I like the idea of having a savings account that can not be broken into after braking into my laptop. But I wonder if this service is also an additional threat that You loose Your coins by forgetting a pin code. An automated release of the additional security after a certain period [a year] would help to retrieve the funds by people who inherited the access to the primary account.
Although you are advised to keep a paper backup of the secondary key (and then forgetting the pincode is not a big issue, since you can simply recreate the key with a new pincode), losing both the secondary private key and the credentials does not mean you lost your funds.
From the
https://www.ubtcbank.com/faq.html (#12):
I forgot my pincode, my key got disabled and I don't have a backup of the secondary private key. What now?
This is a delicate situation requiring few steps:
* Send me the primary private key encrypted to grazcoin (at) ubtcbank.com using my gpg key, and a new destination address.
* First I will send all funds to ubtc main address.
* If no conflicting claims come within 100 days, I will send the funds minus a fee of 1BTC to the requested new destination address.
* If there are conflicting claims, I will be the judge or let some other entity serve as a judge. The same fee of 1BTC applies.
As for your suggestion of an "automated release" - this cannot be done, since the service cannot spend the coins without the your primary private key signature.
The above procedure is the secure variant of the "automated release".
Instead of sending the private key, it would be enough to send the following tx signed by your primary key:
"Send the whole sum to 3BTChqkFai51wFwrHSVdvSW9cPXifrJ7jC"
Then the service would sign this tx as well, and the rest of the procedure holds.
I would add an option for creating this tx, for the "I lost everything" case.
Grazcoin
