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BTC Michael Siler: Bitcoin has been successful, but is facing its biggest challenge
Michael Siler believes that Bitcoin has been successful, but is now facing its biggest challenge. He said that the biggest threat does not come from external attackers, but from interest groups trying to rewrite the rules of the network for their own benefit.
As executive chairman and co-founder of Strategy, Siler warned that such changes could undermine economic rights and harm the long-term future of cryptocurrencies.
Seler sets red lines for upgrades
In a recent post on Platform X, Seler described Bitcoin's consensus rules as its "constitution" and pointed out that these rules define property rights, scarcity, settlement mechanisms, and balance of power in the network. Therefore, changing these rules for the benefit of any particular group is tantamount to launching an attack on every Bitcoin participant, whether present or future generations.
He said Bitcoin has the potential to grow 100-fold and become the foundation of global capital, but believes that even a "corruption" rule adopted today could restrict future market, technological and economic freedoms. According to Thaler, governments and political systems often cite crises to justify dispossession of rights, and if certain interest groups control the consensus mechanism, Bitcoin may face a similar outcome.
One of the focuses of his criticism is the BIP-110 proposal. Siler believes the proposal would review valid paid transactions. BIP-110 is a temporary soft fork proposal that "reduces blockchain bloat by limiting the size of data fields and refocuses development focus on monetary use." The proposal has become one of the most controversial proposals this year. Siler has previously said the proposed solution is more dangerous than the problem itself.
Siler's criticism is not limited to BIP-110. He also pointed to proposals related to the contract and proposals to increase block size. He pointed out that the proposals may be different in design, but they all made the same "constitutional mistake"-because they rewrite Bitcoin's rules and impose additional costs and risks on the entire network.
He claims that larger blocks reduce the scarcity of block space while increasing bandwidth and verification costs; while contracts permanently increase the complexity of consensus and introduce new attack surfaces. His argument also focuses on the fact that miners play a key role in keeping Bitcoin safe by investing capital, while their block rewards continue to decline due to regular halving. He wrote: "Weakening the fee market is tantamount to starving defenders to death when the network needs them most. This is not protection, but disarmament."
"Edge Innovation"
The impact is not limited to miners. Exchanges, custodians, developers, investors and holders could also be at risk if future rule changes put their business and capital in the hands of any group that controls the consensus process. In Siler's view, allowing political competition to shape consensus could lead to continued dispute over the agreement and weaken Bitcoin's security.
Instead, he supports keeping the base layer simple, neutral, scarce and secure, and upgrades only when necessary.
