-
2025-01-04 22:32:52OP_CAT, Coffee, and keeping an open mind to Bitcoin soft forks by an 80 IQ BTC Maxi Pleb TLDR: CAT is both low risk and low appeal to the broader non-dev BTC community. I don’t care and you shouldn’t either. If I am an 80 IQ HODL pleb or a company that caters to that group, can you please give me 2-4 fifth grade level coherent english sentences that explain why I should support CAT? I’m still waiting… CTV or LNHANCE on the other hand have broad appeal. Five years ago in the office we got a fancy $6,000 coffee maker. It was hooked up to wifi, showed TV on a giant screen, and could make every type of coffee/milkshake you could think of. I was captivated… for about 1 day. After trying a few times I realized almost all the drinks it made were of low quality. The wifi connection actually ended up just being annoying. Half the time I wanted a coffee, only had a 5 minute break, and the machine displayed some inscrutable error. I went back to the proverbial grind un-caffeinated and frustrated wishing we had the old reliable boring coffee maker back. I also found myself only coming back to the 2 drinks I really cared about, espresso and maybe an occasional cappuccino. It was “cool” that new machine could make over 60 different drinks, but when I sat back and thought about it all I really needed or wanted were a few key options that I used constantly. Especially as those extra bells and whistles seemed to be the usual suspect in the coffee machine constantly breaking. I would’ve loved them upgrading from burnt starbucks coffee beans to a local specialty roaster, that would’ve greatly enhanced my daily coffee. Echoing this realization, my coffee setup at home became a simple machine that could only make espresso and a hand crank coffee bean grinder. Still have them years later and they work great. They’re robust and fit exactly what I wanted with no nonsense that created more headache than everyday value. As you probably suspected, this is a loose comparison to OP_CAT. I’ve listened to podcast after podcast, read blog after blog, and sat through every CAT pitch I could find. I genuinely tried to approach with an open mind. However, ultimately what every pro OP_CAT argument boils down to is that there is no simple left curve elevator pitch a pleb will understand or care about. “But we can get this really cool ZK Rollup and have infinite DEFI bridging to altcoin chains! Look we sort of did it on this other altcoin chain.” And they did, they aren’t lying. They have live software on a shitcoin chain like ETH or SOL that does some modest volume. But the story quickly falls apart in the face of a few basic left curve questions: “Why should I, as an 80 IQ left curve BTC maxi give a shit?” “Does this enhance my everyday experience holding and using BTC?” “Why do you have a non-BTC token for your rollup/sidechain/glorified multisig that is totally centralized?” “Why is there only a hard to understand often ill-defined *path* to de-centralization? Why isn’t it just already decentralized?” “What is a clear use case that the typical non-technical everyday BTC holder can understand and rally behind?” “Why should I care about bridging to ETH, SOL, or whatever shitcoin chain? I only want BTC and don’t want to participate in all that shitcoin bullshit. Bitcoin is a store of value and money to me and it doesn’t help with those use cases in a clear direct way. It sounds like it maybe, kinda, sorta does help with a lot of caveats, ifs, and steps that I struggle to understand.” Sorry yeah I know, that one got a little personal. I’ll try to do better going forward guys. ZK proofs or other Pro-CAT arguments, are undoubtedly cool and do factually enable potential cool new stuff. It just happens to all be stuff that sounds complex, esoteric, and unappealing to an 80 IQ HODL pleb - let alone a miner, ETF investor, or exchange exec. I don’t mean to say ZK or other tech has no potential and that we won’t eventually move there, but just to say that it’s not in the cards as currently dealt. I really went out trying to keep an open mind and steelman the case for CAT. I came back firmly believing: #1 Support is deep in the developer community, but **nonexistent** everywhere else. I have yet to find a single person that supports CAT who is not a dev or working at or sponsored by a company that stands to directly profit from something CAT enables. Which is fine, but I reserve the right to be skeptical of your direct incentive. I acknowledge rough consensus is very hard to judge, and am open to changing my mind on this over time but feel this is a currently accurate assessment. #2 To get a soft fork you need rough consensus. Most people in that potential consensus are not highly technical developers. They care mostly or exclusively about BTC’s store of value use case. No one has yet articulated a clear compelling store of value enhancing use case that they can understand and care about. Without pull demand from potential users and paying customers, CAT will inevitably stall. #3 Lots of factually inaccurate FUD has been thrown at CAT. People saw the Taproot Wizards or shitcoiners pushing CAT, and immediately dismiss CAT as an evil psyop without any real consideration for its technical merits. Frankly most people just hate Udi and say “Fuck CAT” based solely on that. Maybe not fair, but true. #4 CAT is low risk, and it is not a catastrophe waiting to happen. Anything bad it potentially enables is enabled in such an inefficient and/or use hostile way that it is highly unlikely to pose any issues to Bitcoin. CAT’s technical risk is low and this is consistently proven by other chains enabling CAT and having no issues with it, such as Liquid. #5 Lots of people who have no idea wtf they are talking about falsely claim CAT is the apocalypse without any ability whatsoever to explain why. Imho you are no better than Udi and the shitcoiners if you are willing to lie about CAT just because you dislike them. We as the BTC community need the ability to have a rational discussion on technical merits, and not to devolve into a cult of personality based political battle. The question should be, “Is CAT good or bad and why?” and not “I just hate Udi, therefore its a no from me dog.” Summarizing CAT using TradFi language: those pushing CAT have technology in search of a problem and no clear product market fit. They are pushing their technology to an apathetic audience. Pushers of CAT are not pulled forward by customer demand. In the tech world these are some of the quintessential red flags that every good investor knows mean you need to sit this one out. CTV or LNHANCE on the other hand are soft fork proposals that have clear use cases you can quickly explain to a broad swathe of the Bitcoin ecosystem: “Hey HOLD pleb, worried about losing your coins? Wouldn’t it be nice to have a simple vault that reduces the chances your coins are lost or stolen? Let’s make self custody and BTC’s store of value use case strictly better, specifically without enabling any shitcoin-ery.” “Hey Blackrock, Van Eck, ARK, Franklin Templeton, and every ETF investor - it would really suck if Coinbase lost all your Bitcoin and that ETF went to zero, right? What it we could create vaults to make that Bitcoin more secure?” “Like Lightning but find it hard to use self-custodially? Let’s make Lightning better, easier, and more scalable with fewer onchain transactions and lower fees.” “Tried or seen the ARK demos yet? They have real working code even without covenants. With covenants we get big ARK volumes and scaling while also making it easier.” Signing off: See the difference? I, an 80 IQ pleb, can steelman multiple use cases for CTV/LNHANCE that have broad appeal. I have yet to see any such case for CAT, and until then I don’t think it’ll go anywhere. *Pro-CAT Sources I’ve digested and would encourage others to consider: https://en.bitcoin.it/wiki/Covenants_support https://www.youtube.com/watch?v=no_Nj-MX53w https://www.youtube.com/watch?v=_yp4eYK9S6M Pro-CTV/LNHANCE sources to consider which have CLEAR use cases with widespead appeal: https://github.com/jamesob/simple-ctv-vault https://github.com/stutxo/op_ctv_payment_pool https://lnhance.org/ https://bitcoinmagazine.com/technical/how-ctv-can-help-scale-bitcoin