Solution to lost wallets - page 3. | Bitcointalksearch.org

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

Quote from: xTz on June 05, 2018, 03:05:53 AM

Timestamp can literally be any time margins to make an output, even if u put timestamp between 1 year and 100 years is fine for network, assuming that we do not live more then 100 years from now, at least network gain back their lost bitcoins.

if YOU are so worried about the "network" and it not losing YOUR coins then there is a simple solution for it without needing to change anything about bitcoin.

use timelock.

current block height is 526297 you want us to spend your coins after you die in X years then right now create a transaction and send your coins as a donation and in that transaction set the timelock to:
526297 + (X years * 365 days * 144 blocks/day)
for example if you have 1 year in mind then you set it to 578857

xTz

newbie

Activity: 74

Merit: 0

Yeah, timeframe 2 years was just used as an example, it can be 100 years and it will be healthy for network. Supposing that someone 100 years old will have enough time to make 1 single transaction output on those funds to reset timestamp. Even if the algo will be written after last 1 satoshi will be mined to take in place the timestamping. And move those funds back into circulation.

Bitsky

hero member

Activity: 576

Merit: 514

Quote from: xTz on June 04, 2018, 03:41:17 PM

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)

As interesting as it may be to bring lost coins back into circulation, there is no real way to proof that the key for an address has been lost.
Two years are way too short; for example, I have coins in cold storage which are much older, and I don't plan to move them in the next two years.
Also, what happens in case you are unable to access your funds just because you can't? Imagine you have a really bad accident and are in coma for two years: you wake up and all your money is gone.

If you want to keep using the age of coins, better consider something like 100 years instead. However, even that might be a very bad idea: assume there is an address with 100BTC which is really lost. Based on your proposal, in 100 years those 100BTC would come back into circulation and some miner would be very happy; but, at that point the network most likely has gone to a level where single Satoshis are the normal amount and worth maybe $1-$10 each. Now you drop 100BTC what will crash the price and effectively make all BTC users have less.

If there is a point where Satoshis are getting too expensive, the better idea is to just add more decimals and create eg Minitoshis, Microtoshis or Nanotoshis.

xTz

newbie

Activity: 74

Merit: 0

Timestamp can literally be any time margins to make an output, even if u put timestamp between 1 year and 100 years is fine for network, assuming that we do not live more then 100 years from now, at least network gain back their lost bitcoins.

budismile

jr. member

Activity: 293

Merit: 1

Quote from: xTz on June 04, 2018, 03:41:17 PM

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)

Which is my question is why every time the transaction will come quickly if the Gas or the pay is raised?
is not the blockchain script supposed to be standard?

mustamin88

newbie

Activity: 98

Merit: 0

Here's a little advice from me Make sure you save Backups in different locations, eg on other computers, in cloud storage, on USB Flash Disk, on CD, printed on paper. Do not save a Backup on your computer or SmartPhone where your Bitcoin Wallet is installed because it will not do any good if your computer / SmartPhone is damaged / lost. Make sure Backup is Secure, not accessible to anyone other than you.
Hopefully my answer can help you.

pooya87

legendary

Activity: 3472

Merit: 10611

no, you are not allowed to touch my bitcoins. i would like to buy and hold them for hundreds of years and i don't want to move them at all and you are not allowed to force me to do otherwise. what you are doing is that you are calling my coins lost and you want to steal them from me!

@S10

newbie

Activity: 68

Merit: 0

yes Structurally a bitcoin binary code is very difficult to achieve and so bitcoins will remain safely stored in the wallet.

sakahayang

full member

Activity: 414

Merit: 100

Structurally a bitcoin binary code is very difficult to achieve, so bitcoins will remain safely stored in the wallet.
the process of the code can be simplified like a proof of purchase, where every time a transaction there is a sign of proof and it is a number commonly called TX in the world of crypto. maybe it's a simpler language than having to encode a bitcoin script.

sabine80

member

Activity: 728

Merit: 14

somehow i do not think the idea is good. i may want to keep coins for more than 2 years without having to move them. with such a procedure, i would always be afraid that i would forget to ship the coins and thereby lose them. if the time window were bigger (maybe 90 years), i would find it ok.

karloscimot

member

Activity: 518

Merit: 14

By providing additional security such as Google authenticator. do not let us do WD in the cafe. and do not croboh put hp or lektop is easy for the reach of small children. because my friend lost his assets because hp. His in use by his son .

xTz

newbie

Activity: 74

Merit: 0

well if you count all bitcoin core's updates forks, then yes you can see it as a fork. I explained that lost wallets will be returned to network, either as a new reward for miners, either adding new blocks after year 2140 when last block will be mined. No way you can return lost wallets to owners by my solution. Do not read between lines.

BitcoinNewbie15

sr. member

Activity: 574

Merit: 296

Bitcoin isn't a bubble. It's the pin!

This would require a fork. Besides, it is not a very good idea anyways. It would require "upkeep" of your Bitcoins otherwise you will lose them. This makes no sense and essentially puts an expiration date on your Bitcoins. You would need to access your wallet more often to timestamp a transaction and this also exposes you to more risk. Lost/losing wallets aren't really a problem anyways.

StevenS

full member

Activity: 206

Merit: 100

Quote from: xTz on June 04, 2018, 03:41:17 PM

This is not a proposal of forking network!

Yes, it is.

A coin is forked after blocks are generated with both the new rules and the old rules. You are proposing new rules to return "lost" bitcoins somewhere (back to the sender?) The old rules say that a transaction must include a valid signature of the address holding the coins, but your new rules would not have this signature (because the private key was lost). Therefore blocks created with your new rules would not be valid under the old rules.

brightology

jr. member

Activity: 209

Merit: 1

They are many wallet used for crypto currency, by receiving token and alt-coins, and in case like this, bitcoin wallet address can be restored, by creating account with blockchainwallet.info while creating account, it we require email address,

xTz

newbie

Activity: 74

Merit: 0

Personally i lock my wallet in offline, i make transactions from offline signing transactions and broadcast that transaction from online wallet. But not everyone is good in informatics. I only hope early devs will think at this solution.

Ahmadarwani56

newbie

Activity: 114

Merit: 0

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 .

xTz

newbie

Activity: 74

Merit: 0

Nope, your bitcoins are in ledger network, not on your device. Your device only give access in the ledger and makes u owner of that wallet public address signed by your private key that is stored on your computer.

Crypto Mark

newbie

Activity: 196

Merit: 0

Unlike banks or companies like paypal, egold and others, wallets are stored on our computers with peer to peer network to the world. One solution is our bitcoin wallet must be periodically backed up to multiple devices so that when doing transaction, tens of thousands of computers in bitcoin network will verify the data we input so that fraud does not happen. Because, Bitcoin is stored on our computer in the wallet. If the computer is damaged the same as our bitcoin lost.

xTz

newbie

Activity: 74

Merit: 0

This has nothing to do with hackers, it is only about lost wallets.
In 20 years if bitcoin want to stay relevant, we need entire tokens in circulation when mass adoption start. What is the point to leave millions of bitcoins lost?! There is nobody that win about those "tragedies" how u call them.
In 2011 btc was nothing, who would guess what is gonna happen . They lost many wallets .

Topic: Solution to lost wallets - page 3. (Read 679 times)