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Author Topic: How to time-lock your coins with the new Schedule an email (gmail) to send later  (Read 196 times)
DaCryptoRaccoon
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September 13, 2021, 01:46:00 AM
 #21

Or just use this tool for the job time tested working and there is no-one else to put faith in that they won't go out of business or just not send the email.

https://github.com/petertodd/timelock

Another great paper about time locks is the following paper it's quite old but has a lot of interesting information.

https://people.csail.mit.edu/rivest/RivestShamirWagner-timelock.pdf

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n0nce
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September 13, 2021, 09:18:53 AM
 #22

I really like this idea
Why? It has tons of issues, all of which have been pointed out before. Do not do this!

It's a good idea [...]
It's a very bad idea. If someone has self control issues, it was pointed out already that those should be solved first.
And even if you need such a time lock, there are better ways.

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o_e_l_e_o
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September 13, 2021, 10:01:55 AM
 #23

i just did this with a vanity address i created, i am regifting my self bitcoin on a special date a few years out
Even after everything discussed in this thread, you still decide to go ahead and do it? We'll, here's hoping you only committed a small amount of bitcoin, since if anything happens with Google or your receiving email provider, or they discontinue the service, or even just a minor bug, your coins are lost forever.

If you really wanted to irreversibly lock up some coins, then just sign a timelocked transaction to yourself and delete the relevant private key. Still a stupid thing to do, but far far safer than trusting an unknown number of intermediary third parties.
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September 13, 2021, 10:37:46 AM
 #24

Even after everything discussed in this thread, you still decide to go ahead and do it?

I'm not at all surprised that a lot of people trust Google, not only when it comes to their daily activities, but they would also entrust their crypto assets to them for safekeeping. It is nonsense to say the least, but I would say "your money, your risk", so let everyone decide what they want to do - some keep their crypto backups in Gmail anyway.

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September 13, 2021, 12:02:28 PM
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 #25

I'm not at all surprised that a lot of people trust Google, not only when it comes to their daily activities, but they would also entrust their crypto assets to them for safekeeping.
Even if you naively believe Google are a completely benevolent company and dont exist for the sole purpose of harvesting your data and making profit from selling that data, do you also believe the same about every single one of their employees? What about every employee of every third party that they farm out their services to, or works for them, or provides their services, or hosts their servers, or repairs their hardware, and so on. There is a huge list of unknown people whom you need to trust when you start storing anything with third parties. It's a very risky position to be in.

It is nonsense to say the least, but I would say "your money, your risk", so let everyone decide what they want to do - some keep their crypto backups in Gmail anyway.
Sure, but that risk needs to be informed. Many people incorrectly believe Google is completely safe and impervious to hacks, leaks, bugs, or vulnerabilities, and so may choose to store their seed phrase in their email or something similar because they wrongly think it is safe. If you are aware of how risky it is and choose to do it anyway, well, that's a different story.
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September 13, 2021, 01:21:50 PM
 #26

It's a good idea, yet, it's risky. You could lose your gmail account.
There are many things that can happen and you'll never get that email.
So, I'd suggest that people try this with a small amount of money, so it doesn't end in sorrow.
There should be more efficient ways to execute this idea.

Why not send it to multiple email addresses you own?

Set a notification on your phone or computer, send it 6 months to 1 year out to keep your self in the loop and constantly repeat the process?
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September 13, 2021, 01:25:16 PM
 #27

It's a good idea, yet, it's risky. You could lose your gmail account.
There are many things that can happen and you'll never get that email.
So, I'd suggest that people try this with a small amount of money, so it doesn't end in sorrow.
There should be more efficient ways to execute this idea.

Why not send it to multiple email addresses you own?

Set a notification on your phone or computer, send it 6 months to 1 year out to keep your self in the loop and constantly repeat the process?
The main issue was already explained: Google employees might read out your seed and try to crack it.
Additionally, in case they e.g. flush their database of scheduled emails for maintenance or shutdown the feature completely, like many previous GMail features that no longer exist, your coins are gone.

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