Topic: bitcoin weakness private key loosed what to do ! (Read 1683 times)

Yeah. So basically, just backup your private key!

In fact now that I think about it a bit more, that's exactly how I've been guarding my stash these last three years!

... or a seed you keep seperate from your private keys. You know just in case something happens to your wallet or you forget the password....

I'm just trying to wrap my head around this, but wouldn't it be the same if you just printed your only private key on paper and kept it in a safe?

That way, when a thief nicks your  laptop, you open your safe, scan your paper, import your key and move your BTC to a new wallet before the thief figures out what that "bitcoin core"-program on your laptop is doing?

If I understand the OP correctly they seem to be asking for some way for the 'rightful owner' of a private key, who then has it stolen, to have some sort of fallback method of moving the coins without the private key.

For this to work there needs to be some sort of 'proof of identity' that the rightful owner could provide in lieu of the private key. In other words they need to have...

another private key.

This seems doable to me. Take whatever existing coins you have and transfer them to a new address by means of a 1-of-2 multisig transaction. Then, you need some way of separating the two private keys into two separate files (wallets or whatever). That might be the tricky bit - I've never done multisig transactions myself so I don't know how the major wallets implement them. You might have to 'hand-craft' a transaction. Finally you need to keep the two private keys very, very separate - like, one on your laptop in a wallet.dat, the other on some laminated paper in the household safe.

Then, when your laptop gets nicked, you use the key in the safe to move the coins. And vice-versa if the safe gets broken into. Of course there are failure-modes:
1) If BOTH your laptop and your safe get nicked you're effed.
2) If the thief spends the coins before you realise they're gone, you're effed.
3) You can't do all this retroactively. If the thief's already stolen your coins protected with a single private key, there's nothing you can do about that NOW, just do the multisig for your future coins.

How do you define who is the real owner?

The question is how do you distinguish between me as a person and you as a person?

not possible. many people have tried to come up with solutions to prevent people from stealing bitcoin, but it is not possible. How exactly would you be able to link a private key to a person digitally? It cannot be done. Instead of focusing on making it impossible to spend Bitcoin from stolen private keys, you should focus on making it impossible to steal them in the first place. That is much easier to do.

private key loosed what to do !

Many one ask this question if i loose my private key what happen , each every bitcoin user know the coin from that address are gone ( some one take the coin )

How to avoid this in feature development . This is the one weakness in bitcoin ,

If some one bitcoin address that contain some bitcoin ( 1 or something ) the secret leaked ,

That the leaked address secret not any one used to take those coin from that address ,

only who is the real owner of that address he/she only spend those coin ,

this condition need ( if the secret leaked no problem condition need )

any ideas , algorithm , scripts , etc .......... discuss here it help feature development

Contribute : your  ideas , algorithm , scripts , etc ..........

Thank you all.................