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Assume that I want to hold all the Monero I currently own for at least a certain period of time but lack the discipline to stop myself from trading. As a horrible trader I want to take control away from myself without at any time transferring my private keys to anyone else for safekeeping.

How can I prevent myself from trading (buying or selling) Monero? For example, if I don't want the ability to trade Monero until after RingCT activation (January 2017) how can I enforce that wish?

How can I protect myself from myself?

Is there a way to protect myself without using monero-wallet-cli in RPC mode?

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This isn't available in the wallet software yet, but it is technically possible to set an "unlock_time" on a transaction:

How to use unlock_time?

The idea being that you could pass a future date in UNIX time into this RPC call which would cause funds to be locked until that time has passed. You could then use this to send all of your funds back to your own wallet address. Just test it with a small amount first to make sure you get the date format correct.

If you are looking for more of a deterrent from spending too quickly, you could send it all to a paper wallet and drop it off in a couple secure locations. It is enough of a hassle to retrieve the paper wallet and restore from a seed that you might not go through the trouble.

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  • Thank you. How complicated would it be for a dev to add the unlock_time feature to the wallet software itself? – neversleep Nov 22 '16 at 1:03
  • It wouldn't be too hard to add it. The monero-wallet-cli already supports it via RPC, so any wallet like the Chrome extension version or the official GUI could add something like this. I imagine the use case is limited, and I could imagine most vendors being upset if they "receive" funds that aren't spendable in the same year. – Ryan Nov 22 '16 at 17:07

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