Saylor "Bitcoin (BTC), it's not time to worry about external attacks...the biggest enemy is internal forces"

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A warning has been issued that the biggest threat to Bitcoin (BTC) is not external attackers, but internal forces trying to change the network rules.

According to cryptocurrency specialized media CryptoPotato on July 29 (local time), Michael Saylor, co-founder and chairman of Strategy, argued that changing consensus rules to suit the interests of specific groups could undermine Bitcoin's economic rights and long-term future.

Saylor described Bitcoin's consensus rules as a “constitution” on X (formerly Twitter). He explained that since consensus rules determine property rights, scarcity, payment methods, and the balance of power within the network, amending rules for specific groups is akin to an attack on all market participants. He emphasized that Bitcoin has the potential to grow 100-fold and become the foundation of global capital, but even a single wrong rule could limit future markets, technology, and economic freedom.

The target of Saylor's direct criticism is BIP-110. BIP-110 is a temporary soft fork proposal that aims to limit the data field size to curb blockchain data growth and concentrate development efforts on Bitcoin's monetary function. Saylor pointed out that this proposal could censor valid transactions that pay fees, stating that “the cure is more dangerous than the disease.”

Proposals related to large blocks and covenants were also included in the criticism. Saylor argued that increasing block size weakens the scarcity of block space and increases bandwidth and validation costs. He assessed that covenants could permanently complicate the consensus structure and open new attack vectors. He said, “If you disable the fee market, the forces protecting the network will be cut off from funding when they need it most. It's disarmament, not protection.”

Saylor emphasized that the Bitcoin base layer should be kept simple, neutral, scarce, and secure. He stated that protocol changes should be pursued conservatively only when a clear need is identified, and new features and innovations should occur outside the base layer.

[Article Key Summary]

-Michael Saylor identified internal forces changing consensus rules, rather than external attackers, as the biggest threat to Bitcoin.

-Saylor argued that BIP-110, large blocks, and covenant proposals could lead to censorship, increased costs, and weakened security.

-Saylor emphasized that the Bitcoin base layer should be kept simple and neutral, allowing only essential changes.

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