Thought Exercise: What if all you had was your seed phrase? \ stacker news ~bitcoin

Thought Exercise: What if all you had was your seed phrase?

2393 sats \ 14 comments \ @SatoshiNakanodo 28 May 2023 bitcoin

It’s 2025. Your country has been struck by a sudden and catastrophic disaster – could be an earthquake, tsunami, civil war… it doesn’t really matter, for the sake of this exercise use your imagination.

In the middle of the night your home was destroyed (along with the national power grid and communications infrastructure). You had only enough time to grab your family members and make a terrifying escape from the chaos.

Thankfully, after a multi-day trek, you and your loved ones are safe and uninjured – you’re just very tired, cold, hungry and confused. You now find yourself in a foreign place with no money, no phone, no one you can call. You have nothing but the dirty clothes you are wearing.

Don’t panic. Think… think… think…

Suddenly you remember; You have your 12-word seed phrase committed to memory!

Now what do you do?

Without any of your possessions and no friends to turn to, how do you go about accessing your bitcoin savings so you can restart your life, and save yourself & your family from starvation?

—————— (Of course it is possible that something like this has actually happened to you. If so, please share your story. There is no one right answer. I’m just curious how many Stackers have considered a scenario like this – however extreme it may be.)

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220 sats \ 0 replies \ @SatoshiNakanodo OP 28 May 2023

I’m a bit surprised no one has thought to find a library or internet café, jump on Stacker News and put out a request to find a Bitcoiner in the local area.

Or go to map.Bitcoin.com to find a local merchant who accepts bitcoin, might be sympathetic and willing to help.

If I could find a local Bitcoiner I feel like I could work out a short term loan for cash or a trade of some sort until I could get my hands on a phone or a wallet.

259 sats \ 0 replies \ @Hopeful_Sat 28 May 2023

If it's limited to your country then the value of Bitcoin should remain fairly intact. A global catastrophe might really hammer the value of your Bitcoins (as well as other exchange mediums and moneys) because basic things like food and shelter would become very valuable relative to what the value was before the event. At least, that's what I think

So assuming my Bitcoins still have sufficient value that it would help me in my quest to shelter and provide for my family, I would:

tell no one about my Bitcoin/wallet situation
recite my recovery phrase every few hours to ensure I don't forget it
prioritize keeping my family safe while trying to get enough money (whatever they use in that area) to be able to buy a smart phone and SIM card

Wouldn't be out of the woods yet, because if no business or individual in the area accepts Bitcoin for basic goods, then you still have essentially nothing to work with, but at least you now have a working phone, which even without the Bitcoin should help you going forward

On the other hand, if people and businesses in the area generally accept Bitcoin for goods and services your would be able to use the Bitcoin you have for your needs (assuming you have enough Bitcoin in that wallet of yours)

Overall I would be glad I stored wealth in Bitcoin rather than my native currency because it would take a lot more for you to get any money out of your bank account and into a foreign bank account (that you have to open first and seeing as you don't have anything with you like identification or a passport it could be extremely difficult). Some banks also require permission from the relevant reserve bank to make international payments and if your country is struck by such a catastrophe then maybe the reserve bank, if it's still there, will just deny any money transfers out of the country. Plus, your native currency is likely to also have taken a massive hit in terms of it's value because of the recent event so even if you get it to you then it would be worth a lot less wherever you are

232 sats \ 0 replies \ @john_doe 28 May 2023

I would sympathize with people around me to work together and improve the situation.

I don't think this would be like in Hollywood movies, us against the others, but rather a community work. That being said, when I went to a big city the first time I felt exactly in this situation and resolved that by asking to a neighbor some help. And during holidays of the end of the year I had once my bank doing server maintenance, so I had to eat less and eat almost sweet potatoes everyday (quite cheap) for a couple of days. At this time I spent the new year eve in a Church with people from Philippines where the food was free and I went after to an African bar (free entrance) and someone I knew offered me a drink.

216 sats \ 1 reply \ @DarthCoin 28 May 2023

If such disaster will happen, your main concern would not be your 12 word seed for a bitcoin wallet, but:

shelter, water, food
security, safe place to go
anything else will be totally useless

So work better on your "bug out" scenario and be prepared.

move out from big cities. When something like that happen, big cities are first to fall into chaos. Zombies will kill you on the street for a bottle of water.
make your house a stronghold
have prepare food and water for at least 1 month
diesel generator, batteries, solar etc.
prepare your "plan B" of escape in case your house is compromised, so have a secondary place where you already stockpiled food, water, defensive weapons.

Bitcoin will not help you at all with all the beheaded chickens out there...

0 sats \ 0 replies \ @kepford 28 May 2023

Yep, all Bitcoiners should be prepared for disaster not just financial disasters.

267 sats \ 0 replies \ @faithandcredit 28 May 2023

The internet will be in high demand in a time of crisis. someone will provide access but at what price? Bitcoin may well be the only money he will accept? So you just wait/look around for this guy who can offer internet access and you get in contact with him. But for the love of God be discrete. Don't go telling ppl u have bitcoin unless you have to, like for example the guy that can offer 8nyernet access. And don't fomo it, make sure he is not a scammer as best you can. That's all.

As a side thought on chain fees may rise to hundreds of dollars depending on the scale of the crisis. And in that case you have to be ready to become the scaling solution. Offer bitcoin notes for your local community. Become the bank. Just a thought. The guy with internet can be your partner.

15 sats \ 0 replies \ @TheWildHustle 28 May 2023

If the foreign place is a populated city area, I’d walk into a walmart or apple type store, attempt communication.

10 sats \ 4 replies \ @OneOneSeven 28 May 2023

Could also hide the words in plain sight, like in a post or substack article...

10 sats \ 3 replies \ @DarthCoin 28 May 2023

In a catastrophic disaster do you really think you would have electricity / internet / access to your substack post? That is totally useless. Bitcoin is useless in such situations. OMG you people are lost... you have no idea how is to be in a disaster and what should do first.

10 sats \ 1 reply \ @SatoshiNakanodo OP 28 May 2023

To be fair, in my scenario, the “foreign place” where you have landed has not been impacted by the disaster - there is electricity and services here. But your home country is inaccessible.

30 sats \ 0 replies \ @cointastical 28 May 2023

So you still have 100% of your bitcoin wealth.

If this wealth is enough to get you grounded wherever it is you ended up, then you get yourself the communications devices you need to use bitcoin, to obtain dirty fiat or whatever, and you make a plan on how you will start rebuilding.

The very first step is to get access to your bitcoin.

You reach out to someone with a laptop and a usb flash drive. You download Tails OS and you boot Tails from that USB flash drive. Tails has an electrum wallet (or you download some other wallet you wish to use).

And then, from there, you then have the ability to buy your own smartphone, laptop + communications devices/services (with bitcoin), or you do a trade for dirty fiat, or whatever, so that you have "currency" that can begin to execute on your plan to rebuild.

0 sats \ 0 replies \ @OneOneSeven 28 May 2023

Agreed, I would hope all of what you listed in your first reply is implicit thinking for bitcoiners, your life and family lives/wellbeing are most important, perhaps what leads some to bitcoin anyway

8 sats \ 0 replies \ @Monotone 28 May 2023

The seed-phrase is the last thing you'll think about in the event of such a disaster. It will be a nice bonus only after you have ensured your safety and sustenance for yourself and your family. But not the other way around.

0 sats \ 0 replies \ @2bithits 29 May 2023

You'd better remember it!

Pray day & night to satoshi.

Repeat the seed. Repeat, repeat