OP_HODL

[jl2012]

I'm still curious to know how many people have used this and to what purpose.  It could make for some interesting stories.

No one can use this with bitcoin right now, until 95% of miners support it.

An example from https://github.com/bitcoin/bips/blob/master/bip-0065.mediawiki#Escrow

If Alice and Bob jointly operate a business they may want to ensure that all funds are kept in 2-of-2 multisig transaction outputs that require the co-operation of both parties to spend. However, they recognise that in exceptional circumstances such as either party getting "hit by a bus" they need a backup plan to retrieve the funds. So they appoint their lawyer, Lenny, to act as a third-party.

With a standard 2-of-3 CHECKMULTISIG at any time Lenny could conspire with either Alice or Bob to steal the funds illegitimately. Equally Lenny may prefer not to have immediate access to the funds to discourage bad actors from attempting to get the secret keys from him by force.

With CLTV, they may set the following rules for spending the funds:

• At any time the funds can be spent by Alice's and Bob's signature
• 3 months (or other specified time) later, the funds can be spent by Lenny's signature and one of Alice's or Bob's signature

If Alice is hit by a bus, Bob can get the money back 3 months later with Lenny's help.

[jl2012]

^Has anyone here done this yet? Or know of anyone who has? And why and how?

supcoin - https://github.com/supcoin/supcoin/commit/81e19c1b93da202479dfcb9eb84d7fd89c9db599

viacoin - https://github.com/viacoin/viacoin/pull/23

ziftrcoin - https://github.com/ZiftrCOIN/ziftrcoin/commit/42c932f50313a59cb1791e186417116fd71516d6

see also https://github.com/ElementsProject/elements/tree/checklocktimeverify

“how” is embodied in the source; I'm not in a position to comment on “why”.


Cheers

Graham

I see Elements Project on that list. Is this a sidechain in the works?

I'm still curious to know how many people have used this and to what purpose.  It could make for some interesting stories.

No one can use this with bitcoin right now, until 95% of miners support it.

-snip-

Is it still only in draft stage, or complete?

It is almost ready to start the miner voting, but it will still take a few months until we have enough miner support

[goosoodude]

I'm still curious to know how many people have used this and to what purpose.  It could make for some interesting stories.

No one can use this with bitcoin right now, until 95% of miners support it.

An example from https://github.com/bitcoin/bips/blob/master/bip-0065.mediawiki#Escrow

If Alice and Bob jointly operate a business they may want to ensure that all funds are kept in 2-of-2 multisig transaction outputs that require the co-operation of both parties to spend. However, they recognise that in exceptional circumstances such as either party getting "hit by a bus" they need a backup plan to retrieve the funds. So they appoint their lawyer, Lenny, to act as a third-party.

With a standard 2-of-3 CHECKMULTISIG at any time Lenny could conspire with either Alice or Bob to steal the funds illegitimately. Equally Lenny may prefer not to have immediate access to the funds to discourage bad actors from attempting to get the secret keys from him by force.

With CLTV, they may set the following rules for spending the funds:

• At any time the funds can be spent by Alice's and Bob's signature
• 3 months (or other specified time) later, the funds can be spent by Lenny's signature and one of Alice's or Bob's signature

If Alice is hit by a bus, Bob can get the money back 3 months later with Lenny's help.

Nice! I didn't know bitcoin can do something like that. Things like that should be propagated more. Only when bitcoiners know about these things they can solve problems and show that bitcoin is attractive.

[HeadsOrTails]

Does anyone know if there's testnet functionality to try this out? Or even just a single TxID on testnet I can refer to (EDIT: or if not Bitcoin testnet, what about an altcoin?)

[belcher]

Does anyone know if there's testnet functionality to try this out? Or even just a single TxID on testnet I can refer to (EDIT: or if not Bitcoin testnet, what about an altcoin?)

It should be possible by running the latest bitcoin core from github under regtest.

