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From: Jeff Garzik <jgarzik@bitpay.com>
Date: Sun, 21 Jun 2015 09:54:08 -0700
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To: Braun Brelin <bbrelin@gmail.com>
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Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
Subject: Re: [Bitcoin-development] Question regarding transactions with
 NLOCKTIME > 0
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Yes, that is correct.  The network will not relay until locktime reaches
"maturity", i.e. it can be confirmed into a block.

The wallet holds onto the transaction -- or simply does not generate --
until it can be confirmed.

On Sun, Jun 21, 2015 at 5:11 AM, Braun Brelin <bbrelin@gmail.com> wrote:

> So, basically it sounds as though the wallet generating the transaction is
> what is responsible for holding on to the transaction and then
> only releasing it to the network when the NLOCKTIME value is less than or
> equal to the current time.  Does that sound right?
>
> Braun
>
>
> On Sun, Jun 21, 2015 at 10:45 AM, s7r <s7r@sky-ip.org> wrote:
>
>> Hi
>>
>> I don't think that a transaction with nLockTime>0 will be accepted by
>> nodes / relayed in the Bitcoin network, until its time expires (e.g.
>> nLockTime==now). This means it obviously cannot be stored in a block,
>> before its locktime expires. nLockTime is designed in a way that you,
>> need to keep it offline (not broadcast it to the network because it
>> won't be accepted or relayed by nodes) until the locktime expires, then
>> you can broadcast it and it will be mined and included in a block, like
>> a normal tx.
>>
>> This is exactly why Peter Todd and others are working on
>> CHECKLOCKTIMEVERIFY and RELATIVE CHECKLOCKTIMEVERIFY - this is an
>> enhancement to basic nLockTime which tends to offer to users the
>> guarantee that if you have a transaction with nLockTime, the signer
>> holding the private keys used to sign it cannot sign another one, with
>> nLockTime 0 and broadcast it before the locktime for your tx expires.
>>
>> Cheers!
>>
>> On 6/21/2015 10:10 AM, Braun Brelin wrote:
>> > Hi all,
>> >
>> > When a transaction with N_LOCKTIME>0 is created, does that transaction
>> > get stored in a block on the blockchain or is it stored in the mempool
>> > until the actual time (or block number) exceeds the current value?  If
>> > it is stored on the blockchain, how does that affect the concept of
>> > pruning that is supposed to be going in to version 0.11?  I.e. if I
>> > create a transaction that doesn't take effect for 10 years, and that
>> > transaction is stored in a block, does that block stay on the active
>> > list for that period of time?
>> >
>> > Thanks,
>> >
>> > Braun Brelin
>> >
>> >
>> >
>> >
>> ------------------------------------------------------------------------------
>> >
>> >
>> >
>> > _______________________________________________
>> > Bitcoin-development mailing list
>> > Bitcoin-development@lists.sourceforge.net
>> > https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>> >
>>
>
>
>
> ------------------------------------------------------------------------------
>
> _______________________________________________
> Bitcoin-development mailing list
> Bitcoin-development@lists.sourceforge.net
> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>
>


-- 
Jeff Garzik
Bitcoin core developer and open source evangelist
BitPay, Inc.      https://bitpay.com/

