pull down to refresh

157 sats \ 7 replies \ @grayruby 3 Oct \ on: What is the longest you would time lock your coins? bitcoin
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.
write
preview
115 sats \ 6 replies \ @Scoresby OP 3 Oct
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.
reply
132 sats \ 2 replies \ @BeeRye 3 Oct
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 ?
reply
95 sats \ 1 reply \ @Scoresby OP 3 Oct
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.
reply
0 sats \ 0 replies \ @grayruby 3 Oct
These are good points. A good argument for shorter term timelocks and just rolling into a new one if you want something longer term.
reply
102 sats \ 1 reply \ @grayruby 3 Oct
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.
reply
10 sats \ 0 replies \ @BeeRye 3 Oct
i use it for my fidelity bond for using JAM.
reply
20 sats \ 0 replies \ @kepford 3 Oct
That's a good point about forks.
reply