I’m surprised there is no more outrage from bitcoiners regarding #covenants. After doing a cursory research on the topic, it seems that covenants would mean the end of permissionless #Bitcoin and the generalization of #KYC-ed #BTC.
- Covenants can enforce spending outputs to KYCed addresses only.
- Covenants can enforce receiving BTC from KYCed addresses only
- #Covenant rules applied to a given output would propagate to future spending of this output.
In short, all BTC leaving a regulated entity could only be spend to KYCed addresses forever.
Maybe I missed it, but I haven’t seen the plebs being outrage about this risk for Bitcoin. I heard a lot more criticism about #drivechains though. This tell me that some of the vocal opposition is either controlled opposition or uninformed.
#OPCAT #OPCTV #drivechain
LogicallyMinded
npub1s0f…rqf5
2024-05-13 23:29:41
Author Public Key
npub1s0fs9dwztm2rukm42vh6df4a5gwykclf75tgyeuc75t0cs2eh8rsu2rqf5Published at
2024-05-13 23:29:41Event JSON
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"content": "I’m surprised there is no more outrage from bitcoiners regarding #covenants. After doing a cursory research on the topic, it seems that covenants would mean the end of permissionless #Bitcoin and the generalization of #KYC-ed #BTC.\n\n- Covenants can enforce spending outputs to KYCed addresses only. \n- Covenants can enforce receiving BTC from KYCed addresses only\n- #Covenant rules applied to a given output would propagate to future spending of this output. \n\nIn short, all BTC leaving a regulated entity could only be spend to KYCed addresses forever. \n\nMaybe I missed it, but I haven’t seen the plebs being outrage about this risk for Bitcoin. I heard a lot more criticism about #drivechains though. This tell me that some of the vocal opposition is either controlled opposition or uninformed.\n\n#OPCAT #OPCTV #drivechain",
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