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if they use covenants
How so? I still supply the withdrawal address, which means I specify the locking script?
You think they won't let me withdraw unless I withdraw to a cucked address? Seems like no one would bother doing that. And it would just become a thing where if you buy on an exchange, you know you can't actually get the bitcoin, which means anyone who wants actual bitcoin won't buy on exchanges.
I don't see how the possibilities with covenants are so endless. Receiver's produce addresses, if the person won't send to my address, it's no different than a bcasher saying they can't send to my address.
Once the option is available it will become required, no exchange will be allowed to operate if they allow withdrawals to non-cucked outputs. Regulatory capture all over again.
You may not like it, but most will accept it graciously, under the guise of being protected from account hacks or scams. Non-covenant coins will become the exception, eventually you may not even be able to sell it for dollars in any meaningful amount. Sorry Scoresby Jr, no family vacation this year, Daddy has black market coins.
Larping with p2p exchanges can be fun if you're into frivolities, but that's not what moves the coin market.
It's exactly the same as colored coins and other anti-fungibility schemes Bitcoiners used to rail against when they weren't distracted by shit like BIP-110
Receiver's produce addresses
Which is exactly why the vaults use-case for covenants is retarded, but that's a separate matter.
The lines between intelligence agencies and industry are blurry, same way that industries use regulation to protect against competition. The government is just a giant corporation where industry colludes.
If the large entities get their way and enable Bitcoin delegation, it gives leverage to their existing systems of control.
Think withdrawing your Bitcoin from an exchange, if they use covenants they can revoke your coin after you've withdrawn or make sure you don't send it to someone they don't like... Fake L2's getting acquired by the big banks... Stablecoins that trace back to your Bitcoin stack after you sell on a "DEX"... coordinators everywhere conducting surveillance...
The possibilities with covenants are endless, none of them good.