Hi, lately I’ve been thinking about this problem and I’ve come up with 2 possible solutions that could be implemented either together or one or the other. The following assumes that dividends are calculated quarterly.
Solution 1: Yearly opt-in to dividends.
Under this proposal, each safex address would have a flag that automatically resets to “off” on January 1 of each year. The address owner would have to toggle the flag on through the safex wallet each year to be eligible for dividends. The flag could be toggled on any time before the current dividend calculation day to opt-in to that dividend cycle and any remaining cycles in the current year.
Solution 2: Claiming dividends.
Under this proposal, each safex address would get 4 sub addresses attached to it, one for each quarter. These sub addresses could only transfer coins to the master account, through a claim action in the wallet or back into the payout address if not claimed within a year. After a year without claiming the address would be flagged as opting out until the owner used a claim action to reflag the account.
He is talking about in the future, where there could be abandoned wallets (likely due to death) accumulating dividends with no one on the other end. Basically sending Chille coins into the void, instead of to us holders. I think it’s a smart idea.
It should go without saying that you should always have a plan in place for your crypto-currencies in the unfortunate event of your death. Make sure your loved ones are taken care of. But not everyone will do this.
That is a really difficult one. And not just death, but when ones gets quite old then they may not have the opportunity to be checking or updating their wallets and only when the estate is finalised that the wallet is discovered.
Having dealt with sorting out anothers estate, it can take a few years to finalise things and to not give that estate the dividends because the executors don’t know to “flip” a flag each quarter/year is very wrong.
What to do is not easy. Crypto in the past has “worn” these lost accounts and know they will occur. Personally I’d like to have a couple of addresses in a couple (many really) of wallets quietly accumulating dividends. I’ve even thought of having one for each of the grandkids and give the kids the wallet for their 18th birthday. Personally I don’t want to be updating things in the wallets each quarter, even if it only takes a few minutes for each. If I have to then I have to, but prefer not to.
What the solution is I am not sure, but as soon as the user has to do something then the untouched wallets will suffer if they are for an estate or for my grandkids or whatever you can think up.
Seems to me like lost wallets are your own responsibility. I can’t think of any “solution” that couldn’t be manipulated in some way or another. Things are designed this way for a reason.
Plus, as a Safex holder myself, lost wallets only mean deflation which is good for the Safex economy.
This same subject has probably already been discussed to death in other forums.
I agree. If the person has safex, he has right in dividends, regardless he is dead or not. If an account is not using it’s coins, them deflation will occur naturally on remaining market.
At first I don’t think SAFEX should make it mandatory for user to perform some action in order to receive dividends, but there could be some benefits.
It could even be a once a year action (with no cut off date) that is required on the users behalf to receive dividend, could have integration with the voting application.
This could promote greater community activity, as it makes people follow SAFEX news.
But this should all come when it comes to refining the SAFEX community, which could be voted on in its own right.
Nor does anyone. But people don’t want to lose dividends because they are not actively using the wallet either (you know hodlers)
EDIT:
I will guarantee you that there is not as many lost safex as others here have claimed. They simply looked at addresses that have not had the coins move for a period of time. Well I have most of my SAFEX unmoved for a very very long time. Think from ICO and some for over a year.
We could do something where people will be incentivized to vote (annually etc) in order to receive the dividends for that year, just a way to promote participation.
I don’t like the idea of lost dividends but I’m also against the idea of needing to do anything to receive them.
I am strongly against a yearly requirement to indicate that, yes, I am still alive.
I would consider a 5 year or 10 year indicator.
If implemented, rather than only tick a box, I would also like to see dividends continue if any wallet funds whatsoever had been sent from the wallet in the past 5/10 years. If if it was possible to privately track, then also if the wallet had even been open in the past 5/10 years.
How decentralized would safex be if a change to which addresses receive and which addresses don’t receive (e.g. in case of death) could be made in the future? Once registered on the blockchain-dividend-registry, that address will receive and keeps receiving; no external intervention should be able to change that.
So better start thinking about what you write in your will and who will receive the private key to your holdings
Maybe, it should be automatically distributed so Safex holders do not lose out. For example, say if someone dies, and has children in the care of someone else (perhaps the children are very young) if someone did not login the dividends would go right back to Safex.
Perhaps we should just keep the Claiming dividends earning in Realtime so no one would need to bother with an extra step .
it should be automatic and in real time so the wallet can keep on getting dividends this way any heir to a safex wallet does not have to worry about losing their fair share.
Yes there should only be the requirement to keep your coin in the wallet to receive dividends.
Bitcoin has lots of lost coin and the economics work out. If dividends are lost then the remaining are worth more per unit because those lost/hoarded are never used and the available to buy on an exchange are less.
No need to do anything about lost coins.
Mind you there probably near zero lost coins at the moment. Most of mine have never moved since the ICO and some here want coins not moved for one year to be considered lost. No we don’t want special actions or anything like that.
