Nano ledger

[Susco]

Let me first make clear that I have never used cryptocurrency, and also are not proponent of it.

 

The situation is that I have a significant amount of USD stored in a foreign currency account for years already, earning exactly nothing.

 

I don't have relatives in Thailand, so I guess when I put my head to rest, I assume my family in Europe will not be able to get the funds.

 

Since it doesn't earn anything, and the exchange rate has declined a lot already, I was playing with the idea to withdraw, exchange to crypto and store in a ledger.

 

My understanding is that to withdraw from the ledger you need to enter a long code.

 

So I would split the code in 3 parts, and send each code to 3 people of my choice, who don't know each other.

 

Then I would store the ledger in a secret place, and inform a fourth person of the location.

 

I would tell the 3 people who hold the codes, that if anything happens to me, they need to contact the 4th person.

 

Would that work for my relatives to withdraw the funds from the ledger, without the tax man knowing?

 

 

[techietraveller84]

Good questions.

 

This article lists some additional options for you that might make things a little more simple. https://cremationinstitute.com/cryptoasset-inheritance-planning/

 

As your current plan involves 4 people and will fall apart if one of them dies, loses their code, gets incapacitated, etc, I think tax avoidance might be the last of your worries.

[WorriedNoodle]

21 hours ago, Susco said:

I would tell the 3 people who hold the codes, that if anything happens to me, they need to contact the 4th person.

Have you been reading that god awful Dan Brown or something? This sounds like a fantasy plot for Tom Hanks to star in if it ever catches on, which it won't.

[Susco]

5 minutes ago, WorriedNoodle said:

Have you been reading that god awful Dan Brown or something? This sounds like a fantasy plot for Tom Hanks to star in if it ever catches on, which it won't.

Maybe you can explain why it is a fantasy?

[robblok]

What are you talking about a offline ledger (i had one) or just keep it at a site (also possible)

 

If the latter all they need is the code from the site. But quite often those sites also want a google authentication code (google authenticator). So it would be hard to take money from it.

 

But if its a hardware ledger then they would need the physical ledger to be even able to get the crypto currency from it.

[Susco]

6 minutes ago, robblok said:

What are you talking about a offline ledger (i had one) or just keep it at a site (also possible)

 

If the latter all they need is the code from the site. But quite often those sites also want a google authentication code (google authenticator). So it would be hard to take money from it.

 

But if its a hardware ledger then they would need the physical ledger to be even able to get the crypto currency from it.

 Yes it is a hardware ledger I consider, and some or may more than  one person, who doesn't has the codes, will know where the ledger is

[robblok]

2 minutes ago, Susco said:

 Yes it is a hardware ledger I consider, and some or may more than  one person, who doesn't has the codes, will know where the ledger is

My last ledger did have some security but not such a long code as you are talking about. It was more like a pin code. (im out of all crypto now). 

 

 

[Susco]

2 hours ago, robblok said:

My last ledger did have some security but not such a long code as you are talking about. It was more like a pin code. (im out of all crypto now). 

 

 

I don't have a ledger yet, I only assumed it would be a code similar long as a Bitcoin key

[kekalot]

he's talking about the mnemonic seed or seed phrase, seed recovery phrase or backup seed phrase

 

12 or 24 words that need to entered in the exact same order to recover your wallet

 

the ledger nano has a 8 or 10 digit password on it and also a secret one that you can set to access the "real" funds (if someone tries to force you to enter it)

 

as said above, if you give out 3 people a few words.. risk is they lose it, die or whatever. then it's gone and no one will recover anything

 

also, to do what you want to do you don't need a hardware wallet. you could just create a wallet with something like Electrum and just use the words

the ledger adds another layer of security with PINs but also plausible deniability

 

https://www.ledger.com/academy/passphrase-an-advanced-security-feature

 

[Susco]

5 minutes ago, kekalot said:

as said above, if you give out 3 people a few words.. risk is they lose it, die or whatever. then it's gone and no one will recover anything

So what is your suggestion?

 

6 minutes ago, kekalot said:

also, to do what you want to do you don't need a hardware wallet. you could just create a wallet with something like Electrum and just use the words

the ledger adds another layer of security with PINs but also plausible deniability

 

https://www.ledger.com/academy/passphrase-an-advanced-security-feature

 

 

I have such a feeling that I have to do a lot more reading, because most of what is in that link goes straight over my head.

[kekalot]

1 minute ago, Susco said:

So what is your suggestion?

 

 

I have such a feeling that I have to do a lot more reading, because most of what is in that link goes straight over my head.

just means that if you had a Ledger and someone had a wrench and wanted to smack your head in if you won't unlock your Ledger

you can enter a PIN on your ledger that has say twenty thousand dollars

 

but the REAL account is the the 2nd PIN with 2 millions

 

even if the thug steals your actual hardware Ledger Nano it doesn't make any difference because they would only have access to the first account and you can recover it everything with the mnemonic seed

 

you just add a 25th word to the 24 (and it's a custom one that you make) and then you set a PIN on it and it becomes your 2nd

 

i'm lazy to type enough words but for here:

 

1st dummy account with PIN 123456 ($2000)

  witch collapse practice feed shame open despair creek road again ice least

real account with PIN 654321 (2m)

  witch collapse practice feed shame open despair creek road again ice least susco

someone forcing your hand you put put the pin 123456 and they get the 2000 access only

 

[Neeranam]

I can only store 4 different cryptos on it. 

[DaftToPutRealName]

5 minutes ago, Neeranam said:

I can only store 4 different cryptos on it. 

Is that because you only have 4 cryptos?

Nano takes 1000+, you are just limited on the number of apps you can install at any one time. But you can delete and reinstall as needed.

[Neeranam]

7 minutes ago, DaftToPutRealName said:

Is that because you only have 4 cryptos?

Nano takes 1000+, you are just limited on the number of apps you can install at any one time. But you can delete and reinstall as needed.

I have about 10.

Good point, I could delete and still get the staking rewards for ATOM and Tez.