Topic: Solution to lost wallets (Read 670 times)
A very original approach to solving this problem, but it will be very difficult to implement this in bitcoin. There are many simpler ways to solve the problem of lost wallets.
It would require "upkeep" of your Bitcoins else you will lose them. This has neither rhyme nor reason and basically puts a termination date on your Bitcoins.
When a user loses his wallet it affects the loss of your money and will definitely incur losses unless you still keep your privatkey but otherwise everything will be in vain. make sure you never forget your password to remove the privatkey or your money will be permanently lost.
This is not a proposal of forking network!
By timestamping first wallet transaction with real time date/hour/seconds into ledger history, bitcoin core software nodes can make an agreement that if, for example:
during the next 2 years the wallet's public address that was timestamped do not output any Tx, bitcoin nodes take those funds and place them into next block header.
If a public address will make a new output tx with any amount of tokens will be re-stamped with date that was realized the last tx.
If the public address won't put a minimum of 1 transaction in 2 years, those funds from public address will be moved into next block of transactions.
I know it sounds easy. But to translate into coding, it is very hard to accomplish.
In bitcoin is harder to be implemented due to multi-sig public keys .
I cannot see another solution to this problem, which can become very important in far future.
I would call this process (Proof of owner's wallet)
P.S Timestamp can be from 2 years up to 200 years, 2 years is as an example
I do not understand what you are describe. tapai that I understand if you lose your wallet and also personal key for your wallet I think you have to make a new wallet because you can not access your wallet anymore By timestamping first wallet transaction with real time date/hour/seconds into ledger history, bitcoin core software nodes can make an agreement that if, for example:
during the next 2 years the wallet's public address that was timestamped do not output any Tx, bitcoin nodes take those funds and place them into next block header.
If a public address will make a new output tx with any amount of tokens will be re-stamped with date that was realized the last tx.
If the public address won't put a minimum of 1 transaction in 2 years, those funds from public address will be moved into next block of transactions.
I know it sounds easy. But to translate into coding, it is very hard to accomplish.
In bitcoin is harder to be implemented due to multi-sig public keys .
I cannot see another solution to this problem, which can become very important in far future.
I would call this process (Proof of owner's wallet)
P.S Timestamp can be from 2 years up to 200 years, 2 years is as an example
maybe if you lose your bitcoin wallet, we will experience losses,because the bitcoin will be lost with reform certain.I think we better keep the security of our devices,avoid from damage .
I agree with your thinking that bitcoin will live 20 years in the future but if longer bitcoin life is very fun for me because I hope bitcoin can help me until my offspring later.I have no doubt that bitcoin is a future that will develop forever.
There's no solutions to lost private keys or wallets that's why we need to be extremely careful to secure our funds by saving your cryptocurrencies on external hard drive such as Ledgers. Lost bitcoins or cryptocurrencies are gone for ever and I think it will give value to the rest available coins as the total amount will reduce.
If your wallet lost don't be sad because that is the lesson that you need to keep your wallet in secure place especially if your wallet have a high amount of money/ bitcoin and get a hard password that no one can easily guess because now the technology is hi-tect so be aware all the time.
This is not a proposal of forking network!
By timestamping first wallet transaction with real time date/hour/seconds into ledger history, bitcoin core software nodes can make an agreement that if, for example:
during the next 2 years the wallet's public address that was timestamped do not output any Tx, bitcoin nodes take those funds and place them into next block header.
If a public address will make a new output tx with any amount of tokens will be re-stamped with date that was realized the last tx.
If the public address won't put a minimum of 1 transaction in 2 years, those funds from public address will be moved into next block of transactions.
I know it sounds easy. But to translate into coding, it is very hard to accomplish.
In bitcoin is harder to be implemented due to multi-sig public keys .
I cannot see another solution to this problem, which can become very important in far future.
I would call this process (Proof of owner's wallet)
P.S Timestamp can be from 2 years up to 200 years, 2 years is as an example
You need to write in detail and completeBy timestamping first wallet transaction with real time date/hour/seconds into ledger history, bitcoin core software nodes can make an agreement that if, for example:
during the next 2 years the wallet's public address that was timestamped do not output any Tx, bitcoin nodes take those funds and place them into next block header.
If a public address will make a new output tx with any amount of tokens will be re-stamped with date that was realized the last tx.
If the public address won't put a minimum of 1 transaction in 2 years, those funds from public address will be moved into next block of transactions.
I know it sounds easy. But to translate into coding, it is very hard to accomplish.
In bitcoin is harder to be implemented due to multi-sig public keys .
I cannot see another solution to this problem, which can become very important in far future.
I would call this process (Proof of owner's wallet)
P.S Timestamp can be from 2 years up to 200 years, 2 years is as an example
I can not understand all your presentation intentions in the above article!
I don't know if have a solution when your wallets lost but to avoid like that circumstances we better keep the security of our devices,avoid from damage.
