by pythI’ve been discussing about feedbacks from Liana users with some folks at Wizardsardine about Bitcoin’s 65535-block limit for relative timelocks. Some users are curious why this limit exists and have expressed interest in longer timelocks. I’ve been experimenting with an idea to extend timelocks and would love your thoughts—not advocating for a soft fork, just exploring the concept to gauge its feasibility and implications.
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142 sats \ 6 replies \ @Scoresby 12h
An extended relative time lock would be cool: make a wallet with a key that only becomes available to spend after 5 years...like a failsafe key in case you screw everything else up.
I'll be curious to see if pyth gets other interesting use case suggestions. A soft fork for it does seem like a heavy lift.
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0 sats \ 5 replies \ @0xbitcoiner OP 12h
If I didn’t mess up the math, the limit right now is ~15 months, kinda feels like a bottleneck for other use cases,. Why do you say a softfork for this would be heavy lift?
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42 sats \ 4 replies \ @Scoresby 12h
you didn't mess up the math, the limit is ~455 days or 65535 blocks.
getting people to agree to any change to Bitcoin is difficult. James O'Beirne's Vault proposal is a pretty specific soft fork and can't get very much traction. won't the same be true for a fork like this with such a specific use case?
I'm curious what other use cases you think of for this.
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0 sats \ 3 replies \ @0xbitcoiner OP 12h
Yeah! You’re right. They could just bundle a bunch of small changes and drop it all at once! Hahaha
Didn’t think of any use cases before, but just thought of one, like giving BTC to a kid and locking it till they hit 18. Same concept could work for when someone retires too.
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33 sats \ 2 replies \ @Scoresby 12h
You can already do this using CLTV. You can specify a time or block height and make a utxo unspendable until then (100s of years from now if you like).
Locking coins for more than a few years feels risky. What if something changes in Bitcoin between now and the lock time expiry? The Bitcoin wiki on timelocks is good.
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0 sats \ 1 reply \ @0xbitcoiner OP 12h
Wait, if that’s how it works, then I’m not getting the idea behind timelocks extend. Mind explaining what I’m missing?
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