Author

Topic: idea (Read 839 times)

member
Activity: 70
Merit: 10
I'm nobody.
May 22, 2013, 02:59:18 PM
#10
As interesting as this concept is, I agree with the above posts that state not to store your bitcoins on the exchange. In this turbulent young stage of bitcoin, i'd advise that anything you want to hold on to for the long term be Cold stored: https://en.bitcoin.it/wiki/Cold_storage.

For a short term 10 day lock, just send bitcoins to a client on your own computer and back up the file.

There's not a ton of benefit for the exchange to do this since you have these other options at your disposal, but they would in turn take on a lot of customer support tickets for people who want to unlock wallets in panic days, etc.

that's true, but in a way it would also prevent those panic days from even existing. and i agree with the majority of the posts in this thread, except, it's not always practical to hold your bitcoins offline if they are invested on say, HavelockInvestments. yes, it could very well be hacked however that is beyond anyone's control at that point. unfortunately these hackers who probably work for the United States and Chinese government, are making Bitcoin's ventures extremely risky.
newbie
Activity: 18
Merit: 0
May 22, 2013, 12:10:19 PM
#9
As interesting as this concept is, I agree with the above posts that state not to store your bitcoins on the exchange. In this turbulent young stage of bitcoin, i'd advise that anything you want to hold on to for the long term be Cold stored: https://en.bitcoin.it/wiki/Cold_storage.

For a short term 10 day lock, just send bitcoins to a client on your own computer and back up the file.

There's not a ton of benefit for the exchange to do this since you have these other options at your disposal, but they would in turn take on a lot of customer support tickets for people who want to unlock wallets in panic days, etc.
sr. member
Activity: 448
Merit: 251
Bitcoin
May 22, 2013, 12:01:10 PM
#8
I don't know,  maybe i'm old school.     But I don't have a client installed anywhere..   I just have a few backups of the wallet.dat in a secure physical location
donator
Activity: 1464
Merit: 1047
I outlived my lifetime membership:)
May 22, 2013, 11:33:20 AM
#7
what if you could lock your bitcoins from being withdrawn. say for example on mtgox, you know you will not be withdrawing your bitcoins for a period of time, say 10 days as an example. you then lock the account (cannot be reversed) from being able to withdraw, just so you can have that piece of mind. and other sites having this feature would be nice too, not just mtgox

If you could do this with your coins at the blockchain level, yes, you could have piece of mind...but, telling your exchange you don't intend to withdraw and hoping a malicious hacker also obeys your wishes doesn't seem likely to help Smiley
legendary
Activity: 2912
Merit: 1060
May 22, 2013, 08:36:43 AM
#6
Yes don't be an idiot, use blockchain not an exchange
legendary
Activity: 1540
Merit: 1000
May 22, 2013, 08:34:55 AM
#5
An exchange is used for exchanging different currencies, why people here keep trying to treat them as bank accounts is beyond me, sell your stuff and move it right away, either to Bitcoins or an account designed to have money stored in it, I personally think Bitcoins are the best option for storage because you can keep them offline.
legendary
Activity: 2912
Merit: 1060
May 22, 2013, 07:31:53 AM
#4
Use otp
hero member
Activity: 518
Merit: 500
Manateeeeeeees
May 22, 2013, 07:24:48 AM
#3
Also, a LOT of sites already do that - you have to enter a PIN to change the withdraw address on most of the litecoin pools I use.

Instead of that, just avoid keeping any coins inside an exchange.
legendary
Activity: 2912
Merit: 1060
May 22, 2013, 04:19:21 AM
#2
No. Most thefts are by hacking the server, not your account .
member
Activity: 70
Merit: 10
I'm nobody.
May 22, 2013, 04:03:22 AM
#1
what if you could lock your bitcoins from being withdrawn. say for example on mtgox, you know you will not be withdrawing your bitcoins for a period of time, say 10 days as an example. you then lock the account (cannot be reversed) from being able to withdraw, just so you can have that piece of mind. and other sites having this feature would be nice too, not just mtgox
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