Disaster Plan

in LeoFinance2 years ago

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It really seems you can't turn around these days without there being some kind of disaster. In just the past week I can think of at least two or three major disasters that have touched the United States. Add to that the ongoing invasion of Ukraine and it can really put things in perspective for you.

All of these things serve as a daily reminder that our life on this planet is pretty short. Anything can happen at any given moment and it is important to be prepared for the absolute worst.

The fact that you are here reading this tells me that you are likely invested in crypto. Given that fact, it is also safe to assume that you see crypto as a way to provide some kind of stability or security for you and/or your family.

The question is, how much does your family really know about crypto? I've talked about this scenario in posts before, but let's imagine for whatever reason you are gone... will the people you leave behind be able to access your crypto should they need to?

I remember from that past post some of you do have a plan and that is great. You either have things written down or you have someone you trust that knows enough about crypto they can get done what needs to be done.

Many of us (including myself) might not be able to say the same.

I do have some stuff written down and my wife has a cousin who owns a blockchain business, so I have no doubt he could walk her through it, the problem is finding everything.

For Bitcoin maxis it is pretty easy. They have maybe one or a handful of addresses that they keep their tokens in. Probably the worst case for a maxi is that they have one or multiple hardware wallets that you need to figure out. At the end of the day though as long as you have the seed phrases you are still good.

For those of us who have branched out a bit more, things aren't quite so simple...

Think really hard for a second, can you list:

  • Every Liquidity Pool you have funds tied up in?
  • Every platform/account you hold NFTs on?
  • Every token on Hive you have staked?
  • Every token on some other chain you have staked?
  • Every centralized exchange you might have tokens sitting in?
  • Every Metamask account you have tokens in?
  • Every mobile wallet app you might have on your phone or desktop that has tokens in it?

As you can see, it could be pretty messy for that non-crypto or worse yet non-technical person that might need to recover your funds. Chances are I only touched on a fraction of scenarios that your funds/tokens could be involved in.

Worst case, they don't even know about it and the funds just sit out there never getting recovered for the rest of time. A slightly worse case would be knowing the funds are there but you are unable to access them. I say slightly worse because eventually you would probably be able to find someone to help you access them. But who really knows...

When is the last time you took an inventory of all the blockchain assets you hold? In all honesty I can verify that I never have. I need to change that. At the very least so I can have an idea of what all my holdings are.

At the very least it gives me an idea of holdings I might be able to consolidate. Ultimately, I can start creating a plan for someone (that's not me) to access those tokens should it ever become necessary.

Until crypto becomes more mainstream, there are still quite a few barriers for the general computer user to overcome. It's important in the process of this life changing wealth that we also give the people we care about the means to access it should something happen to us.

Just like businesses have disaster recovery plans in the event of the unthinkable, I think we should also have individual recovery plans for our crypto.

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I have been thinking about this as my crypto assets add up to a fair bit. If something happens to me it could all be lost.

I have been writing up a document (shared Google Doc) with instructions on how to access it all for the benefit of some family members. The harder problem is sharing the keys. I have set something up using a combination of passwords and physical security, but it still needs some work. I am thinking I really need to get at least train my kids in the basics of Hive and associated stuff. Obviously I need to maintain good security, but a hacker cannot access a flash drive that I have put somewhere safe or read a password that is only written down. Security is always a compromise. I use Lastpass and they have some options to allow others to access your data if something happens. I just have not got that set up yet.

Mine is definitely about the value, but also about the number of holdings across so many platforms that I hold. I got thinking that I should really have a record not just for someone that might have to figure it out, but also for myself so I don't forget where I have funds stashed :) I think writing up a shared Google doc is smart. You don't have to share keys, you can just say the keys are on a piece of paper in the safe or something like that. My wife and I use BitWarden and we have a shared family account, so I can share all of my crypto passwords with her if necessary. The only problem could be 2FA. Plus I don't usually store keys in Bitwarden.

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It is complex to keep track of. I'll be interested to see how others manage it. 2FA can be a pain. It's bad enough if you lose your phone.

No kidding!

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I am SURE I have lost some crypto along the way.

I am also SURE my kids would know how to get my Hive Related Crypto - maybe my cub would be lost - which would make it cool if it grows and grows and grows and then one of my great great great grandkids can be a Hive Blockchain historian and find the account and it has grown to the billions.

Ok - so that's probably unlikely ...

