Nostr Web Client

Replying to

Bryan

Can somebody help me understand what Michael Dunworth is describing?

Sharing a private key? Pushing bitcoin into the future? Having it available to miners in 100 years?

I get the basic idea, but what determines who is rewarded the bitcoin?

Anybody know how to reach him, maybe he would be open to explaining it to me?

Guy Swann 2y ago

It might be a variation on an idea I’ve thought about myself. Goes something like this:

Spend a small amount of BTC automatically to an “anyone-can-spend” address with a timelock for 50 years worth of blocks from now. Do like $1 worth every on-chain transaction. Then it will get unlocked at that block height, and any miners can then scoop it up for themselves like a fee. If Bitcoin does 1000x in purchasing power over 50 years, then that $1 will be the equivalent of $1000 in today’s money in fees for future miners.

——

No idea if that’s what he is talking about, but it sounds similar the way you described it.

(If you have a link to where this was explained I could look into it)

Reply to this note

Please Login to reply.

Discussion

Bryan 2y ago

Thx Guy. On a recent podcast, he mentioned doing this with 0.5 BTC 100 years from now.

So this amount will be >>>>>>>> than the block reward.

Such a cool idea.

Jen 2y ago

He has time locked little pots of sats at each halving. I think his overall goal is to incentivise collaboration and bring people together for a common goal. Presumably in the future those time locked sats will be of a significant value and therefore encourage people to continue to secure the network with miners for a chance at a small share of the prize.

He’s also just an ultra maths nerd and thinks about the future is a wildly different way. It’s fun that he’s committed to a project that he will never see the outcome of because he believes in the best of humanity and the longevity of Bitcoin.

kebin 2y ago

Here's a link to the podcast. Around 15 mins in to the podcast. BIP 65 Time Locked Address.

https://fountain.fm/episode/k2o2MdkForOY0jrvqKYn

CitizenPleb 2y ago

The general idea being if the reward appreciates sizably for the given block, miners will game on increasing hash power to win the block, right? Thought he mentioned the idea of strengthening the network in the future by fun little actions like this now.

Guy Swann 2y ago

Yeah it’s the same idea & I’ve always had a fondness for it. Might be a good time to try and formalize it and see if there were people who would want to participate in something like that. 🤔

CitizenPleb 2y ago

Nostr would certainly be the place to formalize it for sure. Fun time capsule.