Make a transaction that cannot be spent in X years

[ilpirata79]

Hi everyone,

I would like to send an amount of bitcoins as a gift and I want to make sure that amount is not spendable until a certain date.

Is that possibile? With what clients?

Thanks,
ilpirata79

[trynmpo]

Hi everyone,

I would like to send an amount of bitcoins as a gift and I want to make sure that amount is not spendable until a certain date.

Is that possibile? With what clients?

Thanks,
ilpirata79

why and to whom you want to send your bitcoins for safekeeping ?? cause you can do it with yourself ?? 

[raganius]

Hi everyone,

I would like to send an amount of bitcoins as a gift and I want to make sure that amount is not spendable until a certain date.

Is that possibile? With what clients?

Thanks,
ilpirata79

Please, don't do that. I know you might have your reasons. But, unless this non-spendable restriction is revokable, if there's any unforeseen problems (like the urgent need of the money, e.g. to cover serious health urgencies) you (or the person "owning" it) will powerlessly see all that money locked. It will be cruel.

Try to find another solution if possible.

All the best.

[ilpirata79]

Hi everyone,

I would like to send an amount of bitcoins as a gift and I want to make sure that amount is not spendable until a certain date.

Is that possibile? With what clients?

Thanks,
ilpirata79

Please, don't do that. I know you might have your reasons. But, unless this non-spendable restriction is revokable, if there's any unforeseen problems (like the urgent need of the money, e.g. to cover serious health urgencies) you (or the person "owning" it) will powerlessly see all that money locked. It will be cruel.

Try to find another solution if possible.

All the best.

Yours is a valid point. I am pondering over it.

Still looking for the answer though...

Best regards,
ilpirata79

[TTBit]

lbaat.net releases a private key every hour, called a "timepoint secret". The timepoint secret keys are connected - the hash of next hour's private key is this hour's private key. By requesting a public key in the future, you can combine it with your own private key to create an address with no known private key. When lbaat releases the timepoint, it can be combined with your personal private key to release the coins.

lbaat has no way of stealing the coins.

...and its my site 

[franky1]

this will never be a feature added to the protocol. otherwise people will start putting dust amounts with a 10 year date to fill up the mempool of miners and nodes as a form of DDOS. with tx's just sitting there for 10 years.

the only solution is to buy a raspberry Pi and make a small program that is set to launch a command at X date. and then just leave it in th corner of your house cabled into your internet, and forget about it.

having the delay set 'locally' is the only option

[franky1]

lbaat.net releases a private key every hour, called a "timepoint secret". The timepoint secret keys are connected - the hash of next hour's private key is this hour's private key. By requesting a public key in the future, you can combine it with your own private key to create an address with no known private key. When lbaat releases the timepoint, it can be combined with your personal private key to release the coins.

lbaat has no way of stealing the coins.

...and its my site  

ha ha ha, yea we know the USER wont have the private key until X date, but your code knows the seed that creates these hourly keys meaning you can sweep the addresses as you like when you like even years before you say it meant to be active..

OP do not trust third party services with 'dad man switches' as they prey on people to not check it regular...... and then its too late

EDIT
Lbaat.com appears to be a javascript based generator that can be used offline. so my initial response was wrong. i initially thought the OP was collecting peoples own public key to then use later in combination with his seed generator.

[ilpirata79]

It would suffice to be able to retrieve the block number the transaction spending the locked amount is in.

If the block number is above a certain threshold (set in the script) the transaction is valid and is accepted by miners.


Best regards,
ilpirata79

[ilpirata79]

lbaat.net releases a private key every hour, called a "timepoint secret". The timepoint secret keys are connected - the hash of next hour's private key is this hour's private key. By requesting a public key in the future, you can combine it with your own private key to create an address with no known private key. When lbaat releases the timepoint, it can be combined with your personal private key to release the coins.

lbaat has no way of stealing the coins.

...and its my site 

How can you know the public key associated with a private key that is unknown until a certain time in the future?

