Quote from: o_e_l_e_o on November 30, 2019, 10:02:05 AM

I've had a look at your website, and there are a number of things which concern me enough to not want to use your service. Perhaps you can address them.

Quote

Cold wallet made simple

A phone is not a cold wallet.

Quote

can easily audit (even without reviewing our open-source code)

I can't find a link to your open source code anywhere, and the "audit" link simply links to your wallet generator.

Quote

If, within 6 to 12 months (depending on the plan you purchased), you do not renew or cancel your plan, selftrust.me assumes you passed away and automatically emails your heir the cryptogram it holds.

This is not trustless. We have to trust you not to go out of business, or hold our coins ransom whilst demanding our heir pay for the other half of the secret. At the moment we also have to trust your secret generation and transmission process, since there is no link to your source code.

There is also no mention of your pricing model. Why would I pay an ongoing subscription and trust an unknown third party, when I could just split my seed myself and pay a one-off fee to place half of it in my will with a reputable law firm?

Thank you for taking the time to provide us with valuable feedback.

Cold Wallet

By design, with our wallet, the secret keys are really yours (created from your own entropy) and are always kept offline. This is in line with the definition of a cold wallet as you can see here: https://en.bitcoin.it/wiki/Cold_storage

Source Code

We are still at an alpha stage (that's why we propose to test our wallet with our money). We will obviously release the source code of the app once we are past this stage and publicly release our product.

Ransom threat

Imho, this threat is not a realistic possibility.

Indeed, we do not know who you are and have no way to estimate the value of the wallet you intend to transmit to your heir. Furthermore, the information you entrust us with is useless without the information that your heir already has and that we ignore.

Therefore, even if we were dishonest and planning to operate anonymously (which is not the case), we have:
. no power to steal your heir's inheritance;
. no reason to ruin our business and risk jail time by trying to ransom your heir for your wallet whose value is unknown to us.

Instead, our only incentive is to play by the rules and hopefully turn your heir into our customer.

Going out of business

If we go out of business, we'll use a customary 12-month sunset period to:
. let our customers know they need to find another solution for cold storage and for transmitting their wallet,
. allow our servers to complete pending transmissions to heirs.

Price of the inheritance service

We are still undecided but plan to charge USD 1-2 worth of BTC a month in order to make the service affordable to anyone.

Taking care of the inheritance by yourself or through a law firm.

We provide convenience and affordability. You can also use additional backup solutions beyond ours.

Now, compared to our solution, using a law firm is:
. way more costly (even with only a one-time fee),
. not anonymous,
. possibly troublesome if one alleged heir pretends to have been spoiled and sues your estate executor and/or your intended heir; this happens all the time and may delay for years your intended heir from enjoying your wallet (not to mention the hassle and legal fees your intended heir may have to face).

Android device in airplane mode

Once our app is installed on an Android device, the device is meant to be kept offline and for the exclusive use of our app.

If you don't trust Android's airplane mode to keep it offline, you can also ask your local mobile shop to physically remove remote connectivity from your device (i.e. remove sim card slots, wifi modem, bluetooth...) before using our app. I did that myself on different Android devices (it is straightforward, usually costs $5-20 depending on where you are located, and takes less than 15 minutes).

Alternatively, you can also simply remove the SIM card, delete all WIFI configurations, and never connect again to any networks once our app is installed.

Why an Android phone to shelter our app?

Hundreds of millions of people can't afford a USD 100 hardware wallet but can use a repurposed old Android phone dedicated only to shelter our app and protect their bitcoins (and possibly other crypto-assets). This is especially true in countries where people use bitcoins because they can't trust their local currencies and have no access to banking services.

ilovecoins2014

Posts

Merits