Why no simple service for HODLing Bitcoin?

[JayTrain]

you can't get far on one idea, you need a strong team, marketing, fees and much more. But the most important desire, if you combine it all together, then the most ambitious ideas seem achievable. As for me, I would refrain from transferring my bitcoins to this.

[coolcoinz]

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.  

This is a much better option than what OP is proposing.
Trusting a third person and their altcoin just to be able to do what Satoshi wanted us to be able to do(be our own banks) is counterproductive and pointless.

There's literally no reason for us to look for a third party to help us hold. If you need help holding, get a safe with a time lock and set it so that if you ever want to withdraw your money, the safe will delay you by a day or 2 before it opens. Maybe if you sleep on your decision you'll come to a conclusion that you don't need the money right now.

[BlackHatCoiner]

.. hmm. sound familiar..

It doesn't sound familiar to me. It may sound to you, though, who doesn't like any second layers and who can't comprehend that blockchain is inefficient.

he possibly wants to see if anyone thinks its a good idea

The fact that you're comparing Lightning with an implementation of this meaningless concept is just underwhelming. It has already a solution on the first layer, no need to extend this further. Lightning is for micro-transacting, which can't be done efficiently otherwise.

But, keep trying. Everyone's ignoring you.

[franky1]

oh blackhat.. you are not reading are you.. ignorance is bliss with you and your cult

even the translation is too much for you. seems you have no clue and prefer ignorance.
i know you love your altnet but the funny part is that you are calling this topics idea useless, when infact this idea is exactly the proposition requirement to be able to use your altnet.

yep people need to lock funds into a smart contract long term and play with other units of measure on a different network.

sorry if your now realising it, but atleast try not to defend to the death your altnet while also calling the topic creators idea foolish. because they are one-in-the-same feature.. and so you are just contradicting yourself.

but i will atleast applaud you by now realising some of the issues with locking up funds in co-partnered smart contracts.. and forced to play on other networks. maybe there is a glimmer of hope for you yet..

atleast take this small bit of insight. many people including yourself and me, and pretty much all other people replying in this topic have all have said how the idea of locking up funds long term with a partner and then playing with other units of measure on other networks is a bad idea.

[yhiaali3]

It looks like a nice idea, but there are problems with it because many people want to hold the bitcoin and not a token or anything else, in addition to that there are some people who might like to sell during this period if they see a good price hike and the smart contract will prevent them from that, in my opinion the best way It is the normal way because it is more like holding gold and people want to store gold and not something else.

[adzino]

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

Lol, after selling when the price would be Y million of dollars, you would be saying the same. "I wish I hadn't sold because it would have been Y billions of dollar". We don't need another useless project where your coins will be locked. If you are investing, then you should be able to do hold and do everything on your own instead of relying on something or something else. The project you are talking about has a lot of risks. Imagine people locking thousands of BTC and then the developers stealing them all.

[Marvell1]

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.

[awik p]

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.

in this case op as a bank that collects money from various investors. this will indeed be very risky, and it is true what you said if bitcoin was designed for us to have our own bank, so that freedom of transaction is the main goal, if your assets are held by other parties and cannot be transacted at any time of course this seems the same as staking, it's just that I see it's more risky. I'm afraid that marketing language only gives hope to anesthetize us and in the end we realize with disappointment

[Bitcoin.PN]

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.

Interesting. How can you choose the block your coins are mined at?

[SpenserReed]

So you can hold for 5 years if only you buy the token at the beginning? I mean if you buy it a year later it will be equal to buy BTC at the current rate

[worle1bm]

My answer to it is clear no because if you can't control your temptations to sell it means you don't believe in bitcoin so no fun of investing in it in the first phase.Second you can do is store your coins on cold storage and leave it there with seeds secured without checking the price and after 3-4 years you can sell it.But not creating smart contract is feasible for holding bitcoin.

[xiver88]

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

[Bitcoin.PN]

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

Well, usually people that leave their coins on exchanges are small-middle size assets. Real whales usually take their coins out of exchanges and into their own security measures.

[davis196]

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 idea doesn't look very innovative or original.
Your project looks like some "full reserve banking" stablecoin/token.I don't see any point of using a token,that is backed by BTC.
Who is going to have control over the BTC wallet,where all the Bitcoins are received?
Is it going to be a multi-sig wallet,so all the BTC will be released upon the agreement of all participants?
If you want to HODL Bitcoins,just HODL Bitcoins in your cold wallet.There's no point of creating a useless token around the idea of simply hoarding Bitcoins for the long term.

[MinMan]

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.

[qwertyup23]

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

While I appreciate a token created for this purpose, I think you are creating something that makes HODLing more complicated. If a person wants to HODL, then just let them HODL their bitcoins in their respective wallets. I do not see the need for any complicated matters. If they have the urge to sell their coins, then let them do so.

Remember that BTCs are still considered as money due to their significant value in the market. Assuming that a person encounters an emergency situation where they would need some cash, then let them use their BTCs. No need for any complicated tokens or whatsoever.

[Lubang Bawah]

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

It is a good idea to create a smart contract that will hold for up to 5 years, maybe almost the same as staking, but I think this is very difficult to realize because investors will not want to wait too long, let alone send bitcoins to smart contracts that easily with a lot of money. the reason the smart contract was hacked so lost bitcoin.

[NeuroticFish]

Interesting. How can you choose the block your coins are mined at?

Bitcoin has a locktime "functionality". Since other have already explained it, I won't; you can read pretty much all you need from these tutorials:
* Using Locktime for inheritance planning, backups or gifts
* [Tutorial] Making your crypto inheritible

[Dunamisx]

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. 

its never too late in starting all over again and now is the best time in other for you not to still place a reoccurence of some x years experience into the future y about to be unveil. I do see holding of bitcoin as a necessity which could have been the first intention why everyone could wanted to hodl the coin, but with time things change and we can't not bear it anymore but rather sell it off or exchange it, holding in particular is an asset on it own with time not to talk on ROI that is added, I think this time you're making it quite alright.

[bubidan.id]

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.