Best regards,
ilpirata79

[TTBit]

lbaat.net releases a private key every hour, called a "timepoint secret". The timepoint secret keys are connected - the hash of next hour's private key is this hour's private key. By requesting a public key in the future, you can combine it with your own private key to create an address with no known private key. When lbaat releases the timepoint, it can be combined with your personal private key to release the coins.

lbaat has no way of stealing the coins.

...and its my site 

ha ha ha, yea we know the USER wont have the private key until X date, but your code knows the seed that creates these hourly keys meaning you can sweep the addresses as you like when you like even years before you say it meant to be active..

OP do not trust third party services with 'dad man switches' as they prey on people to not check it regular...... and then its too late

not possible, it takes 2 private keys to decode

[TTBit]

lbaat.net releases a private key every hour, called a "timepoint secret". The timepoint secret keys are connected - the hash of next hour's private key is this hour's private key. By requesting a public key in the future, you can combine it with your own private key to create an address with no known private key. When lbaat releases the timepoint, it can be combined with your personal private key to release the coins.

lbaat has no way of stealing the coins.

...and its my site 

How can you know the public key associated with a private key that is unknown until a certain time in the future?

Best regards,
ilpirata79

lbaat will give the public key upon request. You combine this with your private key to get a 3rd public key (private key is unknown).

[iluvpie60]

I think this is interesting. Being able to set aside transactions to be scheduled into the future is kind of like scheduling to pay a bill through a credit card company. They make you click on a real date and input the amount. Once you do that the funds are "withdrawn" from your account and put into a "holding section" until said time has arrived then those funds are applied. You should also be able to cancel any funds that are in the "holding section" just like you would be able to with a bank/credit card payment online. This already exists in banking, no reason why it couldn't be incorporated into a program for btc.

[kolloh]

What would the purpose of this type of time delay be?

A will? An inheritance? These are the only that come to mind at the moment.

It does seem like it would be better to handle the delivery of the funds yourself. Rather than keeping the funds locked up, they are in your possession until they need to be sent. If some unforeseen event happens, the funds can be accessed.

[odolvlobo]

There is a mechanism in the protocol that blocks a transaction until a certain time or block.


Please read these:

https://en.bitcoin.it/wiki/Protocol_specification#tx
https://bitcointalk.org/index.php?topic=131443.0

[Zalfrin]

You could do something like this with multisig I would think. It wouldn't be an automatic thing unless you wrote a script to do it after x amount of time, but yeah.

[alani123]

What about giving them the private key of the address but encrypted? You can set a date for them to receive an email containing the key for the encryption at a later date with a tool like http://www.lettermelater.com/

[trade-for-pokermoney]

lbaat.net releases a private key every hour, called a "timepoint secret". The timepoint secret keys are connected - the hash of next hour's private key is this hour's private key. By requesting a public key in the future, you can combine it with your own private key to create an address with no known private key. When lbaat releases the timepoint, it can be combined with your personal private key to release the coins.

lbaat has no way of stealing the coins.

...and its my site 

This sounds like a clever idea, still I don't see the need for it.

Rather OP should invest some money in self-control classes :p

[TTBit]

What would the purpose of this type of time delay be?

A will? An inheritance? These are the only that come to mind at the moment.

It does seem like it would be better to handle the delivery of the funds yourself. Rather than keeping the funds locked up, they are in your possession until they need to be sent. If some unforeseen event happens, the funds can be accessed.

I helped create LBAAT along with nelisky.

One use I envisioned was similar to captcha. You provably send bitcoins to YOURSELF as a way to prevent spamming a site. The site can verify that you sent $5 worth of bitcoins to an address that can not be redeemed for X days. Once the private key was released, you sweep the coins back into your wallet.

[franky1]

not possible, it takes 2 private keys to decode

ok i just noticed its an offline generator, that does not grab the users public key for you to abuse later. if you highlight at the top of your page that its a browser based generator that can be used offline, your service could have more advantage. i will edit my last post to emphasise it.

[JohnFromWIT]

Interesting idea.

How about opening an email account and setting it to send the details at a certain date, then disposing of the email password.
Of course you do have to rely on the service to still be running x years down the line and that your friend still has the same email address.