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BTC TLDR
Overview of article highlights
Michael Siler said that Bitcoin may grow 100 times in size and become the foundation of global capital. He warned that proposed changes to Bitcoin rules could weaken its scarcity and security. Siler criticized supporters of the BIP-110 soft fork, arguing that Bitcoin does not need to be patched. Currently, miners 'support rate for BIP-110 is only 2.3%, far below the 55% threshold required for activation. As the activation deadline on August 9 approaches, the debate is getting worse.
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Michael Siler recently expressed his views on the future of Bitcoin. He pointed out that the biggest risks currently facing the Bitcoin network come from within rather than external competitors.
Siler made a series of remarks via social media on July 28. He said that Bitcoin has entered a critical period of development.
He believes that Bitcoin is still likely to grow a hundred times in size and is expected to become the foundation of global capital markets.
"Bitcoin has won. Now it must withstand the test of victory. Its biggest threat is not foreign invasion, but corruption from within: factions that fabricate excuses, rewrite rules, and seize economic benefits until freedom becomes permission and law becomes plunder. "
Thaler defends Bitcoin's existing rules
Thaler said Bitcoin's rules are like the Constitution. He wrote that the rules define property rights, scarcity and settlement mechanisms.
He warned that changing the rules for the benefit of one group could harm the interests of everyone else. He said adopting a bad rule today could deprive future opportunities.
Thaler pointed to some proposals that he believes are risky, including BIP-110, contract capabilities and plans to expand block sizes.
He said restricting trading would reduce miners 'options. He also pointed out that in the long run, larger blocks may increase verification costs.
Reversal to BIP-110 remarks
Thaler's remarks are part of his ongoing criticism of BIP-110. The proposal is also known as the "temporary soft fork for data reduction."
BIP-110 is designed to limit the amount of transaction data stored on Bitcoin. Proponents say this will prevent spam data similar to the Ordinals inscription.
On July 27, Siler told BIP-110 supporters not to fix something that wasn't damaged. He said Bitcoin's core rules should be changed as little as possible.
His remarks triggered a quick response. Paul Stoltz, a supporter of the fork, called Siler a hypocrite on social media.
Stoltz pointed out that Siler himself had not been exposed to Bitcoin for a long time. He mentioned that Siler was skeptical about Bitcoin in 2012, but later changed his mind.
Since then, Thaler has become one of Bitcoin's most public supporters. His company Strategy holds a large amount of Bitcoin on the balance sheet.
He also participated in the formation of the Bitcoin Security Alliance. The alliance, which includes Coinbase and BlackRock, focuses on maintaining long-term security of the network.
Miners 'support for BIP-110 is growing slowly. According to tracking data, it is currently only 2.3%.
This number is still well below the 55% threshold required for activation of this fork. The activation deadline is August 9.
If support ratings continue to be sluggish, the network may face temporary divisions. Exchanges may need to suspend Bitcoin transactions to make adjustments.
Pierre Rochard, former vice president of research at Riot Platforms, said the BIP-110 debate has put additional pressure on Bitcoin prices. Bitcoin has recently fallen below $64,000.
It is unclear whether the fork will activate in August. The results may affect the way decisions are made for future Bitcoin upgrades.
