Good to know, thanks!
The risk with John K is probably that he doesn't have an institution around him that can survive his passing. If he were to have a heart attack today and die (not wishing it on him!), is there a substantial chance that all the funds in his btc escrow account would remain there, possibly forever locked away? Does he have a contingency plan?
Hey,
I do have a dead-man's switch in place as all the addresses I use are cold wallets printed and stored physically in my safe. I regularly back my escrow list of transactions up to two off-site locations, and in the case of me and my family's incapacitation my family lawyer is authorized to release the funds accordingly with the list.
However, I still make it a point to not keep too much of escrow funds at once - I try to move through escrows as fast as possible to not have too much risk that I cannot cover using my own BTC funds at once. That's why escrows that might take longer (say, 2-3 weeks +) is charged a higher fee here. I don't hold more than 5k BTC in escrow at the moment, barring long term storage like the forum's funds (that I started to hold part of since I was a moderator).