[ANN/PoC] Coldkey Cryptobond - FIRST Timelocked Physical Bitcoin

[yogg]

Very nice yogg, eager to hear about the test results!

Minor thing I would change because I try to avoid big privacy intruding companies, is to get rid of the word Google. I believe something more neutral like ‘Search’ would be sufficient (and maybe Google does not exist anymore or rebranded when the transaction can and needs to be spend).


Edit some more minor things, do as you like

- Normally the ‘:’ has no space after the word Instructions (same for AuthKey: and S/N:)
- Sentence 1 misses a dot.
- Sentence 4 says ‘privkey’, but under the hologram it says ‘private key’.
- I would replace BTC for Bitcoin, mentioned 3 times.

Thanks much bitebits for the suggestions and pointing out a few things !
I agree with you. "Search" is a much better term.

I didn't think much about the instructions . I just typed them and it was it.
When the tests expire I'll be around anyway.
When making the test Cryptobonds, I thought it'd be better to have any kind of hints about what to do.
That's why it is as it is right now, I needed to get them the tests done and instead of nothing I chose this, and this was it.
Instructions will be be more elaborate for the release. They're only intended for the test as they are right now.

[Jcga]

Received. Beta test on its way.

[rxalts]

Is block height the only variable that can be used to determine the “unlock” date or can months, years, etc also be used?

If only block heights, I think it would be very cool to release bonds based on the next few sets BTC halvings: 840k, 1.05m, and 1.26m. Possibly longer depending on interest from everyone.. Just an idea if it hasn’t already been mentioned 

[SatsLife]

Thats 12-18 months too early based on previous @Halfin-ings and price.

[LoyceV]

Is block height the only variable that can be used to determine the “unlock” date or can months, years, etc also be used?

Yes, but it's more tricky:

As for how "hardcoded" that is, the documentation just says anything above 500 million... We're not going to see 500 million blocks in a few centuries, (what's that equivalent to anyway, ... )

So 10 years is about 500,000 blocks ... 1 million blocks is 20 years... so 500 million blocks would have been ten thousand years.

That's my point: using a block number will work for a very long time, but using a UNIX timestamp I'm not so sure about: it's a 32 bit counter, and it has a Year 2038 problem.

If you want to set a Locktime 25 years in the future, it's already not possible and you'll have to rely on future fixes (and assume the implementation will still work for you). That can be a very expensive mistake if it fails.

[yogg]

Is block height the only variable that can be used to determine the “unlock” date or can months, years, etc also be used?

If only block heights, I think it would be very cool to release bonds based on the next few sets BTC halvings: 840k, 1.05m, and 1.26m. Possibly longer depending on interest from everyone.. Just an idea if it hasn’t already been mentioned 

We can determine the expiration of the Cryptobond either with :

1) Block height
2) Epoch timestamp


As LoyceV underlined it, the current format of what is universally used as a timestamp will not be good anymore in 2038 as it currently exists.
I don't feel serene using that format to lock anything after 2035. (Assuming that BTC will work as it does today in 15 years)

Using a timestamp with Cryptobonds isn't very elegant anyway, as there is a +/- 2h wiggle time that appears to be random, for the different nodes to consider the lock as expired or not.

I believe that, when it comes to BTC mining, miners will take negative risks towards seeing their block rejected by the network, so they will wait a little bit more than what's necessary.

That's why I mostly do not consider to make Cryptobonds based off a date & time, but rather based off a block.


144 * 365 = 52560 blocks/year
Locking until currentBlock + (52560 * nbOfYears) block will expire around ~9th March in 2020 + nbOfYears.
(The precision of this prediction gets worse as the nbOfYears gets higher since BTC block production follow Poisson's distribution)

[LoyceV]

You can use this tool for instance : https://live.blockcypher.com/btc/decodetx/

Another option: https://coinb.in/#verify (can be used offline).

[owlcatz]

Edit - Never mind, answer is 2 posts above. I guess I was blind last night!

Thanks again!

[yogg]

Edit - Never mind, answer is 2 posts above. I guess I was blind last night!

Thanks again!

Hey Owlcatz

Thanks for your post !
I read the un-edited version but sorry I couldn't reply at that moment.

Good if you understood / found the answer you were looking for.

I can't wait for BTC to hit block #622,000 so tests will begin.

It's currently sitting at #621,489.
Krogoth's test Cryptobond should expire in ~4,1 days (prediction based on the production of 144 blocks / 24hr, which is uncertain)


You can try to broadcast the transaction, it should fail and not load the public address as long as the time-lock hasn't expired.
When it expires, try again. Any error should have disappeared and the funds should arrive to the public address.

