Bitcoins, solution for huge problem?
This post will be short, because this time I would like to make here some conversation with all of you.
I've heard many many times about people who've lost bitcoins because of hardware issue, software issue and losing private keys.
It's very old problem and until now probably a lot of people lost huge amounts of money (of current bitcoin price). Maybe some of you had same problem in past.
I have very good friend who've lost 4500 bitcoins, because of software issue. It was already year ago, but as you can imagine as soon as price increase, pain is getting worse.. We've made really everything what could be done but money are locked and you can lick sweets through the glass. It could sound like epic, huge thing which is not happening right now. Maybe it could happen couple years ago, but now? The problem is still here and we are thinking it's good time to solve it, especially now if updates like BIP148 are coming soon live. It could be good for all of us.
Idea is as follow:
- Creating update to bitcoin network, which could let everyone recover coins.
- Explain people how it's going to work, get used all of us.
- Execute it.
And what update would it be?
a) If you lost your coins, you can ask for chargeback of your money.
b) Then system automatically send daily request to previous address, which had money before. It would be kind of notification, that someone wants chargeback. If you don't want it, just cancel and report if it's fraud.
c) If you don't do any action through period e.g. half year or year, blockchain automatically execute money recover process to previous address.
To be save about any chargeback from your customers (if u don't want to take care about canceling & reporting frauds) you could simply have two wallets. First, receiver and second target wallet. First one could be also backup in case if you lose private keys to second one. So let me know what do you think and maybe we should implement this solution now?
Let's make hot topic here, because it's very important one. If we solve this issue, bitcoin become much stronger and many of bitcoiners will be happier. If we have some good conclusions, we are going to write to Coindesk and push it forward.
We have to remember that we are all owners of those cryptocurrencies. If not we, they wouldn't exist, so we can change, build and do whatever we want - we just need enough together power.
PS Just some thoughts.. Maybe some money from MtGox could be recovered too, if you have still access to wallet used to fund this exchange? :)
That is for sure the greatest problem bitcoin has by know and it is one that has the potential to stop the rise of bitcoin. A recoverysystem might be an opportunity to make your money more save but on the other hand it has it own risks. Scamers and hackers will find their ways to make use of recoverysystem in a way other people do insurance fraud and the more people or projects lose money or have any other kind of security trouble, the more will shout out for rules and someone who stops the bad boys. Sadly, people are not wise enough to just be grateful if something good like bitcoin comes up.
Sorry for your friends. I will follow you because you have many good ideas and I like your vision. Good job
Thank you
This seems like a really good solution you should pitch this to the Bitcoin devs!
You need to keep a limited amount of your funds on exchanges and the rest in cold storage devices such as Trezor, that would be my advice, then you can move coins to and from exchanges as and when required. In order to trade, I also have "lost" a decent sum of Etheruem as I cannot seem to access my etheruem wallet due to loss of a private key, although I can see the funds through my trezor!!!
Devices can get broken. You never know.
But of course I agree, because keeping funds on devices ;-)
I think so many of us need this kind of solution.. to RECOVER money.
I like the concept however I think we can find many cases where it would have a negative outcome for someone on the other side :) Bitcoin shouldn't become a kind of paypal where you can chargeback your money.
But I agree solving this issue would would increase Bitcoins momentum. I wonder how many coins al already lost forever.
I only use paper wallets. Devices can break down. Paper can burn I know :)
No it wouldn't be paypal. On paypal u can have one account and some people may harm you as seller because of "chargeback". Here you can have unlimited addresses, which mean that you can simply receive money on first address and automatically send to second one. You have then backup wallet, as you can always recover money from second to first one if you really lose it.
It's not about chargebacks from sellers, it's about recovering lost. Backup! I just use this word, cuz everybody understand it better.
I wrote about it in the post.
I misunderstood. I was thinking more in a transactional way in case of mistakes. You are indeed talking about wallet back-up. It's a kind of recovery key.
But if you talk about recuperating from mtgox. Thats reversing a transaction no ?
nice information