because covenants create a permanent limitation on what you can do with a UTXO. someone sends you one encumbered by an upstream covenant that hasn't been revoked, they have limits on what they can do with it. it turns bitcoin into vouchers. only redeemable at some given limited set of places. that is anathema to the bitcoin-as-money thesis. just like everything blockstream is doing to bitcoin. including taproot.

What thoughts on getting covenants on vtxos instead?