BIP-110 Fork Fails to Gain Traction, Highlights Bitcoin's Decentralized Governance

Bitcoin's decentralized governance model has been put to the test as the recent BIP-110 fork failed to gain significant traction. Despite some proponents attempting to create a new branch of Bitcoin, about 99.85% of the network's hashpower stayed with the original chain.

According to Michael Saylor, this demonstrates that 'nobody controls Bitcoin' and that consensus emerges from the network itself. He claims that BIP-110 was widely rejected by the larger Bitcoin community, with only two blocks generated on the new branch before it fell significantly behind the main chain.

Dan Held, General Partner at Asymmetric Financial, expressed similar views, stating that BIP-110 required a substantial amount of developer time and effort without garnering enough support from the broader Bitcoin community. He also accused some supporters of trying to sway miners and companies through public pressure rather than technical discussion.