Why no simple service for HODLing Bitcoin?

[xiver88]

Hi exhodlers,

I know many of you wish not selling early your BTC. This is very common story, I wish I hadn’t sell my bitcoins for cheap X years ago. Now it would be worth Y millions of dollars. I have idea for new coin/token:

We create smart contract for HODLing bitcoin for 5 years (that’s rough number, could be anything). For users who send their BTC to the smart contract, some new token or coin would be given. Tokens have their tokenomics, the whole thing is DAO with voting, stakings, farmings etc. For HODLers NFTs can be generated to create community thing.

Anyone interested in participating the project? Call it HodlCoin

[BlackHatCoiner]

There's no purpose to create another useless token for this reason. If you want to ensure you'll own coins in X years, just follow the steps below:

• Create a new seed phrase and derive an address.
• Sign a transaction where you send all of your coins to that address and make it valid after a certain block.
• Lose access to your coins. (Delete the wallet file, destroy the old seed phrase etc.)

Now you have no coins until the block you chose is mined. Needless to say how not recommended this is.

[DdmrDdmr]

<…>

If someone wants to hodl bitcoin, they should hodl just that: bitcoin. If one can’t resist the temptation to sell, then so be it, but it would seemingly be quite absurd to hold some other sort of token, pretending that it is risk free and anywhere near hodling the real deal.

[TheNineClub]

Hi exhodlers,

I know many of you wish not selling early your BTC. This is very common story, I wish I hadn’t sell my bitcoins for cheap X years ago. Now it would be worth Y millions of dollars. I have idea for new coin/token:

We create smart contract for HODLing bitcoin for 5 years (that’s rough number, could be anything). For users who send their BTC to the smart contract, some new token or coin would be given. Tokens have their tokenomics, the whole thing is DAO with voting, stakings, farmings etc. For HODLers NFTs can be generated to create community thing.

Anyone interested in participating the project? Call it HodlCoin

Not sure how that's hodling, that just seems like investing in something else, and with so many options out there, this doesn't seem like it would generate that much interest. The best way to hodl whatever you have is to just have discipline, that's it. There is no easy way around it. Also, people don't really want to be tied down to 5 years of investment in case they might really need it. If people can't hodl then they can't.

[yazher]

Crypto investment is not rushing to get back your capital or ROI a day after you invested rather it's a long time of waiting period especially when you bought them at a high price in the crypto market. if you find such kind of services, right now all you need to do is wait till the said services unlock your BTC. that's why we always obliged the person to invest what they don't really need from their money to avoid such kind of regret where it will be too late once their BTC is locked. But it should be a trustworthy service provider where you won't really doubt about getting back your BTC from them once the BTC price spikes at unexpected rates.

[ChiBitCTy]

Hi exhodlers,

I know many of you wish not selling early your BTC. This is very common story, I wish I hadn’t sell my bitcoins for cheap X years ago. Now it would be worth Y millions of dollars. I have idea for new coin/token:

We create smart contract for HODLing bitcoin for 5 years (that’s rough number, could be anything). For users who send their BTC to the smart contract, some new token or coin would be given. Tokens have their tokenomics, the whole thing is DAO with voting, stakings, farmings etc. For HODLers NFTs can be generated to create community thing.

Anyone interested in participating the project? Call it HodlCoin

This already exists. My good buddy who runs the ColdKey company has created time locked smart contract wallet cards that lock up the funds until a specified date in the future. He did a test run that I helped him out with a year or two ago. They are actually really cool.

[dkbit98]

We create smart contract for HODLing bitcoin for 5 years (that’s rough number, could be anything). For users who send their BTC to the smart contract, some new token or coin would be given. Tokens have their tokenomics, the whole thing is DAO with voting, stakings, farmings etc. For HODLers NFTs can be generated to create community thing.

This sounds to me like one more scam token is being made on some centralized shitcoin network with sole purpose of stealing Bitcoins from original owners and creating false sense of security.
If you want to make it harder for yourself to spend Bitcoin just make some multisig setup and spread it in multiple locations that you can't access so easy.
You can also split your keys from that multisig setup with some of your family members or friends, and create special terms for signing transactions and spending funds.

