Saylor Slams BIP-110: Bitcoin's Decentralized Governance Proves Resilient

Michael Saylor, MicroStrategy's CEO and Bitcoin proponent, has spoken out against BIP-110, a proposed fork of the Bitcoin protocol. According to Saylor, although proponents of BIP-110 were able to create their own version without permission, it failed to gain significant traction among miners and users. This is evident in the fact that 99.85% of Bitcoin's hashpower remained with the original chain.

The BIP-110 branch only generated two blocks before falling behind the main chain by over 80 blocks, a situation that would require mining an additional 2,015 blocks at current rates - a process that Saylor estimates could take up to 25 years. He argues that this demonstrates the decentralized nature of Bitcoin's governance and the importance of economic consensus in determining the direction of the network.

Saylor is not alone in his criticism of BIP-110, with Dan Held of Asymmetric Financial expressing similar views. Held suggests that proponents of BIP-110 relied on emotional appeals and public pressure rather than technical discussion and voluntary adoption to try to sway miners and companies.