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Author Topic: [Method] P2P Savings Account  (Read 685 times)

August 31, 2011, 01:35:42 PM

Let's say you have an excellent piece of media that is highly sought after on the web whether it be a book, movie or otherwise. In your other hand, you have your Bitcoin wallet: a small digital file with the private address(es) to all of your funds. It's well encrypted with a high-grade algorithm that can only be opened by a password you possess.

So, you take the wallet and you merge it within the piece of media while possibly obscuring it. You upload the media onto a mainstream torrent tracker such as The Pirate Bay and watch as your savings are distributed throughout various hard drives and mediums on the web. Assuming the torrent is popular and remains to be so, your savings are guaranteed recovery by as many seeders your media torrent may have.

Say you lose your wallet file on your current computer: You simply redownload the media, unpackage it and unencrypt it then your funds will be made available.

The only two risks I can imagine are that 1) if your password is weak or your file is improperly encrypted then you could find your funds stolen by any perpetrator out of possibly thousands -- like there is any chance to identify a lone suspect anyways, haha. In addition to 2), there is the risk of the torrent dying and losing all seeders but can be mitigated by various "marketing tactics", if you will.

Allow me to hear your thoughts. Is this method viable?
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August 31, 2011, 01:44:25 PM

viable - yes
practical - yes
... you can keep seeding it from your own machine and your parents ...
as long as you know what it is your are looking for ... no problem...  Wink

In the Beginning there was CPU , then GPU , then FPGA then ASIC, what next I hear to ask ....

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August 31, 2011, 01:51:07 PM

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