🧵 “Boating Accidents” & Other Real Threats to Your Bitcoin Sovereignty
1. 🚤 What’s a ‘Boating Accident’?
In Bitcoin lore, a “boating accident” is a tongue-in-cheek way to say: “I lost my Bitcoin, don’t ask me where.” But behind the meme lies a serious truth—Bitcoin can be lost, stolen, or compromised in countless ways. Let’s unpack them.
2. 🕵️♂️ Phishing & Social Engineering
You didn’t lose your coins in a lake—you handed them to a scammer in disguise.
- Fake wallet apps
- Impersonated support agents
- Malicious QR codes
Protect yourself: Verify sources, use hardware wallets, never share seed phrases.
3. 🧠 Forgotten Seed Phrases
The most tragic boating accident: memory failure.
- Lost notebooks
- Misplaced backups
- Overcomplicated storage
Protect yourself: Use redundant, geographically distributed backups. Test recovery regularly.
4. 🔐 Weak Passwords & Poor OpSec
If your password is “Bitcoin123,” you’re not sailing—you’re sinking.
- Reused passwords
- No 2FA
- Unencrypted notes
Protect yourself: Use password managers, enable 2FA, encrypt everything.
5. 🏦 Bitcoin on Exchanges
“Not your keys, not your coins.” Exchanges are honeypots for hackers.
- Mt. Gox
- FTX
- Countless smaller and bigger breaches
Protect yourself: Withdraw to self-custody. Use multisig if possible.
6. 💸 Too-Good-To-Be-True Deals
“Double your Bitcoin” schemes, fake giveaways, pump-and-dumps.
- Influencer scams
- Rug pulls
- Fake airdrops
Protect yourself: If it sounds magical, it’s probably malicious.
7. 🧬 Identity Theft & Doxxing
Your name, address, and holdings leaked? You’re now a target.
- Public bragging
- Leaked KYC data
- Blockchain analysis
Protect yourself: Use privacy tools like CoinJoin, avoid linking identity to addresses.
8. 🔧 Wrench Attacks
Physical threats are real. If someone knows you hold bitcoin, they might come knocking.
- Home invasions
- Kidnappings
- Coercion
Protect yourself: Practice plausible deniability. Use multisig with trusted parties. Learn Brazilian Jiu Jitsu!
9. 🧨 Malware & Keyloggers
Your device is compromised, and you don’t even know it.
- Clipboard hijackers
- Remote access trojans
- Browser extensions
Protect yourself: Use air-gapped devices, verify software integrity, keep systems updated.
10. 🧪 Quantum Threats (Long-Term)
Not today, but maybe in the future. Quantum computing could break Bitcoin’s cryptography.
- Exposed public keys
- Legacy wallets
Protect yourself: Stay informed. Use fresh addresses. Watch for post-quantum upgrades.
11. 🧘♂️ Spiritual & Ethical Risks
Bitcoin isn’t just technical—it’s moral. Greed, ego, and fear can wreck your journey.
- Obsession with price
- Neglect of values
- Compromising principles
Protect yourself: Anchor your Bitcoin practice in ethics, community, and long-term vision.
12. 🚢⚰️ Death, Legacy & the Final Boating Accident
a) 🪦 What Happens to Your Bitcoin When You Die?
Bitcoin doesn’t care if you’re alive. If no one has your keys, your coins are gone—forever. No probate court, no “forgot password” button. Just digital silence.
b) 📜 Legacy Planning for Bitcoiners
To pass on your Bitcoin, you need more than a will—you need a map.
- Clear instructions for accessing wallets
- Secure backups of seed phrases
- Trusted executor or multisig setup
- Legal documentation (if needed)
Protect yourself: Plan like you won’t be around tomorrow. Because one day, you won’t be.
c) 🛠 Tools & Strategies
There are three main inheritance setups:
- Custodian with beneficiaries (e.g. River’s Bitcoin Beneficiary plan)
- Multisig with third-party service (e.g. Casa, Unchained)
- Self-custody with detailed instructions (paper backups, encrypted files, etc.)
Each has trade-offs in trust, complexity, and privacy. Choose what aligns with your values and your loved ones’ capabilities.
d) 🧠 Teach Before You Leave
Your heirs may not be Bitcoiners. If they don’t understand wallets, seed phrases, or how to verify transactions, they might lose everything—or fall prey to scammers.
Protect them: Leave behind not just access, but education. Write guides. Record videos. Make it foolproof. Give them easy to grok books and other useful resources.
e) 🕊️ Legacy Beyond Wealth
Bitcoin isn’t just money—it’s a philosophy. What values do you want to pass on?
- Financial sovereignty
- Ethical responsibility
- Privacy and resilience
🧭 Final thoughts: Your Bitcoin legacy can be a gift of freedom, not just fortune. But freedom demands responsibility. Every “boating accident” is a lesson in humility, security, and sovereignty. Don’t wait to learn the hard way.
Read on Substack: https://open.substack.com/pub/blockchainology/p/boating-accidents-and-other-real
