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> Still interesting and scary to think that individual can basically "destroy" irreversibly any amount of savings by forgetting the keys/ sending it to wrong ad
by jkepler 5y ago
> Still interesting and scary to think that individual can basically "destroy" irreversibly any amount of savings by forgetting the keys/ sending it to wrong address and that can be done with 1 click.
That's exactly why any large values of bitcoin ought to be stored in multisignature wallets, 3-of-5 offering pretty robust resilience to loosing a key or two. In that case, you need three different signatures to move any money, so no single click accidental failures. Time locking funds can also prevent user mistakes, as no one can move the coins until the lock time is reached on-chain.
- meltedcapacitor 5y agoIf time locks became popular we sure would have stories like "Florida Man locks 420 millions until the year 2202 thinking it was February next year".
- JKCalhoun 5y ago"Florida man accidentally time travels back to 1077 to try to make some cash on early Apple Computer investment, presumed living among native Americans now"
- jkepler 5y agoHilarious !
- tromp 5y agoIf you set a timelock by a timestamp lock_time [2], then the latest possible time is Tuesday 2038-01-19 [2]. [1] https://en.bitcoin.it/wiki/Protocol_documentation#tx https://en.bitcoin.it/wiki/Protocol_documentation#tx [2] https://en.wikipedia.org/wiki/Unix_time#Representing_the_numbe https://en.wikipedia.org/wiki/Unix_time#Representing_the_num...