How to deal with assets if the owner disappears ?



  • For me personally, I will not invest in a "non-verified" asset. I think it would be a good idea to split into two categories. One question. If the asset owner is thrown in jail, dies, or becomes unable to issue the dividends, is there an escrow that will take over the payment to the asset holders? Or will this be an "inherent" risk buying assets?



  • @vprf said in Change to the requirement to post new threads in the Asset Exchange Category.:

    For me personally, I will not invest in a "non-verified" asset. I think it would be a good idea to split into two categories. One question. If the asset owner is thrown in jail, dies, or becomes unable to issue the dividends, is there an escrow that will take over the payment to the asset holders? Or will this be an "inherent" risk buying assets?

    This is a great point.
    Could we have a "kill switch service" ?
    Anybody have any ideas how to set one up.



  • @MikeMike
    Like giving someone with more trust the passphrase to the issuer account and every other account associated with the asset?


  • admin

    @MikeMike Won't work - if the owner disappears, where are the funds coming from ? If they were in the asset account, then a kill switch could send them, but who would control that kill switch? If the funds are coming from a mining wallet, or another coin, then activating the kill switch will do nothing.

    The only way is an escrow where some of the funds are in a separate account that another person has control over.



  • @haitch said in Change to the requirement to post new threads in the Asset Exchange Category.:

    @MikeMike Won't work - if the owner disappears, where are the funds coming from ? If they were in the asset account, then a kill switch could send them, but who would control that kill switch? If the funds are coming from a mining wallet, or another coin, then activating the kill switch will do nothing.

    The only way is an escrow where some of the funds are in a separate account that another person has control over.

    I understand and the kill switch would need to include as much as possible.
    Who to trust with that is the main issue. I mean you know how many scams are.
    Having access to many accounts/huge amount of funds the greed sets in and they run.



  • "if the person dissapear or dies will I get my money"...

    If the person dies he's dead and nothing to do there, you won't get dividends and that asset dies. Simple as that.



  • @Zeus

    A will could be written up or include it in a will or kill switch but who has access to that document.
    This is the responsible thing to do.
    We are breaking new ground here in this decentralized world and for BURST Assets etc to have the most main stream adoption as possible we need to brain storm ideas and options.



  • @MikeMike then create a new thread with your concerns about this and people can go in and brainstorm the ideas there.



  • @Zeus

    I plan to delve into the idea of wills and kill switches elsewhere and at another time yea...
    Was not meaning here but for sure it is applicable.



  • @MikeMike i had an idea how to setup assets liquidation in case of something happening to me, but now i am rethinking it of whom to use on BURST side as i am implementing a complete assets removal from forums if not outright closure.



  • @CryptoNick said in Change to the requirement to post new threads in the Asset Exchange Category.:

    @haitch Maybe a Kill switch would be a smart contract that sees no payouts within 3 months and shuts down the asset?

    I like the verification since the Crypto is Decentralized but the Help forum can not be Decentralized. By requiring an attempt at Verification of ID then it absolves the Forum of any complicity to the scammer. If they want to advertise elsewhere anyone can double check for their safety on the Help tab to know about Verification at least. Then there is a safety net.

    I was thinking the same thing but forgot to post it.
    gm
    Could the contract be set to over ride the payouts on a regular basis if they never return and could it be modified once started if they come back. For sure is an awesome feature and wonder if it could be made a project.



  • @haitch Well my vote does to the idea of a splited Asset Exchange subforums...

    Regarding the kill switch, it can be made with a Smart Contract that just sends the passphrase of the asset account (via message inside the platform) to some person (like the will-person) established since the beggining if the account don't pay a divy in X time, i guess... That will not make possible to recover the invested money in most of the cases but for assets that work inside the BURST platform only, solves the problem 😉
    This way people will have to make kind of a will when creating an asset... This will will be a Smart Contract xP


  • admin

    @gpedro The kill switch idea only works if the asset account is the one accumulating the funds - what if it's a GPU miner? The wallet and passphrase for some other pool/account goes into the SC? And how do you secure the SC so that data isn't public? I believethe SC code is on the blockchain and publicly accessible.



  • @haitch

    Maybe the message could provide the pass-phrase or password to some other holding account the person has that might be holding BTC, BURST etc.
    That account address could be provided so people can check out the funds there.
    Problem with this idea is someone could lie or change the password.
    It works better with someone H approved though...



  • @haitch Well regarding other passphrases can be added to the code i guess. Regarding the other questions it have to be someone with more inside knowledge about how the Smart Contracts really work since the information i have is extremelly limited xD

    But ofc that lets suppose that someone that have a GPU mining farm dies and his son/wife/mother/grandmother whatever unplug this cable from the wall to those PCs, the GPU's stop generating coins and in that case its not worth having a passphrase for that account obviously, so the only real way of getting that case fully cover is if someone have a written will with instructions about how the asset closure or future may proceed and probably by pointing a respected member of the community to get things done in his absense 😉