The reenter PIN when you take off your watch and/or die is a great solution. It suggests that Apple is really putting some thought and effort into how something intimate as a watch can function as a digital interface to the activities in your life.
I wonder if at some point the biometric reads will be sophisticated enough to take a snapshot of your vitals such that they are unique as a fingerprint, and serve as a completely secure way of verifying your identity at all times, without any intervention from the user.
That which doesn't kill you weakens you slightly and makes you less able to cope until you're completely incapacitated
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