Newsletter February 2019

Dear  reader,
The LegacyArmour newsletter explores some of the considerations that all of us must address as our culture and our economy becomes more and more digitized.  We all take advantage of the benefits and convenience of the internet, cell phones, computers, and online banking, but we need to also consider using technology to protect our assets, knowledge and history.
This February volume discusses Bitcoin as an investment or wealth storage vehicle that has both pros and cons.  It is relatively easy to set up a wallet, portable, and virtually untraceable.  No one need know that you have a wallet or what is in it.  Contrasting that, your keys and passphrases are the only way in.  If they are lost, then everything in the wallet is lost.  There is no backup recovery option. 
Please keep reading for more information!
Volume 02 
This issue
$190 M Black Swan P.1
Asset Protection TipsP.2
Events and News P.3
A $190 Million Needless Loss

The term “Black Swan” is used to describe an event that appears to be rare, has a major impact, and should have been predictable in other words, people frequently comment “why didn’t we think of that” after it happens.

The world just witnessed a $190 Million black swan event with the passing of Gerald Cotton, the CEO of QuadrigaCX, one of Canada’s largest bitcoin exchanges.  Gerald passed away unexpectedly, at the age of 30, from complications of Crohn’s disease.  Unfortunately for his survivors, including his company and all the people that invested in it, Gerald was the sole person on earth that knew the passwords and keys that were needed to access the $190 Million worth of bitcoin that the company controlled. 

It appears to be rare, but random and sudden events happen to people all the time, and everyone has something that they need to take care of or communicate before they pass away. 

This event is a perfect example of a black swan event!


It has a major impact.  In this case, it has a measurable $190 Million impact and will certainly affect many, many people and their retirement plans.

It should have been predictable.  Couldn’t most of us, in hindsight, recognize that having only one person possess the keys and passwords necessary to access $190 Million worth of assets is a recipe for disaster? 

A scenario where Gerald Cotton could have avoided such an event would have been to use a service such as the LegacyArmour fully-encrypted vault, to store access instructions to the bitcoin wallet. He would then assign recipients of this information if something happened to him. LegacyArmour, upon his death/incapacitation would have automatically sent an encrypted link to such recipients to unlock that information.

Gerald’s heirs, his company, and his clients would have been $190 Million richer today and his passing would have been mourned as the loss of a life rather than a headline of corporate negligence.

Read the original article here
1 Change Your Passwords. 
In the last 6 months over 2.2 Billion passwords have been compromised.  Yours are probably among them. Change your password frequently and when you are aware of a breach to protect your privacy.

2 Don’t Reuse Passwords. 
We all  tend to reuse our favorite password for multiple accounts, but this is a recipe for disaster.  Once that password is compromised through a breach, all your accounts are at risk.

3 Go Digital.
Digital storage is the only way to ensure that there are multiple, redundant copies of your important documents, pictures, videosand other assets that are stored in multiple locations, safe from fire, flood, or theft, and encrypted so that only authorized people have access.
4 Back Up Important Information.
You can’t make copies of your wedding ring, but anything that is electronic can be backed up on a separate hard drive or on a USB thumb drive.  Paper documents can be photocopied, or better yet, scanned and stored electronically.
Create a Succession Plan
Most of us know what we want to have happen, but does everyone else know?  Sharing your desires and wishes with others is one of the first steps to ensuring that your wishes are carried out.

6 Use a Reliable Asset Protection Service
Protect your most important documents and memories. Technology changes quickly and using a service that specializes in asset protection is an affordable way to ensure that you are truly protected.

Events & News

That you might find interesting…..

Largest Breach of Passwords yet. 2.2 Billion!
A 2.2 billion unique usernames & passwords collection is being freely distributed to hackers online.
People can steal your car by scanning your key!
Something called  a “repeater” can scan the car keys you have in your house from your driveway and then open and start your car. 
Bitcoin’s Achilles Heel
Bitcoin is lauded as being ultimately secure, immutable, untraceable & secure, but what happens if I lose the password and keys to my bitcoin wallet?
Please email us at Live chat is available during operating hours so you can talk to a real live human if you have questions about your account or even if you have suggestions for topics to cover.
222 S. 9th St, Minneapolis, MN 55402, USA