David Bailey Warns of BIP-110 Attackers Attempting to Take Over Bitcoin Protocol
David Bailey stated that BIP-110 attackers are attempting to take control of Bitcoin protocol development through coercive means, rather than a simple software update. If successful, it would constitute the largest crisis in Bitcoin's history.
He pointed out that if a 51% attack succeeds and establishes a single developer's dominance, it would lead to long-term holders selling millions of Bitcoins, triggering a real price collapse and destroying Bitcoin's global reputation.
Market mechanisms reinforce long-term holders and institutional funds' confidence in Bitcoin's decentralized consensus, with funds flowing into Bitcoin as a safe haven rather than projects at risk of single control. A failed attack would further solidify the narrative of network security.
Source: Public Information
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David Bailey, as a long-time observer of Bitcoin, has emphasized the importance of consensus during various hard fork controversies, such as the 2017 SegWit debate. Bitcoin has historically resisted similar governance attacks, including the block size and development rights disputes from 2018 to 2020.
In terms of capital pathways, although attack attempts may fail, they prompt the community and holders to reassess the risks of protocol changes, driving more capital allocation to Layer 2 and sidechains to disperse governance pressure on a single chain, while also strengthening oversight of core developers' decentralization.
This event is reminiscent of the market turmoil caused by the Bitcoin Cash fork in 2017 and the community response following the Ethereum DAO attack. Currently, Bitcoin is in a phase of high stability at the protocol layer while experiencing rapid innovation at the application layer.
Essentially, it pertains to capital concentration. Bitcoin locks pricing power firmly in the hands of decentralized holders through its consensus mechanism, preventing a single entity from achieving control through protocol changes, with the mechanism relying on a dual defense of economic incentives and node validation.
ABAB News · Law of Cognition
The stronger the consensus, the more futile the attack.
Those who sell control lose credibility, while those who protect decentralization safeguard value.
Nuclear-level risks can collapse at any moment, but long-term holders will ultimately prevail.