[xiver88]

It is complicated for ordinary person

[sheenshane]

It's common for the time-locked Bitcoin wallet and it seems the same on this wallet ( https://coinb.in ) which is also an open-source wallet but didn't use a smart contract. 

There are pros and cons to using this time locked wallet, imagine you can't access your own Bitcoin for 5 years long but what if you will miss out on the bull run trend and when the wallet is locked it's in a bear market.  Though it's safe from the hacker and even yourself from the urge of selling it, I think it feels comfortable if you hold your own private keys.

Anyway, good luck with your project, for those anyone who knows how to keep safe their keys and has a discipline and controls themselves and possibly of nullifying their own itchy fingers tempting to sell their coins, this project should be the right for them.

[franky1]

There's no purpose to create another useless token for this reason.

if you actually read the topic creator. he is proposing a system that locks coins up and then uses a different unit of measure on another network while that coin is locked..
.. hmm. sound familiar..

well thank you for saying that this other network both you and the topic creator mention has no purpose

lets translate it:

We create smart contract for HODLing bitcoin for 5 years (that’s rough number, could be anything). For users who send their BTC to the smart contract, some new token or coin would be given. Tokens have their tokenomics, the whole thing is DAO with voting, stakings, farmings etc. For HODLers NFTs can be generated to create community thing.

co-partners create smart contract for HODLing bitcoin for X time period. For users who send their BTC to the smart contract, some millisat would be given. millisats have their economics, the whole thing is 'autopilot routed"

he possibly wants to see if anyone thinks its a good idea
he possibly wants to see lots of people cry that locking funds up into co-partner locks defeats the point of self custody.
he possibly wants to see lots of people cry that locking funds up into co-partner locks to then play with other units of measure on another network has its own issues

[LogitechMouse]

~
Anyone interested in participating the project? Call it HodlCoin

Why making a simple action complicated? Why do we need to put our Bitcoin to a smart contract where in fact we can hold it ourselves?
People selling their Bitcoins for some reasons. Some are selling it because they want to buy stuff. Some just felt that it the perfect time for them to sell etc. For me as a Bitcoin holder, I don't think this coin is necessary or useful for me because I can hold my Bitcoin myself.

Holding Bitcoins is very easy. Its just the fact that their emotions are the problem thus, some are selling their holdings at a wrong time for them.

[NeuroticFish]

Anyone interested in participating the project? Call it HodlCoin

No.
I find this project more a way to help yourself than those with not enough willingness to actually HODL.
Also.. no matter how much one wants to hold for long, if big real-life problem strikes, money may be needed. And then... bad luck, mmhm?

[ChiBitCTy]

As I've stated earlier, my buddy created Time Locked Cold Storage cards (bitcointalk user Yogg), which seems to be exactly the type of thing you're looking for.  No need to create an altcoin for this. I see these as a great way to force yourself to save bitcoin.  







"Coldkey Cryptobonds are the first time-locked, non custodial, physical Bitcoins.
You and only you chose when they become spendable.

It makes a perfect instrument to plan Bitcoin savings.
Or a gift of an amount of Bitcoin to someone, that cannot be spent right away".

More information about how Cryptobonds work :

Like every other Coldkey, Cryptobonds bear a private key under the hologram, it's associated BTC public address is present on the front.
We achieved to time-lock Bitcoins by creating a transaction using nLockTime, an obscure feature of Bitcoin.

The transaction code is the biggest QR code, on the front.
You will need to scan it and broadcast the code to the Bitcoin network when it has matured.

The Proof of Concept has been published on Bitcointalk : https://bitcointalk.org/index.php?topic=5228739
A few test Cryptobonds were produced afterwards and sent to a handful of reputable Bitcointalk users for further testing of the concept.

Cryptobonds' locked transaction is specifically designed to be as leightweight as possible.
A single input and a single output, with a 5000 sats fee attached to the locked trasaction.
This is to make sure the transaction gets rapidly included in the blockchain when it became valid, many years from now".


https://bitcointalk.org/index.php?topic=5316556.msg56324891#msg56324891

[Maus0728]

for those anyone who knows how to keep safe their keys and has a discipline and controls themselves and possibly of nullifying their own itchy fingers tempting to sell their coins, this project should be the right for them.

