I’d like to know what the chain of events would be upon the death of a person using circles?
Does everyone else untrust them? Doesn’t this create an unpleasant race to learn about deaths?
Does this mean effectively that there can be no wills, you money dies with you?
What happens to the money in my account associated with the person who has died - does it just sit there unspendable (effectively a financial loss)
Hey @Orrok - yes that is a good question.
Details needs to be figured out.
Ideally the money created of this person should still be valid until the point of death.
Or, since (fortunately) death happens around 1%/yr it will be just fine to accept the extra 1% inflation rate?
If basic income is implemented as demurrage and/or transaction fees that feeds money back into “living bodies” then is a non issue, because someone’s money will naturally decay in a matter of few years after an issuer has “minted” them.
I don’t see a reason why not to deposit the money on someone’s elses account, depending on the will of this person. If there’s no will, the money could be used to pay for mining or something else.
Could another person of trust be added to manage a wallet for this purpose? Like business wallets?
I could give my wife or my parents access to my Circles in case something happens to me. They could transfer the Circles to their own account then, right? Of course all of this in good trust.