From mboxrd@z Thu Jan 1 00:00:00 1970 Return-Path: Received: from smtp1.linuxfoundation.org (smtp1.linux-foundation.org [172.17.192.35]) by mail.linuxfoundation.org (Postfix) with ESMTPS id 0D9191104 for ; Sat, 6 Jul 2019 00:17:58 +0000 (UTC) X-Greylist: domain auto-whitelisted by SQLgrey-1.7.6 Received: from mail-40130.protonmail.ch (mail-40130.protonmail.ch [185.70.40.130]) by smtp1.linuxfoundation.org (Postfix) with ESMTPS id CC50770D for ; Sat, 6 Jul 2019 00:17:56 +0000 (UTC) Date: Sat, 06 Jul 2019 00:17:49 +0000 DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=protonmail.com; s=default; t=1562372274; bh=x8ljclQ6GGWjxgkXNAPUhSTAUlxdkgNYQhpN7Dj3AcY=; h=Date:To:From:Cc:Reply-To:Subject:In-Reply-To:References: Feedback-ID:From; b=TJLbgf/08Uz8lzW+lVXtLSnje47tx7T8ozkDQ3xEEFRoHGTEzEG/BGQl8G/EQk1YJ CcRxQ6G5R4czA5EDk9oDymGrL2FIg2sA/LoR5IqrOMxjl33hEtXY/hC78uNGVJtezh q/ZP1DYzuVM+Szosywti62hFS16+rPcW19Vrz8/Y= To: Eric Voskuil From: ZmnSCPxj Reply-To: ZmnSCPxj Message-ID: In-Reply-To: References: <0DBC0DEA-C999-4AEE-B2E1-D5337ECD9405@gmail.com> <6B9A04E2-8EEE-40A0-8B39-64AA0F478CAB@voskuil.org> <4mT6iC4Va7Afg15a5NLbddAnF2a_vAcQSXYr_jg_5IyEK2ezblJff7EJZakoqvp4BJlLitt9Zlq1_l5JadR0nVss7VDPW-pv8jXGh7lkFC4=@protonmail.com> Feedback-ID: el4j0RWPRERue64lIQeq9Y2FP-mdB86tFqjmrJyEPR9VAtMovPEo9tvgA0CrTsSHJeeyPXqnoAu6DN-R04uJUg==:Ext:ProtonMail MIME-Version: 1.0 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: quoted-printable X-Spam-Status: No, score=-2.2 required=5.0 tests=BAYES_00,DKIM_SIGNED, DKIM_VALID, DKIM_VALID_AU, FREEMAIL_FROM, FROM_LOCAL_NOVOWEL, RCVD_IN_DNSWL_LOW autolearn=ham version=3.3.1 X-Spam-Checker-Version: SpamAssassin 3.3.1 (2010-03-16) on smtp1.linux-foundation.org X-Mailman-Approved-At: Sat, 06 Jul 2019 01:34:57 +0000 Cc: Bitcoin Protocol Discussion Subject: Re: [bitcoin-dev] Generalized covenants with taproot enable riskless or risky lending, prevent credit inflation through fractional reserve X-BeenThere: bitcoin-dev@lists.linuxfoundation.org X-Mailman-Version: 2.1.12 Precedence: list List-Id: Bitcoin Protocol Discussion List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Sat, 06 Jul 2019 00:17:58 -0000 Good morning Eric, > But it=E2=80=99s worth noting that early recovery of the UTXO entirely el= iminates the value of the time lock cost to the ad market. The most obvious= example is one encumbering the coin to himself, then releasing it with his= own two signatures whenever he wants. In other words, there is no encumbra= nce at all, just a bunch of pointless obscurantion. You still do not understand. I strongly suggest actually reading the post instead of skimming it. The advertisement is broadcast to new nodes on the ad network if and only i= f its backing UTXO remains unspent. Once the UTXO is spent, then the advertisement is considered no longer vali= d and will be outright deleted by existing nodes, and new nodes will not le= arn of them (and would consider it spam if it is forced to them when the UT= XO is already spent, possibly banning the node that pushes the advertisemen= t at them). Thus the locked-ness of the UTXO is the lifetime of the advertisement. Once you disencumber the coins (whether your own, or rented) then your adve= rtisement is gone; forever. Your advertisement exists only as long as the UTXO is unspent. Regards. ZmnSCPxj