Topic: The Gambling Bank - page 2. (Read 1811 times)

I've had the same idea before. I've even held coins on an ad-hoc basis for people who wanted to be sure they couldn't gamble them. I was sent coins to hold on the condition that I wouldn't give them back until some date in the future.

I didn't pursue the idea further because I don't much like the idea of being in control of other people's coins. There's no upside to it unless you intend to steal them (I'm guessing this isn't a service people would be willing to pay much if anything for).

It's possible that a decent solution could be found using multi-sig addresses. For example, if you make a 2-of-2 address with the "bank", where you each control one key, the bank can simply give you their key when it's time to release the funds and you can combine the two to access your fund, but the bank isn't able to spend the coins at any point or have them stolen.

Using a system like that, you don't need a trusted escrow (in that they never have access to your coins), but you do need someone you can trust to:

a) not lose his key
b) not give you or anyone else his key until the time is up
c) give you his key when the time is up

An unscrupulous bank could wait for the time to be up and then say "I'm not giving you the key unless you pay me 50% of the coins" - in effect holding your coins hostage. They can't spend them, but they can stop you spending them until you comply with their terms.

reserve

Hi,

I've had this idea of creating a wallet deposit address for players who wish not to access their funds until said date.
I have seen and experienced myself losses that could be avoided if greed wasn't in place.

Its fundamental purpose is basically to alienate your own self-acquired or winning funds, to a trusted third party that will only release them on a pre-determined date by the depositor.
The logic behind it is to protect gamblers from over-excitement and further losses, providing them a protection of their winnings.

In practical terms, this would go something like:
- a trusted escrow would be contacted to manage a new wallet
- the said wallet would be created with unique deposit addresses for every user
- each user would be free to deposit any BTC amounts in his personal address he'd like to alienate
- each user would be requested to provide a specific time and address when and where to release the funds

This would help the gambling community and the marketplace.
Imagine that someone has his funds alienated in The Gambling Bank until said date, but he needs a loan for this and that. He could then provide the necessary collateral by giving the trusted escrow's contact and personal alien address.

Lastly, I'm not thinking of charging any fees for this service, and I suggested an escrow in the first place because I am not one nor intend to be.
I'd like to hear your opinion about it and then be willing to further expand the idea into a well working one.
I can't speak for escrow's fees at the moment, so please bring what you got. Would love to hear. Cheers!