Bitcoin's BIP-110 Failure Sparks New Cryptocurrency Movement

A failed rule change in Bitcoin has sparked a movement to create a new cryptocurrency. The proposal, known as BIP-110, aimed to clean up Bitcoin by capping data sizes in transactions. However, it was met with strong opposition from miners and failed to gain traction.

The proposal's supporters are now calling for a proof-of-work change that would abandon Bitcoin's miners and launch a new coin. This move would essentially create a rival cryptocurrency, one that lives or dies on its own terms.

According to Luke Dashjr, a key figure in the movement, the timing of this change is set for September 1st, coinciding with the activation date of BIP-110.

The failed rule change has also led to controversy within the Bitcoin community. Michael Saylor, a prominent critic of the proposal, sees it as evidence that the system works as intended. He notes that about 99.85% of Bitcoin's hashpower stayed with the main chain, while the BIP-110 branch mined only two blocks and is now over 240 blocks behind.