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Topic: Owner specified bitcoin escheat mechanism - page 2. (Read 1590 times)

newbie
Activity: 28
Merit: 0
January 05, 2012, 06:32:36 PM
#4
i do think that OP is onto something however - personally i think its a bit stupid that if you lost wallet.dat you lose all of your bitcoins that were in it.
with today's digital world, information is increasingly susceptable to corruption or loss - especially if you don't do backup.

i think there should be a system implemented where your wallet is actually stored in the cloud, inaccessible without your encryption password.
this eliminates the lost wallet problem, and can also be modified so that any unused wallets (again, a set period of say 100 years) have their bitcoin value deleted & added back into unminted blocks.


or just buy physical BTC Wink they look so freaking COOL

i just wonder - how easy would it be for somebody to do this:
buy BTC coins
open them, make photocopies of the code inside
make new "real" fake coins - they have a real code but there are copies of it - this way everything checks out & the first redeemer will get his BTC
any remaining fakes thus become worthless - but not until the owner checks up on the public block checker!
many fakes could circulate for YEARS as real currency until someone redeems one of them, rendering the rest worthless.

this type of scam could go un-noticed for a very long time - not many people are keen to redeem the coins!
donator
Activity: 1218
Merit: 1079
Gerald Davis
January 05, 2012, 06:16:26 PM
#3
Just use a deterministic wallet, and put a copy of the passphrase in a safe place(s).
newbie
Activity: 28
Merit: 0
January 05, 2012, 06:01:52 PM
#2
how easy would it be, to hack the protocol & reduce the time to 1 minute - also how would this bypass a lost password and/or lost wallet?
afaik the bitcoins are not floating around the net, but are actually physically stored in your wallet, thus, lost your wallet & nothing can be done.

the system could be designed, however, to lookup the internal code of bitcoins, identify bitcoins that have been out of circulation (for a set time, say 100 years) and reintroduce the coins back into unminted blocks?
newbie
Activity: 24
Merit: 0
January 05, 2012, 05:14:56 PM
#1
I have a suggested upgrade to the bitcoin protocol.

  One of the risks of bitcoin is if you forget your wallet password, loose your wallet, or die without telling others' how to access your bitcoins, etc. your bitcoins are unrecoverable and lost forever.   It would be nice to have an address owner specified escheat mechanism such that the protocol, not seeing any sends from an address in a user specifed  amount of time, will automatically transfer those bitcoins to a new, user specified address and/or perhaps email a loaded wallet to a user specified email address.  You get the idea.  This would be an opt in feature.  The default would be no escheat.  The escheat mechanism would be set in your wallet and be incorporated into the nomencalture of one's published public addresses.

-B
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