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Content-Type: text/html; charset=UTF-8
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<div dir=3D"ltr">Yes, that is correct.=C2=A0 The network will not relay unt=
il locktime reaches &quot;maturity&quot;, i.e. it can be confirmed into a b=
lock.<div><br></div><div>The wallet holds onto the transaction -- or simply=
 does not generate -- until it can be confirmed.</div></div><div class=3D"g=
mail_extra"><br><div class=3D"gmail_quote">On Sun, Jun 21, 2015 at 5:11 AM,=
 Braun Brelin <span dir=3D"ltr">&lt;<a href=3D"mailto:bbrelin@gmail.com" ta=
rget=3D"_blank">bbrelin@gmail.com</a>&gt;</span> wrote:<br><blockquote clas=
s=3D"gmail_quote" style=3D"margin:0 0 0 .8ex;border-left:1px #ccc solid;pad=
ding-left:1ex"><div dir=3D"ltr">So, basically it sounds as though the walle=
t generating the transaction is what is responsible for holding on to the t=
ransaction and then<div>only releasing it to the network when the NLOCKTIME=
 value is less than or equal to the current time.=C2=A0 Does that sound rig=
ht? =C2=A0</div><span class=3D"HOEnZb"><font color=3D"#888888"><div><br></d=
iv><div>Braun</div><div><br></div></font></span></div><div class=3D"HOEnZb"=
><div class=3D"h5"><div class=3D"gmail_extra"><br><div class=3D"gmail_quote=
">On Sun, Jun 21, 2015 at 10:45 AM, s7r <span dir=3D"ltr">&lt;<a href=3D"ma=
ilto:s7r@sky-ip.org" target=3D"_blank">s7r@sky-ip.org</a>&gt;</span> wrote:=
<br><blockquote class=3D"gmail_quote" style=3D"margin:0 0 0 .8ex;border-lef=
t:1px #ccc solid;padding-left:1ex">Hi<br>
<br>
I don&#39;t think that a transaction with nLockTime&gt;0 will be accepted b=
y<br>
nodes / relayed in the Bitcoin network, until its time expires (e.g.<br>
nLockTime=3D=3Dnow). This means it obviously cannot be stored in a block,<b=
r>
before its locktime expires. nLockTime is designed in a way that you,<br>
need to keep it offline (not broadcast it to the network because it<br>
won&#39;t be accepted or relayed by nodes) until the locktime expires, then=
<br>
you can broadcast it and it will be mined and included in a block, like<br>
a normal tx.<br>
<br>
This is exactly why Peter Todd and others are working on<br>
CHECKLOCKTIMEVERIFY and RELATIVE CHECKLOCKTIMEVERIFY - this is an<br>
enhancement to basic nLockTime which tends to offer to users the<br>
guarantee that if you have a transaction with nLockTime, the signer<br>
holding the private keys used to sign it cannot sign another one, with<br>
nLockTime 0 and broadcast it before the locktime for your tx expires.<br>
<br>
Cheers!<br>
<div><div><br>
On 6/21/2015 10:10 AM, Braun Brelin wrote:<br>
&gt; Hi all,<br>
&gt;<br>
&gt; When a transaction with N_LOCKTIME&gt;0 is created, does that transact=
ion<br>
&gt; get stored in a block on the blockchain or is it stored in the mempool=
<br>
&gt; until the actual time (or block number) exceeds the current value?=C2=
=A0 If<br>
&gt; it is stored on the blockchain, how does that affect the concept of<br=
>
&gt; pruning that is supposed to be going in to version 0.11?=C2=A0 I.e. if=
 I<br>
&gt; create a transaction that doesn&#39;t take effect for 10 years, and th=
at<br>
&gt; transaction is stored in a block, does that block stay on the active<b=
r>
&gt; list for that period of time?<br>
&gt;<br>
&gt; Thanks,<br>
&gt;<br>
&gt; Braun Brelin<br>
&gt;<br>
&gt;<br>
&gt;<br>
</div></div>&gt; ----------------------------------------------------------=
--------------------<br>
&gt;<br>
&gt;<br>
&gt;<br>
&gt; _______________________________________________<br>
&gt; Bitcoin-development mailing list<br>
&gt; <a href=3D"mailto:Bitcoin-development@lists.sourceforge.net" target=3D=
"_blank">Bitcoin-development@lists.sourceforge.net</a><br>
&gt; <a href=3D"https://lists.sourceforge.net/lists/listinfo/bitcoin-develo=
pment" rel=3D"noreferrer" target=3D"_blank">https://lists.sourceforge.net/l=
ists/listinfo/bitcoin-development</a><br>
&gt;<br>
</blockquote></div><br></div>
</div></div><br>-----------------------------------------------------------=
-------------------<br>
<br>_______________________________________________<br>
Bitcoin-development mailing list<br>
<a href=3D"mailto:Bitcoin-development@lists.sourceforge.net">Bitcoin-develo=
pment@lists.sourceforge.net</a><br>
<a href=3D"https://lists.sourceforge.net/lists/listinfo/bitcoin-development=
" rel=3D"noreferrer" target=3D"_blank">https://lists.sourceforge.net/lists/=
listinfo/bitcoin-development</a><br>
<br></blockquote></div><br><br clear=3D"all"><div><br></div>-- <br><div cla=
ss=3D"gmail_signature">Jeff Garzik<br>Bitcoin core developer and open sourc=
e evangelist<br>BitPay, Inc. =C2=A0 =C2=A0 =C2=A0<a href=3D"https://bitpay.=
com/" target=3D"_blank">https://bitpay.com/</a></div>
</div>

--089e01182852a8c4fd05190a0280--