Why CLTV was a bad idea

CLTV was rejected — it is not Bitcoin

CLTV is unnecessary

What is/was the issue?

A false issue
  • At the moment, if you make a payment to someone but they’ve wiped their wallet then the coins are irretrievably lost.
  • The nTimeLock (and possibly also nSequence-locked) transaction is a file.
  • The private key Alice uses is a file.

Alice also has more freedom than in the CLTV case

  • Similarly, if the network is flooded with 0.01 fee transactions and you make an urgent payment but forget to include a higher fee then you can’t reissue that payment backed by the same coins but with a fee.
  • If you could cause the current block number to be pushed on the stack and do some maths with it then you could implement a payment that must be spent by the recipient before a certain block number is reached or else the script would allow it to be spent again by the sender for example.

Bitcoin is not PGP

Using nLockTime

nLockTime always allowed so.

Miners are not peers

  • If the user cannot access the key, they cannot access the funds in a CLTV-locked transaction.
  • If the user cannot send a signed transaction to the blockchain, then they cannot redeem the funds in a CLTV-based transaction.
  • So, if you can send a file, a transaction to the blockchain to redeem CLTV, you can also redeem using nLockTime.

Privacy… CLTV loses it

CLTV is less powerful than nLockTime

MORE POWER!

Conclusion

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My opinions are my own. Eternal student & researcher; plugging Bitcoin from as long as it was lawyer, banker, economist, coder, investor, mathematician, & stats

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Craig Wright (Bitcoin SV is Bitcoin.)

Craig Wright (Bitcoin SV is Bitcoin.)

My opinions are my own. Eternal student & researcher; plugging Bitcoin from as long as it was lawyer, banker, economist, coder, investor, mathematician, & stats

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