Covenants!

I dug into covenant opcodes, and the answer was so clear to me. Why? Because I have a very clear idea of what I want Bitcoin to be. And this is always the root of the divide in these debates… differences in what we want Bitcoin to be.

I want Bitcoin to be better, global, money. I don’t want Bitcoin to do all the things. That’s how we wind up with hacks like the Bybit Ethereum debacle. I’m a huge fan of permissionless innovation. If you want to go make big bets on complex smart contracts, go for it! But please lets keep Bitcoin as simple, decentralized, permissionless money.

I am harshly opposed to any opcode that enables recursive covenants. If we enable this a week later we will see the beginning of the splitting of the Bitcoin ecosystem into gov approved coins and dirty bitcoins. We will be opening up our permissionless money to be turned into permissioned money by any entity who can coerce lager Bitcoin businesses. And if you don’t think your gov will do that, well what’s your least fav gov, political party, or mega corp? What might they do?

Bitcoin decentralizes power. Those in power seek more power.

If you disagree with me, please tell me why. But first, tell me what you think Bitcoin *should* be.