OP_HODL - page 3. | Bitcointalksearch.org

Amph

legendary

Activity: 3248

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Quote from: NorrisK on June 27, 2015, 07:11:00 AM

U would like to have some sort of safeguard key to unfreeze my funds.. Imagine locking the coins for 100 years instead of 10 years... :p

it could be better if it was time based and you just need your private key that are holding the funds and nothing else

let's say that you want your fund to be available in one year at most, because you have a desease that will kill you in a short time

BillyBobZorton

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Quote from: RustyNomad on June 27, 2015, 08:24:02 AM

Quote from: NorrisK on June 27, 2015, 07:11:00 AM

U would like to have some sort of safeguard key to unfreeze my funds.. Imagine locking the coins for 100 years instead of 10 years... :p

Thought the same thing. Have not read any of the technical details yet so not sure whether such an option is available or not. If not then this can be a very risky thing to do. Not just for fat finger problems like you describe but also if things change i.e. you might want to lock in some coins for your kids but things can change over time resulting in you having to unlock said coins.

I think a good ol password is better. With the password you can take the decision to spend them or not. Even with the benefit of forcing you to hold long term so you can become rich, i still don't like the idea of not having the option to hold with my own will. I don't like this feeling of "being forced to hold" so to speak.

RustyNomad

sr. member

Activity: 336

Merit: 251

Quote from: NorrisK on June 27, 2015, 07:11:00 AM

U would like to have some sort of safeguard key to unfreeze my funds.. Imagine locking the coins for 100 years instead of 10 years... :p

Thought the same thing. Have not read any of the technical details yet so not sure whether such an option is available or not. If not then this can be a very risky thing to do. Not just for fat finger problems like you describe but also if things change i.e. you might want to lock in some coins for your kids but things can change over time resulting in you having to unlock said coins.

NorrisK

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U would like to have some sort of safeguard key to unfreeze my funds.. Imagine locking the coins for 100 years instead of 10 years... :p

gjhiggins

legendary

Activity: 2254

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Quote from: ?? on ??

^Has anyone here done this yet? Or know of anyone who has? And why and how?

supcoin - https://github.com/supcoin/supcoin/commit/81e19c1b93da202479dfcb9eb84d7fd89c9db599

viacoin - https://github.com/viacoin/viacoin/pull/23

ziftrcoin - https://github.com/ZiftrCOIN/ziftrcoin/commit/42c932f50313a59cb1791e186417116fd71516d6

see also https://github.com/ElementsProject/elements/tree/checklocktimeverify

“how” is embodied in the source; I'm not in a position to comment on “why”.

Cheers

Graham

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1116

I'd like to start a thread about this. So sue me. Lips sealed

https://github.com/bitcoin/bips/blob/master/bip-0065.mediawiki

Abstract

This BIP describes a new opcode (OP_CHECKLOCKTIMEVERIFY) for the Bitcoin scripting system that allows a transaction output to be made unspendable until some point in the future.

Freezing Funds

In addition to using cold storage, hardware wallets, and P2SH multisig outputs to control funds, now funds can be frozen in UTXOs directly on the blockchain. With the following scriptPubKey, nobody will be able to spend the encumbered output until the provided expiry time. This ability to freeze funds reliably may be useful in scenarios where reducing duress or confiscation risk is desired.

Topic: OP_HODL - page 3. (Read 5722 times)