Michael Saylor, co-founder and executive chairman of Strategy, published a 110-point essay on X Saturday urging the Bitcoin network to reject BIP-110, the anti-spam soft fork proposal. The essay, titled '110 Reasons BIP 110 Is a Bad Idea,' had drawn more than 840,000 views by Sunday afternoon. Saylor stated he shares supporters' desire to protect Bitcoin but considers the proposed cure more dangerous than the condition. The intervention comes weeks before BIP-110's contested activation timeline, with a mandatory signaling period expected to open around Aug. 7 ET near block 961,632. BIP-110, first published as BIP-444 in October 2025, is a temporary one-year soft fork bundling seven restrictions on data-heavy transactions, maintained by Bitcoin Knots node software developer Luke Dashjr.
Saylor's Core Arguments Against BIP-110
Saylor's central claim is that consensus rules cannot judge the purpose of valid, fee-paying transactions and should not try. He wrote that objectors can decline to use, relay, index, or mine unwanted data, and any consensus rule should target a demonstrated denial-of-service or validation risk rather than perceived intent. The final entry in his list dismissed the measure as "a Bitcoin Iatrogenic Proposal," repurposing the BIP acronym with the term for harm caused by a medical treatment. The essay closes: "Bitcoin does not need guardians of purity. It needs guardians of neutrality." Saylor first weighed in on July 11, replying to criticism of the proposal from Blockstream CEO Adam Back with a post arguing there are "110 things more dangerous to Bitcoin than spam."
BIP-110 Deployment Timeline and Current Support Levels
Under BIP-110's deployment schedule, a mandatory signaling period opens near block 961,632, expected around Aug. 7 ET, when enforcing nodes will begin rejecting blocks that fail to signal, with the rules taking effect for those nodes around Sept. 1. Signaling blocks make up 0.86% of the current difficulty period, far short of the 55% needed for early lock-in, according to the public BIP-110 monitor, and have never exceeded roughly 1%. Jason Hughes, Ocean's vice president of development and engineering, estimated node support at 7% to 15% in a Friday guest post for Bitcoin Magazine, arguing the proposal is on track to fail. If signaling remained near current levels, BIP-110 nodes would reject nearly all blocks produced by non-signaling miners during the mandatory window, risking a split onto a minority chain. A BIP-110-enabled client is based on Bitcoin Knots, the node software maintained by Ocean CTO Luke Dashjr, one of the proposal's most prominent backers.
Supporters' Counterargument on Network Neutrality
Supporters frame the neutrality question differently, arguing that treating arbitrary data storage as a supported use of Bitcoin distorts incentives, burdens node operators and forces monetary transactions to compete with non-financial traffic. The proposal's backers describe its one-year restrictions as a temporary intervention intended to preserve known monetary uses while refocusing the network on bitcoin as money. Investor and vocal BIP-110 backer Fred Krueger replied to Saylor's essay with a mirror-image rebuttal listing 110 reasons in favor.
Strategy's Bitcoin Holdings and Saylor's Track Record
The intervention is a rare protocol-governance foray for Saylor, whose firm is the largest corporate holder of bitcoin with 843,775 BTC at an average cost of $75,476 as of July 12, per its most recent SEC filing. Hours after publishing the BIP-110 essay, Saylor returned to a familiar weekend ritual, posting a StrategyTracker.com chart of the company's bitcoin purchase history Sunday morning with the caption "What's next?" The chart showed holdings worth $54.28 billion, down roughly $9.4 billion from their displayed cost basis, and the post had drawn about 965,000 views by late Sunday afternoon. Saylor's Sunday tracker posts have often preceded Monday purchase disclosures, but the signal has grown less reliable: a July 5 post preceded Saylor's disclosure of the largest bitcoin sale in the company's history, and last Sunday's "Orange dots tell only part of the story" was followed by a filing showing no bitcoin transactions. Strategy has not confirmed any transaction for the week ending Sunday.
FAQ
What is BIP-110 and when does its mandatory signaling period begin?
BIP-110 is a temporary one-year soft fork bundling seven restrictions on data-heavy Bitcoin transactions, first published as BIP-444 in October 2025. Under its deployment schedule, a mandatory signaling period opens near block 961,632, expected around Aug. 7 ET, when enforcing nodes will begin rejecting blocks that fail to signal, with the rules taking effect for those nodes around Sept. 1.
What is the current level of miner support for BIP-110?
Signaling blocks make up 0.86% of the current difficulty period, far short of the 55% needed for early lock-in, according to the public BIP-110 monitor, and have never exceeded roughly 1%. Jason Hughes, Ocean's vice president of development and engineering, estimated node support at 7% to 15% in a Friday guest post for Bitcoin Magazine.
How many bitcoin does Strategy hold and at what average cost?
Strategy is the largest corporate holder of bitcoin with 843,775 BTC at an average cost of $75,476 as of July 12, per its most recent SEC filing. The company's holdings were worth $54.28 billion as of Sunday morning, down roughly $9.4 billion from their displayed cost basis.
