Quote from: Anders on August 05, 2014, 04:58:49 PM

Quote from: jonald_fyookball on August 05, 2014, 04:48:56 PM

Quote from: Anders on August 04, 2014, 08:48:49 PM

Quote from: franky1 on August 04, 2014, 08:16:41 PM

Quote from: Anders on August 04, 2014, 06:43:57 PM

And I would like to have the coins stored safely on the block chain without me having to do cold storage myself or having to trust a third party storing the coins for me.

you do realise that coins are on the blockchain right? they never leave the blockchain.. EVER, the only thing you need to keep safe is the private key (imagine it as the password that proves your identity to do transactions.) the privkey is not "holding" bitcoins. so just look after your private keys securely away from a computer that can be malwared, hacked or lost in a computer crash/ accidental hard drive format.

Yes, the private keys are what actually needs to be cold stored etc. I used the term 'coin' just to make idea clear. For people who are unfamiliar with or new to Bitcoin, if I use the term 'private keys' instead of 'coins' then that may be difficult to understand.

makes no sense.

it's like saying "I want the key to my house stored safely inside my house."

if your private keys were on the block chain, what differentiates you from a perfect stranger
in accessing them ? another password or id? now you're right back to where you started.

One solution would be to have the private keys generated from a user ID. It's the user ID system I described somewhere else.

"A heart to my key

IN SKYFALL, the latest James Bond movie, 007 is given a gun that only he can fire. It works by recognising his palm print, rendering it impotent when it falls into a baddys hands. Like many of Qs more fanciful inventions, the fiction is easier to conjure up than the fact. But there is a real-life biometric system that would have served Bond just as well: cardiac-rhythm recognition." -- http://www.economist.com/blogs/babbage/2013/05/biometrics

biometrics aside, it doesn't solve anything. You still have an "id" that authenticates. so, no different than a private key in that regard.