Topic: Store bitcoins in a timed vault. (Read 1746 times)
Yeah I would just set a multi sig address up and allow my family or a member of family to have access to the other key so in emergencies you would be able to get the Bitcoin out.
Create lockTime transaction sending to new address.
Sign locktime transaction with necessary private keys.
Permanently delete the private keys that were used to sign the lockTime transaction from ALL locations.
Done.
Save the braincells for a better use.
You can do that right now. Before the nlocktime has been reached nodes will not relay/store the unconfirmed txn but you could print it out and be sure that it can't be included in a block. Maybe someone should make a fancy looking cert with a qr code and call it a Bitcoin Certificate Of Deposit. You could give them as gifts and the recipient would not be able to spend them until the locktime has passed.
Another issue is that these types of transactions will send a TX to a specific address sometime in the future. If between now and that time in the future your private key to that address is somehow compromised (or potentially compromised) then you would have no way to spend these funds without significantly risking them. Under normal circumstances if you think your wallet has been compromised or if you find a potential vulnerability in the creation of your keys you can solve the issue by simply moving your coins to an address that does not have this potential vulnerability.
Create lockTime transaction sending to new address.
Sign locktime transaction with necessary private keys.
Permanently delete the private keys that were used to sign the lockTime transaction from ALL locations.
Done.
Save the braincells for a better use.
You can do that right now. Before the nlocktime has been reached nodes will not relay/store the unconfirmed txn but you could print it out and be sure that it can't be included in a block. Maybe someone should make a fancy looking cert with a qr code and call it a Bitcoin Certificate Of Deposit. You could give them as gifts and the recipient would not be able to spend them until the locktime has passed.
Silly me, I wasn't even thinking of holding on to the transaction for later broadcast. You're right, obviously.
Create lockTime transaction sending to new address.
Sign locktime transaction with necessary private keys.
Permanently delete the private keys that were used to sign the lockTime transaction from ALL locations.
Done.
Save the braincells for a better use.
You can do that right now. Before the nlocktime has been reached nodes will not relay/store the unconfirmed txn but you could print it out and be sure that it can't be included in a block. Maybe someone should make a fancy looking cert with a qr code and call it a Bitcoin Certificate Of Deposit. You could give them as gifts and the recipient would not be able to spend them until the locktime has passed.
I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.
I really do need this now! I'm totally freaked about that crash last night and I need to put my BTC somewhere safe, or I will just go and sell them! Maybe I should go and find some people who are willing to take care of them for me until this whole thing is over!
I'd be happy to hold them for you. I'd just need to know exactly under which conditions I should return them.
That is a fair offer, and if I know Danny right - then is he not kidding.
You should take this offer, you will be very happy one year from now.
Well, storing money in the bank is equal risky under those assumptions (if not more).
What Danny is proposing is to act as Treasurer, which is not unusual at all, the circumstance for release can be stated in a contract - same as if you go to a bank.
I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.
Hey, you may want to have a look at what I posted in the Gambling subforum several months ago, as it's a software-based solution requiring no third party and seems to be relevant to your request:
https://bitcointalksearch.org/topic/keyangel-an-anti-gambling-addiction-tool-thoughts-520359
If you're interested in that kind of solution, let me know. That thread is admittedly a little short on details, and I am currently traveling with only occasional Internet access, but I'll glad to answer questions and provide more info when I return home.
I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.
I really do need this now! I'm totally freaked about that crash last night and I need to put my BTC somewhere safe, or I will just go and sell them! Maybe I should go and find some people who are willing to take care of them for me until this whole thing is over!
I'd be happy to hold them for you. I'd just need to know exactly under which conditions I should return them.
That is a fair offer, and if I know Danny right - then is he not kidding.
You should take this offer, you will be very happy one year from now.
Well, storing money in the bank is equal risky under those assumptions (if not more).
What Danny is proposing is to act as Treasurer, which is not unusual at all, the circumstance for release can be stated in a contract - same as if you go to a bank.
I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.
