Topic: Could I drive up the Bitcoin price with a clearing purchase? - page 2. (Read 5031 times)

Not sure if it works, but there's "nLockTime" you can set to some date in the future on a tx.

I don't think this is really possible in software, especially open source, since anyone could easily modify the code to bypass the time delays. The only way to do it would be to require CPU time like mining. In hardware its a good bit easier. I could burn a private key into a microcontroller and enable code protect so it can't be read out with a programmer/debugger. The code on the micro won't output the key until a certain number of timer interrupts have passed. The only disadvantage would be that you'd have to keep it powered 24/7 for years, but its not that big of a deal if you don't, it just adds that much more time before you can get the key. They only use a few mA, and the low power ones a few uA. A battery would last around a year.

I wonder too if he could build a time lock in to it, that'd be cool & an all in one solution, may have a big demand for many purposes - could be one of Bitcoin's undiscovered super uses & appeal to HNW individuals, say like rock starts or sport's ones or celebs that are cashing it in atm but it all may end fast & they also have youthful costly bad habits that they wish to hedge against for their old age, 30s - 40s or more, something that was tinker proof because it had an auto destruct built in for if you tried to

edit: or for crims when they know that they're going down for a long stretch or needed plausible deny-ability to pass a lie detector test to say that they no longer retained any control of those ill-gotten funds, peeps wishing to set up bigger charitable foundations than they can afford as yet, lock it in for a couple of centuries & voila your BitNobel prizes are good to go, or for when you're about to tie the knot with that half your age stripper in Las Vegas/Pattaya & if it lasts more than 5 months/years your stashed wealth reappears - this should probably be done at the first stage of falling in love/lust with her/him (Hi Brucey) in any case

edit 2: or when you've just bought $85,000 worth of coins @ $4.80 to $5.00 & you don't want to risk being manipulated into selling or shorting with them for n days/w/m or years or better yet the armory would lock them down until they had reached a certain price, or with staggered release at set levels - both with if/or/& preferences, ie release 1,000 if/when the price gets to twice what you'd paid, say $9.65 - release 1,000 on 2015 01 01 - release 1,000 after the 2014 01 01 only if the price is over $8.50 - release some/all if the price falls/rises by x% - release some (or random amount) at random (settable random difficulty) for the lulz etc...

Daily volume in currency for February 2011:


Daily volume in currency for February 2012:


The slowest day in 2012 moved more than twice the volume in currency of the highest volume day of 2011 over the same period.  That's impressive.

Quick, everyone buy!

edited my reply in my last post above to add some tweaks

re OP, wait for a low volume lull where the price has been stuck for a while, preferably where your big buy would trigger a trend line break that many were watching & waiting to go all in on, like right this W/E for instance then what you don't need on Gox to do this with, place long at your max leverage on Bitkoinica (& tip your friends off to do the same) & then immediately pull the trigger, sell half the Bitkoinica gains & send them to Gox, buy more & try to cascade the price up maybe, drop me a PM first & I'll lend you a hand with it, I've growing a little bored with my IPO GOOGs

yeah, i think Armory will be the definitive offline solution.  let him clean the bugs up a bit before using though.

Look at the volume in currency exactly a year ago.  An $85,000 buy would have catapulted the price in terms of percent increase.  Today, not so much.

2011/3/1 to 2011/3/10 (hourly)


2012/3/1 to 2012/3/10 (hourly)

Thank you very much! Will definitely check this out.

use armory, copy the private key for your stash, code it if it isn't already then set up a boomerang service email to yourself for the future date, do this with a couple of other services too & maybe a paper copy of the same with a lawyer that is irrefutable, destroy the original copy of the private key & voila an effective time safe

set up a secondary, third recipients to have access to your email account (eg, in your will - or by the above method but able to cancel) & to be told about this & how it works in case you have set the notification too far in to the future when you're not actually around any more

edit: I haven't looked in to if they offer an unchangeable future date service or if you would need to make an account which was non retrievable & then to destroy the user name & password (both 23 chars random generated from lastpass.com) to it after setting it up or something so that you were permanently locked out from it - lol it could make a good film script, imagine you going to different hypnotists to try & get those recalled after the gods of irony decide to make you have to change your mind about it

Why is that ridiculous? You give them a copy of your private key, so you still have it yourself. They have to protect themselves from a double spend with the same private key.

no, it still needs 6 confirmations for some ridiculous reason

Can't you import private keys into MtGox?  Doesn't that circumvent the confirmation wait time?

OK, I agree that one should have a certain portion of BTC holding offline, depending on personal preference. I plan on arranging such a thing myself, but I want to do it in a way that will make me unable to access the coins until a certain date or event, so that I am guaranteed to hold. Any idea?

but at least you'd still have your btc's tucked away in your own wallet and not on some gov't computer.  another exchange would emerge to take gox's place and the price would recover eventually.

Which would kill the price anyway.

Also I doubt they will be hacked into again. But the US government attack remains, true.

the most likely catastrophe is an attack on mtgox by either hackers or the gov't.

I try to keep about 25% of all my BTC in Gox

Personally what what I never liked about this option is that I might get to learn about some impending catastrophe and wish to sell immediately, not after 6 blocks. I want my Bitcoins liquid.

I trust Gox pretty much now, so I don’t mind using them as a "bank".

wise words.  i've learned to love you, Proudhon.

add this; i would create an air gapped wallet for cold storage.