[krogothmanhattan]

 I received this special Cryptobond card and followed the instructions provided which were very easily understood

  I scanned the large QR code with a QR code reader and got the following...

  

Code:

020000000001011c9f640abbfe92fbdf932470c6c948ed8a6f7c98e57de0100000000feffffff01a086010000000000160014c5805a462bdf668db3cd2f2a3d15e8ee365e6a0b0247304402204017c33d14075ae92551336f1142e1679a06ffcd41d550931c131f1f5271d8ab0220694fd7d7822e9ee407d8f28734f5a001057c899ab66074395fd41b0f6e0121037ad70bc502c9260cf5deb4b6724dc445ffc8bcae2f407768bf5a662b587ad80a007e0900

I pushed it thru the https://www.blockchain.com/btc/pushtx and got the following result at block 622080 has not arrived yet

Code:

Code: -26, Error: non-final (code 64)

  I was also able to decode it as follows thru https://www.blockchain.com/btc/decode-tx

  which gave me the following..

  

Code:

{
	"version": 2,
	"locktime": 622080,
	"ins": [
		{
			"n": 1,
			"script": {
				"asm": "",
				"hex": ""
			},
			"sequence": 4294967294,
			"txid": "3e279cf19a01f34a2fa77de5987c6f8aed48c9c6702493dffb92febb0a",
			"witness": [
				"304402204017c33d14075ae92551336f1142e1679a06ffcd41d550931c131f1f5271d8ab0220694fd7d3a903c7822e9ee407d8f28734f5a001051",
				"037ad70bc502c9260cf5deb4b6724dc445ffc8bcae2f407768bf5a662"
			]
		}
	],
	"outs": [
		{
			"script": {
				"addresses": [
					"qqrt1qckq9533tmangmv7d9u4r6906st"
				],
				"asm": "OP_0 c805a462bdf668db3cd2f2a3d1565e6a0b",
				"hex": "0014c5805462bdf668db3cd2f2a3d15e8ee36"
			},
			"value": 100000
		}
	],
	"hash": "781f354c9fb2ad7148d63f2b349126b1dbdc9c82255a594fd0650f",
	"txid": "7837bf354c9fb2ad7148d63f2b349126b1dbdc9c82255a594fd065"
}

    I will update once I am able to succesfully broadcast this. I have also altered most of the numbers here so nobody can trace any tx or btc addy to protect my privacy. Thanks Yogg for this.. Cheers!
 

[krogothmanhattan]

 Block 622080 has come and gone so I tried to submit again.

  This time the tx has sucessfully gone thru!

 

   The btc addy that had a zero BTC balance now has a 0.001btc value on it!

    Edit:  I also successfully swept the 0.001BTC from the private key into my Mycelium wallet as well   

[Mitchell]

Block 622080 has come and gone so I tried to submit again.

  This time the tx has sucessfully gone thru!

  [IMAGE]

   The btc addy that had a zero BTC balance now has a 0.001btc value on it!

    Edit:  I also successfully swept the 0.001BTC from the private key into my Mycelium wallet as well   

Very cool! Thank you for sharing Krogo and good job Yogg!

[yogg]

Block 622080 has come and gone so I tried to submit again.

  This time the tx has sucessfully gone thru!

   [...]

   The btc addy that had a zero BTC balance now has a 0.001btc value on it!

   Edit:  I also successfully swept the 0.001BTC from the private key into my Mycelium wallet as well  

Hey Krogoth !

Thank you SO much for doing this test !
I imagine that going to the extend of actually redeeming the Coldkey wasn't easy for a recognized Collector such as yourself.
Many many thanks for playing by the rules until the end.

I am very happy that everything unfolded as expected.  
Funds were stucked, you were able to execute the smart-contract AND sweep the funds to another BTC address.
That's great

The rest of test Cryptobonds should expire one day from each other from now on.

So much excitement !! Hah, thank you for everything.
This part of Bitcointalk definitely always brighten up my day no matter what.

Very cool! Thank you for sharing Krogo and good job Yogg!

Thank you for the kind words Mitchell.
Job is really only starting now that we know it works ...

Maybe a tester whose Cryptobond didn't expire yet can try to execute it ?

