Proposal for a decentralized BitBank

[omerioun]

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[Ente]

I dont exactly get the difference this decentralized BitVault makes..
You still need to keep a "secret", just like you need to have a conventional wallet.dat at the moment. Lose either of them, lose your balance.

What do you want to accomplish?

If, what I assumed, you want to have your Bitcoins secure without your current wallet.dat, how about this:

-get the Sipa-patched client
-get the scripts and everything to create public-private keypairs from freely chosen passphrases
-create 10 such pairs from passphrases you can remember and/or write down
-import those 10 pairs into a new wallet.dat

voila, you can recreate your wallet.dat in case you lose all backups just by remembering the 10 passphrases!

This doesnt help in case your wallet.dat gets stolen and emptied, of course..

ente

[jorijnsmit]

Just posting what started as an amusing thought and not 100% in the know on the technical details of the bitcoin software as of yet to understand if this would be feasible but here goes....

Based on current bitcoin technology....
1)  Public wallet system, stored in a P2P network
2)  Block chains performing transaction validity
     a) correct balance to transfer
     b) valid destination and origination wallets
3)  User creates account, private client issued to user.
     a) Private wallet shows account balance
     b) Provides authentication mechanism to initiate transactions
4)  Miners block chains help ensure the security and functionality of the bank
     a) Miners are rewarded with a nominal transaction fee for banking operations


Obviously a lot more could go into this, but this could help further the bitcoin cause if it is feasible.   

Sounds like you are describing the existing Bitcoin network.

[Paramecium]

Just posting what started as an amusing thought and not 100% in the know on the technical details of the bitcoin software as of yet to understand if this would be feasible but here goes....

Based on current bitcoin technology....
1)  Public wallet system, stored in a P2P network
2)  Block chains performing transaction validity
     a) correct balance to transfer
     b) valid destination and origination wallets
3)  User creates account, private client issued to user.
     a) Private wallet shows account balance
     b) Provides authentication mechanism to initiate transactions
4)  Miners block chains help ensure the security and functionality of the bank
     a) Miners are rewarded with a nominal transaction fee for banking operations


Obviously a lot more could go into this, but this could help further the bitcoin cause if it is feasible.   

Sounds like you are describing the existing Bitcoin network.

yeah, you might aswell just send your bitcoins out into the void and then load up a second client when you want to grab them.