Store bitcoins in a timed vault.

[randayh]

I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.

[Kprawn]

Well first of all, why would you want to do that? {For people who do not have the dicipline, to not spend their money?}

Or if the account was hacked, to stop people from using the BTC for a year?

Just dump all BTC into a paper wallet and store that in a conventional safe, and save those braincells for another project. 

[DannyHamilton]

If/when lockTime is fully supported in bitcoin...

Create lockTime transaction sending to new address.
Sign locktime transaction with necessary private keys.
Permanently delete the private keys that were used to sign the lockTime transaction from ALL locations.

Done.

Save the braincells for a better use.

[HarmonLi]

I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.

I really do need this now! I'm totally freaked about that crash last night and I need to put my BTC somewhere safe, or I will just go and sell them! Maybe I should go and find some people who are willing to take care of them for me until this whole thing is over!

[DannyHamilton]

I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.

I really do need this now! I'm totally freaked about that crash last night and I need to put my BTC somewhere safe, or I will just go and sell them! Maybe I should go and find some people who are willing to take care of them for me until this whole thing is over!

I'd be happy to hold them for you.  I'd just need to know exactly under which conditions I should return them.

[blatchcorn]

Does anyone think there could be a potential business opportunity in time vault storage?

There might be a few people willing to pay for it.  But it would be too easy for https://www.elliptic.co/vault to add a timed-release feature

[Mobius]

I don't think this would be a very good idea. If for example you have some emergency that you need to spend your bitcoin, say for example you lost your job and your home is in foreclosure then you would likely want to sell your bitcoin to save your house. Or for example you (or someone you care about) needs some kind of experimental medical treatment not covered by insurance (that is very expensive) then, again you would sell your bitcoin. This kind of "lock" would prevent you from doing these kinds of things. 

[Ron~Popeil]

I could see this working as a sort of self created IRA type of thing. Dropping a certain amount of your stash into such a place each month and only having access to it at a future date. I could also see use for it if you are having a child and want them to have it on their 18th or 21st birthday.

[jonald_fyookball]

I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.

I really do need this now! I'm totally freaked about that crash last night and I need to put my BTC somewhere safe, or I will just go and sell them! Maybe I should go and find some people who are willing to take care of them for me until this whole thing is over!

can't tell if serious or sarcastic.

[DannyElfman]

I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.

I really do need this now! I'm totally freaked about that crash last night and I need to put my BTC somewhere safe, or I will just go and sell them! Maybe I should go and find some people who are willing to take care of them for me until this whole thing is over!

can't tell if serious or sarcastic.

I have to say that I have the same situation, sometimes when BTC is rising fast, I get a strong urge to just sell some, even though I swore to hold them >5y!

[Kprawn]

Even with fiat, I do not like to fix my investments.

Now and again, some "bargains" come around, and I can make a quick profit and I would miss out on that opportunity, if my money is tied up.

But I can see why, some people would need this service now.

[oceans]

This kind of idea would be brilliant for those who have a problem holding their bitcoins even though that is what they want to do. I know myself sometimes I get that urge to want to spend but I become hard on myself and eventually it skips my mind and I forget about it but having a safe where you could lock your bitcoins away for a certain amount of time could be really good for those who are unable to stop themselves from spending even when they would rather be storing them.

[Omikifuse]

Use of the idea:

Prizes and bounties: they have warranty you have the money, but no way 3th parties will run away with the money
Cold storage: no one will be able to take your money
Will: so the heir will only be able to take the money when the fault opens. Maybe he is not mature enough at the 18's

[counter]

Exciting idea but don't think it will happen until people put some serious time and development into making it work.  It would need to be very secure obviously and if it is going to be widely adopted then also somewhat easy to use.  I could imagine this being big news in Bitcoins not so near future.

[lihuajkl]

Like your idea! Expect some reliable online wallet providers can implement such idea!

[doubleredrolex]

Prob not a good idea. What if you needed them for some life or death emergency? Surgery or something... or what if BTC suddenly went to $10,000 and you couldn't access it to sell it and then 2 weeks later it drops back down to $600. That would suck.

[jonald_fyookball]

or what if BTC suddenly went to $10,000 and you couldn't access it to sell it and then 2 weeks later it drops back down to $600. That would suck.

Would it ?

What if went to $10,000, you sold...it went back to $600, and a year later it went to $30,000.

[Dabs]

Escrow. Pick one from two lists that are popular here.

Personally, I'd just engrave it on some metal, then bury it under my house. If I really needed it, I would still be able to get it.

[Dabs]

or what if BTC suddenly went to $10,000 and you couldn't access it to sell it and then 2 weeks later it drops back down to $600. That would suck.

Would it ?

What if went to $10,000, you sold...it went back to $600, and a year later it went to $30,000.

Sell at $10,000.
Buy at $600.
Sell at $30,000.

Keep the rest you don't need for another year or two. Maybe more.

[TookDk]

I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.

I really do need this now! I'm totally freaked about that crash last night and I need to put my BTC somewhere safe, or I will just go and sell them! Maybe I should go and find some people who are willing to take care of them for me until this whole thing is over!

I'd be happy to hold them for you.  I'd just need to know exactly under which conditions I should return them.

That is a fair offer, and if I know Danny right - then is he not kidding.
You should take this offer, you will be very happy one year from now.