Hmmm, not sure if you realize that bcash is already horribly centralized. This is what we’re trying to avoid with bitcoin.
Also, there is no risk to OP_CAT on Liquid because it doesn’t have mining like bitcoin.
The problem with enabling OP_CAT on the bitcoin timechain is that it can create arbitrage opportunities which can encourage miner centralization.
Here’s how:
CAT can enable on chain atomic swaps.
https://bitcoin-takeover.com/andrew-poelstra-bitcoin-covenants-op_cat-vs-op_ctv/
On chain atomic swaps can be used to create securities marketplaces (eg Uniswap on Ethereum)
https://www.gemini.com/cryptopedia/what-is-an-atomic-swap-token-swap
Unswap-like exchanges create the potential for centralizing MEV by allowing speculators to bribe miners to reorder transactions so the speculators can jump the queue.
https://medium.com/flashbots/frontrunning-the-mev-crisis-40629a613752
Smart contracts, arbitrary code execution, etc are fine if they’re off-chain. But if when they are used on-chain, then the they can harm bitcoin’s decentralization.
Devs who want to use OP_CAT should just use it on Liquid. No need to take unnecessary risks with bitcoin.
techfeudalist /
npub1nz…0yxqu
2024-09-06 15:02:29
in reply to nevent1q…8em8
Author Public Key
npub1nz3cd3mx4jf9paxwrdgqvchaprjdge9pj9t58mkusw74q5saajkqu0yxquPublished at
2024-09-06 15:02:29Event JSON
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