoperability across different blockchain networks, and to support the cross-blockchain mobility of virtual assets

https://t.co/PbjQkSlTT3

@quant_network are collaborating with MIT in the creation of ODAP

$QNT

2/ "In order for blockchain-based services to scale globally, blockchain networks must be able to interoperate with one another following a standardized protocol and interfaces (APIs)"

Gilbert founded ISO TC307 which 60 countries are working towards standardizing the interfaces


3/ "We believe that a blockchain gateway is needed for blockchain networks to interoperate in a manner similar
to border gateway routers in IP networks. Just as border gateway routers use the BGPv4 protocol to interact with one another in a peered fashion we believe that a...

4/ blockchain gateway protocol will be needed to permit the movement of virtual assets and related information across blockchain networks in a secure and privacy-preserving manner"

You can read more about the gateway protocol ODAP in this 21 tweet


5/
"We motivate the need for blockchain gateways and blockchain gateway protocols in the following summary:

✅Enables blockchain interoperability:
Blockchain gateways provide an interface for the interoperability between blockchain/DLT systems that operate distinct consensus...
CRYPTO

You May Also Like

Gal Gur \U0001f1ee\U0001f1f1
Gal Gur 🇮🇱...
@GalGur_
1/
Hello, my name is Gal,
I am an Israeli citizen, and I want to convey this urgent message to the world: Contrary to what you are told, Israel has not "returned to normal" in any way >>

2/ Moreover, despite the desire to create a setting as if there was a full and normal routine here - the Israeli Ministry of Health JUST RECOMMENDED TODAY TO EXTENT THE DECLARATION OF A “STATE OF EMERGENCY” in Israel >>

3/ to which is the foundation for coercion, violation of basic rights, severe discrimination under a "green mark (pass)", prolonged closure (Of about 5 months overall) and a lot of undemocratic and not “routine" restrictions. >

4/ If the situation in Israel had "returned to routine thanks to the astounding success of vaccines" then the "state of emergency" would not have continued.

5/ In fact, since the beginning of the "vaccination project" there has been only more intimidation and in many ways - even though the closure has been lifted, much more coercion.
TYRANNY
Enigma
Enigma
@ainittomai
The Eye of Horus. 1/*


I believe that @ripple_crippler and @looP_rM311_7211 are the same person. I know, nobody believes that. 2/*

Today I want to prove that Mr Pool smile faces mean XRP and price increase. In Ripple_Crippler, previous to Mr Pool existence, smile faces were frequent. They were very similar to the ones Mr Pool posts. The eyes also were usually a couple of "x", in fact, XRP logo. 3/*


The smile XRP-eyed face also appears related to the Moon. XRP going to the Moon. 4/*


And smile XRP-eyed faces also appear related to Egypt. In particular, to the Eye of Horus. https://t.co/i4rRzuQ0gZ 5/*
CULTURE
Advertisement
Ramblings of a Sikh
Ramblings of a Sikh
@RamblingSingh
1/ Jassa Singh Ahluwalia & his role in the history of Shri Harmandir Sahib (A Thread)


2/ Jassa Singh was born in 1720/21 at a village called Ahlu in the Lahore District of Punjab.


3/ Jassa Singh was educated in Delhi, in Persian, Arabic & more, under the care & supervision of Mata Sundari Ji.

Mata Sundari Gurdwara in Delhi.


4/ In 1733, Jassa Singh's mama, Thag Singh (ਤਾਗ ਸਿੰਘ), requested Mata Sundari Ji's permission to take Jassa Singh back to Punjab.


5/ At first Mata Ji refused but eventually gave permission for Jassa Singh to go with his mama, giving Jassa Singh a blessing and weapons, informing him, it was now the right time to take up arms.
HISTORY
Jaya_Upadhyaya
Jaya_Upadhyaya
@Jayalko1
NARHARI AND BHAGWAN PANDURANG/VITTHAL

Once a goldsmith by the name of Narhari lived in Pandharpur. He excelled in his craft. He had vowed not to look at Pandurang or visit his mandir ever, as he was a Shiva Bhakt.
One day, a wealthy merchant visited him.


He wanted a gold girdle studded with precious gems, to be made for Prabhu Vitthal. Narhari refused to make it as it was for Vitthal.
After many requests, he agreed to make the girdle but asked the merchant to bring the measurement from the mandir as he himself would not go there


The measurement was given n he made the girdle. When the girdle was put on Vitthal, it was loose. Narhari had to shorten it. Now the girdle became tight. So Narhari was forced to take measurement on his own. He had to go to the mandir but went blindfolded to avoid seeing Vitthal


In the Mandir, when blindfolded Narhari touched Vitthal, he felt as if he was touching Shiva with matted hair, the moon, snake in His neck and Trishul in His hand. Ecstatic with joy, he removed the blindfold to see Shiva but he found the murti of Vitthal with Rukmini there.


He realised the truth that there was no difference between Vitthal and Shiva. Narhari at once fell at the feet of Panduranga. He then took the measurement of the waist of Vitthal and this time the ornament fit the Murti perfectly.

Narayan Hari🙏🏻
ALL
Homestays & Villas
Homestays & Villas
@thehomestays
Best resort on the Ganga at Rishikesh
TRAVEL , TRAVELINDIA , PLACES 2TRAVEL


Category Partner: Enkryptopedia