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▲ Michael Saylor, Bitcoin (BTC) / AI generated image
The debate surrounding Bitcoin (BTC) control has escalated into proposals for spam filters and the freezing of dormant wallets. Michael Saylor's emphasis on “consensus among nodes, miners, and holders” has brought the conflict between developers and miners back to the forefront.
According to cryptocurrency media outlet U.Today on July 3 (local time), Strategy Chairman Michael Saylor stated his position on who determines Bitcoin's future via X (formerly Twitter). The post gained attention after being reposted by Blockstream CEO Adam Back.
At the heart of the debate are two technical proposals. One is BIP-110, a transaction spam filter designed to block transaction spam. Some developers are reportedly pushing for this update without the consent of miners. The other is BIP-361, which proposes forcibly blocking old dormant wallets under the pretext of quantum hacking defense. This proposal has sparked greater controversy as it could include Satoshi Nakamoto's address, which holds 1.1 million BTC.
Saylor is considered the world's largest corporate Bitcoin holder. Strategy holds 847,363 BTC, with an estimated value of $52.6 billion. However, Saylor drew a line, stating that the size of capital does not equate to sole decision-making power. He declared, “The future of Bitcoin is shaped by a dynamic consensus among nodes, miners, and holders.”
Saylor defined the power of investors as economic influence. He explained that nodes have the authority to validate transactions, and miners possess computational power. He emphasized, “Protocol changes prevail when validation, security, and capital are aligned.” The implication is that political, legal, and institutional pressures can persuade or pressure participants but cannot independently determine consensus.
These remarks came at a time when Strategy is facing controversy over $11.5 billion in unrealized losses. U.Today reported that the gap between the average purchase price of $75,646 and the current Bitcoin price is the background for these losses. Saylor's message can be summarized as asserting that even with intense external pressure, Bitcoin's long-term consensus is determined within the protocol rules and the choices of key participants.
[Article Key Summary]
-Michael Saylor stated that the future of Bitcoin is determined by consensus among nodes, miners, and holders.
-The BIP-110 spam filter and BIP-361 dormant wallet freezing proposals are fueling the debate over Bitcoin's control.
-Strategy holds 847,363 BTC, but Saylor drew a line, stating that the size of capital does not mean sole decision-making power.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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