reply on: Locked 1 BTC until 2030 \ stacker news ~bitcoin

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102 sats \ 6 replies \ @chebibu OP 18 Aug \ parent \ on: Locked 1 BTC until 2030 bitcoin

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.

11 sats \ 5 replies \ @Scoresby 18 Aug

Thanks for sharing this!

Is the "Smart Lock" enforced by Bitcoin script or is it done in the app or on your servers?

28 sats \ 4 replies \ @028559d218 18 Aug

Trust me bro!!!

102 sats \ 3 replies \ @piggy 19 Aug

If you like custodial “trust me bro” coinos.io, you’ll like pig.gy too! Just give it a try! Maybe even change the Lightning address in your profile to your new Piggy 🐽

21 sats \ 2 replies \ @Solomonsatoshi 19 Aug

Coinos makes spending with LN easy and coinos charge very low fees. You do not hold large numbers of sats on coinos.

Comparing coinos to piggy is disingenuous as piggy is asking people to trust it for long term cold storage of potentially large amounts of sats.

7 sats \ 0 replies \ @028559d218 19 Aug

Thanks for chiming in Solomon. The OP's entire post imo is ridiculous (like a bad joke) and i'm not sure it belongs on Stacker News at all.

0 sats \ 0 replies \ @piggy 19 Aug

We don’t! That was just one person who deposited a large amount and locked it. This is a bitcoin piggy bank that can be used in many ways, including as a custodial Lightning wallet…