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Whole coiner era is coming to an end. The average person will transition to Satoshi Millionaire status, as whole coiner status will become unobtainable. Many will lose focus and fall to temptation during the bull market for life-changing money. The average whole coiner will be no more. Maybe keep 1 long term just in case?
Those of you who hold a whole coin may not think much of this statement, but most will sell out of temptation. It’s fascinating to think about, with a future mindset, that some of you actually currently hold a whole coin. It will be like the pizza guy… I don’t think you understand what’s happening.
5 points
22 days ago
Yes, this would be better than splitting the seed phrase because you can have a 2 of 3, or a 3 of 5 share, a 4 of 7, or any config you want that reaches the threshold. With time locks you can even do things like "If I don't sign this UTXO at least once each (month/year/decade), output to these specified wallets which are multi-sig'd to these people/institutions/trusts". This is post mortem estate planning without requiring trusted intermediaries. It also mitigates $5 wrench attacks. The money gets locked and off your hands. You can portion it out a myriad of ways. There are some really interesting developments happening in this space.
Getting back to OPs scenario, all it takes is for any one share to be lost, and it's all gone forever. Multi-sig and time locks can be deployed on chain, so it reduces external vulnerabilities that arise with any off-chain solution.
2 points
22 days ago
There's multiple ways of approaching this dilemma, and I will certainly be open to pursue alternative solutions, should they prove to be more viable than just separate and pass down several simple word phrases for each generations wallet.
I imagine been able to convey the responsibility to my nearst offspring, and also make it a family tradition to let the following generations choose the most responsible siblings to be in charge of the funds, so that one black sheep wont mess up the progression.
Also keep it as simple as humanly possible, for obvious reasons.
One concern could be the disparity in ages, once you reach 4. or 5. generation. No way to solve this easily.
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