I've been pondering about the upcoming event on Saturday (8/8) afternoon, the activation of BIP-110 on roughly 17-21% of the nodes across the Bitcoin network. It's a pretty significant thing that is being undertaken by those of us who believe that Bitcoin is money. We are willing to take our nodes, our transactions, and associated Bitcoin mining hashrate and support the restoration of Bitcoin as money and the idea that Bitcoin doesn't need to store large amounts of contiguous data in order to survive and thrive. In fact, we believe that said survival relies on exactly the opposite! Large blocks of contiguous data will eventually lead to the destruction of the Bitcoin network in which we have staked our time, resources, and lives upon. Ponderings: 1) Will BIP-110 play out similarly to BIP-148? Good question. My gut says that this time is different. The VCs, Corporate Bitcoin, "paid" influencers, and even their useful idiots in the media have been serving as much FUD as they can over the last month. Why do they want Bitcoin to store this large data? I don't think it's about the data. If they can stop BIP-110, they know that they have won. Won what? They will have been able to defeat the node runners and make the network serve their interests in any way. This is a scary thought to consider if you know what you're up against (just read the Creature from Jekyll Island some day). After all, this is one reason we Bitcoin in the first place! 2) The timing of the Coldcard exploit is extremely suspicious. I'm wondering if it was timed like this to potentially take advantage of any uncertainty in the chain. You create a pool of spendable Bitcoin (that was not yours) and spend it during the time window when the chain is seeking the winner. Distribute the spends to your favorites who take advantage while they can, knowing full well that those spends will be undone eventually when the hashrate favors BIP-110. In this process, this gaming of the system is used to discredit the network even more and hurt or disable some of the infrastructure in the process (e.g. exchanges lightning network). 3) Certain individuals have really surprised me in the last month, but none as much as Michael Saylor. That man's mask is off, and I mean O F F! Talk about going from the Breedlove Saylor Series to shitcoining Pleb hater in less than 6 years? Some of you will say that you saw it coming. Well, I didn't. Sometimes we need heroes when we're entering a new space, e.g. a war, life challenges, and even monetary sovereignty. I can now say, without any reservation, that Michael Saylor is not a hero. In fact, if anything, he is an enemy to Bitcoin. I couldn't have said that a year ago. We must remain vigilant. Enemies will continue to present themselves. 4) Lastly, I'm just pondering what Bitcoin looks like in 5 years. Did we prove that node runners are still in control? Have we continued to do so? Have we crushed the quantum FUDsters with a truly non-biased way to squash those threats without opening additional vectors of attack? Will we have multiple and viable Bitcoin node implementations? I could go on. I'll see you on the other side. Long live Bitcoin as money. Onward to BIP-110 activation! What have you been pondering? Keep it constructive.
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