Hmmm, not sure if you realize that bcash is already horribly centralized. This is ...

techfeudalist /

npub1nz3…yxqu

2024-09-06 15:02:29

in reply to nevent1q…8em8

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.

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npub1nz3cd3mx4jf9paxwrdgqvchaprjdge9pj9t58mkusw74q5saajkqu0yxqu

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2024-09-06 15:02:29

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