TimeLock for 40 years payday? - page 2.

vjudeu

hero member

Activity: 813

Merit: 1944

Quote

but you are certainly able to spend the UTXOs using coin control

It depends, how it will be locked. Because you have three options:

1) transaction locktime field
2) OP_CHECKLOCKTIMEVERIFY
3) OP_CHECKSEQUENCEVERIFY

And then, it is possible to put a lock on the output, instead of putting it on the transaction.

Quote

You will need too many transactions if you pay yourself daily.

It depends. Because it is possible to write double spends. So, it is possible to make it more flexible, if you would have one transaction, sending you some coins today, and another transaction, sending twice as much tomorrow, but using the same inputs. Then, if you don't need those coins, you can wait, and save on transaction fees.

But yes, predicting all scenarios require creating a lot of transactions. Unless there will be SIGHASH_ANYPREVOUT, or unless you use tricks like Homomorphic Encryption.

apogio

hero member

Activity: 560

Merit: 1060

Now that I am thinking about it a bit more, there is also another risk.
Timelock will indeed not let you spend the UTXOs until a specific date has come, but you are certainly able to spend the UTXOs using coin control. This way, the time locked transaction will become invalid because one of the UTXOs will be spent.

What I mean is, if you are able to create a timelocked transaction you are also able to render it unusable by spending some of the UTXOs that are included in the inputs of the TX.

So time lock will not stop your urge to spend more...

peter0425

sr. member

Activity: 2618

Merit: 439

It is sad that you have reached that age and until now don't know how to manage your own financial aspect and need to ask others to decide for you , and also your main problem here is that you cannot handle expenses in which will surely bring you to spending much.
why not first learn and understand yourself/ I mean have a deep breath and take time knowing what is important for daily basis that you need to spend first and let go of other desires that you will not be needing that specific time? i also have this attitude when i am single but this change when i got married and start to have my family, because my prior spending is for my family and not mine.

SilverCryptoBullet

member

Activity: 97

Merit: 43

40 years time lock is too long time and I see it risky.

Using Locktime for inheritance planning, backups or gifts

Many things can happen in 40 years and you will need to guide your family members about necessary steps to get access to your bitcoin in future through Recovery sheet.

pinggoki

sr. member

Activity: 1498

Merit: 416

Quote from: Maus0728 on March 22, 2024, 06:48:04 PM

Or maybe OP, you can learn to say no to some things, I assume that the reason that you're spending too much money not because you're spending it on yourself but because you're eager to spend money for someone else, be it for an individual or an occassion, maybe if you do that and you being able to learn to backpedal with your expenses, you'd probably make some progress, as @apogio pointed out, it's really difficult to do what you're doing and time consuming so I elected you to offer a solution that's much better because you still be able to use the money and it's at your disposal, you won't be having any issues with it and you're not worried for emergencies.

I can agree with this one, definitely a better deal to learn how you can manage your finances than restrict yourself with money that you could've used for emergencies as @Maus0728 has pointed out and OP either you're a rich man or a well to do with your finances that you've got a lot of excess money to do this kind of thing. For me, even though I've been a hodler for a really long time, I think that I won't be able to do a 40 year restriction on my bitcoins, I like to at least enjoy whenever I feel like I've profited enough already so that's why I can't do anything like that but if you're going to push for it OP, I wish you all the best and I do hope that you'd find a way to make things work for you. Maybe consider also what others have said about this thing that you're doing, you don't want to be starting something and then end up not committing to it because at the middle of this journey, you've found some problems, do your utmost consideration of many factors before committing OP.

btc78

full member

Activity: 2520

Merit: 214

Eloncoin.org - Mars, here we come!

So you will basically be paying yourself every day for the next 40 years or so?

Well it depends on how much you will be giving yourself but daily seems a little too wasteful. Maybe you can do every 2 weeks which is usually how paydays go anyway. The 15th and the 30th. I have mixed feelings about this idea, though. I also have a hard time maintaining my finances but this type of program’s not gonna work with me because I might not have a consistent income. I wouldn’t want to keep “paying” myself when I have no more actual money of my own.

Maus0728

legendary

Activity: 1904

Merit: 1563

Or maybe OP, you can learn to say no to some things, I assume that the reason that you're spending too much money not because you're spending it on yourself but because you're eager to spend money for someone else, be it for an individual or an occassion, maybe if you do that and you being able to learn to backpedal with your expenses, you'd probably make some progress, as @apogio pointed out, it's really difficult to do what you're doing and time consuming so I elected you to offer a solution that's much better because you still be able to use the money and it's at your disposal, you won't be having any issues with it and you're not worried for emergencies.

Kruw

member

Activity: 378

Merit: 93

Enable v2transport=1 and mempoolfullrbf=1

It's an interesting idea, but there's a couple of problems with this:

- You can't change the fee rate of the presigned transactions. This means you will either be overpaying to get into a block, or underpaying (which would require you to CPFP from the destination wallet, which is just another way to overpay).
- The security model of the wallet that receives the presigned funds is very tricky - it effectively controls all of your funds, so you should give it the same security as your most serious cold storage. However, since you will presumably be spending from this wallet on a daily basis, it would become tiresome if this wallet were cold.

apogio

hero member

Activity: 560

Merit: 1060

Hi.

So, if I get it correctly, you want to create daily transactions with timelock, so that you can broadcast each one of them on its specific day?

Something like:
Tx1, timelock for March 23rd
Tx2, timelock for March 24th
And so on?

Technically you can do it, but there are 2 issues:
1. Programming time locks for 40 years on a daily basis is very time consuming.
2. You will need too many transactions if you pay yourself daily.

amr1001

newbie

Activity: 6

Merit: 0

Hello,

I have wired idea I want to apply on myself. To Control my spending as I spend alot of money.

As I am 40 years now, I want to buy a new bitcoin wallet, send bitcoin with timelock to a bitcoin address I have, distrubuted for the next 40 years, that on daily basis ( or monthly or Weekly) I get some bitcoin for the coming 40 years.

Once I done this, I will destroy the new wallet along with the pass seeds, that I cannot change the programming ever!

I can do this with both bitcoin and bitcoin cash, in this way I have income for the "Rest of my life".

It will be hard to do via trezor a daily transactions for 40 years, but maybe monthly or yearly, unless there is technical way to programe it.

Please let me know what you think and ideas for implementation.

Best Regards,
Anas

Topic: TimeLock for 40 years payday? - page 2. (Read 398 times)