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Presigned transactions seem bad to me because it might be quite easy to screw up. The wallet from which you are spending needs to be very careful not to move any utxos that are part of the presigned transactions. Probably the easiest way to do this is to delete the keys and only keep the presigned transactions, but that is scary as hell and not something I'd ever do. But if you are keeping the keys around, well, you have all the same threats that a normal cold storage wallet has and I don't see why you'd bother with presigned transactions.
Also, you create the presigned transactions at a certain time when the world looks a certain way, but so much can change. Imagine if fee rates are dramatically different -- now you have the added complexity of fee-bumping the transaction. Or imagine that Bitcoin forks in some way. The presigned transaction is not nimble.
Of course, this protocol proposes an annual "re-authorization" of the transactions, which limits some of these risks. Still: I'd rather just use my keys.
Thanks. Seperate to this project, in the context of my post about using Presigned TXNs I guess I see them as another tool in the cold storage toolbox that is not as powerful as the pure seed but gives something, anything - in the case that the seed / signing device are lost.
The seed is ownership: always a bearer instrument, whereas a presigned txns are never ownership, just a trigger for sending to a predetermined location.
Regarding fee rates I could imagine a script for wallets etc to generate 1, 10, 100sats/vbyte transactions and prepare them for signing, while also notifying the user if the conditions have changed (UTXOs have moved etc, unlikely in a cold storage scenario).
Thanks for the input though, good to see how others view it.
The details in the design doc are interesting to read.
I am not super technical so don't fully understand, but it seems like this kind of approach makes UTXOs less static and more active on-chain. The UTXOs need to be rebroadcast on an annual basis etc.
What would happen if because of something like Anzen we saw UTXOs being created and spent much more frequently on-chain? What is the impact on miners / fee market etc? Plenty has been said about the "unfair advantage" old UTXOs have to be secured by the network without paying any ongoing fees.
I am not sold on the "hot wallet" analogy that the author talks about, maybe I am misunderstanding but I think the use case for most of us is deep cold storage, so monthly spend allowances and involving phones etc are not so necessary or wanted?
But this article has got me thinking more about taproot, I wonder if there is more possibilities?
@Scoresby what is it about the presigned transactions that gives you bad vibes? I am keen to understand specifically.