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

I got mine in today - they look great!

I did attempt a push using block cypher and you can see from the screenshots the transactions are valid for the amount and are also locked to a set block time as intended

Thanks Yogg!

omg so cool. How can the plebs here get one of these as well? 

Hey owlcatz
Thanks for the test !! I'm glad it worked as planned.

Hah !
Yes, when making my tests I also noticed that blockcypher push transaction feature will accept the transaction even if non-final.

However, the bond works as expected : no miner will include the locked transaction into a block until it has properly matured;
if they did, that block would be rejected by the network since it includes an invalid transaction.

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Thanks so much Chibi for testing the Cryptobond. Very cool that it worked as well !
I wasn't around much these last days, as I don't come to the office anymore because lockdown but yeah a chat is long over due now.
I'll ping you soon.

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We are currently making the first release of Cryptobonds ready for you soon.
I expect them to be available sometime during April but definetely May at the latest.

Thank you everyone !

  We are over due for a chat, look forward to throwing them all at ya.

Btw I sent the .001  BTC back to your Yogg wallet listed on your profile (from another wallet, didn’t want to wait for confirm).  It’s better served going to your continued innovations with ColdKey. Can’t wait to see what’s up next!

Ok. https://www.blockchain.com/btc/tx/50b9d14f35394c23faf7c303d75111ba3d86c2f180fca1c78911b483725d10a2

Must have worked - 5 blocks in advance!

Awaiting confirmation, then will peel/update.  

Peeled and swept! Thanks so much Yogg! - Solid job, through and through!

Ok, my card unlocks in just a few blocks. However, I already broadcast it using blockypher.

Strangely, it's accepted and shows the lock time as 622800...

https://live.blockcypher.com/btc/tx/50b9d14f35394c23faf7c303d75111ba3d86c2f180fca1c78911b483725d10a2/

Will update shortly once it hits or fails...

I used your big picture to test the error correction on the locked transaction: when I cover about 5% of the image with my hand, my phone can still scan it. That's good

I finally got a chance to test drive the Coldkey Cryptobond.

First, I love the concept.  As an uncle to several I can see giving these as gifts.



It is really as simple as following the step by step instructions printed directly on the Cryptobond. 

My locked transaction: 0200000000010120286afd0ba5cf5aa8186b3b25085808db028b518d1dff858777b3c7e97b385c0 000000000feffffff01a086010000000000160014c580f7e426632df79b4ea55dd4b1e578b3895d dc0247304402201bf313912f7201d0a61ff88ff708add6439cd1058b55d1d5d9f00646620c7d210 2200898f02a68fc457b8d0d474e6a1c9d51278de9173e96c65d9bfc7b265fc85c98012103be2db8 08a8cef4188bb411a2b1970014c90c15182ab9e7faf124100c9d14611f207f0900
   
I tried broadcasting before the locked block and it returned an error.  Once the block occurred I was able to successfully broadcast the locked transaction. 

The final step was to peel the hologram and sweep the private key.  The hologram has a clear film over it which required use of a razor knife to remove.  No way anyone is getting at the private key without it being very apparent.  I was able to then sweep the private key (qr code) into a Ballet Wallet cold storage card. 

Public address of the cryptobond:  https://www.smartbit.com.au/address/bc1qckq00epxvvkl0x6w54wafv090zecjhwuhklcuq

Really cool new product and very well executed.  There is definitely nothing like it available.

this is a very cool way to use bitcoin! I see multiple uses on how this could be used to help store the value of bitcoin. good job!

Hey Chibi

Well, it really depends on the pace of the new blocks that are found by BTC.

I'm glad that the testing went well !!
Thank you very much for playing the game until the end.

Please, I'd absolutely LOVE to hear more about your ideas of how these can be used in the real world.

Thanks. Really it's great to know that things are done the right way.

Yoggy..Sorry was thinking the lock up was a bit longer...But well done good sir! First time I’ve ever broadcasted to the network, or used a smart contract. Very fn cool and quite unique! I have all sorts of ideas how this could be used out in the “real world”...that is when we can all rejoin it!

Noticed the updated holograms. Those are super secure! Way harder to remove than any holo I’ve ever peeled. Great job!  

