Stallion 2 years ago

Navigating #bitcoin inheritance: 1/ Bitcoin has become a significant asset, prompting the need to plan its inheritance. This thread explores two approaches: self-custody (cypherpunk way) and self-custody with third-party assistance. 💰 2/ Self-Custody - Cypherpunk Way: Start by setting up a self-custody plan. This involves owning and maintaining private keys using a physical hardware wallet. It's not connected to the internet for enhanced security. 🔒 3/ Creating a Wallet: Acquire a hardware wallet after due diligence. Back up your wallet using a Shamir secret share, a secure way to split and store your seed, minimizing the risk of a single point of failure. 🌐 4/ Passphrase Protection: Use a passphrase for an extra layer of security. It's a separate layer from the seed and PIN, providing protection even if the seed is compromised. Make it long and don't lose it. 🔐 5/ Metal Plate Solutions: Safeguard your seed on metal plates for longevity. Select secure locations to store them, minimizing risks like theft or damage. Metal solutions enhance durability, ensuring your bitcoin inheritance remains intact for years. 🚀 6/ Wrap Up: Choose an open-source hardware wallet, generate a secure seed, test your setup, create a strong passphrase, and secure your seed on metal solutions. Regularly check and update your setup. 🔄 7/ Educating Heirs: Communicate with heirs about your bitcoin holdings, even if they're not familiar with it. Provide them with essential information to ensure a smooth inheritance process. 🗣️ 8/ Instructions and Access: Draft a step-by-step "treasure hunt" guide for heirs to access funds with seed shares. Keep it in a safe place with other important documents, making it easy for heirs to follow. 📜 9/ Challenges and Risks: Self-custody has security concerns - you are the only person in charge of your wealth - nobody else can help you. Full responsibility. Also requiring heirs to understand bitcoin basics. It suits those aligned with cypherpunk values.⚠️ 10/ Self-Custody with Third-Party Assistance: An alternative involves third-party assistance with a focus on avoiding a single point of failure. This is not full custodianship but involves legal and tax considerations. 🤝 11/ Legal Assistance: Set up a wallet, seed, and passphrase as in self-custody cypherpunk way. However, store seed shares differently. Legal representatives or bank safe deposit boxes can hold one share and others can be in your possession. 🏛️ 12/ Legal Framework: Create a testament with legal representatives outlining the post-death process. Alternatively, create a valid will yourself, ensuring your spouse knows about it. 📜 13/ Tax Considerations: Consider legal and tax implications based on your heirs' plans for the inherited bitcoin. Consult an attorney to understand specific implications in your jurisdiction. 💼 14/ Benefits and Drawbacks: While involving third parties can simplify inheritance, it may lead to disputes. Legal procedures offer tax benefits but sacrifice privacy, exposing heirs to scrutiny. ⚖️ 15/ Conclusion: Inheriting Bitcoin requires careful planning. Choose between self-custody cypherpunk way or third-party involvement based on your values and priorities. Regularly reassess your setup to adapt to changing circumstances. 🔄 16/ Reminder: Avoid full custody solutions, as they carry risks and a single point of failure. Bitcoin's essence lies in self-custody and personal responsibility. Educate yourself, stay off the grid, and consider non-KYC bitcoin. 🌐 17/ Note: Get non-KYC bitcoin for more freedom in inheritance decisions. Educate heirs and ensure your setup remains valid. Remember, this information is not legal advice; research on your own what works the best for you. 📚 18/ Read the full article here:

Navigating Bitcoin Inheritance

Introduction

Stallion 2 years ago

5 tips on how to be prepared for fat-tail events in life (solo or with family) : 1️⃣ have some cash on hand (usd) 2️⃣ have bitcoin (self-custody) 3️⃣ have multiple residencies and citizenships (become global person/family) 4️⃣ nail down infosec 5️⃣ nail down opsec in various territories where you operate 6️⃣ have firearm and be comfortable with it (training, training, training) Being set gives you huge advantage.

Stallion 2 years ago

Self-sovereign life Ep.1 1️⃣ A decade of relentless business travel shaped my perspective on many things in life. Reflecting on transformative insights gained along the way. Let's dive into the lessons learned during this journey. 🌍 2️⃣ Global diversification seemed wise, but pitfalls emerged. The conventional system is full of taxes and debt. People fall into these traps hindering genuine living. Let's explore alternatives. 💡 3️⃣ Escape from the "rat race". It is number one priority. 4️⃣ Regain freedom to decide over things and situations when you want, how you want and where you want. 🚀 5️⃣ Put your life's puzzles together. 🧩 Make a list of priorities and start connecting your puzzles together. 6️⃣ Where can freedom and happiness be found? It varies for everyone. Here is some food for brain: 🥩 7️⃣ Step 1: Happy family = happy life. 💑 8️⃣ Step 2: Pursue fulfilling work that energizes you. 🚀 9️⃣ Step 3: Build an emergency stack (cash + Bitcoin) for freedom and calmness in challenging times. 💵 🔟 Step 4: If you don’t have Bitcoin, get some. It's a hedge against the system's uncertainties. 📈 1️⃣1️⃣ Step 5: Find your expertise, create a product/service that helps others, solving a need. 🛠️ 1️⃣2️⃣ Step 6: Live in multiple jurisdictions, embracing the best from each. Ideally, have more residencies and citizenships. 🌐 1️⃣3️⃣ Step 7: Relocate your tax domicile to a low or zero tax country. 💼 1️⃣4️⃣ Step 8: World-schooling is a great way of learning. 📚 1️⃣5️⃣ Step 9: Avoid material fixation. Material things won’t deliver long-term happiness, just cost you money. 🛍️ 1️⃣6️⃣ Step 10: Use Bitcoin or cash where possible to protect your privacy. 🔒 1️⃣7️⃣ Step 11: Be aware of spending habits. Spend less than you earn. 💸 1️⃣8️⃣ Step 12: Invest monthly what you have left over and don’t immediately need. 📈 1️⃣9️⃣ Step 13: Get back to roots of p2p trade. Create a local economy with peers and friends. 🔄 2️⃣0️⃣ Step 14: Maintain your privacy at the maximum possible level. You never know what the future holds. 🔐 2️⃣1️⃣Step 15: Keep your body and mind in a great shape. Supercharge your body with good source of energy, physical training and mental relaxation. Consistency is the key. 2️⃣2️⃣Read a full article here: