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Author Topic: Looking for people to store some of the forum's money  (Read 34956 times)
theymos
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February 06, 2013, 03:12:14 AM
 #1

I am holding too much money for the forum. This is contrary to the forum's otherwise decentralized structure. I'd like to get some extremely trustworthy people to hold smaller chunks of the forum's money (maybe 250-500 BTC per person).

- You probably need to have been active in the Bitcoin community for at least a year.
- You probably need a very high OTC rating.
- You need to have dealt with far more BTC at one time than what you'll be holding for the forum.
- The list of "treasurers" and how much money they're holding will be public.
- The contract will be quite complex (I haven't finished writing it yet), as this is the forum's money, not mine, so you'll have to know what "the forum" is and in exactly which circumstances you can release the money.
- Full reserve is not a requirement, but you will be responsible for returning the money within a few weeks of a legitimate request no matter what.

If you're interested, post here with how much you would charge for this service and what your reserve policy would be.

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February 06, 2013, 03:35:48 AM
 #2

Full reserve is not a requirement
If I was one of the donators I'd be very interested in knowing the rationale for that part.
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February 06, 2013, 03:44:43 AM
 #3

Full reserve is not a requirement
If I was one of the donators I'd be very interested in knowing the rationale for that part.

Allowing partial reserves is a reasonable alternative to paying storage fees.

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February 06, 2013, 03:53:08 AM
 #4

I would be more than happy to help theymos.  Registered member for almost 2 years, and I have had  ~750,000 BTC pass through BTC Guild since inception (exact records from before the pool changed to PPS aren't available to give a concrete BTC generated amount).

100% reserve available, multiple backup encrypted wallet file stored offline, and available for being returned in a short time frame (generally under 12 hours unless requested on the rare occasion where I don't have physical access to my storage for a few days).  Only restriction would be I would need a very clear writeup on how requests for returning the money would be handled/authorized to ensure they don't go where they're not supposed to.  Available at no charge, or a nominal amount like 1 BTC/month you want it to be a clear business arrangement.

Also, my personal information is readily available, I make no attempts to hide it [points to real name under his avatar].  And while the BTC Guild whois information is registered through a proxy, other domains [tradewithcoins.com, infocircuit.com, thoseoldgames.com] are not.

RIP BTC Guild, April 2011 - June 2015
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February 06, 2013, 04:04:45 AM
 #5

Fascinating! But, would not a better idea would be some type of split-key trust?

Kinda like: https://bitcointalk.org/index.php?topic=139625.0

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February 06, 2013, 04:11:38 AM
 #6

Fascinating! But, would not a better idea would be some type of split-key trust?
Now that Bitcoin supports multisig address it would be a shame if the most prominent Bitcoin forum didn't use them when the ideal use case presented itself.
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February 06, 2013, 04:12:55 AM
 #7

I am holding too much money for the forum. This is contrary to the forum's otherwise decentralized structure. I'd like to get some extremely trustworthy people to hold smaller chunks of the forum's money (maybe 250-500 BTC per person).

- You probably need to have been active in the Bitcoin community for at least a year.
- You probably need a very high OTC rating.
- You need to have dealt with far more BTC at one time than what you'll be holding for the forum.
- The list of "treasurers" and how much money they're holding will be public.
- The contract will be quite complex (I haven't finished writing it yet), as this is the forum's money, not mine, so you'll have to know what "the forum" is and in exactly which circumstances you can release the money.
- Full reserve is not a requirement, but you will be responsible for returning the money within a few weeks of a legitimate request no matter what.

If you're interested, post here with how much you would charge for this service and what your reserve policy would be.
While I can't say I've dealt with anywhere near 750,000 BTC, I've completed a lot of successful small trades on these forums and have never scammed anyone (I usually buy with paypal, so I definitely had a lot of chances,) and I obviously don't plan to in the future. I think my biggest selling point is that I have no problem giving out my personal information. I've used my real first and last name since I registered almost two years ago (and more recently, my middle initial,) and I'm perfectly willing to give my address and phone number through PM if you'd like to talk more about it.

I would also have multiple encrypted wallet copies on multiple computers. I would almost always be able to return the BTC within a few hours.

I'm not really sure how much a service like this is worth, but 1 BTC/month sounds fine to me. Full reserve.

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February 06, 2013, 04:18:31 AM
 #8

Are all the other admins not trust worthy enough to help? Serious question.

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February 06, 2013, 04:23:09 AM
 #9

I would be willing to help with this but would prefer to orchestrate a scheme where I don't have any access to take the money, but rather, have a partial key that I am trusted to release under some certain condition(s).  The ideal scheme allows one or more of the participants to disappear without impacting access to the funds.

Why not do a 2-of-3 scheme where you, someone like me, and one other person has a keypart, and two people need to cooperate in order to release the funds.  I have an escrow utility that does that now, it's based on EC multiplication.  Any similar facility such as in Armory would be equally acceptable (especially if interested in m-of-n where m,n != 2,3).

I would not charge a fee, unless charging a fee were an essential element to make it kosher, in which case it would be 1 BTC/year.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
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February 06, 2013, 04:53:15 AM
 #10

I could help! No problem with handling in my personal information. I'm trusted local trader. Prefer handling an access as cassasius prompted with a partial key, kept in an offline safe (bank). No charges unless needed.

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February 06, 2013, 05:02:49 AM
 #11

I would be willing to hold a partial key.  Honestly I think this is almost a textbook perfect example of where either on protocol multi-sig or off protocol key sharing should be used. 
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February 06, 2013, 06:20:02 AM
 #12

Sure I will hold 500 btc in storage with out a full reserve requirement. I think you need 100% reserve but can be held in any accepted currencies in predetermined ratios. 

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February 06, 2013, 06:30:50 AM
 #13

I don't meet the requirements but I want to voice my support of a multi-sig m-of-n type setup.
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February 06, 2013, 06:34:02 AM
 #14

I would be willing to help with this but would prefer to orchestrate a scheme where I don't have any access to take the money, but rather, have a partial key that I am trusted to release under some certain condition(s).  The ideal scheme allows one or more of the participants to disappear without impacting access to the funds.

Why not do a 2-of-3 scheme where you, someone like me, and one other person has a keypart, and two people need to cooperate in order to release the funds.  I have an escrow utility that does that now, it's based on EC multiplication.  Any similar facility such as in Armory would be equally acceptable (especially if interested in m-of-n where m,n != 2,3).

I would not charge a fee, unless charging a fee were an essential element to make it kosher, in which case it would be 1 BTC/year.

Write me down for the same exact thing.

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February 06, 2013, 06:34:26 AM
 #15

I think you should try for a 100% reserve scheme where the holding addresses are publicly known. Only switch to a different scheme if you can't find enough people willing to help run a 100% reserve system. Using a 2-of-3 or similar key splitting scheme is a good idea too.

I am an employee of Ripple. Follow me on Twitter @JoelKatz
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February 06, 2013, 06:37:18 AM
 #16

What if one of the members die? the funds are just lost?

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February 06, 2013, 06:41:07 AM
 #17

What if one of the members die? the funds are just lost?

This is precisely why the 2of3 scheme would be optimal. What if theymos died right now? Surely we'd rather distribute therefore minimize our losses.

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February 06, 2013, 07:07:18 AM
 #18

I agree the sentiment on split-keys and find it silly that it wouldn't be done that way first and foremost.

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February 06, 2013, 07:13:15 AM
 #19

I am willing to hold a partial key.

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February 06, 2013, 08:19:17 AM
 #20

I am holding too much money for the forum. This is contrary to the forum's otherwise decentralized structure. I'd like to get some extremely trustworthy people to hold smaller chunks of the forum's money (maybe 250-500 BTC per person).

- You probably need to have been active in the Bitcoin community for at least a year.
- You probably need a very high OTC rating.
- You need to have dealt with far more BTC at one time than what you'll be holding for the forum.
- The list of "treasurers" and how much money they're holding will be public.
- The contract will be quite complex (I haven't finished writing it yet), as this is the forum's money, not mine, so you'll have to know what "the forum" is and in exactly which circumstances you can release the money.
- Full reserve is not a requirement, but you will be responsible for returning the money within a few weeks of a legitimate request no matter what.

If you're interested, post here with how much you would charge for this service and what your reserve policy would be.

If you deposit 1000 BTC you get a[n extremely rare] free MPEx account, whatever gpg you wish to use for it (yours, forum's, w/e). You can either keep it in there (in which case it'll just sit around and wait) or trade on it, in which case your risks are whatever you make them.

Withdrawals are processed within 48 hours (tho usually it's instant if you ping MP).

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