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