[gjhiggins]

Does anyone know if there's testnet functionality to try this out ... if not Bitcoin testnet, what about an altcoin?)

https://github.com/viacoin/viacoin/pull/23

https://github.com/ElementsProject/elements/commits/checklocktimeverify


Cheers

Graham

[BlindMayorBitcorn]

CheckLockTimeVerify (CLTV) has been merged into Bitcoin Core.

https://bitcoinmagazine.com/articles/checklocktimeverify-or-how-a-time-lock-patch-will-boost-bitcoin-s-potential-1446658530

On a final note, it should be mentioned that the CLTV concept is actually not new at all; it has existed in Bitcoin since the early days. With the previous incarnation of the time-locked concept, however, locked transactions were not actually included in the blockchain until a certain point in time. Rather, they were kept by Alice and (more importantly) Bob, to transmit over the Bitcoin network once the time-lock expired.

By actually baking it into the protocol as CLTV does, the payment channel process is better streamlined and more robust. Perhaps most importantly, it disables payment channel failures caused by transaction malleability.

[gmaxwell]

Perhaps would have been more useful to hold off commenting on the merge until the release, which will be in a couple days.

[gmaxwell]

The merge is news, the release will be news. It's a darned interesting feature!

Old news, and there is nothing for people to do about it yet. Making noise about it now will only slow deployment, because you'll expend people's attention when there is no action for them to take.

[TooDumbForBitcoin]

The merge is news, the release will be news. It's a darned interesting feature!

Old news, and there is nothing for people to do about it yet. Making noise about it now will only slow deployment, because you'll expend people's attention when there is no action for them to take.

Does "expending people's attention" amount to "violence"?

[BlindMayorBitcorn]

It's official. It's released. Huzzah!

https://np.reddit.com/r/Bitcoin/comments/3snpg9/bitcoin_core_version_0112_released_bringing_the/

https://bitcoin.org/en/release/v0.11.2

[StarsSkySolutions]

This is a nice feature!
good work!

[BlindMayorBitcorn]

Deployment Status:

https://www.reddit.com/r/Bitcoin/comments/3sx4wd/bip65_deployment_status_at_26_remind_your_mining/

[-ck]

It's now been activated at >75% penetration so now for someone to send the first transaction using it...

[DooMAD]

It's now been activated at >75% penetration so now for someone to send the first transaction using it...

I'm eagerly awaiting the use of this for the first cross-blockchain transaction between bitcoin and an altcoin.  Should be pretty momentous if it sets the standard for decentralised trade without using exchanges. 

[cr1776]

It's now been activated at >75% penetration so now for someone to send the first transaction using it...

I'm eagerly awaiting the use of this for the first cross-blockchain transaction between bitcoin and an altcoin.  Should be pretty momentous if it sets the standard for decentralised trade without using exchanges. 

This is a good step forward.  With this and a few other BIPs in progress, the number of use cases will increase dramatically. 

[amaclin]

This is a good step forward.

Why are you so sure? Nobody on network uses this feature today. No-bo-dy.

[BlindMayorBitcorn]

The merge is news, the release will be news. It's a darned interesting feature!

Old news, and there is nothing for people to do about it yet. Making noise about it now will only slow deployment, because you'll expend people's attention when there is no action for them to take.

Does "expending people's attention" amount to "violence"?

Here's what's funny about all this. I started this thread in Beginners and Help; then a moderator moved it to Bitcoin Discussion; then another moderator moved it to Technical Development; then Gmax told me to stop talking about it.  

This is a good step forward.

Why are you so sure? Nobody on network uses this feature today. No-bo-dy.

I think it's a necessary feature for future payment channels?

[SebastianJu]

I think it's a necessary feature for future payment channels?

I think it is. As far as i read it is one of the steps needed for every deposit in a payment channel. Just in case the other party vanishes.

Though it's interesting to hear that it is not ready yet. I guess that means that the lightning network can't come online as long as it isn't available.

Maybe the devs work on segwit, which in fact would be the more important step for now.

[alani123]

This is a good step forward.

Why are you so sure? Nobody on network uses this feature today. No-bo-dy.

How would you know? It's a new feature but it has some use cases. I think it's good to have it around for whoever feels like there's need to.