DM ME if you're potentially affected by covenants \ stacker news ~bitcoin

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DM ME if you're potentially affected by covenants

471 sats \ 11 comments \ @_arshbot 3 Jun bitcoin

Hey y'all! I'm collecting broad industry feedback for covenants, specifically the CTV+CSFS proposal. If you are potentially positively affected (because of new features that you can provide to customers, some efficiencies to your system, etc), negatively affected (because your system suffers from the introduction of covenants, new exploits on your architecture are now possible), or more or less ambivalent --

I would LOVE to hear from you. Please dm me, drop a comment, or email me at harsha @ magnolia.financial

Please share! This is your time to make your voice heard.

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50 sats \ 1 reply \ @optimism 3 Jun

Perhaps it's an idea to have an open discussion about this? Maybe there are issues or benefits someone hasn't realized yet but is triggered to investigate a particular case by what others find useful or harmful?

21 sats \ 0 replies \ @_arshbot OP 3 Jun

Exactly. I'm trying to get feedback from anyone who might have some hidden usecase, or is scared because this upgrade is going to make their life difficult.

We're not going to know if no one asks, so I'm going around and asking.

0 sats \ 1 reply \ @The_Young_Bitcoiner 3 Jun freebie

Not a question related to your post, but what do you think of other BIPs? Like VAULT and specially BIP-300/301?

0 sats \ 2 replies \ @standardcrypto 3 Jun

I am concerned the value of Bitcoin will drop if covenants are adopted.

I definitely know people that will deallocate if this happens.

There are probably others that will buy.

But I think more will sell.

100 sats \ 1 reply \ @elvismercury 3 Jun

I don't believe this at all. Just putting that out there. It's the btc equivalent of threatening to move to Canada. Nobody's moving to Canada.

0 sats \ 0 replies \ @standardcrypto 3 Jun

touche 🥸.

you got me.

0 sats \ 1 reply \ @Cje95 3 Jun

I know this might seem dumb but can you explain what this is? I have no idea as a pretty much daily SN member

10 sats \ 0 replies \ @_arshbot OP 3 Jun

We're talking about a potential upgrade for Bitcoin that works by fundamentally narrowing the functionality of a utxo.

Here's a great explainer site: https://covenants.info/

5 sats \ 1 reply \ @guerratotal 3 Jun

Covenants… a powerful tool or a dangerous door?

I deeply believe that Bitcoin’s elegance comes from its minimalism — from the purity of simple, immutable rules. Every soft fork, every proposal, forces us to ask: does this preserve the ethos of Bitcoin as sovereign money, or does it creep toward complexity, compromise, and unintended consequences?

I’m not against innovation — but I’m fiercely protective of what Bitcoin represents. Sound money. Exit from fiat. Freedom at a protocol level.

Covenants could unlock fascinating use cases — sure — but the question remains: at what trade-off? Does it enhance self-sovereignty, or does it open subtle paths for surveillance, restriction, or protocol ossification over time?

I appreciate what you’re doing by collecting feedback. Bitcoin is not just code — it’s a social contract among those who run nodes.

The conversation matters. The responsibility is enormous.

Keep going.

15 sats \ 0 replies \ @_arshbot OP 3 Jun

100%

I spent a lot of time digging into the compliance ramifications of covenants not just in the US, but in what another nationstate could actually do with CTV+CSFS.

Magnolia is basically an exchange at the end of the day, so it's kind of our business. I need to refine and publish it, but no doubt many would find our findings very enlightening (pun intended).