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Author Topic: Solution to lost wallets  (Read 323 times)
xTz
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June 04, 2018, 08:41:17 PM
 #1

This is not a proposal of forking network!
By timestamping first wallet transaction with real time date/hour/seconds into ledger history, bitcoin core software nodes can make an agreement that if, for example:
during the next 2 years the wallet's public address that was timestamped do not output any Tx, bitcoin nodes take those funds and place them into next block header.
If a public address will make a new output tx with any amount of tokens will be re-stamped with date that was realized the last tx.
If the public address won't put a minimum of 1 transaction in 2 years, those funds from public address will be moved into next block of transactions.
I know it sounds easy. But to translate into coding, it is very hard to accomplish.
In bitcoin is harder to be implemented due to multi-sig public keys .
I cannot see another solution to this problem, which can become very important in far future.
I would call this process (Proof of owner's wallet)
P.S Timestamp can be from 2 years up to 200 years, 2 years is as an example
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soljal543
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June 04, 2018, 08:55:38 PM
 #2

Ahh I don't understand this at all. Can you shed more light

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xTz
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June 04, 2018, 09:06:48 PM
 #3

Well, let's say u create your first wallet.
You generate your first public key , your friend will send you 1 btc, that transaction will be stamped with a /year/hour/minute/second , if that public key won't put any output transactions from that stamp for 2 years, it will mean that owner lost his private key and he lost private key.
If that wallet will generate at least 1 output transaction, the timestamp will be reseted to the time when that transaction was made.
So, i know is harder for multi-sig wallet, because you can unlock an infinite public addresses, it is hard, but should be a solution if only 1 transaction will be realised from that private key with multi-sig to reset the countdown time .
You can make an output transaction by sending few satoshi from one public address to another public address from same wallet due to multi-sig condition.
If owner lost his wallet private key, he cannot put any output transactions, therefore if wallet is lost, nodes should agree all of them, those funds should be moved either in the next block reward for miners, or adding a new block in year 2140 Smiley
If group that created bitcoin cannot say anything, maybe community can implement a similar solution .
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June 04, 2018, 09:10:06 PM
 #4

This is not a proposal of forking network!
By timestamping first wallet transaction with real time date/hour/seconds into ledger history, bitcoin core software nodes can make an agreement that if, for example:
during the next 2 years the wallet's public address that was timestamped do not output any Tx, bitcoin nodes take those funds and place them into next block header.
If a public address will make a new output tx with any amount of tokens will be re-stamped with date that was realized the last tx.
If the public address won't put a minimum of 1 transaction in 2 years, those funds from public address will be moved into next block of transactions.
I know it sounds easy. But to translate into coding, it is very hard to accomplish.
In bitcoin is harder to be implemented due to multi-sig public keys .
I cannot see another solution to this problem, which can become very important in far future.
I would call this process (Proof of owner's wallet)

If we can see this is helpful to each wallet owner why not I agree with you sometime we cannot predict tragedies and hackers are always find a way they can get any wallet we must need more secured and safety processes.
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June 04, 2018, 09:12:40 PM
 #5

no





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xTz
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June 04, 2018, 09:15:32 PM
 #6

This has nothing to do with hackers, it is only about lost wallets.
In 20 years if bitcoin want to stay relevant, we need entire tokens in circulation when mass adoption start. What is the point to leave millions of bitcoins lost?! There is nobody that win about those "tragedies" how u call them.
In 2011 btc was nothing, who would guess what is gonna happen . They lost many wallets .
Crypto Mark
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June 04, 2018, 09:20:11 PM
 #7

Unlike banks or companies like paypal, egold and others, wallets are stored on our computers with peer to peer network to the world. One solution is our bitcoin wallet must be periodically backed up to multiple devices so that when doing transaction, tens of thousands of computers in bitcoin network will verify the data we input so that fraud does not happen. Because, Bitcoin is stored on our computer in the wallet. If the computer is damaged the same as our bitcoin lost.
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June 04, 2018, 09:23:23 PM
 #8

