The Gambling Bank

[kleineaap]

Against the idea. People have to be mature enough to handle their own money. Its not that hard

What if the "gamble bank" was written as a new feature in the bitcoin-core wallet?

You click "lock funds", it asks you how much, and for how long, then it does all the steps I previously outlined.

That way you're not trusting any 3rd party (once the code change has been reviewed and found to be legit) and you still get to have your funds irrevocably frozen for a period of time. You would need to be careful to make a safe backup of the timelocked transaction, because if your hard drive dies, your coins would die with it. Your existing wallet backup won't be of any use if it's making up a new key for the transaction and throwing it away as soon as it signs the timelocked transaction.

Would that satisfy your "everyone should be responsible for themselves" craving?

I'm really pleased I got to get this discussion going.
Good to see everybody's points. There might be a trustless solution for it, where a scam can not take place. Funds would be able to get burned though, but not stolen. Which is a step forward. From there, I'm sure other solutions might come up to make it even safer.
I'm interested to see if this is feasible and research forward.
Can you pinpoint the technical requirements to achieve such, and its own complexity level?
I'm not savvy enough to pursue this on my own. However, I'd be happy to take what it needs to get it going and discuss furthermore with all of you that brought some solutions forward.

Love the way that:
- we think of a trust-based service to solve a problem
- the protocol itself is able to solve the service's potential issues
- trust-based condition is removed in its majority
- purpose of service is achieved in its core

Result: Bitcoin wins.

Drop me a line and let's make it happen.
Thanks all.

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[lg1500]

lol i know better way, bitfinex offering swap, you just providing swap for 30 days and during that time you cant use you funds + you making money

[kleineaap]

Against the idea. People have to be mature enough to handle their own money. Its not that hard

Not true.
A person can do whatever they choose with their own money - including using a "Gambling Bank", if they so desire.

I just want to stress this reply. Your coins are yours, and you are free to treat them as you wish.
With a third party "Bank", you could even look at it as "selling/renting my private key with a spendable timelock".
This has advantages for many people with spending issues. It's human nature. Not only in gambling. Sometimes it's just too tempting to touch that expensive credit, for example.
You might be paying a fee for it, or not. You might be earning interest. We don't know yet its inherent possibilities.

Having not a third party, and a trustless no fee system, which even seems plausible by this point, would totally ruin any objections to the idea.

lol i know better way, bitfinex offering swap, you just providing swap for 30 days and during that time you cant use you funds + you making money

Read again please.
There's a way to achieve the same or even better result without trusting endless parties.

[LOBSTER]

Just learn to play responsible...

[Dabs]

Goat mentioned an idea some time ago:

1. Paper wallet. Or Plastic. Or Engraved in Metal.
2. Seal it. Waterproof it. Put it in a box.
3. Bury it under your swimming pool.

You know those bitcoins are always there. If you really really need to get them, you'd have to:

1. Drain the pool.
2. Break a few tiles.
3. Dig up your paper wallet.

You'd still have to trust yourself.

Alternatively, you can do the multi-sig thing above and create the transaction all by yourself, except you destroy the private keys that would have been held by the bank. That way, no one else can double-spend your coins, and you yourself can't redeem them until the time comes.

You are your own bank. That's the whole bitcoin motto right?

[dooglus]

Drop me a line and let's make it happen.
Thanks all.

Did you see this?

http://www.mail-archive.com/bitcoin-development@lists.sourceforge.net/msg06250.html
http://blog.viacoin.org/2014/10/01/petertodd-dev-update.html

It looks like it's happening in a much better way - a protocol change that allows you specify the locktime in the transaction that creates an output, rather than at spend time. In that way you don't need to do any of this "forget private key" nonsense.

It could take a while to get into Bitcoin, but if it does it's clearly the best way of solving this problem.

[kleineaap]

Drop me a line and let's make it happen.
Thanks all.

Did you see this?

http://www.mail-archive.com/bitcoin-development@lists.sourceforge.net/msg06250.html
http://blog.viacoin.org/2014/10/01/petertodd-dev-update.html

It looks like it's happening in a much better way - a protocol change that allows you specify the locktime in the transaction that creates an output, rather than at spend time. In that way you don't need to do any of this "forget private key" nonsense.

It could take a while to get into Bitcoin, but if it does it's clearly the best way of solving this problem.

I still stand with my idea.
The fact you bring possibilities in the blockchain is refreshing and admirable, yet I don't see it happening as a service with Bitcoin in the near future.

I will put my effort into bringing this to reality as a draft, counting on as many respected escrows as possible.

Thanks for the discussion.