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Rewind Bitcoin | Freeze your BTC and Recover it After Theft, Extortion or Threat rewindbitcoin.com

1224 sats \ 7 comments \ @0xbitcoiner 16 Jun bitcoin

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194 sats \ 3 replies \ @CruncherDefi 16 Jun

Yeah, my kidnapper totally would be satisfied and let me off after I gave them timelocked UTXO.

If anything it only gives them incentive to get rid off me for good to make sure I don't sweep the timelocked UTXO after it unlocks (from their perspective its just a timelocked UTXO)

122 sats \ 0 replies \ @standardcrypto 16 Jun

seems like a good point to me.

timelocks give you an extra layer of failsafe for errors YOU commit, but don't seem to offer much against a motivated attacker.

I suppose this could be useful for address substitution attacks, which are common. But you can also mitigate address substitution by basically double checking everything and not being sloppy.

All of it amounts to this type of protection just IMHO not being that useful. The same applies to the covenants proposals that provide vaults with for-a-time recoverable funds.

am I missing anything?

0 sats \ 1 reply \ @stack_harder 16 Jun

would the kidnapper be able to easilly tell it was a timelocked UTXO tho? is the average kidnapper savvy to things like that?

0 sats \ 0 replies \ @CruncherDefi 16 Jun

would the kidnapper be able to easilly tell it was a timelocked UTXO tho?

Yes.

Also kidnapper probably would only consider bitcoins transfered to their wallet as valid giving up your money. Good luck trying explaining to the kidnapper "Those are private keys to the UTXO, its timelocked but after the lock expires, its gonna work for you, pinky promise" instead.

33 sats \ 2 replies \ @k00b 16 Jun

I saw this a awhile ago but couldn't figure out any details about how it works. The website tells me what it does (roughly), but they seem to expect us to trust them.

I suspect this one of those vaults with a bunch of presigned txs, else a multisig covenant.

0 sats \ 1 reply \ @0xbitcoiner OP 16 Jun

Jose-Luis Landabaso has created rewindbitcoin which uses pre-signed transactions with key deletion.

Related tweet thread: https://x.com/landabaso/status/1933153049050017994

https://delvingbitcoin.org/t/the-unsuitability-of-presigned-transactions-for-vaults/113/8

0 sats \ 0 replies \ @nitter 16 Jun bot

https://xcancel.com/landabaso/status/1933153049050017994