Michael Saylor: The biggest challenge for Bitcoin in the future is not external competition, but internal erosion of consensus rules

On 29 July, the founder of Strategy, Michael Saylor, stated that Bitcoin had won market approval, but that the biggest challenge ahead was not external competition, but internal erosion of consensus rules. In his view, the Bitcoin Consensus Rules, like the “Constitution”, determined property rights, scarcity, settlement mechanisms and boundaries of power, and any modification of the rules in the interest of a particular group was a violation of the economic rights and interests of all participants. He warned that bitcoin was expected to grow a hundred times in the future and become an infrastructure for global capital markets, and that a misruled change could harm future markets, technology and economic freedom that had not yet been born. Some of the proposals named by Saylor, including BIP-110, are considered to be in essence a breach of the BTT agreement ' s neutrality by limiting effective payment transactions, introducing contractual mechanisms or expanding block capacity. He indicated that these proposals, although in different forms, would reduce space scarcity in blocks, increase network bandwidth and certification costs, increase the complexity of agreements and create new security risks. At the same time, weakening the handling fees market will affect the long-term security of the Bitcoin network by incentivizing miners to continue to halve their income sources in blocks. In addition, once one interest group is able to modify the Bitcoin rule by some means, other interest groups will follow suit, leading to long-term conflicts in the governance of agreements, capital losses, a slowdown in innovation and a deterioration in cybersecurity. Saylor called for the maintenance of the Bitcoin base level in terms of simplicity, neutrality, scarcity and security, the retention of innovation in the second and application levels, the promotion of development through voluntary adoption, rather than the frequent revision of the bottom-up agreements, and stressed that the upgrading of the agreements should be carried out with extreme caution, only if really necessary, in order to preserve the basis for the long-term development of the Bitcoin。