Will posts some pics shortly

Hey minerjones,

I think I know what happened here.

The block production was a bit slower than usual, this is why it took so long to reach the correct block height.
Anyway, it's passed now. The fee on the locked transaction was 5000 satoshis (~60sat/b) which is more than enough to include a transaction when BTC runs normally.

Can you please let us know how it went ? Were you able to sweep the locked funds ?

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Yes, absolutely !
It is the first ever Cryptobond on a card that has matured and been redeemed.

Thank you sooo much Krogoth for going all the way through !!

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Next cryptobonds to mature after mj's:

#622368   Lesbian Cow
#622512   ChiBitCTy
#622656   Sat0shisGhost

Current block height :
#622537

Lesbian Cow's and Sat0shisGhost ChiBitCTy's should have matured.
Sat0shisGhost's should be good tomorrow.

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Given the worldwide situation, please stay safe first of all ... tests can wait.

We are still working on the release in the background.

Thank you everyone !

Just realized...my cryptobond is the first ever to be made and redeemed card made. 

9 more to go !!

Can't wait. This experiment is soooooo exciting !!
Thank you sir Mantis.

Please, when the public address will have received the funds, do redeem the Coldkey and sweep the funds to another address.
You can keep the BTC if you like.

Thanks !!

  So true...I wept with sadness when I peeled...not used to doing this at all as I collect em intact...but I had to do it for this time...next time I buy these...never shall they be peeled 

Hi Everyone, some cool crypto homework to do, so here we go : Block 622100

Hey Krogoth !

Thank you SO much for doing this test !
I imagine that going to the extend of actually redeeming the Coldkey wasn't easy for a recognized Collector such as yourself.
Many many thanks for playing by the rules until the end.

I am very happy that everything unfolded as expected.  
Funds were stucked, you were able to execute the smart-contract AND sweep the funds to another BTC address.
That's great

The rest of test Cryptobonds should expire one day from each other from now on.

So much excitement !! Hah, thank you for everything.
This part of Bitcointalk definitely always brighten up my day no matter what.

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Thank you for the kind words Mitchell.
Job is really only starting now that we know it works ...

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Maybe a tester whose Cryptobond didn't expire yet can try to execute it ?

Thank you

Very cool! Thank you for sharing Krogo and good job Yogg!

 Block 622080 has come and gone so I tried to submit again.

  This time the tx has sucessfully gone thru!

 

   The btc addy that had a zero BTC balance now has a 0.001btc value on it!

    Edit:  I also successfully swept the 0.001BTC from the private key into my Mycelium wallet as well   

 I received this special Cryptobond card and followed the instructions provided which were very easily understood

  I scanned the large QR code with a QR code reader and got the following...

  

I pushed it thru the https://www.blockchain.com/btc/pushtx and got the following result at block 622080 has not arrived yet


  I was also able to decode it as follows thru https://www.blockchain.com/btc/decode-tx

  which gave me the following..

  
    I will update once I am able to succesfully broadcast this. I have also altered most of the numbers here so nobody can trace any tx or btc addy to protect my privacy. Thanks Yogg for this.. Cheers!
 

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)

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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

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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.

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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.

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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.

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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.

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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.

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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.

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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)

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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).

Normally it gets moved anyways to here since it would be labeled “off topic”.

Edit: hahah why the hell would you “report” it? Is that offensive to you?

I hate to sound like those who i actually report but this is really an amazing project. But why do you keep it only in the collectables board? Not so many people come here, so it's very limited exposure, sure you share it with the guys you know fir testing, but projects like that should be on the first page, really.

Oh damn, I love the concept! Yay, this is something Andreas talked about about 2+ years ago and it stuck in my mind as a sure-fire safing-option for BTC, but I haven't heard about it since then.

Yogg, Outstanding execution of a brilliant concept. I imagine the market for these could, in due time, extend far beyond the current collector circles as an alternative to a CD. I, for one, would like to gift these to many young family members.  That said, I'm hoping production isn't overly limited. Care to share any insight regarding potential issuance?

Very confusing to call it a bond. Where's the income?
Are opendimes not considered physical bitcoin? idk

Glad to be on board for a testing review.

"Coldkey Cryptobond - FIRST Timelocked Physical Bitcoin"
Lovely idea of yours, Go Coldkey.

