MicroStrategy co-founder argues protocol alterations threaten Bitcoin’s security and scarcity amid declining block subsidies.
Michael Saylor stated Bitcoin’s primary risk stems from internal groups seeking to modify consensus rules, potentially undermining economic rights. He opposed proposals like BIP-110 and larger blocks, citing risks to transaction freedom and network security as validation costs rise and attack surfaces expand.
Saylor compared Bitcoin’s rules to a constitution, advocating for a simple, neutral base layer. He noted miners will increasingly depend on transaction fees as block subsidies halve every 210,000 blocks, warning that weakening the fee market could jeopardize long-term security.
The executive urged conservative protocol changes, emphasizing innovation should occur at the edges rather than altering Bitcoin’s core scarcity and security model.