This model also serves as a way for people to instant-power down for a 30% fee.
Along those lines, you might want to have a waiting period before giving the liquid funds since this would be a great workaround for stealing people’s accounts, or at least 70% of it.
Not exactly a great work around for stealing accounts as unless your recovery account is set to one on the whitelist before the theft it take a whole month for the recovery account to change to one the site accepts..
Ideally the wait time from accepting a lending contract to your keys being replaced and HIVE sent to account is less than a minute.
Oh, that’s right. I forgot they won’t be able to transfer funds once the keys are changed.
What happens if the account and recovery account are both in on the scam?
For instance,
They can't change back their keys as they won't be their own recovery account.. An account owned or in partnership with Hive.Loans will have recovery rights on their account.
Cool. Thanks and great idea.
No worries! Yeah it's a bit much to wrap your mind around at first.. Took many hours trying to do model the correct workflow for something like this to work.