--- Log opened Wed Apr 07 00:00:18 2021
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04:44 < belcher> following on from our discussion yesterday waxwing, turns out the 6% rate is just a loss-leader https://twitter.com/TheRomanHodler/status/1379758155320672256
04:45 < belcher> after 1btc the rate drops to 2% and after 20btc its 0.5%
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09:31 < waxwing> belcher, heh :)
09:32 < waxwing> btw 'exculpability' might cover the thing we didn't have a name for, search it on https://joinmarket.me/blog/blog/ring-signatures/
11:06 < belcher> Time preference question: Suppose you sent coins to a timelocked address (made with OP_CLTV). How many years/decades would the coins have to be locked up for so that to you personally it's just the same thing as just destroying them?
11:30 < harding> belcher: I don't think there'd ever be full convergence, assuming my heirs could receive the coins after my death, but I'd be really worried about using anything longer than 5 years given the risk of technological progress potentially making my timelocked coins permanently unspendable (e.g. weakening hashes, QC, political changes).  I also currently refuse to do timelocks lasting more than a year or so without an escape hatch that allows me to sell 
11:30 < harding> fork coins.
11:40 < belcher> harding understood, but that doesnt matter as this is only a way to calculate interest rate, so that still applies even if you only lock up for 6 months
11:40 < belcher> you could also ask "how many years to lock up coins until you think you've lost 5% of their value"
11:41 < belcher> but calculating exp(rT) = 2 (i.e. burned coins) is maybe an easier example to think about
11:41 < harding> If I thought I'd lose value holding coins, why would I be holding coins?
11:42 < belcher> you lose the opportunity of having them
11:43 < belcher> without the lock you could spend them any time you wanted, if they are locked you cant, therefore they're less valuable locked up
11:43 < belcher> same principle as depositing money in a bank, except with bitcoin as OP_CTLV we kind of create it without counterparty risk (at least for shorter durations where forkcoins or QC isnt an issue)
11:44 < harding> Ok.  So maybe you can get the number you want from a physically-settled options/futures market like LedgerX?
11:44 < harding> People there are locking up their coins in exchange for cash.
11:44 < belcher> yes yes, i checked its around 3.9% or equivalent to about 18 years being the same as burn
11:44 < harding> (Locking in the sense of trusting LedgerX to hold the coins)
11:45 < harding> 20 years same as burn sounds like a reasonable value to me.
11:46 < belcher> funny because back in 2019 i originally wrote down about 200 years lol
11:47 < belcher> a few people have said 20-50 years and that makes a bit more sense 
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--- Log closed Thu Apr 08 00:00:19 2021