Why no simple service for HODLing Bitcoin? - page 2.

davis196

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Quote from: xiver88 on April 12, 2022, 06:25:50 AM

Hi exhodlers,

I know many of you wish not selling early your BTC. This is very common story, I wish I hadn’t sell my bitcoins for cheap X years ago. Now it would be worth Y millions of dollars. I have idea for new coin/token:

We create smart contract for HODLing bitcoin for 5 years (that’s rough number, could be anything). For users who send their BTC to the smart contract, some new token or coin would be given. Tokens have their tokenomics, the whole thing is DAO with voting, stakings, farmings etc. For HODLers NFTs can be generated to create community thing.

Anyone interested in participating the project? Call it HodlCoin

This idea doesn't look very innovative or original.
Your project looks like some "full reserve banking" stablecoin/token.I don't see any point of using a token,that is backed by BTC.
Who is going to have control over the BTC wallet,where all the Bitcoins are received?
Is it going to be a multi-sig wallet,so all the BTC will be released upon the agreement of all participants?
If you want to HODL Bitcoins,just HODL Bitcoins in your cold wallet.There's no point of creating a useless token around the idea of simply hoarding Bitcoins for the long term.

Bitcoin.PN

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Quote from: xiver88 on April 13, 2022, 12:02:08 AM

Quote from: Marvell1 on April 12, 2022, 10:10:18 PM

Bitcoin is designed to be owned by us and make us our own bank without any third party interference. If you use the holding service, it is no different than you depositing your money in the bank. In addition to sending bitcoin to holding services will make it impossible for you to sell or use your bitcoin while your bitcoin deposit period has not ended, better hold your bitcoin and you can use them whenever you want.

Then why so many people use hot wallets and exchanges for holding their bitcoin? Only sophisticated holders use cold wallets and be their own bank. Most of the people just don’t care

Well, usually people that leave their coins on exchanges are small-middle size assets. Real whales usually take their coins out of exchanges and into their own security measures.

xiver88

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Quote from: Marvell1 on April 12, 2022, 10:10:18 PM

Bitcoin is designed to be owned by us and make us our own bank without any third party interference. If you use the holding service, it is no different than you depositing your money in the bank. In addition to sending bitcoin to holding services will make it impossible for you to sell or use your bitcoin while your bitcoin deposit period has not ended, better hold your bitcoin and you can use them whenever you want.

Then why so many people use hot wallets and exchanges for holding their bitcoin? Only sophisticated holders use cold wallets and be their own bank. Most of the people just don’t care

worle1bm

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My answer to it is clear no because if you can't control your temptations to sell it means you don't believe in bitcoin so no fun of investing in it in the first phase.Second you can do is store your coins on cold storage and leave it there with seeds secured without checking the price and after 3-4 years you can sell it.But not creating smart contract is feasible for holding bitcoin.

SpenserReed

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So you can hold for 5 years if only you buy the token at the beginning? I mean if you buy it a year later it will be equal to buy BTC at the current rate

Bitcoin.PN

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Quote from: BlackHatCoiner on April 12, 2022, 06:32:15 AM

There's no purpose to create another useless token for this reason. If you want to ensure you'll own coins in X years, just follow the steps below:

Create a new seed phrase and derive an address.
Sign a transaction where you send all of your coins to that address and make it valid after a certain block.
Lose access to your coins. (Delete the wallet file, destroy the old seed phrase etc.)

Now you have no coins until the block you chose is mined. Needless to say how not recommended this is.

