> Bitcoin covenants are a proposed feature designed to enhance the control mechanisms over Bitcoin transactions. Traditional Bitcoin transactions allow senders to specify only the recipient and the amount to be transferred. Once bitcoins are sent, the sender has no control over what the recipient does with them. Covenants aim to extend this functionality by allowing the creation of rules or conditions that specify how the received bitcoins can be spent in the future.

On the first look #Bitcoin #covenants don’t sound like a very desirable feature. Would love to know if im missing something. Can somebody point me to an intelligent discussion/pro/contra?

You still need lights, otherwise please do explain how 10B people transact on L1 when Bitcoin is worth a few billion per coin and even at 1 sat/vbyte is thousands of dollars. One solution has trade offs over another.

Plus normies don't care. As opposed to social manipulation, popularity and theft, in the future you will need capital to offer financial services. You will not be able to get capital illegitimately at scale with sound money as the foundation. If money worked today far less people will care about self custody and even today it's far less than 1%. The few that do will be wealthy. I personally wouldn't have cared until I found out how broken it all is. You overestimate the sheep.

Let’s go! 🧡🌴

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In the future that will be too many. What do you buy when you can 3D print everything you need? You can even print your own 3D printer. You might say well you have to buy the filaments. Or I can just buy one machine that makes the filaments from natural resources around me. Then I can just keep printing more of those. And that goes on and on and is only one example of how fast the demand to transact will go down. Especially now with the rapidly accelerating advancements in AI

What does lightning have to do with #bitcoin? We are talking scalability without lightning. I was saying #bitcoin can scale with the code it has today. That means without lightning. It can scale because demand for transactions will go down because of the deflationary nature of technology improving

Oh so you have discovered a way to create #bitcoin out of thin air? You know how to get more than 21 million? Please share your secrets. My node would love to hear how you plan on tricking it to accept your newly invented #bitcoin?

Incoming

I installed them and used muun a few times

I honestly don't know what you just said so I wouod say no🤷‍♂️

Sure. Although submarine swap fees went crazy, think the others still work

Bitcoin isn't just another bank-tied asset. It's independent, run by its users, not banks. They can not just create bitcoin out of thin air and loan it out. #bitcoin makes banks obsolete

Yeah. Used Muun for a while (submarine swaps). But I think exodus and breeze are also non-custodial.

So non-custodial lightning wallets aren't viable? (serious question)

💯

Don't fuck with my money unless it absolutely needs it. Even then, I'll decide whether I agree to your rules.

This is why we run nodes.

Too many noobs weren't around in 2017. We've been there and done that.

Bitcoin's scalability has more to do with how our world evolves. As Bitcoin has a limited supply, its value tends to go up or remain stable, reducing the need for frequent transactions as the currency retains its value better than fiat.

At the same time, advancements like AI, 3D printing, and self-driving cars are making things cheaper and more efficient. This "technological deflation" means we might need to transact less often because things cost less to make and do. This naturally reduces the demand for transactions on the Bitcoin network.

So, even without major changes to Bitcoin's code, the network could scale just fine as societal needs shift. Rushing to change the fundamental aspects of Bitcoin could introduce risks without real benefits. It’s crucial to think carefully about any changes, making sure they're truly needed and widely supported to avoid splitting the community.

Remarkably common ignorant statement.

WE NEED LAYER 1 IMPROVEMENTS IN ORDER TO MAKE LAYER 2 DEVELOPMENT MORE FEASIBLE.

Bank wires still $30-$50 depending on geographic location…..$1 to settle with bitcoin is a bargain.