The fact that you have locked bitcoins and can prove it via a signed signature, I can see it being used as collateral for a loan if it came to an emergency situation where you needed money quickly.
The link provides some good examples other than savings.
Escrow, time-locked refunds, Two-factor wallets, Payment Channels, Trustless Payments for Publishing Data...
I like the combinations with multi-sig. You could set up a multi-sig time lock for inheritance in case you die. Allow for spending by yourself immediately but after 5-10 years a third party is allowed to spend.
Topic: Price impact of CLTV? (Read 636 times)
I think it will effect the price because there will be less supply and thus the market will adapt to it.
But this is not so much important as the feature itself which is unique and very handy.
But this is not so much important as the feature itself which is unique and very handy.
This would be a good thing for something like a savings bond like Elwar's nieces and nephews recieved. The "maturity" is upon unlocking. However, it would seem more likely that a piece of paper with seemingly random chars (paper wallet) would get lost much faster than a bond certificate. Maybe not...
Another good use would be a timed "auto-pay" system for mortgage or other bills.
In any case, sometimes people have a plan for their investment that must be broken. Such examples would be in the case that an illness or a medical procedure is necessary and perhaps those locked coins are their only means to pay. Without the knowledge that something critical and unforeseen may happen, people locking their coins up could be a matter of life and death. That said, I see a lot of butthurt in the future of this topic. I would never lock myself away from my funds or investments because what... to "protect" myself, or because I can't trust myself? That is crazy. Anyone who is die hard holding should have the restraint to sell, or it just wasn't meant to be. This is a dumb "feature" except in a few circumstances like named above.
Effect on price? Zero
Another good use would be a timed "auto-pay" system for mortgage or other bills.
In any case, sometimes people have a plan for their investment that must be broken. Such examples would be in the case that an illness or a medical procedure is necessary and perhaps those locked coins are their only means to pay. Without the knowledge that something critical and unforeseen may happen, people locking their coins up could be a matter of life and death. That said, I see a lot of butthurt in the future of this topic. I would never lock myself away from my funds or investments because what... to "protect" myself, or because I can't trust myself? That is crazy. Anyone who is die hard holding should have the restraint to sell, or it just wasn't meant to be. This is a dumb "feature" except in a few circumstances like named above.
Effect on price? Zero
The OP_CHECKLOCKTIMEVERIFY could potentially be implemented this year. This update allows for many things including the ability to lock your funds from being spent until some future date.
Some uses here:
https://github.com/bitcoin/bips/blob/master/bip-0065.mediawiki#Motivation
So, imagine the many people who are hodling right now instead actually locked their bitcoins for 1, 5 or even 10 years. This would dramatically decrease the supply and ensure that during the huge price rises people aren't pulling their coins out of cold storage out of impulse to "cash out".
I would certainly put about 80% of my funds into a locked state due to long term goals. It is much more secure than cold storage.
I also wish I had this opportunity when giving bitcoin as a gift to my nieces and nephews, I would have locked it until they turned 18. One sister already cashed her kid's bitcoin out and put the money in her kid's savings account. My brother wants to do the same thing with his sons, cash it out and let the kids spend the dollars.
Some uses here:
https://github.com/bitcoin/bips/blob/master/bip-0065.mediawiki#Motivation
So, imagine the many people who are hodling right now instead actually locked their bitcoins for 1, 5 or even 10 years. This would dramatically decrease the supply and ensure that during the huge price rises people aren't pulling their coins out of cold storage out of impulse to "cash out".
I would certainly put about 80% of my funds into a locked state due to long term goals. It is much more secure than cold storage.
I also wish I had this opportunity when giving bitcoin as a gift to my nieces and nephews, I would have locked it until they turned 18. One sister already cashed her kid's bitcoin out and put the money in her kid's savings account. My brother wants to do the same thing with his sons, cash it out and let the kids spend the dollars.
Yeah a really handy feature and killing 2 bird with 1 sone
1) less coins, price increase
2) hackers like to cash out directly and finish their action. Having coins locked for a longer periode, makes it very less attractive.
I do think it would be smart to limit the max_time to 3 years or something or have an option to undo your lock time.
This is one of the best features yet, However is it possible to lock an entire account from spending anything that is input there for the whole time?
account?
It is per public key as far as I'm aware.
This is one of the best features yet, However is it possible to lock an entire account from spending anything that is input there for the whole time?
Very interesting. Humans are not known for their foresight, even more so plenty of folks on here, so I wonder how many would take the plunge. I also wonder how many would scream all over this forum when they wanted early access to it.
Well i'm not sure what impact it will have on price, but it won't be negative - that's for sure. However, i would never lock myself out of my funds because
price tends to swing around a lot, so i would rather have the ability to sell at what i believe is peak price of that timeframe.
10% on lock for 10 years however sounds like an interesting gamble, doesn't it.
price tends to swing around a lot, so i would rather have the ability to sell at what i believe is peak price of that timeframe.
10% on lock for 10 years however sounds like an interesting gamble, doesn't it.
The OP_CHECKLOCKTIMEVERIFY could potentially be implemented this year. This update allows for many things including the ability to lock your funds from being spent until some future date.
Some uses here:
https://github.com/bitcoin/bips/blob/master/bip-0065.mediawiki#Motivation
So, imagine the many people who are hodling right now instead actually locked their bitcoins for 1, 5 or even 10 years. This would dramatically decrease the supply and ensure that during the huge price rises people aren't pulling their coins out of cold storage out of impulse to "cash out".
I would certainly put about 80% of my funds into a locked state due to long term goals. It is much more secure than cold storage.
I also wish I had this opportunity when giving bitcoin as a gift to my nieces and nephews, I would have locked it until they turned 18. One sister already cashed her kid's bitcoin out and put the money in her kid's savings account. My brother wants to do the same thing with his sons, cash it out and let the kids spend the dollars.
Some uses here:
https://github.com/bitcoin/bips/blob/master/bip-0065.mediawiki#Motivation
So, imagine the many people who are hodling right now instead actually locked their bitcoins for 1, 5 or even 10 years. This would dramatically decrease the supply and ensure that during the huge price rises people aren't pulling their coins out of cold storage out of impulse to "cash out".
I would certainly put about 80% of my funds into a locked state due to long term goals. It is much more secure than cold storage.
I also wish I had this opportunity when giving bitcoin as a gift to my nieces and nephews, I would have locked it until they turned 18. One sister already cashed her kid's bitcoin out and put the money in her kid's savings account. My brother wants to do the same thing with his sons, cash it out and let the kids spend the dollars.
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