Send bitcoins into the future! (LBAAT.net)

[TTBit]

There is a bot grabbing secrets every hour, on the hour. We feel proud someone took the time to actually do it

Now, just a small detail about how the timepoints are created; the hour part needs to have 2 digits, so have a 0 (zero) prepended if < 10. Meaning '20121206:9' needs to become '20121206:09'. Added some text to "how to use" to make it clear.

Oops, off by one (<9 instead of <=9 to append the 0).  If anyone is interested here is the code, it just grabs the latest secret as needed and calculates others.

Code:

#!/usr/bin/perl
...

Thanks for posting!

[TTBit]

bitaddress.org now offers EC Multiplication so it can be used with LBAAT to create and redeem future addresses. It is found on the vanity tab, and you have to select "Multiply". Thank you pointbiz.

[pc]

Note that while you're suggesting interesting EC math to make new addresses, you can also use these secrets in multi-signature transactions. For example, you can do automated escrow similar to the old ClearCoin service, where a Buyer pays money in escrow to the Seller, and then either Buyer and Seller agree on who gets the funds or the Buyer can take them back after a year. The Buyer makes 2 keys, and the Seller 1, they tell the public keys to each other, and then they make a requires-3-signatures-of-4 escrow address with the 2 Buyer public keys, the 1 Seller public key, and the LBAAT timepoint public key a year out. The Buyer sends the funds to that escrow address, and then either the Buyer and Seller together can sign a transaction to send the escrowed funds to the party they agree on, or after a year the Buyer can take the funds back all by himself using his two keys and the released LBAAT private key.

Using multisig in Bitcoin-QT requires using the command line or debug console and knowing a lot of technical details, but the functionality is all there if somebody wanted to make a nice GUI for it. I don't know if some of the other clients do a better job presenting how to make this work.

[flatfly]

This service is awesome, I was dreaming of something like this!

There's one thing in the FAQ I need to better understand...
- If the site ever disappears, what happens?

- If the site disappears AND for some reason you can't publish the secrets, does everyone lose their coins?

[TTBit]

This service is awesome, I was dreaming of something like this!

There's one thing in the FAQ I need to better understand...
- If the site ever disappears, what happens?

- If the site disappears AND for some reason you can't publish the secrets, does everyone lose their coins?

Thank you for the review and input. We have always had a design from the start to address this, but it wasn't implemented because it was a lot of work and the site may not be used. We are currently working on it, but it has been slow. With your post we may kick it up a notch.

A cynical person would worry we could hold coins hostage. This would be especially easy if you let LBAAT discover the address for a given public key, rather than the other way around. We would never do that of course, but it is something for users to keep in mind for our service or a competing service.

[ffpapi]

Hello Ttbit. Hope the years have been kind to you! Since lbaat.net site has been down I saw in one of your older post you would release the seeding hash if that happens. Could you provide me with that information or anything related to it. Loooong shot I know.

Thank you! Peace and love