BIP119 : Don’t f**k with my money

UTXOS.org is the hangout of BIP119 and the home page title should send alarm bells ringing across the Bitcoin community.

‘Next-Gen Smart Contracts for Bitcoin’ – as far as I am concerned if you want smart contracts use Ethereum or some other Alt coin. Bitcoin has no need for additional smart contracts, it is already highly programmable especially with the continued development of the lightning second layer. For an overview of why BIP119 is such a BAD idea start with the broadcast by Andreas M. Antonopoulos below.

BIP 119 Controversy @ 2:00

The main argument against BIP119 is that it introduces more complexity into the Bitcoin programming environment, more complexity means more risk to the security of Bitcoin. Other blockchains illustrate what can go wrong with flexible programming environments. Ethereums DAO roll back. More recently the Solana blockchain was offline for more than 7 hours.

For a more detailed look at BIP 119 take a look at the following

Refer to the timestamps below

36.00 Jimmy Song overview of BIP119

40.00 Tone Vays nails it – 2 main issues

41.09 nvk – Speedy trial is a terrible idea for Bitcoin. Hard forks only! Not UASF

45.00 Stop f**king with my money

47.00 Adam Back. Risk is counter intuitive…Innovation is NOT a metric of success.

54.20 Don’t f**k with my money

59:00 Bitcoin mechanic

1:00:00 Malicious softfork

1:06:00 ‘How do I get my upgrade into Bitcoin’ – You can’t – that is the defualt

1:09:00 Jedi mind f**k. ‘Wash my car’

1:11:00 Bitcoin default should be ‘no change’

1:14:00 The systemic risk of Covenants

1:14:00 Jimmy Song : Covenants are ALREADY in Bitcoin

Fuzzy property boundaries are NOT good in economics or socially

1:25:00 First do no harm

1:26:00 nvk ‘when in doubt nothing happens’

Need I go on – BIP119 is a very BAD idea for Bitcoin

Further reading as too why complexity in programming is a bad idea read the following

The Mythical Man-Month : Fred Brooks

–>especially–>

The second-system effect

Main article: Second-system effect

The second-system effect proposes that, when an architect designs a second system, it is the most dangerous system they will ever design, because they will tend to incorporate all of the additions they originally did not add to the first system due to inherent time constraints. Thus, when embarking on a second system, an engineer should be mindful that they are susceptible to over-engineering it.

The tendency towards irreducible number of errors

See also: Heisenbug

99 little bugs in the code.
99 little bugs.
Take one down, patch it around.
127 little bugs in the code…[2]

The author makes the observation that in a suitably complex system there is a certain irreducible number of errors. Any attempt to fix observed errors tends to result in the introduction of other errors.

Or perhaps

The Art of Computer Programming : Donald Knuth

BIP119 is a very BAD idea : Don’t f**k with my money