Locked 1 BTC until 2030 \ stacker news ~bitcoin

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Locked 1 BTC until 2030

480 sats \ 150k boost \ 31 comments \ @chebibu 3h bitcoin

I locked 1 BTC in Piggy until 2030.

If Bitcoin reaches $1M it unlocks earlier, otherwise it stays locked until June 16, 2030, my birthday.

Some will call me dumb for doing this in a bull market, but that's fine. The balance is public, so you can check my Piggy from time to time.

I'll keep adding little by little from what I earn as a designer. This is my savings, not investment advice.

For transparency: if someone checks my Piggy and decides to buy their own, I receive 5%, which goes straight into the same locked balance.

Here’s my Piggy: 👉 https://pig.gy/ufoin.k

Tips are welcome too. Lightning address: ufoin.k@pig.gy

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0 replies \ @chebibu OP 3h

For context, I design at Piggy, but this balance is my own personal savings. It wasn’t earned through Piggy, I just trust the system enough to lock my Bitcoin here long term.

162 sats \ 5 replies \ @Cje95 3h

Does this stay in your possession somehow? I am just thinking about what if they get hacked or fold etc. how do you know your BTC is safe?

84 sats \ 4 replies \ @chebibu OP 2h

Funds aren’t sitting in one hot wallet. They’re in separate multi-sig cold storage, with only a small fraction kept hot for liquidity. My account is secured with passkeys (can’t be breached like a password), so the only real risk is if I hand it over or fall for social engineering.

And per the terms, if Piggy ever folds I will have a withdrawal window to redeem my Bitcoin. It will automatically unlock.

0 sats \ 3 replies \ @steakneggs 2h

What prevents piggy from stealing the balance and closing shop? The FAQ makes it sound like "trust me bro" unless I'm mistaken.

0 sats \ 2 replies \ @chebibu OP 2h

What prevents Piggy from stealing the balance is the same thing that prevents any business from doing it: regulation. Just like Binance, Coinbase, or OKX, it’s a custodial service that operates under rules. If they tried to run off with funds, that’s jail time.

And if you look at the product, you’ll see it’s not like other wallets. It’s a new approach with the latest tech. If the goal was to steal, Piggy would be a shitcoin, pump and dump, and disappear.

82 sats \ 1 reply \ @megaptera 1h

Like ftx, celsius and the like? Be careful what you do with your coins.

0 sats \ 0 replies \ @chebibu OP 1h

FTX was an exchange made by a shitcoiner, for shitcoiners. Piggy is Bitcoin only, and I like its vision, plus it’s actually cute.

16 sats \ 4 replies \ @030e0dca83 2h

Why didn't you use time lock transaction and keep your own keys? Or you made it to promote this pork?

0 sats \ 1 reply \ @chebibu OP 1h

Piggy is for regular folks like me. Not everybody is a hardcore Bitcoiner. I even gave one to my kids, and they picked it up without any problem or questions. I locked it and dropped in a couple hundred dollars worth of sats so they can learn.

And yes, I’m promoting my Piggy. If someone buys their own through my link I get a commission. Piggy just started, so I’ve got plenty of chances to stack :)

0 sats \ 0 replies \ @zodthebarbarian 1h

Ugh, this line of reasoning hurts my soul. Self custody is for everyday regular ppl too. Self custody does not have anything to do with being a hardcore bitcoiner. Logic like that reeks of being an MBA trying to sell a business and it's sad. Just my 2c.

0 sats \ 1 reply \ @openyoureyes 2h

He probably did not use timelock to be able to spend it earlier. He wrote: If Bitcoin reaches $1M it unlocks earlier This is not possible with time lock. So he wants to lock it but also wants to be able to unlock it before 2030.

0 sats \ 0 replies \ @chebibu OP 1h

Everybody says it might hit 1M on the next halving, so I set that as the early unlock. Just in case it happens before 2030.

0 sats \ 3 replies \ @grayruby 45m

Why did you boost this? Are you affiliated with Piggy and trying to promote the product. Nothing wrong with that but you should probably be transparent about it.

