Saylor Warns of Bitcoin's Internal Threat: Factions Rewrite Consensus Rules
Strategy executive chairman Michael Saylor has warned that Bitcoin's biggest threat is internal. Speaking on July 28, he stated that factions within the community could undermine the network by rewriting its consensus rules.
Saylor, whose company Strategy (Nasdaq: MSTR) holds 843,775 BTC valued at roughly $53.92 billion, emphasized that Bitcoin's consensus rules are akin to its constitution. He argued that rewriting them for convenience would attack the economic rights of every participant and future generations.
The warning comes as debate over Bitcoin Improvement Proposal 110 reaches a critical stage. The proposal aims to restrict some methods used to place arbitrary data in Bitcoin transactions, with supporters describing it as an anti-spam measure. However, critics argue that it would censor valid transactions and set a dangerous precedent.