Hey, I’ve been thinking about the panic button idea. Instead of sending money straight to a specific address or person when the button is pressed, what if we sent it to a secondary vault that has a very low daily withdrawal limit — something like 2 to 5 dollars a day.Then, once everything is safe again, you just press a reset button to move the funds back to the main vault with the normal 100-150 dollar daily limit.What do you think?
Please be more specific. Are you building something? Are you building on top of some existing wallet? If it’s just an idea, I recommend first trying it out and then sharing results here.
The idea of moving funds into a withdrawal-limited secondary vault is safer than sending them to a nominated address, provided the vault remains under the owner’s recovery policy.
The key question is what “reset” means under duress. If it instantly restores the normal withdrawal limit, an attacker could simply force the owner to press it. A safer model would make any limit increase delayed and cancellable, while keeping a low emergency allowance available immediately.
Also, a daily-limit guarantee needs to be enforced by a covenant or multisignature policy. A normal single-key wallet cannot reliably enforce a limit after that key is compromised.
This design also raises useful questions for wallet UX: how to preserve everyday usability while making high-value funds harder to move under duress.
I am not entirely sure I see the whole picture.
Can you provide the whole usage case / specific scenario that explains in steps what kind of situation would the function be used in?
Do you mean a situation where you are stopped by border guards and forced to give password to your wallet/phone perhaps?