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That would be kind of cool. It would be cooler if they found it sooner and it ended up being life changing money for them though :)

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Periodically, I connect my son to the work, who has already begun to navigate my affairs. Apart from other precautions that I store in a place inaccessible from the Internet)
Yes, the apocalyptic scenario can come unexpectedly when you sleep, the hope that everything will be fine, this is just what I can calm myself with. lol

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That is a smart plan you have. It is good that you have someone who can access everything should something happen. You are much farther ahead of me!

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I think you will find a way to even the score)

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That is definite a critical food for thought. I usually say, it's not enough to worry about, but then what happens if things massively hits in our favor; then we may lament not having something in place for any misfortunes. I guess, now would be the best time, wouldn't it?

Great thought provoking post @bozz

!CTP

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Thanks, I appreciate it. Yeah, I need to stop talking about it and finally put some kind of document together.

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Just like businesses have disaster recovery plans in the event of the unthinkable, I think we should also have individual recovery plans for our crypto.

it will really make sense to see some crypto traders have a backup while holding.

For sure.

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Actually I have thought about this before, and I even have gotten a list that is sent to my wife. Of course, this happened at the mid of last year and my wife was totally blur about it. And from there till now, actually a lot has changed and my that list is quite outdated.

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I will likely put mine in a Google Doc so it is a living document that can be changed on the fly. I won't put any critical information in there, but just an overview. Then store the hard copy stuff in a safe or something like that.

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Really important. I have an instructions plan in case TSHTF. Especially if your other half isn't so good with tech.

Sounds like a great idea! My wife has picked up a lot from me over the years, but I still think blockchain might be out of her league.

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I'm actually not that overdiversified. A bunch of Hive tokens, some on Binance, a few MEX on Maiar and some shitcoins in a wallet. That's pretty much it.

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I know a lot of people are probably the same way. Then there are others like me that have a little bit of something everywhere it seems like!

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I don't really have much of a disaster plan and it's pretty crazy how complicated everything is. I am still young and I don't really think there will be any issues but at some point, I have to figure out a plan.

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Hopefully you are right. Accidents happen though! I am with you though, it is very complicated and it is easy to say I will deal with it tomorrow.

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I get blank looks.. behind them is - 'monopoly money'. I don't know what it will take to convince them otherwise.

We could have been born skeptics just like them, good to know were are not.

Yes, I am glad we are not like that. I don't know as though my wife would take me seriously either. Might be best just to write up some kind of document that she will find at a later date.

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Dear Wife,

If you are seeing this letter, I am dead...

Ahhhh, I was meaning to be funny, but its kind of not.

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I get it! No worries!

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That's funny cause to me fiat is monopoly money.

take on a phat ass mortgage? Sure, bring it on, its not "real" anyway.

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Enough 'Monopoly money' to buy a very flash car. Not to be sniffed at.

Very good point, @Bozz. No man's time can be taken for granted. If my years in the Emergency Dept. taught me anything it is just that. No one woke up that morning and thought that they would die that day.
I have a good amount of crypto and no real plan for my family to access it. That has to change today.
Thanks for the reminder.

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No problem. I am glad that this spoke to you. It's something we often forget about.

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It is quite interesting this topic, I must pay more attention to this and teach my daughter the use of my wallets in case of an emergency.

!1UP

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I wish my family was involved in crypto. Especially my dad.

He is one of the main motivations behind my financial goals and it would be a lot easier if I could get him on Hive or something. He's been resistant but I'll keep trying

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Yeah I am pretty much the same way and so is my dad.

I have never thought about this before, not even once. Maybe because I'm young but that's not even an excuse as death is inevitable.

Now that I'm reading this I think the first step is to make list of all assets and share the process with my sister, she's still more experienced on how to handle a device than anyone around me.

It's good to have a disaster plan, even now than ever. I'm shocked when I heard the texas news, seeing how a similar event happened in buffalo weeks ago

I don't have much laying around but it'll be nice knowing that its in safe hands instead of laying in the wallet forever without anyone having access to it

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For sure. It is something we should all consider. I wouldn't disclose all the details, but at least let the person know where to find that info should something happen. Yes, there has been lots of tragedy in the US the past two weeks.

I need to make my plan more detailed because no one I know does crypto. I need a Bob's Crypto for Dummies. Thanks for your post. I am reblogging it.

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Its pretty simple for me.

Every Liquidity Pool you have funds tied up in? - Hive/BeeSwap/Dlux.io

Every platform/account you hold NFTs on? Same as above

Every token on Hive you have staked? Splinterlands plot, SPS, BXT, Hive, HBD

Every token on some other chain you have staked? None

Every centralized exchange you might have tokens sitting in? None

Every Metamask account you have tokens in? None

Every mobile wallet app you might have on your phone or desktop that has tokens in it? None

cool.

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!CTP !BBH

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