From: Luke Dashjr <luke@dashjr•org>
To: Teweldemedhin Aberra <teweldemat@gmail•com>,
Bitcoin Protocol Discussion
<bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] BIP - Dead Man's Switch
Date: Mon, 11 Dec 2017 18:34:12 +0000 [thread overview]
Message-ID: <201712111834.13672.luke@dashjr.org> (raw)
In-Reply-To: <CAEA=K3QiDtuHJNBLbZxaw6eSGhYWC5++vKJEX2Shxs7vb9bZ-A@mail.gmail.com>
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/
>
>
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next prev parent reply other threads:[~2017-12-11 18:34 UTC|newest]
Thread overview: 9+ messages / expand[flat|nested] mbox.gz Atom feed top
2017-12-11 17:30 Teweldemedhin Aberra
2017-12-11 18:12 ` Douglas Roark
2017-12-11 18:12 ` Nick Pudar
2017-12-11 18:26 ` Pieter Wuille
2017-12-11 18:13 ` Radoslaw Biernacki
2017-12-11 18:28 ` Chris Riley
2017-12-11 18:34 ` Luke Dashjr [this message]
2017-12-12 1:10 ` Teweldemedhin Aberra
[not found] ` <CALC81COEqhkX04MyJ=hxGgapVTqSeSYXJJUgutxWp5GbZmSSmQ@mail.gmail.com>
[not found] ` <5a2f9240.0abddf0a.0333.1139@mx.google.com>
2017-12-12 14:02 ` Ricardo Filipe
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