Michael Saylor Urges Bitcoin to Reject BIP-110 in 110-Point Essay as August Activation Nears

According to The Block, Michael Saylor, co-founder and executive chairman of MicroStrategy, published a 110-point essay on X on Saturday urging the Bitcoin network to reject BIP-110, a proposed anti-spam soft fork. The essay, titled "110 Reasons BIP 110 Is a Bad Idea," garnered over 840,000 views by Sunday afternoon. Saylor argued that consensus rules should not attempt to judge the intent of valid, fee-paying transactions and claimed the proposed solution is more dangerous than the problem it seeks to address.

BIP-110's mandatory signaling period is scheduled to begin near block 961,632 around August 7 ET, with enforcement rules taking effect around September 1 for signaling nodes. However, current support remains minimal: signaling blocks comprise just 0.86% of the current difficulty period, far below the 55% threshold needed for early lock-in, according to the BIP-110 monitor. Ocean's vice president of development, Jason Hughes, estimated node support at 7% to 15%, arguing the proposal is on track to fail.