Topic: [ANN/PoC] Coldkey Cryptobond - FIRST Timelocked Physical Bitcoin - page 2. (Read 2213 times)

Hey Owlcatz

Thanks for your post !
I read the un-edited version but sorry I couldn't reply at that moment.

Good if you understood / found the answer you were looking for.

I can't wait for BTC to hit block #622,000 so tests will begin.

It's currently sitting at #621,489.
Krogoth's test Cryptobond should expire in ~4,1 days (prediction based on the production of 144 blocks / 24hr, which is uncertain)

---

You can try to broadcast the transaction, it should fail and not load the public address as long as the time-lock hasn't expired.
When it expires, try again. Any error should have disappeared and the funds should arrive to the public address.

Edit - Never mind, answer is 2 posts above. I guess I was blind last night!

Thanks again!

Another option: https://coinb.in/#verify (can be used offline).

We can determine the expiration of the Cryptobond either with :

1) Block height
2) Epoch timestamp

---

As LoyceV underlined it, the current format of what is universally used as a timestamp will not be good anymore in 2038 as it currently exists.
I don't feel serene using that format to lock anything after 2035. (Assuming that BTC will work as it does today in 15 years)

Using a timestamp with Cryptobonds isn't very elegant anyway, as there is a +/- 2h wiggle time that appears to be random, for the different nodes to consider the lock as expired or not.

I believe that, when it comes to BTC mining, miners will take negative risks towards seeing their block rejected by the network, so they will wait a little bit more than what's necessary.

That's why I mostly do not consider to make Cryptobonds based off a date & time, but rather based off a block.

---

144 * 365 = 52560 blocks/year
Locking until currentBlock + (52560 * nbOfYears) block will expire around ~9th March in 2020 + nbOfYears.
(The precision of this prediction gets worse as the nbOfYears gets higher since BTC block production follow Poisson's distribution)

Yes, but it's more tricky:

Thats 12-18 months too early based on previous @Halfin-ings and price.

Is block height the only variable that can be used to determine the “unlock” date or can months, years, etc also be used?

If only block heights, I think it would be very cool to release bonds based on the next few sets BTC halvings: 840k, 1.05m, and 1.26m. Possibly longer depending on interest from everyone.. Just an idea if it hasn’t already been mentioned 

Received. Beta test on its way.

Thanks much bitebits for the suggestions and pointing out a few things !
I agree with you. "Search" is a much better term.

I didn't think much about the instructions . I just typed them and it was it.
When the tests expire I'll be around anyway.
When making the test Cryptobonds, I thought it'd be better to have any kind of hints about what to do.
That's why it is as it is right now, I needed to get them the tests done and instead of nothing I chose this, and this was it.
Instructions will be be more elaborate for the release. They're only intended for the test as they are right now.

Looks very good and very nice yogg, will follow as well 

Very nice yogg, eager to hear about the test results!

Minor thing I would change because I try to avoid big privacy intruding companies, is to get rid of the word Google. I believe something more neutral like ‘Search’ would be sufficient (and maybe Google does not exist anymore or rebranded when the transaction can and needs to be spend).


Edit some more minor things, do as you like

- Normally the ‘:’ has no space after the word Instructions (same for AuthKey: and S/N:)
- Sentence 1 misses a dot.
- Sentence 4 says ‘privkey’, but under the hologram it says ‘private key’.
- I would replace BTC for Bitcoin, mentioned 3 times.

This is great, thanks again Yogg...

Now... Is there ANY Android app or widget for a simple/latest block number showing on my screen?

Thanks!

Damn, those cards look like 🔥!

Yeah testers, plz do everything asap and ahead of schedule so the masses can get our fix  AMAZING PREVIEW PICS!

My mail box is ready.

Nice looking Cryptobond cards.

Great job Yogg!

Looking forward to receiving mine

I really like how they turned out

Hey Last of the V8s, thanks for your comment.
It's just a name and not really the exact equivalent of corporate/treasury bonds in custodial finance, but there's the same spirit of locking funds now to retrieve them later.
If "bitcoin" was an entity, among them all I think it would be the one I'd trust most as of today in our world.

Also there's no income, let it be positive or negative.
Negative interest rates for EU-govt equivalent of treasury bonds are a thing, so I think this can be a better savings alternative than a large range of instruments.

---

Yes !
There are many many things to do with these, potentially.
In some way, Cryptobonds are "future BTC". We'll see

I've been thinking about issuance, and I'm not ready to reply as of now yet.
Most certainly, there will be a Collectible release soon.

---

Thanks a lot for your kind words iasenko, it is much appreciated ! I'm honored that you think Cryptobonds should be on the first page.
I think maybe to post about it in other places, to bring some attention on how the test unfolds. I'm rather confident.

---

I will send an update next week to every tester.

Thanks a lot everyone for your support ! I'm super happy that that the concept appeals to you all.

---

Bump with an update !

The test Cryptobonds are ready !

They have been shipped all together in an expedited manner to Mantis Warehouse.
Each tester will receive his test Cryptobond most likely during next week.

---

As for the tests, each test Cryptobond is set to expire 144 blocks from each other.
Here's the full list of Cryptobonds and the Block number that has been set as an expiry time :

Serial Number	Block Expiry	Tester
1	#622080	Krogothmanhattan
2	#622224	Minerjones
3	#622368	Lesbian Cow
4	#622512	ChiBitCTy
5	#622656	Sat0shisGhost
6	#622800	Owlcatz
7	#622944	Jcga
8	#623088	Me (yogg)

---

These Cryptobonds shouldn't be spendable before the block that they're locked to hasn't made it to the BTC blockchain.

To all testers :
Please try to execute the Cryptobond before expiry time, see what happens.

Thanks a lot to everyone who accepted to test them Cryptobonds, please do redeem them when doable.

This is as close to a comparison as a bond as you're going to find in the collectibles space, so why not? I funded one of my Kialaras several years ago with the same thought in mind, it forces you to not spend the coins, which at the time I liked the concept because it reminded me of bonds.  Sure you're not necessarily guaranteed to earn interest, but TECHNICALLY bonds aren't either ( I realize the safest investment on the planet is US Treasury Bonds but it's not like they are backed by gold anymore).

The term physical bitcoin does not have a set in stone definition..and I've heard them being called physical bitcoins before. I guess you could also consider it a hardware wallet, but that term does not really fit perfectly either.


I think it belongs here and I guess it could also fit in the wallets board, but where on the first page would this fit?



Yoggy- awesome project, look foroward to testing it out!

As it's a limited (thus collectable) item, it belongs in this board. Otherwise you would need to report it for being in the wrong section.

I'm pretty sure they mean that they would normal report people who just say "Amazing project". A lot of account farmers/spammers do it on altcoin announcements (and the like).