I really do need this now! I'm totally freaked about that crash last night and I need to put my BTC somewhere safe, or I will just go and sell them! Maybe I should go and find some people who are willing to take care of them for me until this whole thing is over!
I'd be happy to hold them for you. I'd just need to know exactly under which conditions I should return them.
That is a fair offer, and if I know Danny right - then is he not kidding.
You should take this offer, you will be very happy one year from now.
I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.
I really do need this now! I'm totally freaked about that crash last night and I need to put my BTC somewhere safe, or I will just go and sell them! Maybe I should go and find some people who are willing to take care of them for me until this whole thing is over!
I'd be happy to hold them for you. I'd just need to know exactly under which conditions I should return them.
That is a fair offer, and if I know Danny right - then is he not kidding.
You should take this offer, you will be very happy one year from now.
or what if BTC suddenly went to $10,000 and you couldn't access it to sell it and then 2 weeks later it drops back down to $600. That would suck.
Would it ?
What if went to $10,000, you sold...it went back to $600, and a year later it went to $30,000.
Sell at $10,000.
Buy at $600.
Sell at $30,000.
Keep the rest you don't need for another year or two. Maybe more.
Escrow. Pick one from two lists that are popular here.
Personally, I'd just engrave it on some metal, then bury it under my house. If I really needed it, I would still be able to get it.
Personally, I'd just engrave it on some metal, then bury it under my house. If I really needed it, I would still be able to get it.
legendary
Activity: 1302
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Core dev leaves me neg feedback #abuse #political
or what if BTC suddenly went to $10,000 and you couldn't access it to sell it and then 2 weeks later it drops back down to $600. That would suck.
Would it ?
What if went to $10,000, you sold...it went back to $600, and a year later it went to $30,000.
Prob not a good idea. What if you needed them for some life or death emergency? Surgery or something... or what if BTC suddenly went to $10,000 and you couldn't access it to sell it and then 2 weeks later it drops back down to $600. That would suck.
Like your idea! Expect some reliable online wallet providers can implement such idea!
Exciting idea but don't think it will happen until people put some serious time and development into making it work. It would need to be very secure obviously and if it is going to be widely adopted then also somewhat easy to use. I could imagine this being big news in Bitcoins not so near future.
Use of the idea:
Prizes and bounties: they have warranty you have the money, but no way 3th parties will run away with the money
Cold storage: no one will be able to take your money
Will: so the heir will only be able to take the money when the fault opens. Maybe he is not mature enough at the 18's
Prizes and bounties: they have warranty you have the money, but no way 3th parties will run away with the money
Cold storage: no one will be able to take your money
Will: so the heir will only be able to take the money when the fault opens. Maybe he is not mature enough at the 18's
This kind of idea would be brilliant for those who have a problem holding their bitcoins even though that is what they want to do. I know myself sometimes I get that urge to want to spend but I become hard on myself and eventually it skips my mind and I forget about it but having a safe where you could lock your bitcoins away for a certain amount of time could be really good for those who are unable to stop themselves from spending even when they would rather be storing them.
Even with fiat, I do not like to fix my investments.
Now and again, some "bargains" come around, and I can make a quick profit and I would miss out on that opportunity, if my money is tied up.
But I can see why, some people would need this service now.
Now and again, some "bargains" come around, and I can make a quick profit and I would miss out on that opportunity, if my money is tied up.
But I can see why, some people would need this service now.
I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.
I really do need this now! I'm totally freaked about that crash last night and I need to put my BTC somewhere safe, or I will just go and sell them! Maybe I should go and find some people who are willing to take care of them for me until this whole thing is over!
can't tell if serious or sarcastic.
I have to say that I have the same situation, sometimes when BTC is rising fast, I get a strong urge to just sell some, even though I swore to hold them >5y!
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.
I really do need this now! I'm totally freaked about that crash last night and I need to put my BTC somewhere safe, or I will just go and sell them! Maybe I should go and find some people who are willing to take care of them for me until this whole thing is over!
can't tell if serious or sarcastic.
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