Why no simple service for HODLing Bitcoin?

[kryptqnick]

I don't think there's a need for yet another token, just because some people regret selling their BTC. There are simpler solutions. One is mentioned by BlackHatCoiner (also, there's Locktime which was also mentioned in the thread). Another would be to imagine the price one definitely thinks is enough and set a sell order on a reputable exchange like Binance with that price (if you trust an exchange with your money, which isn't normally a good idea). You can also just hide the seed somewhere, and pledge to yourself that you won't sell unless the price reaches a certain point or unless a certain time period passes. And if you don't trust yourself with your own financial management, maybe investing isn't for you.

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[maydna]

Previously I wanted to ask, where or to whom if someone wants to join the project, you should include a link or address that can be accessed and visited in your project. What about the benefit system, with profit sharing or not, it must also be clear, there are many factors that must be considered before you publish the project you are working on.

It is better that you are not interested in the program or project. It is better to keep your bitcoins in your wallet because it is at risk of getting scammed. Even if such a project exists, it is better not to send in large quantities, especially if we do not know the project's reputation. It is our money, and we have to really take care of it and don't make the wrong choice.

[xiver88]

I like the idea or the concept to be honest. It works like a bank right? But, this once has a lock-in period only to force someone to hold for many more years. We know that hodling for a long time is one of the problems of the users because they lack of patience and they got easily tempted to sell when they see the market is doing good but I am only not sure if many people will trust such service.

Why will they entrust their coins to someone else especially on a new project that doesn't have enough reputation? why there is no service for hodling? I think that is because holding a coin is too simple, it does not need any advanced knowledge or complex tools but you just need a wallet.

Finally one person that got what I meant. Trust is not an issue, because it is smart contract, no one is owning it and at the same time anyone can check it. Just check the code, audit the smart contract. It is open source.

[FatFork]

Bitcoin is designed to be owned by us and make us our own bank without any third party interference. If you use the holding service, it is no different than you depositing your money in the bank. In addition to sending bitcoin to holding services will make it impossible for you to sell or use your bitcoin while your bitcoin deposit period has not ended, better hold your bitcoin and you can use them whenever you want.

Then why so many people use hot wallets and exchanges for holding their bitcoin? Only sophisticated holders use cold wallets and be their own bank. Most of the people just don’t care

Where did you get that information? Sophisticated holders? What is that?

People who keep their coins on the exchange are either traders or irresponsible. Anyway, they are not the majority. Those who keep their coins for long-term keep them in cold storage or in a hot wallet if it is not a large sum. I see no problem with that. In any case, it is better than trusting a third party or some smart contract that may or may not be safe in the long run.

People who care about their coins know how to protect them, those who don't care won't use your smart contract anyway.

[justdimin]

Is it really that much of a big deal? I mean do you really have no self control over when you will be selling and when you will be holding? I have been holding for long enough to say that I have been quite good at it. I can't say that I have never sold, and do I regret it?

Of course I do, I could have been a millionaire if I didn't, but at the same time I was basically forced to sell as well, if I could go back to the same situation, I would still sell, maybe try to find another way if I could, because I saw bitcoin as the quickest method at the time and didn't look for other ways, but even if I go back now and look for other ideas, I can't, I am thinking now and I was basically forced to.

[NeuroticFish]

Is it really that much of a big deal? I mean do you really have no self control over when you will be selling and when you will be holding?

In the same way some just can't get away from gambling, some just can't HODL.
Even more, especially when the price is going down, many are getting scared and sell.

So use cases for this do exist, even though, as I already said, it can be risky for when one really-really needs that money.
Still, as long as Bitcoin itself has tools for this, using something external makes not much sense.

[Waddle]

Sometimes over-holding can be counterproductive. Don’t be too greedy and take calculative decisions.

[KennyR]

Sometimes over-holding can be counterproductive. Don’t be too greedy and take calculative decisions.

We hold based on trust and here we can't mention over holding as greed. If a poll is being created for users who missed the bull market of 2017-18, majority have missed and only a few have made fortune. That is not out of greed, but the growth looked to be more progressive. Fortunately most users missed as the price fell all of the sudden. During the last year ath majority of the users profited. This happened out of the learning from the previous experience. So, we hold with some deadline and even before if target is being reached we sell, if not we wait for an opportunity.

I never intend to be a part of a project that support holding when people have the safest way of holding access.

[justdimin]

Is it really that much of a big deal? I mean do you really have no self control over when you will be selling and when you will be holding?

In the same way some just can't get away from gambling, some just can't HODL.
Even more, especially when the price is going down, many are getting scared and sell.

So use cases for this do exist, even though, as I already said, it can be risky for when one really-really needs that money.
Still, as long as Bitcoin itself has tools for this, using something external makes not much sense.

Shouldn't those people need to learn a way to hold, instead of trying to wait to keep them from having that option? I mean there could be some serious reasons why they should sell. Like let's say there is a health issue, you have to be in hospital and pay a good sum of money to survive, shouldn't it be better if you could reach your money that way? Or there is a debt that you can't pay, I should know because I am in one right now lol) and then you will need to cash out.

Like for example, I have some saved aside, but by the looks of it I will be forced to sell my coins (some of them not all) just to pay my debt. Learning how to hold should be more important than preventing from cashing out.

[AmoreJaz]

Is it really that much of a big deal? I mean do you really have no self control over when you will be selling and when you will be holding?

In the same way some just can't get away from gambling, some just can't HODL.
Even more, especially when the price is going down, many are getting scared and sell.

So use cases for this do exist, even though, as I already said, it can be risky for when one really-really needs that money.
Still, as long as Bitcoin itself has tools for this, using something external makes not much sense.

this decision entirely depends on the holder himself. as we have different financial situations in life, you can't expect everyone to hodl long term. some will sell at the time of their needs or if they feel, they already get their target profits. so creating another project like the OP presented is just a useless attempt for me. it will just turn to another crappy project without any value. better deal your portfolio according to your capability.

[Vaskiy]

What's the need for such a service when we've got non custodial wallets and different hardware wallets that give the access to have our holdings in a secure way. When we let our cryptocurrency kept hold somewhere else, then we're once again depending over another service same as that we depend upon banks for our financial management. Already we've got a big number of projects that are out of cloned features. Once again with the name of bitcoin there is nothing needed as this. Eventually they'll turn this to be a MLM requesting people to share and make more people to hold over the network to receive more tokens.

[lornadane]

Sometimes over-holding can be counterproductive. Don’t be too greedy and take calculative decisions.

Maybe because they want to feel more profit so they are over holding.
But when the market situation is like today, do they still get their profits even though they make calculative decisions.

[vania vin]

Sometimes over-holding can be counterproductive. Don’t be too greedy and take calculative decisions.

Maybe because they want to feel more profit so they are over holding.
But when the market situation is like today, do they still get their profits even though they make calculative decisions.

not so friends, people who hold bitcoin for a long time they have a target and they believe bitcoin in the future is very feasible to be used as an asset, not a problem of high prices maybe in the future the price of bitcoin will be very expensive from now on.

[Darker45]

Forget about creating another token for every single thing that you would want to happen with your Bitcoin. Forget about your HodlCoin as well. There's already a number of HODL tokens in the vast world of shitcoins. There's already HodlCoin, HODL Token, and many more HODLs. Your idea is not something new.

Let people get more familiar with Bitcoin instead and be convinced that it's for keeps. There are abundant proofs that HODLers are rewarded over time. And then there's the arithmetic of only 21 million Bitcoin ever and more than 7 billion people and counting. There's not enough Bitcoin for everybody.