Re: [bitcoin-dev] BIP - Dead Man's Switch

From: Ricardo Filipe <ricardojdfilipe@gmail•com>
To: Teweldemedhin Aberra <teweldemat@gmail•com>
Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] BIP - Dead Man's Switch
Date: Tue, 12 Dec 2017 14:02:12 +0000	[thread overview]
Message-ID: <CALC81CO20c=PvCj9bk0YxSD2jKxErfyXqWtKwxdC8_qv8J9wSw@mail.gmail.com> (raw)
In-Reply-To: <5a2f9240.0abddf0a.0333.1139@mx.google.com>

You can do it on 2nd layer solutions such as the lightning network,
with their own format.
On the base layer you cannot do it without a hard fork, or it would
undermine the invariants of bitcoin.

2017-12-12 8:24 GMT+00:00 Teweldemedhin Aberra <teweldemat@gmail•com>:
> How?
>
>
>
> From: Ricardo Filipe
> Sent: Tuesday, December 12, 2017 4:44 AM
> To: Teweldemedhin Aberra; Bitcoin Protocol Discussion
> Subject: Re: [bitcoin-dev] BIP - Dead Man's Switch
>
>
>
> yes
>
>
>
> 2017-12-12 1:10 GMT+00:00 Teweldemedhin Aberra via bitcoin-dev
>
> <bitcoin-dev@lists•linuxfoundation.org>:
>
>> Hi,
>
>> The only solution other than Dead Man's Switch to avoid gradual loss
>
>> Bitcoins in transaction is increasing the divisibiliy of Bitcoins. Then
>
>> Bitcoin values will need integer of more than 64 bits. Could that be done
>
>> with soft fork?
>
>>
>
>> On Dec 11, 2017 9:42 PM, <bitcoin-dev-request@lists•linuxfoundation.org>
>
>> wrote:
>
>>>
>
>>> 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.
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>>> > www.avast.com
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>>> >
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>>> >
>>> > <https://www.avast.com/sig-email?utm_medium=email&utm_source=link&utm_campa
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>>> > ign=sig-email&utm_content=webmail&utm_term=link>
>
>>> > <#DAB4FAD8-2DD7-40BB-A1B8-4E2AA1F9FDF2>
>
>>
>
>>
>
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>
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