I have been talking with few developers and they like idea, but it will be hard core coding. We will see if there can be an agreement on timeframe for timestamping TX
Will you give us any names so we can invite them to share their opinions here, or were these talks super-secret with you only and under the premise that you must not under any circumstance reveal who they are?
the idea and goal of what you have stated is really good.
but as what you have said this is a very hard task to do.
added to that constraints i dont think bitcoin holders will be happy to hear that someone could make that kind of a change in bitcoin.
so for me i think it will be better to leave it alone as what we have first used it.
let the lost coins be lost forever.
but as what you have said this is a very hard task to do.
added to that constraints i dont think bitcoin holders will be happy to hear that someone could make that kind of a change in bitcoin.
so for me i think it will be better to leave it alone as what we have first used it.
let the lost coins be lost forever.
This would require a fork. Additionally, it's anything but a smart thought at any rate. It would require "upkeep" of your Bitcoins else you will lose them. This has neither rhyme nor reason and basically puts a termination date on your Bitcoins. You would need to get to your wallet all the more frequently to timestamp an exchange and this additionally opens you to more hazard. Lost/losing wallets aren't generally an issue at any rate.
Dissimilar to banks or organizations like paypal, egold and others, wallets are put away on our PCs with shared system to the world. One arrangement is our bitcoin wallet must be intermittently went down to different gadgets with the goal that while doing exchange, a huge number of PCs in bitcoin system will check the information we input so extortion does not occur. Since, Bitcoin is put away on our PC in the wallet. On the off chance that the PC is harmed the same as our bitcoin lost.
This is a very bad situation. But there is nothing to do except to find the lost wallet code. A friend lost it and tried to find data for months, but it was not a solution.
You’re wasting your time...
your solution is good, if only bitcoin and other cryptocurrency can accept and implement the solution this i think it will be another Goal for all cryptocurrency, i just wish they should implement full security on lost wallet and coins.
Then all the arguments from other countries accepting it will stop.
I have been talking with few developers and they like idea, but it will be hard core coding. We will see if there can be an agreement on timeframe for timestamping TX Then all the arguments from other countries accepting it will stop.
your solution is good, if only bitcoin and other cryptocurrency can accept and implement the solution this i think it will be another Goal for all cryptocurrency, i just wish they should implement full security on lost wallet and coins.
Then all the arguments from other countries accepting it will stop.
Then all the arguments from other countries accepting it will stop.
Obviously you have no idea what bitcoin is. Nor do you understand macro economics and why is important for cash to flow. Stop fool yourself and living in a 100$/satoshi world. What you gonna do if all developers will agree with this implementation and most of miners and nodes will implement this solution? You sue the bitcoin?
It's pretty pointless to discuss this with you because you keep ignoring the arguments which render your suggestion pointless.You can add new digits and split satoshis if needed, so your "problem" of lost coins is non-existant.
Besides, there is no need to sue. People can then simply switch to a fork which does not steal your coins and does not make you pay fees for holding.
Please go troll somewhere else.
Timeframe from stamping is not necessary to be 2 years, it could be 100 years, and if frame between 0-100 years that wallet don't make any output transaction, all nodes will agree with sentence that wallet is lost. If after 99 years wallet make at least 1 transaction with minimum or equal amount of 1 satoshi then timestamp will be extended with another 100 years.
This is not a proposal of forking network!
By timestamping first wallet transaction with real time date/hour/seconds into ledger history, bitcoin core software nodes can make an agreement that if, for example:
during the next 2 years the wallet's public address that was timestamped do not output any Tx, bitcoin nodes take those funds and place them into next block header.
If a public address will make a new output tx with any amount of tokens will be re-stamped with date that was realized the last tx.
If the public address won't put a minimum of 1 transaction in 2 years, those funds from public address will be moved into next block of transactions.
I know it sounds easy. But to translate into coding, it is very hard to accomplish.
In bitcoin is harder to be implemented due to multi-sig public keys .
I cannot see another solution to this problem, which can become very important in far future.
I would call this process (Proof of owner's wallet)
By timestamping first wallet transaction with real time date/hour/seconds into ledger history, bitcoin core software nodes can make an agreement that if, for example:
during the next 2 years the wallet's public address that was timestamped do not output any Tx, bitcoin nodes take those funds and place them into next block header.
If a public address will make a new output tx with any amount of tokens will be re-stamped with date that was realized the last tx.
If the public address won't put a minimum of 1 transaction in 2 years, those funds from public address will be moved into next block of transactions.
I know it sounds easy. But to translate into coding, it is very hard to accomplish.
In bitcoin is harder to be implemented due to multi-sig public keys .
I cannot see another solution to this problem, which can become very important in far future.
I would call this process (Proof of owner's wallet)
The private key is very important, who owns the private key, who is the owner of the wallet
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