Interesting. How can you choose the block your coins are mined at?

awik p

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Quote from: Marvell1 on April 12, 2022, 10:10:18 PM

Bitcoin is designed to be owned by us and make us our own bank without any third party interference. If you use the holding service, it is no different than you depositing your money in the bank. In addition to sending bitcoin to holding services will make it impossible for you to sell or use your bitcoin while your bitcoin deposit period has not ended, better hold your bitcoin and you can use them whenever you want.

in this case op as a bank that collects money from various investors. this will indeed be very risky, and it is true what you said if bitcoin was designed for us to have our own bank, so that freedom of transaction is the main goal, if your assets are held by other parties and cannot be transacted at any time of course this seems the same as staking, it's just that I see it's more risky. I'm afraid that marketing language only gives hope to anesthetize us and in the end we realize with disappointment

Marvell1

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Bitcoin is designed to be owned by us and make us our own bank without any third party interference. If you use the holding service, it is no different than you depositing your money in the bank. In addition to sending bitcoin to holding services will make it impossible for you to sell or use your bitcoin while your bitcoin deposit period has not ended, better hold your bitcoin and you can use them whenever you want.

adzino

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Quote from: xiver88 on April 12, 2022, 06:25:50 AM

Hi exhodlers,

I know many of you wish not selling early your BTC. This is very common story, I wish I hadn’t sell my bitcoins for cheap X years ago. Now it would be worth Y millions of dollars. I have idea for new coin/token:

We create smart contract for HODLing bitcoin for 5 years (that’s rough number, could be anything). For users who send their BTC to the smart contract, some new token or coin would be given. Tokens have their tokenomics, the whole thing is DAO with voting, stakings, farmings etc. For HODLers NFTs can be generated to create community thing.

Anyone interested in participating the project? Call it HodlCoin

Lol, after selling when the price would be Y million of dollars, you would be saying the same. "I wish I hadn't sold because it would have been Y billions of dollar". We don't need another useless project where your coins will be locked. If you are investing, then you should be able to do hold and do everything on your own instead of relying on something or something else. The project you are talking about has a lot of risks. Imagine people locking thousands of BTC and then the developers stealing them all.

yhiaali3

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It looks like a nice idea, but there are problems with it because many people want to hold the bitcoin and not a token or anything else, in addition to that there are some people who might like to sell during this period if they see a good price hike and the smart contract will prevent them from that, in my opinion the best way It is the normal way because it is more like holding gold and people want to store gold and not something else.

franky1

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oh blackhat.. you are not reading are you.. ignorance is bliss with you and your cult

even the translation is too much for you. seems you have no clue and prefer ignorance.
i know you love your altnet but the funny part is that you are calling this topics idea useless, when infact this idea is exactly the proposition requirement to be able to use your altnet.

yep people need to lock funds into a smart contract long term and play with other units of measure on a different network.

sorry if your now realising it, but atleast try not to defend to the death your altnet while also calling the topic creators idea foolish. because they are one-in-the-same feature.. and so you are just contradicting yourself.

but i will atleast applaud you by now realising some of the issues with locking up funds in co-partnered smart contracts.. and forced to play on other networks. maybe there is a glimmer of hope for you yet..

atleast take this small bit of insight. many people including yourself and me, and pretty much all other people replying in this topic have all have said how the idea of locking up funds long term with a partner and then playing with other units of measure on other networks is a bad idea.

BlackHatCoiner

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Quote from: franky1 on April 12, 2022, 09:04:23 AM

.. hmm. sound familiar..

It doesn't sound familiar to me. It may sound to you, though, who doesn't like any second layers and who can't comprehend that blockchain is inefficient.

Quote from: franky1 on April 12, 2022, 09:04:23 AM

he possibly wants to see if anyone thinks its a good idea

The fact that you're comparing Lightning with an implementation of this meaningless concept is just underwhelming. It has already a solution on the first layer, no need to extend this further. Lightning is for micro-transacting, which can't be done efficiently otherwise.

But, keep trying. Everyone's ignoring you.

coolcoinz

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Quote from: ChiBitCTy on April 12, 2022, 09:25:25 AM

As I've stated earlier, my buddy created Time Locked Cold Storage cards (bitcointalk user Yogg), which seems to be exactly the type of thing you're looking for. No need to create an altcoin for this. I see these as a great way to force yourself to save bitcoin.

This is a much better option than what OP is proposing.
Trusting a third person and their altcoin just to be able to do what Satoshi wanted us to be able to do(be our own banks) is counterproductive and pointless.

