Summary
Cat memes have recently taken over the Bitcoin space, with the Taproot Wizards using them to promote their proposals. However, the use of meme campaigns to discuss and decide consensus changes for Bitcoin raises questions about the value and depth of the discussions. While some argue that meme campaigns are a fun way to engage the community, others question their ability to capture the complexity and nuance of protocol changes. One specific proposal being discussed is the use of OP_CAT, which concatenates strings in Bitcoin script. While it may seem harmless, OP_CAT has the potential to interact with other aspects of script in ways that could have unintended consequences. It could enable the creation of open-ended UTXOs and decentralized exchanges (DEX), which have caused problems and centralization issues on other blockchains. The article argues that rushing to introduce these types of problems to Bitcoin without fully understanding the risks is not advisable. Additionally, the combination of OP_CAT with other proposals could create a dynamic that is difficult to escape, as any future proposals would be influenced by the capabilities enabled by OP_CAT. The article suggests that meme campaigns should not be the basis for making important development decisions for Bitcoin, as they lack the nuance and complexity required. While Bitcoin needs to progress, it should do so with caution and conservatism to maintain its solid foundation.
Key Points
1. Meme campaigns should not be the basis for deciding and discussing consensus changes to the Bitcoin protocol. While cat memes have become popular in the Bitcoin space, the content surrounding these memes has been superficial. The value of consensus changes should be determined through reasoned consideration of proposals and their implications.
2. The proposed OP_CAT feature, which allows for concatenating strings in Bitcoin script, may have potential risks and negative consequences. When combined with other existing and future aspects of script, such as CSFS (Checking Signature From Stack), it opens up a design space with potential for misuse. For example, it could enable the creation of open-ended UTXOs and decentralized exchanges (DEXes), which have caused chaos and volatility in other blockchains.
3. The activation of OP_CAT could have long-lasting effects on future soft fork proposals. It would be difficult to escape the side effects and use cases enabled by OP_CAT when combined with other proposals. This lack of flexibility and the potential for downsides and risks may hinder Bitcoin’s scalability and development process. Decisions should be based on reasoned consideration rather than meme campaigns.