Waaat? Am I missing something? Or you are just contradicting yourself?

If this person diligently knows how to keep control of themselves in order to avoid the impulse to sell their bitcoin, as you have stated, I do not believe that such service is required.
Moreover, I believe the reason why such service doesn't exist is because it's "useless" and will just create more problems than solutions.

I mean there are a lot of ways people can do to stop the urge of selling their assets. It could be adding multiple layers of security that will require them a more cumbersome process which can result to laziness or something. A timelock features just like other members have said or by simply uninstalling any other crypto related applications.

People can't afford adding another baggage of anxiety in this decentralised space where trust is expensive  

[Kakmakr]

Why would you do that? The Bitcoin price volatility is there for everyone to make a profit (buy low /sell high) .....so if you "lock" it for 5 years... you miss out on all the opportunities to increase your coins.... just by selling when the price is high and then buying again when it is low. 

Also... I definitely do not want to own any other token than BTC.... because most of them are crap.. sorry, I am just honest. In any way, good luck with your project, because there are a lot of people chasing the "Big Score" .... 

[bitzizzix]

Depending on individual circumstances, if you only hope to profit from bitcoin then it will be difficult to do Hodl for a very long time, as you will be haunted by various temptations and worries along the way.
other than choosing to buy low and sell when high just for a small profit it is much better and just to meet your needs than you choose another option to lock your holdings for a set time it will make you suffer, with the excuse of having no other income or income permanent.
In contrast to those who have a steady income or permanent job because they have a salary every month, and locking ownership for a long time will not be a problem because their needs have been met with a fixed salary. And they have arranged it well for both necessity and investment.
So I think it all depends on their situation and most of their holders or long term who already have steady income who will not worry about Volatility or anything, the goal is just big profit even if they have to wait very long time.

[dupee419]

Good idea, although it's pretty much useless if all the smart contract will do is hodl your BTC, might as well just hodl it on your own, you can't even be sure if the value would be high or low in the next 5 years. Something like this doesn't exist because it has no use and it won't actually help the hodler.

[xiver88]

But for ordinary Bob, using timelock Nlock is complicated. Also most of the people can not just HODL bitcoin, because we see it every time BTC go down, lots of paper hands just sell it and dump the price. But imagine smart contract, which is open source and every one can check it. No need to trust anyone, you just audit the contract. And if it works, than it works. Just couple clicks and you are done. Your BTC is safely HODLed for years. And you don’t need to put your all savings, just do some little. Coz every most profitable strategy in crypto is just HODL BTC for years. You mind will be free, coz you know at least you have saved some value in long term.

[Charles-Tim]

Why no simple service for HODLing Bitcoin?

Holding bitcoin is not hard when you can have full control of your coin.

You can create a paper wallet using an airgapped device, or buy an hardware wallet for the holding, or if you have a device you are no more using, you can make the device to be airgapped, create a wallet on the airgapped device. Send bitcoin to an address(es) generated by the wallet you created through any of the three for holding and backup your seed phrase.

For users who send their BTC to the smart contract, some new token or coin would be given. Tokens have their tokenomics, the whole thing is DAO with voting, stakings, farmings etc. For HODLers NFTs can be generated to create community thing.

Bitcoin is bitcoin, but you project is just an altcoin project that would be pegged or backed by bitcoin, but that does not mean it is not an altcoin, it is actually an altcoin.

It is complicated for ordinary person

Not that it is only complicated, it is not even bitcoin.

[fiulpro]

Creating a smart contract would mean you would have to give up your freedom of selling anytime. See the things I love about cryptocurrencies is how we don't know what is going to happen and how we cannot predict anything here as well which usually mean that if the price goes to the highest possible point and you are not able to sell at the moment and buy again at a much cheaper one you would actually be in a bad position since HODL is good but holding should also be very intellectual. If you so see some instances where you have a choice to trade just once then you should do it and giving up your freedom for 5 years would definitely be uncalled for. But yes it would have worked in the past definitely but situations are not the same anymore.