Michael Saylor told Bitcoin (BTC) holders across 9 posts that the network's gravest threat is internal, with the BIP-110 soft fork stuck at 2.64% miner support.
Key Points:
- Saylor described Bitcoin's consensus rules as a constitution and said rewriting them for any faction attacks every holder's economic rights.
- He grouped BIP-110, covenant proposals and larger blocks together as the same constitutional offense.
- The contested soft fork opens its mandatory signaling window around Aug. 9 with backing far below the level needed to activate.
Saylor Frames Bitcoin Consensus Rules As A Constitution
Saylor posted the thread to X on Jul. 28, describing Bitcoin's consensus rules as the network's constitution.
Those rules decide property rights, scarcity, settlement and the limits on what any single participant is allowed to change without the agreement of everyone else. Rewriting them to suit one faction, he wrote, attacks the economic rights of every holder alive today and every generation that follows.
The Strategy executive chairman named three targets, BIP-110, covenant proposals and calls for larger blocks, and grouped all of them as different instruments serving one constitutional offense. BIP-110 would temporarily limit arbitrary non-monetary data such as Ordinals inscriptions, and Saylor says that censors valid fee-paying transactions instead of fixing any proven flaw in the code.
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Why Miners And Exchanges Sit In Saylor's Argument
Saylor then tied the argument to mining economics. Miners commit capital to secure the network, and their block subsidy halves every 210,000 blocks, so transaction fees have to carry a growing share of that load over the coming decades. Crippling the fee market would starve Bitcoin's defenders exactly when the network needs them most, he warned, calling the outcome disarmament rather than protection.
The harm would not stop at miners, reaching exchanges, custodians, applications, investors and ordinary holders. Once a faction captures consensus, he added, protocol warfare turns permanent, capital leaves, and the network ends up with a small fraction of what it might have become.
That warning carries unusual weight. The company behind it holds 843,775 BTC bought at an average cost near $75,476 a coin, the largest corporate position anyone has built. BIP-110 opens its mandatory signaling window around Aug. 9 at block 961,632, with roughly 2.64% of blocks backing it and 55% required to lock the change in.
Saylor's Remedy And His Earlier BIP-110 Attacks
His own prescription is short. Keep the base layer simple, neutral, scarce and secure, he said, and push innovation to higher layers where adoption stays voluntary and any failure remains contained.
Saylor has circled this fight for weeks, publishing an essay that listed 110 reasons the proposal is a bad idea and arguing on Jul. 21 that it would impose monetary purity by fiat.
Days before that he called for guardians of neutrality rather than guardians of purity. The target list has grown since, moving from one temporary soft fork to base layer change of any kind.
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