At worst bitcoin is a speculative balloon. At best it is a novel, useful way to conduct online transactions. In no conceivable future is it a good place for a long-term investment of the majority of your assets!
>>"The Bitcoin Investment Trust was previously approved by Fidelity as an eligible investment for accredited clients in their self-directed IRA accounts and investments began closing last week. We understand that Fidelity has decided to reevaluate this decision."
I know bitcoin is a major innovation, but having a bunch of them is an insanely powerful motivator and it becomes virtually impossible not to mix fact with fiction when your entire net worth is riding on it.
1. In very different locations. Running around the world is going to be quite expensive.
2. Using different security measures. If they find one friend for his mistakes in maintaining privacy or security, same trick isn't going to work with some others.
3. Friends will also lock their stash in X-of-Y transactions with some other people, so finding them won't immediately increase potential gain.
I'd say the cost of running after individuals grows quadratically while the potential revenue only linearly.
4. Not all your funds will be locked with the same 9 people. 10% will be, while other 10% will be locked with some other group. To get 100% of the stash you'd effectively have to kidnap and torture maybe 20 different persons in different countries all over the world.
5. People learn. Once 2 or 3 folks are captured this way, all the rest will reshuffle their funds elsewhere and use better security measures. So you'd have to catch all at once, otherwise money will always leak right through your fingers.
Bitcoin is really, really a leapfrog technology with security incomparable with anything you had before. Previously known 2/3-factor schemes (including Shamir's Secret Sharing Scheme - SSSS) always required a single non-compromised machine to bring all secrets together. Bitcoin n-of-m transaction can be securely signed by N potentially compromised machines provided they are not all owned by the same operator.
See also global economical implications of the Bitcoin security:
Good enough for the Iranians, good enough for you.
If I've understood correctly it is just to reinstall WarpWallet on another machine using the same passphrase.
But what if we also can no longer access WarpWallet? What then?
Just save your private key into something like KeePass with a long ass password and a couple of million of hashing rounds. Email the KeePass database to yourself, your family, put it on your server, all your computers, your cell phone, etc.
Also, I find this laughable:
> Leave little cryptic notes around your house and office to remind you of what your passphrase is in case you ever forget.
Because we encourage running this thing on an airgapped machine, you mainly need to convince yourself that we're generating keys as advertised (and not from a small known pool). The airgap would prevent this page from sending data back to a server, even if there was logic to do so (which there isn't).
If only life were that simple.