Bitcoin Governance
The Loudest Fight of the Year Ended at Two Percent
BIP-110 split timelines for months over a cap on arbitrary data in transactions. When the signaling window actually opened, almost nobody signaled.
Bitcoin's ugliest argument of the year settled itself quietly this week, and the number did the talking. Contra, in an essay published to Fanfares: The loudest Bitcoin fight of the year ended with about 2% of miners signaling for it. BIP-110 wanted to cap arbitrary data in transactions for a one year trial. Adam Back called it a downgrade. Michael Saylor published a hundred and ten reasons against it. The signaling window opened in August against a 55% early lock in threshold, and support sat at roughly 2%. Measured by volume it was a war. Measured by consensus it was a rounding error.
The gap is the real story now. Bitcoin has not changed a consensus rule since Taproot in November 2021, the longest quiet stretch in its history, and some of that is conservatism working exactly as designed. Some of it is that we have gotten worse at finishing an argument.
Contra's own summary of the piece put the underlying advice more bluntly than the essay itself does: pick a side on the money, and refuse the bait about the tribe. The rest of the piece sits behind a small paywall on Fanfares.