My Plan for the Death of Bitcoin
I hesitated to post this, but some of you need the warning.
The truth about Bitcoin is simple.
Bitcoin is permissionless because anyone can run a node to use it as censorship-resistant money, its only purpose.
Bitcoin is the discovery of sound money. 🧡
What BIP-110 failure would mean for Bitcoin
If BIP-110 fails, Brink, Chaincode Labs, Spiral, OpenSats, HRF and the entire fiat funding apparatus of the Bitcoin Core industrial complex will own the future of the protocol.
They've made it clear what that future is by waging war against nodes, the immune system of Bitcoin.
The spam attack on Bitcoin was a test to see if node runners still had the will to defend the network, and BIP-110 is the emphatic answer.
Core v.30 uncapped OP_RETURN and after a BIP-110 failure nothing stops the removal of every remaining limit until nobody runs a node but Wall Street and government institutions.
If you think the abuse Bitcoin has suffered since Feb. 2023 is bad, the deluge that follows a BIP-110 failure will be biblical.
There will be no recovery.
Bitcoin will have failed at its singular purpose and it will have been repurposed for the non-monetary 'use cases'.
Bitcoin was our one shot and if BIP-110 fails, we let it be captured by fiat trash.
Make no mistake, the best individuals Bitcoin ever attracted, the sound money Austrian maximalists who understood it first, will quit forever, and people like that do not come back.
In the event that BIP-110 failed...
What I won't do:
What I might do:
I might keep investing in it in the style of a macro investor like Luke Gromen.
If BIP-110 fails, the permissionless money experiment failed, and what remains is a capped-supply asset that may still perform in a debasement environment.
A scarce asset with a fixed cap remains a good store of value, though even that is in serious jeopardy when the store of value is controlled by the people who welcomed its abuse.
My outlook
BIP-110 will succeed.
I remain optimistic because the incentives all point one direction. Signaling BIP-110 costs miners nothing, while mining against it costs them the block reward from every enforcing node.
This will be decided by nodes and enforced by miners, and miners follow the money every time.
BIP-110 is the line in the sand. We stand and fight and win here.
Bitcoin will win. 🧡
If you have questions or need help supporting BIP-110, reach out. A courageous army of Bitcoin monetary maximalists stands ready to assist you.
👉For recommended reading on the fiat atrocity that is Bitcoin Core, start with CAPTURE, the three-part series by @hodlonaut on Citadel 21.