Nope, your bitcoins are in ledger network, not on your device. Your device only give access in the ledger and makes u owner of that wallet public address signed by your private key that is stored on your computer.
Ahmadarwani56
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June 04, 2018, 09:25:05 PM
 #9

maybe if you lose your bitcoin wallet, we will experience losses,because the bitcoin will be lost with reform certain.I think we better keep the security of our devices,avoid from damage .
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June 04, 2018, 09:30:14 PM
 #10

Personally i lock my wallet in offline, i make transactions from offline signing transactions and broadcast that transaction from online wallet. But not everyone  is good in informatics. I only hope early devs will think at this solution.
brightology
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June 04, 2018, 10:13:57 PM
 #11

They are many wallet used for crypto currency, by receiving token and alt-coins, and in case like this, bitcoin wallet address can be restored, by creating account with blockchainwallet.info while creating account, it we require email address,

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June 04, 2018, 10:24:45 PM
 #12

This is not a proposal of forking network!
Yes, it is.

A coin is forked after blocks are generated with both the new rules and the old rules. You are proposing new rules to return "lost" bitcoins somewhere (back to the sender?) The old rules say that a transaction must include a valid signature of the address holding the coins, but your new rules would not have this signature (because the private key was lost). Therefore blocks created with your new rules would not be valid under the old rules.
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June 04, 2018, 10:27:15 PM
 #13

This would require a fork. Besides, it is not a very good idea anyways. It would require "upkeep" of your Bitcoins otherwise you will lose them. This makes no sense and essentially puts an expiration date on your Bitcoins. You would need to access your wallet more often to timestamp a transaction and this also exposes you to more risk. Lost/losing wallets aren't really a problem anyways.
xTz
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June 04, 2018, 10:33:45 PM
 #14

well if you count all bitcoin core's updates forks, then yes you can see it as a fork. I explained that lost wallets will be returned to network, either as a new reward for miners, either adding new blocks after year 2140 when last block will be mined. No way you can return lost wallets to owners by my solution. Do not read between lines.
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June 04, 2018, 10:44:02 PM
 #15

By providing additional security such as Google authenticator. do not let us do WD in the cafe. and do not croboh put hp or lektop is easy for the reach of small children. because my friend lost his assets because hp. His in use by his son .

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June 05, 2018, 12:24:22 AM
 #16

somehow i do not think the idea is good. i may want to keep coins for more than 2 years without having to move them. with such a procedure, i would always be afraid that i would forget to ship the coins and thereby lose them. if the time window were bigger (maybe 90 years), i would find it ok.

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June 05, 2018, 01:06:56 AM
 #17

Structurally a bitcoin binary code is very difficult to achieve, so bitcoins will remain safely stored in the wallet.
the process of the code can be simplified like a proof of purchase, where every time a transaction there is a sign of proof and it is a number commonly called TX in the world of crypto. maybe it's a simpler language than having to encode a bitcoin script.
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June 05, 2018, 01:52:24 AM
 #18

yes Structurally a bitcoin binary code is very difficult to achieve and so bitcoins will remain safely stored in the wallet.
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June 05, 2018, 02:32:17 AM
 #19

no, you are not allowed to touch my bitcoins. i would like to buy and hold them for hundreds of years and i don't want to move them at all and you are not allowed to force me to do otherwise. what you are doing is that you are calling my coins lost and you want to steal them from me!

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June 05, 2018, 02:33:53 AM
 #20

Here's a little advice from me Make sure you save Backups in different locations, eg on other computers, in cloud storage, on USB Flash Disk, on CD, printed on paper. Do not save a Backup on your computer or SmartPhone where your Bitcoin Wallet is installed because it will not do any good if your computer / SmartPhone is damaged / lost. Make sure Backup is Secure, not accessible to anyone other than you.
Hopefully my answer can help you.
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