Thank you

[Jcga]

Hi Everyone, some cool crypto homework to do, so here we go : Block 622100

Code:

020000000001015aa37efc02dbd13df8dc729471f0b07d8100a29836afa7b195fe701ea58697da0000000000feffffff01a086010000000000160014c580fec3da05bfa94b17c2b063086bdbdd1f6ac902473044022029c16048db4f961543f6cf2a407ff3ae8cc21b178a083b8bc40eadcf1db5d1f80220140e389d4fefd879d4fa9328762a12fea764167018dba4f980dfc6a2e1872f710121030238ccbc52eacc745f92ecca9bd2d66efaa01ffb725aecd522209e38038274e960810900

Code:

Code: -26, Error: non-final (code 64)

Code:

{
	"version": 2,
	"locktime": 622944,
	"ins": [
		{
			"n": 0,
			"script": {
				"asm": "",
				"hex": ""
			},
			"sequence": 4294967294,
			"txid": "da9786a51e70fe95b1a7af3698a200817db0f0719472dcf83dd1db02fc7ea35a",
			"witness": [
				"3044022029c16048db4f961543f6cf2a407ff3ae8cc21b178a083b8bc40eadcf1db5d1f80220140e389d4fefd879d4fa9328762a12fea764167018dba4f980dfc6a2e1872f7101",
				"030238ccbc52eacc745f92ecca9bd2d66efaa01ffb725aecd522209e38038274e9"
			]
		}
	],
	"outs": [
		{
			"script": {
				"addresses": [
					"bc1qckq0as76qkl6jjchc2cxxzrtm0w376kf9cc53f"
				],
				"asm": "OP_0 c580fec3da05bfa94b17c2b063086bdbdd1f6ac9",
				"hex": "0014c580fec3da05bfa94b17c2b063086bdbdd1f6ac9"
			},
			"value": 100000
		}
	],
	"hash": "2d6c75d3d94a31de69164c5183faa4c341965e609886ac338fceb2661f78c298",
	"txid": "2d6c75d3d94a31de69164c5183faa4c341965e609886ac338fceb2661f78c298"

[krogothmanhattan]

Block 622080 has come and gone so I tried to submit again.

  This time the tx has sucessfully gone thru!

   [...]

   The btc addy that had a zero BTC balance now has a 0.001btc value on it!

   Edit:  I also successfully swept the 0.001BTC from the private key into my Mycelium wallet as well  

Hey Krogoth !

Thank you SO much for doing this test !
I imagine that going to the extend of actually redeeming the Coldkey wasn't easy for a recognized Collector such as yourself.
Many many thanks for playing by the rules until the end.

  So true...I wept with sadness when I peeled...not used to doing this at all as I collect em intact...but I had to do it for this time...next time I buy these...never shall they be peeled 

[yogg]

16 blocks to go

9 more to go !!

Can't wait. This experiment is soooooo exciting !!
Thank you sir Mantis.

Please, when the public address will have received the funds, do redeem the Coldkey and sweep the funds to another address.
You can keep the BTC if you like.

Thanks !!

[krogothmanhattan]

Just realized...my cryptobond is the first ever to be made and redeemed card made. 

[yogg]

Still not confirmed

Hey minerjones,

I think I know what happened here.

The block production was a bit slower than usual, this is why it took so long to reach the correct block height.
Anyway, it's passed now. The fee on the locked transaction was 5000 satoshis (~60sat/b) which is more than enough to include a transaction when BTC runs normally.

Can you please let us know how it went ? Were you able to sweep the locked funds ?

Just realized...my cryptobond is the first ever to be made and redeemed card made. 

Yes, absolutely !
It is the first ever Cryptobond on a card that has matured and been redeemed.

Thank you sooo much Krogoth for going all the way through !!


Next cryptobonds to mature after mj's:

#622368   Lesbian Cow
#622512   ChiBitCTy
#622656   Sat0shisGhost

Current block height :
#622537

Lesbian Cow's and Sat0shisGhost ChiBitCTy's should have matured.
Sat0shisGhost's should be good tomorrow.


Given the worldwide situation, please stay safe first of all ... tests can wait.

We are still working on the release in the background.

Thank you everyone !

[ChiBitCTy]

Yoggy..Sorry was thinking the lock up was a bit longer...But well done good sir! First time I’ve ever broadcasted to the network, or used a smart contract. Very fn cool and quite unique! I have all sorts of ideas how this could be used out in the “real world”...that is when we can all rejoin it!

Noticed the updated holograms. Those are super secure! Way harder to remove than any holo I’ve ever peeled. Great job!  

Will posts some pics shortly

[yogg]

Yoggy..Sorry was thinking the lock up was a bit longer...But well done good sir! First time I’ve ever broadcasted to the network, or used a smart contact. Very fn cool and quite unique! I have all sorts of ideas how this could be used out in the “real world”...that is when we can all rejoin it!

Noticed the updated holograms. Those are super secure! Way harder to remove than any holo I’ve ever peeled. Great job! 

Will posts some pics shortly

Hey Chibi

Well, it really depends on the pace of the new blocks that are found by BTC.

I'm glad that the testing went well !!
Thank you very much for playing the game until the end.

Please, I'd absolutely LOVE to hear more about your ideas of how these can be used in the real world.

Thanks. Really it's great to know that things are done the right way.