Topic: [IDEA] - LockMyCoins (Read 3916 times)

Yes, I shut it down because of the new website. There is a bug in the old version which makes the transaction go through instantly and some other small things that I need to change. Working on it as fast as I can, but school makes it a bit harder. It's consuming a lot of time.

I see that http://lockmycoins.bitcoininformation.info/ is down.

Is it because the new site is under development?
Why not keep the old site alive for the time being?

Sneak Preview:

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Donations for this project are welcome. 2 dollar is already enough to keep a domain up for a year. The donation address is: 1BTg9Xoy9fwUXoYJppXJfEJWbN9NeYL83Y
All the funds on this address will be used to host and support this project. If you see something you don't trust, just post a message on here or send me a PM and I will explain my expenses.

Hello ripper234,

It might pleases you to hear that I am going to redo this project in a more user friendly style. This will include a new name and (of course) a domain. It will also include a little FAQ and a explanation why and how this works.

I will contact you when it's done and posts in this topic

Kind Regards,
Mitchell (BitcoinInformation)

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Donations for this project are welcome. 2 dollar is already enough to keep a domain up for a year. The donation address is: 1BTg9Xoy9fwUXoYJppXJfEJWbN9NeYL83Y
All the funds on this address will be used to host and support this project. If you see something you don't trust, just post a message on here or send me a PM and I will explain my expenses.

I already created it: LockMyCoins.

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When you open the website an address will be generated for you (the private key can be copied, no worries). This will be the address used to lock your coins in a transactions, so you will need to send the coins you want to lock to that address.
 
After that the only thing you need to do is enter an Destination Address, how much you want to send to it (I advice you to send everything, haha) and when it should be accessible (you can enter something like "Tomorrow", "Next month", "23-11-2013" and many more options, just check that the Lock Time variable in the Json output isn't 0 / the output isn't empty).

The script will output an hex encoded transaction and a json one just for display purposes. You have to save the hex one! After that go to the "Broadcast Transaction" and push the transaction. That will push the transaction into the network.

You push the transaction locking up the coins right away. The other transaction, the timelocked one, you don't need to broadcast at all until it becomes valid. There's no point broadcasting it, because it won't be stored or relayed. What you need to do is keep the timelocked transaction that pays the coins back out to you safe, and once it matures, you can broadcast it and it should be mined.

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Michagogo, thanks for the last paragraph.

A great idea could really help a lot of ppl here. who's gonna work on it?

My intention wasn't to attack you, simply to correct that misinformation for other people who may see this. I apologize if you interpreted it as an attack.

Like I have stated before, I have never read the whitepaper, nor do I know a lot of the Bitcoin Protocol itself. I'm just a simple programmer. No need to attack me if I made a mistake.

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No. You push the transaction locking up the coins right away. The other transaction, the timelocked one, you don't need to broadcast at all until it becomes valid. There's no point broadcasting it, because it won't be stored or relayed. What you need to do is keep the timelocked transaction that pays the coins back out to you safe, and once it matures, you can broadcast it and it should be mined.

Not really. My back hurts like hell and I have no motivation at all to do something. I will try to explain the basics:

When you ope the website an address will be generated for you (the private key can be copied, no worries). This will be the address used to lock your coins in a transactions, so you will need to send the coins you want to lock to that address.
 
After that the only thing you need to do is enter an Destination Address, how much you want to send to it (I advice you to send everything, haha) and when it should be accessible (you can enter something like "Tomorrow", "Next month", "23-11-2013" and many more options, just check that the Lock Time variable in the Json output isn't 0 / the output isn't empty).

The script will output an hex encoded transaction and a json one just for display purposes. You have to save the hex one! After that go to the "Broadcast Transaction" and push the transaction. That will push the transaction into the network.

Please note that if you set a time lock for more then a few days, you will have to push the transaction again from time to time. The network / the miners don't support Time Locked Transactions that well.

I hope this helps

any luck on writing that guide?

BTW I have thought of a good use case for this website except to prevent short term speculation:

Time Vault

You know how banks have vaults that can only open at specific times?
The same could be very useful with BTC, to prevent someone forcing you to send him your BTC at gunpoint.

If you lock your coins away each year, if you get kidnapped and held at gunpoint in the middle of the year, you can honestly tell your kidnapper - "Listen, I really cannot access my bitcoins right now ... here's the proof!"

looking forward to it!

I though my website was quite clear. I will make a tutorial about how to use it tomorrow, if you still need it then. I'm currently a bit busy with a job.

.01 btc to whom ever posts a step by step list of instructions for using this!

thanks!

I updated the page and pushed everything to GitHub.

It is now user friendly and you can enter whatever date you want (for example, "Fri Oct 31 2014 00:00:00 GMT+0200" works without a problem). It will be instantly converted to a Unix Timestamp and put into the rawtransaction.

Just a quick note, the scripts won't do anything if the address balance is zero.

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Donations are welcome:
18ER6uQZDoRd3SZhHi1LZvRWCTnvovjDAF

I did test it with fake input. Everything works except pushing it (which is logical ).

Also you are right, private key should be good enough and yes, my website is currently down. Trying to fix it with my hosting provider (once again). I use a shared server and it seems that I use to much resources. That's why I redid my scripts, merged stuff, decreased API calls and set my CloudFlare Security Settings to high (to block off bots and shit like that). It seems that it didn't help or something on their side is off.

EDIT: Apperently my log files were to big. It's fixed now.

No worries, it's great you managed to get something out there!
Did you test it?

You already have the private key field to get your coins back, isn't that enough?
The domain cost is trivial, I could buy one of these and point to your server if you want.
I see the site is down right now?

This. Help resist temptation to dice them

Thank you for these comments, remember it was just an example to show that it works. I will try to make it better looking, more self explaining. I don't think I will buy a domain for that, because I run short on money + BTC, but someone else could. I mean, it's opensource (MIT License) after all

But why lose the Passphrase field? You could use that to get your coins back if you really want to (it would destroy the purpose of the concept). I mostly used Brainwallet's Javascript files and a few extra functions for the Unix Timestamp to Hex conversion.