Bitcoin "has emerged victorious," but now faces the risk of internal collapse due to certain factions striving to rewrite the consensus rules. This is the conclusion reached by Strategy founder Michael Saylor.
The entrepreneur emphasized that the core protocol acts as the network's constitution, and any attempts to alter it in the interests of specific groups infringe upon the economic rights of other participants.
Criticism of BIP-110
The Strategy founder once again pointed out that proposed initiatives like BIP-110 introduce censorship of legitimate transactions that pay fees.
In his opinion, ideas to increase block size dilute the scarcity of block space and increase validation costs, while mechanisms to limit the use of coins in smart contracts complicate consensus and create new attack vectors.
He also highlighted the importance of fees for miners, whose block reward is halved every 210,000 blocks according to the laws of the halving.
"Different tools, but the same 'constitutional' violation: a faction rewrites Bitcoin's rules and imposes its agenda, costs, and risks on everyone else. Restricting the fee market deprives Bitcoin's defenders of resources precisely when the network needs them most," stated Saylor.
He called for keeping the base layer simple, neutral, and secure, and moving all innovations to external layers.
Related: Saylor linked Bitcoin's future to capital flows, not halvings
Alternative viewpoints
Representatives of Rand Group ironically referenced what was once Saylor's main rule.
"And 'never sell your bitcoin,' right?" they commented.
Investor Boris Macro linked the publication to attempts to draw attention and capital to his purchases or sales of bitcoin.
Developer UTXOracle, under the pseudonym Simple Steve, believes Saylor is late with his criticism of the changes.
"You are right, but late. Bitcoin had already won before the Taproot upgrade. Spending Taproot scripts is exactly the rewritten rules you are concerned about. BIP-110 is merely trying to return us to the state we were in before that," he emphasized.
On July 23, the company announced the establishment of a consortium for the security of the first cryptocurrency. According to the announcement, it includes nine corporate giants, among them BlackRock, Blockstream, Coinbase, and others.
The goal is to support independent developers researching network resilience issues, including protection against quantum threats.
Related: CryptoQuant experts criticized Strategy's approach to managing Bitcoin reserves