Cant wait to have one of these in my hands. Sounds super interesting and gl for your project. And congrats to the happy tester to get in touch with this new project.
If I can help you out with anything which is in my power, just hit me up.


Lets gooooooo 

Hello everyone !

Woaw..
Thanks so much for your warm welcome to our latest project !!
It's amazing !! Thank you.
I am also grateful to the members who are going to try out the Cryptobonds and share their experience with these.

It's a relief to witness that, our innovations are truly in phase with what some of you were looking for, and in a broader manner, what would the market look for.
We can, and will, do many things playing around with these technologies.

Thanks much everybody for your support !

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I am currently making the Test Cryptobonds as of now.
I'll post pics of them before shipping.

The 1st one will expire on the block #622,800, which according to my calculations will be mined around the 23rd of March 2020.
Then, every test Cryptobond will expire 144 blocks from another, which is ~1 day (~24hr) in Bitcoin time.

This should leave enough time for shipping, and initial tests.

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Absolutely. There is quite a few.
However I am confident that if Bitcoin keeps running as it did during the last 10 years, Cryptobonds will work as intended.
They're like a "bitcoin smart-contract".
I think 60sat/b will always validate an ~80b tx;
if not, and if it is financially interesting to do so, add a little bit on top to help motivate a miner so he includes the locked tx in a block.

Anyway, we will all know very soon what to expect when the test Cryptobonds arrive.

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Thanks for your kind words !
Well, that would be one use of Cryptobonds for sure !! 18 years from now is quite so time ahead, it's almost twice as much as the whole BTC life so far.
If you think that BTC will keep on running like it does today, and that it will increase in value, then yes;
Cryptobonds are definitely a great way to pass on some crypto to close relatives and make sure they can't spend it in the meantime.

This is awesome i hope they test well as i want one asap locked until my 17 month olds 18th bday lol

You've killed it Yogg! This is a great concept! 

Shit the bed Yogg! That's pretty damn cool!

Well done Yogg! Keep up the good work! 

that's really awesome man!

Looking forward to them

For further reading, Using Locktime for inheritance planning, backups or gifts is a good start. There are some possible drawbacks in this. It doesn't have to be a show stopper, but it's good to be aware of them.

Great Idea Yogg, Can't wait to order few of these.

Really looking forward to these yogg!!

Awesome stuff yogg! Love me some timelocked corns of this kind (been waiting to see something come out). Will look forward to finalized product

I searched for such easy-handling timelocked wallet like this already last year as gift for my newborn godchild. now I put this idea in practice in 'old-school-fashion' using an 'ordinary wallet' and trusting its parents that they don't plunder the wallet before its 18th bday 

Love the idea. Been wanting to make a digital version of this for a while now, but haven't had time to properly research it. This is a great way to gift BTC to newcomers and 'forcing' them to hodl.

Amazing!! Should rename to HODLbonds, because you don't have a choice but to hodl 

Nice ! Well done Yogg . I will be watching and waiting on these eagerly 

Great concept and I am happy and honored to test one.  Any loaded amount from my test Coldkey will be sent to 1Ross5Np5doy4ajF9iGXzgKaC2Q

It has long been a tradition to give savings bonds to children which mature when they turn 18 and this is a very slick way to do it without trusting a financial institution to hold the funds.  Great idea yogg.

Yassss. Keep it up yogg

sounds great, looking forward to them

Wow. Contrats @yogg! Very excited to see new things from ColdKey. Super jealous of the lucky testers. Hopefully will give some great feedback. Looking forward to seeing the final product and picking some up! Will stayed tuned for sure.

Wow, just wow!!! Proud to be selected and can't wait! 

Thanks yogg!

Thank you !

Yes, absolutely Sir Mitchell !
They will come in the card format, as for the rest of the Coldkeys.

The sheet of paper was merely for my tests, I didn't even bother to cover the privkey (because I'd need to peel it to check if it works )

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Thanks Krogoth !
I am really excited to ship one to you very soon

Amazing concept and love the idea!
Looking forward for these as well as the test one to be sent to me...thanks!

I've played around with "nLockTime" in the past and this sounds dope! These will be released on an actual card right?