Bitcoin Dad on Nostr: The most recent high profile physical attack on a bitcoiner that took place in ...
The most recent high profile physical attack on a bitcoiner that took place in Toronto this past week has made me once again examine my physical security and my Bitcoin security. I use multi-vendor, geographically distributed multisig. If you kidnap me, you've got to bring me to at 3 different places which are open and public places. This could take over 24 hours time. It's probably not worth the risk of you getting caught in the process.
But what about kidnapping me (or worse one of my family members) and holding me/them in a secret location until someone ELSE gathers the keys? THIS seems plausible.
We need to be able to timelock our Bitcoin to prevent this type of attack. I know that timelocking is currently possible (see Liana wallet), but I believe that you have to create a new on-chain transaction to "reset" the timelock for every expiry. This isn't practical or efficient in the long term.
So my question: what type of upgrades are needed to the Bitcoin code in order to timelock a UTXO upon the signing of a new transaction? In other words, I sign a transaction for a ransom, but it doesn't send for a certain number of blocks. It is also reversible with an additional signature. And this is all verifiable before the signing even occurs to deter the transaction in the first place.
Tagging some big names to get a discussion on the topic: TheGuySwann (nprofile…6425) LynAlden (nprofile…3tqm) preston (nprofile…xuq8) pkt (nprofile…h9ux) petermccormack (nprofile…zw8c) lopp (nprofile…30gj) NVK (nprofile…vu4p) calle 👁️⚡👁️ (nprofile…h5zr) miljan (nprofile…mqq0) ODELL (nprofile…p7e2) GrassFedBitcoin (nprofile…eu8h) Gigi ⚡🧡 (nprofile…hdd2)
But what about kidnapping me (or worse one of my family members) and holding me/them in a secret location until someone ELSE gathers the keys? THIS seems plausible.
We need to be able to timelock our Bitcoin to prevent this type of attack. I know that timelocking is currently possible (see Liana wallet), but I believe that you have to create a new on-chain transaction to "reset" the timelock for every expiry. This isn't practical or efficient in the long term.
So my question: what type of upgrades are needed to the Bitcoin code in order to timelock a UTXO upon the signing of a new transaction? In other words, I sign a transaction for a ransom, but it doesn't send for a certain number of blocks. It is also reversible with an additional signature. And this is all verifiable before the signing even occurs to deter the transaction in the first place.
Tagging some big names to get a discussion on the topic: TheGuySwann (nprofile…6425) LynAlden (nprofile…3tqm) preston (nprofile…xuq8) pkt (nprofile…h9ux) petermccormack (nprofile…zw8c) lopp (nprofile…30gj) NVK (nprofile…vu4p) calle 👁️⚡👁️ (nprofile…h5zr) miljan (nprofile…mqq0) ODELL (nprofile…p7e2) GrassFedBitcoin (nprofile…eu8h) Gigi ⚡🧡 (nprofile…hdd2)