Peter Todd’s CHECKLOCKTIMEVERIFY Means Bitcoin Escrow, Refunds and a Fork _ Bitcoin start a bitcoin exchange

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I think these are some of the things gavin talked about with achieving consensus among the developers.

All great questions.

I’ll try to help to answer these questions (author of article here)

1.) yes the TX cannot be mined.Start a bitcoin exchange in the article I mentioned tx’s can expire. From my research/experience if you broadcast a locked TX it will sit in the mem pool until it is timed to be mined. If a node shuts down the mem pool is cleared. Effectively, for your broadcast TX to ‘expire’ all nodes with the tx in its mempool would need to be turned off – basically this will never happen.

A second option is printing the transaction and then deleting the keys used to make the tx. You could deposit the coins in a shared multisig wallet between employer and employee. The multisig could send the locked TX for the employee’s paycheck two weeks in the future. Without the employer/employee multisig the coins could not be doublespent.

So there are still use cases for the current functionality but CHECKLOCKTIMEVERIFY greatly extends functionality by making it possible to lock the coins until the timer expires.Start a bitcoin exchange I believe this would require something being mined especially since todd talks about using CHECKLOCK… To replace nlocktime eventually.

So I believe you are correct, it would have to enter the blockchain right away to prevent those inputs from being claimed on another TX.

Your last part todd talks about with the proof of burn/proof of mining sacrifice. Yes, effectively you can use this to forever lock coins, e.G. Lock them for 999999999 years. Or as a time capsule, retirement fund, trust, inheritance, etc.


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