0 sats \ 4 replies \ @itsrealfake 20 Dec 2023 \ parent \ on: Opinion on Covenants? bitcoin
I imagine a scenario where adding covenants unlocks the ability for Uncle Gov to order Cashapp to send all withdrawals through a covenant to a user.
that is not how it works, covenants are something you put inside of your wallet/address. unless you opt into it, they can't effect you
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What's to prevent Uncle Gov from demanding that the exchange opt into a covenant at their wallet?
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Nothing prevents Uncle Gov from demanding you use their KYC fork of bitcoin either.
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it could be seen as serving the interests of such a hypothetical uncle gov to fork:
- confuse the information space e.g. "yeah i heard bitcoin is forking a bunch, USDC is probably easier for me to use for now"
- fork fail scenario == pump & dump, worst case
what does uncle lose for attempting at a fork?
maybe i'm completely dumb... my point in the parent is that:
a) it's easier to get the exchange to engage w a forced covenant by the thumbscrews of access to banking services
b) imagine the covenant which is written in such a way that only another covenant enforced wallet can be the receiver, receive.
a boa constrictor type situation. it's not hard to imagine this idea coming out of a scenario planning exercise, so it's reasonable to ask, at least.
@delete after 2 weeks