That bug has been opened on https://launchpad.net/distros/ubuntu/+source/gnome-keyring/+bug/60765

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Here is the trace below.

(gdb) thread apply all bt

+ Trace 72826

I think I've spotted where the problem is. Somehow I already had a (broken) default.keyring file, and in the gnome-keyring-daemon, it loops looking for a defaultX.keyring, where X is a version number.

Source file : gnome-keyring-daemon-file.c, lines 194 through 205.

        version = 0;
        do {
                if (version == 0) {
                        filename = g_strdup_printf ("%s.keyring", base);
                } else {
                        filename = g_strdup_printf ("%s%d.keyring", base, version);
                }

                path = g_build_filename (dir, filename, NULL);

                g_free (filename);
        } while (g_file_test (path, G_FILE_TEST_EXISTS));

Unfortunately, there's no incrementation of the "version" integer in that loop, so it might be looping forever if there's already such a file (as version always ==0). A simple patch would be to increment the version number at the end of loop corpse.
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