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BTC Michael Siler: It is no longer possible for BIP-110 to pass
Michael Siler explained that during the current Bitcoin mining difficulty cycle, it is mathematically impossible for BIP-110 to reach the 55% voluntary support threshold. According to the data shared by Thaler, a total of 946 blocks were generated during this difficulty adjustment period (as of the block height of 960,561), of which only 24 blocks had a block header version field that contained the support signal for BIP-110.
Selle said that all blocks that send support signals are produced by DATUM miners (sharing the revenue through the OCEAN pool), and miners outside OCEAN do not send any support signals. He pointed out that due to this situation, BIP-110 would not be able to reach the 55% voluntary support level during the current cycle, and believed that current signals did not represent the broad miners consensus.
What is BIP-110? Why did Selle object?
BIP-110 is a proposal aimed at making it more difficult to attach pictures, text or other large data to the Bitcoin network (mainly for non-transfer data). Simply put, supporters advocate that "Bitcoin should be used only to transfer value, and unnecessary spam data should not clog the network." Michael Siler disagreed.
In his view, the Bitcoin network should not judge for itself which transactions are "necessary" and which are "unnecessary", nor should the rules be left to a few people to change at will. Siler also pointed out that the current seemingly high support rate does not reflect the real support situation of miners, but because some software automatically sends out signals, causing the number to be inflated.
* This document does not constitute investment advice.