There's literally no reason for us to look for a third party to help us hold. If you need help holding, get a safe with a time lock and set it so that if you ever want to withdraw your money, the safe will delay you by a day or 2 before it opens. Maybe if you sleep on your decision you'll come to a conclusion that you don't need the money right now.

JayTrain

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you can't get far on one idea, you need a strong team, marketing, fees and much more. But the most important desire, if you combine it all together, then the most ambitious ideas seem achievable. As for me, I would refrain from transferring my bitcoins to this.

fiulpro

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Creating a smart contract would mean you would have to give up your freedom of selling anytime. See the things I love about cryptocurrencies is how we don't know what is going to happen and how we cannot predict anything here as well which usually mean that if the price goes to the highest possible point and you are not able to sell at the moment and buy again at a much cheaper one you would actually be in a bad position since HODL is good but holding should also be very intellectual. If you so see some instances where you have a choice to trade just once then you should do it and giving up your freedom for 5 years would definitely be uncalled for. But yes it would have worked in the past definitely but situations are not the same anymore.

Charles-Tim

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Quote from: xiver88 on April 12, 2022, 06:25:50 AM

Why no simple service for HODLing Bitcoin?

Holding bitcoin is not hard when you can have full control of your coin.

You can create a paper wallet using an airgapped device, or buy an hardware wallet for the holding, or if you have a device you are no more using, you can make the device to be airgapped, create a wallet on the airgapped device. Send bitcoin to an address(es) generated by the wallet you created through any of the three for holding and backup your seed phrase.

Quote from: xiver88 on April 12, 2022, 06:25:50 AM

For users who send their BTC to the smart contract, some new token or coin would be given. Tokens have their tokenomics, the whole thing is DAO with voting, stakings, farmings etc. For HODLers NFTs can be generated to create community thing.

Bitcoin is bitcoin, but you project is just an altcoin project that would be pegged or backed by bitcoin, but that does not mean it is not an altcoin, it is actually an altcoin.

Quote from: xiver88 on April 12, 2022, 08:02:33 AM

It is complicated for ordinary person

Not that it is only complicated, it is not even bitcoin.

xiver88

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But for ordinary Bob, using timelock Nlock is complicated. Also most of the people can not just HODL bitcoin, because we see it every time BTC go down, lots of paper hands just sell it and dump the price. But imagine smart contract, which is open source and every one can check it. No need to trust anyone, you just audit the contract. And if it works, than it works. Just couple clicks and you are done. Your BTC is safely HODLed for years. And you don’t need to put your all savings, just do some little. Coz every most profitable strategy in crypto is just HODL BTC for years. You mind will be free, coz you know at least you have saved some value in long term.

dupee419

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Good idea, although it's pretty much useless if all the smart contract will do is hodl your BTC, might as well just hodl it on your own, you can't even be sure if the value would be high or low in the next 5 years. Something like this doesn't exist because it has no use and it won't actually help the hodler.

bitzizzix

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Depending on individual circumstances, if you only hope to profit from bitcoin then it will be difficult to do Hodl for a very long time, as you will be haunted by various temptations and worries along the way.
other than choosing to buy low and sell when high just for a small profit it is much better and just to meet your needs than you choose another option to lock your holdings for a set time it will make you suffer, with the excuse of having no other income or income permanent.
In contrast to those who have a steady income or permanent job because they have a salary every month, and locking ownership for a long time will not be a problem because their needs have been met with a fixed salary. And they have arranged it well for both necessity and investment.
So I think it all depends on their situation and most of their holders or long term who already have steady income who will not worry about Volatility or anything, the goal is just big profit even if they have to wait very long time.

Kakmakr

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Why would you do that? The Bitcoin price volatility is there for everyone to make a profit (buy low /sell high) .....so if you "lock" it for 5 years... you miss out on all the opportunities to increase your coins.... just by selling when the price is high and then buying again when it is low. Roll Eyes

Also... I definitely do not want to own any other token than BTC.... because most of them are crap.. sorry, I am just honest. In any way, good luck with your project, because there are a lot of people chasing the "Big Score" .... Roll Eyes

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