Re: [Bitcoin-development] [BIP draft] CHECKLOCKTIMEVERIFY - Prevent a txout from being spent until an expiration time

[Flavien Charlon <flavien.charlon@coinprism.com>]

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Very good, I like the proposal.

A question I have: can it be used to do the opposite, i.e. build a script
that can only be spent up until block X?

On Thu, Oct 2, 2014 at 2:09 AM, Peter Todd <pete@petertodd.org> wrote:

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> On 1 October 2014 17:55:36 GMT-07:00, Luke Dashjr <luke@dashjr.org> wrote:
> >On Thursday, October 02, 2014 12:05:15 AM Peter Todd wrote:
> >> On 1 October 2014 11:23:55 GMT-07:00, Luke Dashjr <luke@dashjr.org>
> >wrote:
> >> >Thoughts on some way to have the stack item be incremented by the
> >> >height at
> >> >which the scriptPubKey was in a block?
> >>
> >> Better to create a GET-TXIN-BLOCK-(TIME/HEIGHT)-EQUALVERIFY operator.
> >> scriptPubKey would be:
> >>     GET-TXIN-BLOCKHEIGHT-EQUALVERIFY
> >> (fails unless top stack item is equal to the txin block height)
> >>     <delta height> ADD
> >> (top stack item is now txin height + delta height)
> >>     CHECKLOCKTIMEVERIFY
> >
> >This sounds do-able, although it doesn't address using timestamps.
>
> For timestamps replace "height" with "time" in the above example; the
> minimum block time rule will prevent gaming it.
>
>
> >> You'd want these sacrifices to unlock years into the future to
> >thoroughly
> >> exceed any reasonable business cycle; that's so far into the future
> >that
> >> miners are almost certain to just mine them and collect the fees.
> >
> >For many use cases, short maturity periods are just as appropriate IMO.
>
> Very easy to incentivise mining centralisation with short maturities. I
> personally think just destroying coins is better, but it doesn't sit well
> with people so this is the next best thing.
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