if ya ain't first, you're last

this is how money works

only one wins. #Bitcoin

messes up my sleep, no sleep, no code

i'm quitting the caffeine as of today

oh, sure i could go up the street and get some espresso but it no longer is welcome in my house

that will be enough to abolish it

Very few Indian friends were seen on #Nostr.

ctv is a primitive that lets you build protocols, like ark

saying ctv gets you “shared utxos” is meaningless without a protocol for *how* that sharing works. ark is one such protocol. you mentioned a diy one — what were you referring to?

why isn’t ark using the diy design you outlined then? I don’t understand how an opcode gets you something that ark, built with that opcode, doesn’t?

doesn’t ark use ctv?

how does this differ from ark? seems extremely similar

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ah, also: note that in order to setup the covenant, you’re going to need to make a tx. you can’t just start sending hashes around without at least one party committing something to chain ⛓️

yes. how did you think it works?

no it’s a reduction in the amount of data you need to write to chain; instead of writing in a pubkey you write in the promise to pay a bunch of pubkeys at some point, in the future

and in fact that bitcoin cant be used for anything else

then you have a promise and not a utxo, which is pretty worthless if you want to use that promise to pay someone else

so people are trying to design ways to pay each other with promises instead

covenants scale bitcoin by making promises to pay you. typically these promises are ones that you can verify because they’re written into the chain

those promises risk becoming “unenforceable” where youve been promised bitcoin that is forever uneconomical to ever claim outright. It’s worth paying attention to the talk about how easy it is to add fees later to different covenants designs, etc. who pays the fees to make good on that “promise” of the bitcoin belonging to you is generally an open question, and the ability to do so (and how) is under active research/exploration right now (imo)

an old theme of layer-2 design is “whos permission do you need to exit”; covenants add the additional question of “how much does it cost to exit”

a lot of the L2 protocols that “use” covenant primitives (in whatever form) rely on the idea of swapping ownership of those promises. how you update the underlying contracts to reflect that changed ownership is where the protocol design comes in

maybe something worth using as a lens when comparing different protocols that rely on covenants “to scale”

Since I discovered #bitcoin I stopped saving in usd and never owned fiat since then (only a tiny amount to pay my rent) ! Adapted to #bitcoin standard as much as I could ! I’m basically $-50k in debt. Am I shorting it right? 🫡