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What is the longest you would time lock your coins?
494 sats \ 29 comments \ @Scoresby 21h bitcoin
I was reading about this project that came out of the most recent bitcoin++ hackathon that is a wallet makes it easier for users to do time locks. (They do a nice job explaining it on X.)
It occurs to me that this may be more of a footgun than a benefit, so I'm curious: for how long would you be comfortable tinelocking your coins?
1 year9.5%
2 years23.8%
5 years9.5%
10 years mad lad style57.1%
21 votes \ 2h left
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102 sats \ 1 reply \ @CruncherDefi 5h
0 seconds. Time lock strictly decrease security.
If there is security slip-up at any time, with timelock I cannot immediately migrate my UTXOs. So adversaries have some guaranteed time window to figure out and exploit the security slip-up.
The only (afaik) reasonable use-case for timelocking is having additional time-locked spend-condition for inheritance/recovery. But still main spend-condition is not time-locked in that scenario.
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0 sats \ 0 replies \ @Scoresby OP 15m
I'm of the same mind. Very well put.
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157 sats \ 7 replies \ @grayruby 21h
Depends how much I am locking. I would lock up .1 BTC to send to the future for my daughter. She is 7 so lets say 18 years. She can have it when she is 25.
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115 sats \ 6 replies \ @Scoresby OP 20h
20 years is a long time. What of there's a fork? Or if time locks don't quite work the same way? Since you have to keep the keys anyway, why not just not give her the keys till she's 25. Long term time locks seem like they carry unnecessary risks to me.
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132 sats \ 2 replies \ @BeeRye 20h
why would it matter if there is a fork? is it because you want to be able to sell the btc fork you don't want ?
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95 sats \ 1 reply \ @Scoresby OP 18h
Definitely the you can't sell issue. Maybe by the tune you can the alt fork is worthless.
But for instance the quantum resistant fork proposals all involve migrating all coins to new addresses. Timelocked coins are stuck. Some of the proposals further propose burning coins that don't move.
It's not hard to imagine other scenarios where you need to move your coins and a long timespan timelock could wreck you.
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0 sats \ 0 replies \ @grayruby 18h
These are good points. A good argument for shorter term timelocks and just rolling into a new one if you want something longer term.
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102 sats \ 1 reply \ @grayruby 20h
Fork shouldn't matter because you get both coins. One would imagine if time locks don't work the same way there would have to be some backwards compatibility to existing time locks or a work around but agreed there is more risk. I am just saying I would consider it for small portion of my stack and for a specific purpose.
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10 sats \ 0 replies \ @BeeRye 18h
i use it for my fidelity bond for using JAM.
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20 sats \ 0 replies \ @kepford 18h
That's a good point about forks.
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102 sats \ 1 reply \ @itsrealfake 19h
"coins" ???
nice try
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10 sats \ 0 replies \ @Scoresby OP 18h
Excellent opsec sir. But lucky for all the others, this post subscribes to @BitcoinErrorLog's BIP 177, and bitcoins = satoshis
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102 sats \ 0 replies \ @bordalix 19h
Clever usage of the OP_RETURN to reveal the block height used on the time lock for later wallet recovery.
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0 sats \ 11 replies \ @DarthCoin 19h
I have some BTC locked for 100 years. Just for fun.
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0 sats \ 10 replies \ @Scoresby OP 19h
Woah, now that is taking timelock to a new level.
Most impressive.
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143 sats \ 9 replies \ @DarthCoin 19h
I am serious. 100 years, for who will be able to please me during my life, will get also the seed. If not... they will have to dig all my citadel to find the words...
btw, you don't need any special app for a timelocked tx. Even Sparrow can do that.
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21 sats \ 0 replies \ @Scoresby OP 18h
Maybe I can get behind a timelock that goes beyond a human lifetime. At least I see it serving a real purpose. But 10-20 year time locks seem like the person ought to just keep the keys to themselves until they are ready to spend the coins.
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0 sats \ 3 replies \ @OT 33m
How much Bitcoin?
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0 sats \ 2 replies \ @DarthCoin 31m
enough to do whatever you want
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0 sats \ 1 reply \ @OT 28m
42 sats will be a lot of money in 100 years.
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42 sats \ 0 replies \ @DarthCoin 27m
😂😂😂😂😂😂😂😂😂😂😂😂😂😂 true, but that is under the dust limit, you cannot make a timelock tx
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0 sats \ 3 replies \ @kepford 18h
you don't need any special app for a timelocked tx. Even Sparrow can do that.
Never really thought about doing this before. Do you have a guide on this? :)
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100 sats \ 2 replies \ @DarthCoin 18h
Are you using Sparrow ? Here is where to set the timelock, when you create the tx
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0 sats \ 1 reply \ @kepford 18h
Of course :) Sparrow is underated. Such a great tool.
Thanks!
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0 sats \ 0 replies \ @BeeRye 18h
latest version added sending to silent payment addresses :)
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0 sats \ 0 replies \ @OT 48m
I don't know why you would want to lock your coins. Unless it was linked to some kind of inheritance plan.
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0 sats \ 0 replies \ @kepford 18h
10 years. I would do it longer if that were an option. Especially for my heirs
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0 sats \ 1 reply \ @joyfam 19h
Timelock is the best inheritance gift to give your children so I would do one for 18 years from the day they are born
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0 sats \ 0 replies \ @Scoresby OP 18h
Whynot just give the bitcoin to the kids yourself when they turn 18? What purpose does the time lock serve that couldn't be achieved otherwise?
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