📅 Original date posted:2017-12-11
📝 Original message:You can implement this already, but only for ~1 year expirations.
IF <normal script> ELSE <1 year> CHECKSEQUENCEVERIFY ENDIF
Perhaps it would make sense to propose a flag extending the range of relative
lock-times so you can do several years?
Luke
On Monday 11 December 2017 5:30:37 PM Teweldemedhin Aberra via bitcoin-dev
wrote:
> It is estimated that about 4 million of the about 16.4 Bitcoins ever mined
> are lost forever because no one knows the private keys of some Bitcoin
> addresses. This effectively mean there are actually only 14.4 million
> Bitcoins in circulation even though 16.4 million are mined. There is no way
> of eliminating the human errors that cause these losses of Bitcoin from
> circulation, while the number of Bitcoin that will ever be mined is capped
> at 21 million. This means the total number of Bitcoins that are in
> circulation will eventually become zero, bringing the network to an end.
>
> The solution this BIP proposes is to implementing a dead man's switch to
> Bitcoin addresses. The dead man's switch causes the Bitcoins assigned to
> dormant addresses to automatically expire. A Bitcoin address is deemed
> dormant if it is not used in transactions for some fixed length of time,
> say ten years.
>
> The calculation of the miner's reward should take into account the Bitcoins
> that has expired. This means there is a possibility that miner's reward can
> increase if sufficient number of Bitcoins expire.
>
> Ref:
>
> http://fortune.com/2017/11/25/lost-bitcoins/
>
>
> <https://www.avast.com/sig-email?utm_medium=email&utm_source=link&utm_campa
> ign=sig-email&utm_content=webmail&utm_term=icon> Virus-free.
> www.avast.com
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> ign=sig-email&utm_content=webmail&utm_term=link>
> <#DAB4FAD8-2DD7-40BB-A1B8-4E2AA1F9FDF2>
Luke Dashjr [ARCHIVE] /
npub1tf…rfq0n
2023-06-07 18:08:37
in reply to nevent1q…ts8s
Author Public Key
npub1tfk373zg9dnmtvxnpnq7s2dkdgj37rwfj3yrwld7830qltmv8qps8rfq0nPublished at
2023-06-07 18:08:37Event JSON
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"content": "📅 Original date posted:2017-12-11\n📝 Original message:You can implement this already, but only for ~1 year expirations.\n\nIF \u003cnormal script\u003e ELSE \u003c1 year\u003e CHECKSEQUENCEVERIFY ENDIF\n\nPerhaps it would make sense to propose a flag extending the range of relative \nlock-times so you can do several years?\n\nLuke\n\n\nOn Monday 11 December 2017 5:30:37 PM Teweldemedhin Aberra via bitcoin-dev \nwrote:\n\u003e It is estimated that about 4 million of the about 16.4 Bitcoins ever mined\n\u003e are lost forever because no one knows the private keys of some Bitcoin\n\u003e addresses. This effectively mean there are actually only 14.4 million\n\u003e Bitcoins in circulation even though 16.4 million are mined. There is no way\n\u003e of eliminating the human errors that cause these losses of Bitcoin from\n\u003e circulation, while the number of Bitcoin that will ever be mined is capped\n\u003e at 21 million. This means the total number of Bitcoins that are in\n\u003e circulation will eventually become zero, bringing the network to an end.\n\u003e \n\u003e The solution this BIP proposes is to implementing a dead man's switch to\n\u003e Bitcoin addresses. The dead man's switch causes the Bitcoins assigned to\n\u003e dormant addresses to automatically expire. A Bitcoin address is deemed\n\u003e dormant if it is not used in transactions for some fixed length of time,\n\u003e say ten years.\n\u003e \n\u003e The calculation of the miner's reward should take into account the Bitcoins\n\u003e that has expired. This means there is a possibility that miner's reward can\n\u003e increase if sufficient number of Bitcoins expire.\n\u003e \n\u003e Ref:\n\u003e \n\u003e http://fortune.com/2017/11/25/lost-bitcoins/\n\u003e \n\u003e \n\u003e \u003chttps://www.avast.com/sig-email?utm_medium=email\u0026utm_source=link\u0026utm_campa\n\u003e ign=sig-email\u0026utm_content=webmail\u0026utm_term=icon\u003e Virus-free.\n\u003e www.avast.com\n\u003e \u003chttps://www.avast.com/sig-email?utm_medium=email\u0026utm_source=link\u0026utm_campa\n\u003e ign=sig-email\u0026utm_content=webmail\u0026utm_term=link\u003e\n\u003e \u003c#DAB4FAD8-2DD7-40BB-A1B8-4E2AA1F9FDF2\u003e",
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