461 sats \ 0 replies \ @theonevortex 26 Jan \ parent \ on: How CTV (BIP 119) Could Create Channel Factories for Casual Users (John Law) bitcoin
This is completely false. Covenants work just like regular tx's. You have to opt-in. Happy to answer any questions you have about CTV since it seems you're currently very confused.
Lightning could do so much more with covenants:
https://utxos.org/uses/batch-channels/
If we cap the number of UTXOs then we cap the amount of people that can have their own private key in bitcoin.
OP_CTV actually allows for the ability to share UTXOs, scaling the amount of people that can hold their private keys several orders of magnitude.
As far as Ordinals goes, when fees reach a threshold deemed too high for the market it will calm down. The market clearly has decided fees aren't too high yet, patience.
Personally I spend my time researching tech that will allow more people to use bitcoin rather than worrying about short term flee fluctuations.
The reality is that bitcoin is for anyone but bitcoin is not for everyone. Filtering txs you believe not to be valid is your right as a node and pool operator. We fought a scaling war to prove L1 is not viable for small txs at scale, this is why Lightning exists. Ordinals and other similar types of economic activities will be incentivized to move up to L2 and above over time.
GENESIS