[IDEA] - LockMyCoins - page 3. | Bitcointalksearch.org

ripper234

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Ron Gross

Quote from: theonewhowaskazu on October 10, 2013, 09:51:58 AM

So assuming you did broadcast a nlocktime a year in the future, and saved the transaction, you can't 'cash it in' early, can you? You'd just have to re-broadcast it in a year to get your Bitcoins, if you broadcasted it early, nothing would happen because everybody would just be sitting there waiting for the nlocktime to expire.

nLockTime means by definition the transaction isn't valid until a specific block number. You can't 'cash it in' early no matter what.

You have to re-broadcast the tx in the future to get your bitcoins.

bitwhizz

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i wasn't being that serious, nclock sounds like an awesome idea everyone could really benefit from,

theonewhowaskazu

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Quote from: bitwhizz on October 10, 2013, 11:30:16 AM

buy the rare casascius coins, thats a way to not touch your bitcoins,

You have to pay a huge premium, for those, though. If nlocktime works as I think it does you could get a better result for free.

bitwhizz

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buy the rare casascius coins, thats a way to not touch your bitcoins,

theonewhowaskazu

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So assuming you did broadcast a nlocktime a year in the future, and saved the transaction, you can't 'cash it in' early, can you? You'd just have to re-broadcast it in a year to get your Bitcoins, if you broadcasted it early, nothing would happen because everybody would just be sitting there waiting for the nlocktime to expire.

ripper234

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Ron Gross

Quote from: michagogo on October 10, 2013, 03:12:08 AM

This is an interesting idea, but there *is* one issue. You can't broadcast a transaction with nlocktime a year in the future and expect it to stick around in mempools -- you would need to keep the transaction somewhere safe, outside of the bitcoin network, and then broadcast it a year later.

Hmm - excellent point, I hadn't thought of that.
One thing you can do - send the client a signed copy of your transaction (in JSON format or encoded as a link).
You can also schedule a reminder to be sent to the client using a 3rd party service such as followupthen.com

This way the client can always rebroadcast the tx themselves in case something happens to your service.
Of course under ideal circumstances you would add a server to this setup that automatically broadcasts this tx itself after the time expired.

We were actually thinking of doing a quick hackathon and implement this at Bitblu just for fun's sake, but this technical complication you spotted might mean that it's now a bit too much work to hack up a working solution in a few hours ...

michagogo

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This is an interesting idea, but there *is* one issue. You can't broadcast a transaction with nlocktime a year in the future and expect it to stick around in mempools -- you would need to keep the transaction somewhere safe, outside of the bitcoin network, and then broadcast it a year later.

str4wm4n

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I would LOVE to see this get developed. As someone who likes to gamble...I really wish this existed about a month ago... Cry

theonewhowaskazu

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Quote from: ripper234 on October 09, 2013, 04:06:11 PM

Quote from: msc on October 09, 2013, 02:34:56 PM

I'd rather just create a wallet, store the private keys in a safe, and watch the public addresses to know that the coins are actually there and in my possession. Maybe you'll need them in an emergency, or maybe there will be a protocol change that requires a key rotation, etc. Who knows? Yes, it requires more will power, but only a little.

Well yeah, this solution isn't for everyone - if your will is strong enough, move along.

Although ... one actual use for this would be insurance against rubber-hose cryptoanalysis:

If you physically can't deliver the coins except at pre-allocated times ... and suppose you make sure to keep these times secret (say ... your coins open once every year for a window of 1 day, and you keep the choice of day private) ... you can't be extorted to send away your coins at gunpoint.

Legit

ripper234

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Ron Gross

Quote from: msc on October 09, 2013, 02:34:56 PM

I'd rather just create a wallet, store the private keys in a safe, and watch the public addresses to know that the coins are actually there and in my possession. Maybe you'll need them in an emergency, or maybe there will be a protocol change that requires a key rotation, etc. Who knows? Yes, it requires more will power, but only a little.

Well yeah, this solution isn't for everyone - if your will is strong enough, move along.

Although ... one actual use for this would be insurance against rubber-hose cryptoanalysis:

If you physically can't deliver the coins except at pre-allocated times ... and suppose you make sure to keep these times secret (say ... your coins open once every year for a window of 1 day, and you keep the choice of day private) ... you can't be extorted to send away your coins at gunpoint.

msc

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I'd rather just create a wallet, store the private keys in a safe, and watch the public addresses to know that the coins are actually there and in my possession. Maybe you'll need them in an emergency, or maybe there will be a protocol change that requires a key rotation, etc. Who knows? Yes, it requires more will power, but only a little.

600watt

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should include a five year and a 10 year option.

= solid retirement plan... Wink

ripper234

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Ron Gross

A cure for speculators - LockMyCoins™
(Just an idea, I don't have the time to develop it right now)

Client-side javascript that does the following:

1. Generates a new private/public key pair --> INCOMING_ADDRESS.
2. Accepts a RETURN_ADDRESS from the user.
3. When it detects an incoming transaction to INCOMING_ADDRESS, the service creates and broadcasts an nLockTime transaction 1 year into the future (configurable) to RETURN_ADDRESS.
4. When the browser window is closed, the private key is forgotten.

The purpose of the service is to allow someone to lock away a certain amount of coins for some time. This self-handicapping is done to prevent oneself from day-trading. It's meant for people who are long-term bitcoin bulls, and want to rest assured knowing their funds will be waiting for them in the future without being expose to the temptations of short term speculation and day-trading.

Topic: [IDEA] - LockMyCoins - page 3. (Read 3916 times)