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> And if I lose my private key, I still can get the money out in chunks of $X per week So the 5% of people every year who are going to lose their private key c
by namdnay 2y ago
> And if I lose my private key, I still can get the money out in chunks of $X per week
So the 5% of people every year who are going to lose their private key can no longer buy a house or car for the rest of their life?
- ArtTimeInvestor 2y agoThe bank can still send $X per week to wherever it wants. So if one loses their key, they would tell the bank to transfer the money in amounts of $X per week to a new account. If they have set $X to 2% of their savings, they would have to wait 50 weeks until they can use the full sum again.
- lmz 2y agoWell they can trickle their money to a new account and use that new account for the ~10 yrs until they lose their key again.