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Covenants, the way it is proposed enables to give specific properties to bitcoins with unlimited depth. That's a big big change. The vault stuff sounds cool. But this proposal could also invite regulation, weaken even more Bitcoin's fungibility (when we are desperatly in the need of having a more fungible Bitcoin). And invite onchain non-financial use cases.
Overall it looks to me like their are more drawbacks than benefits, but it's certainly something worth examining and discussing. Implementing it on a sidechain is definately the way to go.
There's nothing here!