Saylor Warns Internal Factions Threaten Bitcoin's Survival

Michael Saylor, co-founder of Strategy, has warned that the greatest threat to Bitcoin's (BTC) survival is not external enemies but internal factions trying to rewrite consensus rules. In his view, these rules are akin to a constitution, defining property rights, scarcity, settlement, and power distribution within the network.

Saylor emphasized that rewriting these rules for any group's convenience would violate the economic rights of all participants. He specifically criticized several protocol change proposals, including BIP-110, covenants, and big blocks, which he believes would censor legitimate fee-paying transactions or create new security risks.

The proposal window for BIP-110 is approaching, with supporters arguing it's a necessary measure to prevent spam and protect the network. However, Saylor and others, such as Blockstream CEO Adam Back, have expressed concerns about the activation threshold and potential hard fork risks.