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To: Eric Voskuil <eric@voskuil.org>
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Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Generalized covenants with taproot enable
riskless or risky lending,
prevent credit inflation through fractional reserve
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Good morning Eric,
> But it=E2=80=99s worth noting that early recovery of the UTXO entirely el=
iminates the value of the time lock cost to the ad market. The most obvious=
example is one encumbering the coin to himself, then releasing it with his=
own two signatures whenever he wants. In other words, there is no encumbra=
nce at all, just a bunch of pointless obscurantion.
You still do not understand.
I strongly suggest actually reading the post instead of skimming it.
The advertisement is broadcast to new nodes on the ad network if and only i=
f its backing UTXO remains unspent.
Once the UTXO is spent, then the advertisement is considered no longer vali=
d and will be outright deleted by existing nodes, and new nodes will not le=
arn of them (and would consider it spam if it is forced to them when the UT=
XO is already spent, possibly banning the node that pushes the advertisemen=
t at them).
Thus the locked-ness of the UTXO is the lifetime of the advertisement.
Once you disencumber the coins (whether your own, or rented) then your adve=
rtisement is gone; forever.
Your advertisement exists only as long as the UTXO is unspent.
Regards.
ZmnSCPxj
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