How to make locked paper wallets that unlock when btc rises above X price?

[tennisCHAMP]

Hey guys, trying to come up with an awesome solution for this problem I created for myself.

I want to make paper wallets or just wallets in general that are locked according to the price in relation to USD for example.  So IF BTC/USD = $100,000 then unlock wallet/private key combo.  Secondary IF though that it would unlock it after a certain number of months/years if that price doesn't get reached.

I'm thinking that obviously it would have to be some sort of secondary web app or language that has nothing to do with bitcoin in order to accomplish this, as I know bitcoin time locking isn't super secure at this point. 

Does anyone know how I could accomplish this?  I really want to make a few paper wallets that unlock at $20,000/coin, $50,000/coin, $250,000/coin, etc etc etc etc etc etc.  I think this would be just so cool, and could laminate the paper wallets and put it in a time capsule or something like this. 

Cheers!!!!

[BitcoinBarrel]

It's possible to make, but not 100% fool proof because the code could be modified. Also, you risk the chance that the exchange rate service you are using goes down and the encryption can't get the correct price.

And what if the price of Bitcoin is stuck at $45,000 and you really need the money, but you are locked because it needs to be at $50,000?

[tennisCHAMP]

That's very true, I was thinking about the fact that the ticker could go down.

Basically I think I could make my own ticker that draws price from a site... if that site goes down I could replace the site with some other site... but the problem with that is I could rig the price and unlock the coin early so that does seem kind of worrisome.  But that would be a solution if I needed to unlock it at $45,000 - at the same time defeating the purpose of it meaning that it's just a useless locking mechanism

The point of this would be to just time lock it and forget about the money as a secondary option, and if it doesn't rise above that price then I don't get it until X amount of years anyways.  Sort of like a trust fund.  

A friend just mentioned smart contracts... I'm researching that now.




I'm basically going to be making paper wallets with QR codes laminated and put something like .001, .005, .01 on them... my hope would be that I wouldn't be able to unlock them until bitcoin reaches a certain price... so that's basically the goal.  Just trying to figure out what's possible.  I want to make them with an offline computer so that it's un-hackable, etc....... it seems like a fun project.  So maybe I should forget about the price ticker but I could take the risk on the ticker not working and just default to X # of years as well...

[cr1776]

Seems somewhat complicated and insecure to do since it would require a web site somewhere and an interface to an API that could get prices and the private keys stored somewhere so that they could automatically unlock.

Perhaps the easiest thing to do might be to find a big law firm and hire them as trustee and set up a trust with your terms.  Give them a sealed envelope with your private keys. Ask them to store it in their vault.  Then tell them not to return the envelope until the average bitcoin price on the largest X (5? 10?) exchanges at any time is above $Y.   Perhaps use the "closing" price since some exchanges offer that.

It might cost something unless you have a pre-existing relationship with the firm, but you could probably set up an alert that would automatically email the attorney/assistant/law firm general email address when the price was above $Y so they could check it and see if it met the criteria.  

Or you could just put them in a safe deposit box and go there and retrieve the appropriate one yourself.  

Of course with segwit, smart contracts and some type of distributed oracle it might be doable, but it would not be trivial.

[The Sceptical Chymist]

There is literally nothing but disadvantage to developing something like this--and it's totally unnecessary anyway.  Think about this before you do something stupid that you can't reverse.

[tennisCHAMP]

Yes this was certainly another thought.  Another thought is I could store them in a safe deposit box that could only be unlocked by me or a close friend/family member, and I could link up some sort of key or something like that to only be unlocked when price reaches X or time limit reaches X.  

That way if the information isn't 100% secure and is stored on some hackable server somewhere online with coding that could be punished the coin could only be unlocked using my identification.  

That doesn't take into account banking systems going down or mass panic  unfortunately...



Yes the lawyer/trust thing is definitely a real option if I wanted to execute this and not have access truly until some specific parameters are met!

[tennisCHAMP]

https://www.coindesk.com/smart-contracts-bitcoin-lightnings-tadge-dryja-working/

I guess I should wait for smart contracts   that sounds promising.

So is this already possible using smart contracts if I were to try it with Ethereum?

[SuperSnic]

There is literally nothing but disadvantage to developing something like this--and it's totally unnecessary anyway.  Think about this before you do something stupid that you can't reverse.

Im in agreement here. Adding third party (legal team) also seems like a step away from the "decentralized" concept blockchain is founded on no?