Overview
- Citing posts published July 28, Michael Saylor posted a nine-part thread that called Bitcoin's consensus rules a "constitution" and said rewriting them would steal economic rights from current and future holders.
- BIP-110 is a temporary soft fork that would limit certain non-monetary data and begins its mandatory signaling window around August 9 at block 961,632, but miner support stands at roughly 2.6 percent, far below the 55 percent threshold needed to activate the change.
- Strategy, led by Saylor and reported to hold about 843,775 BTC, joined eight other firms to form a Bitcoin Security Consortium that pledged $15 million over three years to fund Bitcoin security research, increasing Saylor's institutional weight in the debate.
- Saylor says restricting valid, fee-paying transactions would reduce competition for block space and weaken the future fee market that will matter as block rewards shrink; he also argues covenants add complexity that increases attack surface and larger blocks raise hardware and bandwidth costs for node operators.
- Low miner signaling makes BIP-110 activation unlikely in the near term, but the network still depends on loose coordination among miners, node software, and service providers so minority forks, client fragmentation, or exchange pauses remain possible and could reshape how upgrades are decided.