40 sats \ 2 replies \ @chebibu OP 29m

Yeap, I’m doing design at piggy, making sure it all looks nice and piggy stays cute.

I mentioned that here: #1085079

Nobody paid me for this, it’s my own money I earned through my Design/Engineering career. These are savings I built up over a couple of years, I locked about half and kept the rest for emergencies. I don’t like trading and I do spend like crazy, so I decided to lock them up.

I hoped that if I boost this it might get popular and I’d earn a couple sats. I really love piggy, it’s a great project and I’m sure you’ll love it too. Prices differ so there’s a piggy for everyone. If you buy through my link, I’ll earn a small commission, that’s the whole goal :))

10 sats \ 1 reply \ @grayruby 24m

Ok. I think you should have mentioned in the post. Maybe pin that comment so everyone knows. Nothing wrong with promoting it just good for everyone to know up front.

0 sats \ 0 replies \ @chebibu OP 19m

right! i will pin it im new on stacker news!

0 sats \ 0 replies \ @satgoob 21m

Not bitcoin, but a while ago I came across someone who created contracts in BCH that would lock bitcoin and pay annuities or pay them back on a deferred basis

https://www.reddit.com/r/Bitcoincash/comments/17qpdov/there_is_a_crypto_annuity_on_bitcoin_cash_that/

0 sats \ 4 replies \ @satgoob 46m

what in the nft is this

0 sats \ 3 replies \ @chebibu OP 41m

Yeah :))) good point. It’s not an NFT, not some random JPEG. This is what a collectible should look like, one that actually has utility.

It’s planned to become a blockchain collectible too, devs are already on it.

Imagine an ordinal with Bitcoin inside, and you can still deposit more and use it as a wallet again.

0 sats \ 2 replies \ @satgoob 22m

If it quacks like a duck... (oinks like a pig?)

Why is there a marketplace with pictures sorted by rarity that allow you to sell and merchandize them like Bored Ape? Why are the traits generated like minted NFTs?

0 sats \ 1 reply \ @chebibu OP 7m

Yeah, but can your NFT email you back, roast your spending, and double as a Lightning wallet at the same time?

0 sats \ 0 replies \ @chebibu OP 6m

0 sats \ 0 replies \ @BlokchainB 47m

I’m still confused about this piggy thing

0 sats \ 2 replies \ @karanjbhatia 58m

Based.

0 sats \ 1 reply \ @karanjbhatia 56m

But it would be better if there was a way to Time Lock BTC held by yourself, somehow in Bitcoin Core or Knots or whatever. Why use another service. The idea of preventing even oneself from accessing your BTC before a certain time (forced HODL) seems based though.

0 sats \ 0 replies \ @chebibu OP 46m

I got a price target too. At 1M. If Bitcoin hits that before the date it unlocks automatically. Otherwise it stays locked until the time I chose. I’m not that technical, I need to research how the time lock really on self custody..

0 sats \ 0 replies \ @Kael_Yurei 1h

Interesting approach. But at the same time, it's not exactly difficult to keep BTC safe in a regular wallet, if you're comfortable with self-monitoring. I have my own reservations about these kinds of platforms, but still, respect to locking it up until 2030, that requires real commitment.

0 sats \ 0 replies \ @BeeRye 3h

hmm, sure hope you got the keys at least.

0 sats \ 2 replies \ @Scoresby 3h

If piggy goes out of business, what happens to your btc?

0 sats \ 0 replies \ @chebibu OP 1h

Per terms:

Liquidation or wound down We are building for the long run. Still, here is our safety plan.

Force unlock for withdrawals: All Smart Locked balances will be unlocked and moved to a withdrawable state.

Withdrawal window: We will announce a clear in-app withdrawal window so you can move funds to your own wallet.

Withdrawal options:

Manual: withdraw to any Bitcoin address you choose.

Automatic (in development): on a liquidation trigger, auto withdraw to your preset Bitcoin address.

Separation of funds: Your bitcoin is held separately from company funds and is never lent or rehypothecated.

0 sats \ 0 replies \ @kpa 1h

🤫