Opinion: BIP-110 Failure Seen as Bullish Signal for Bitcoin, Network Consensus Mechanism and Governance Resilience Once Again Validated

Odaily Planet Daily News: David Bailey, Chairman and CEO of Nasdaq-listed Bitcoin treasury company Nakamoto, stated that the long-standing controversy and "governance layer conflict attempt" related to BIP-110 ultimately failed, which he described as "extremely bullish" for Bitcoin and further strengthens the stability of its network consensus.

David Bailey stated that the event is viewed as a complex multi-year information warfare process, involving factors such as mining pool competition, alternative clients, UASF mobilization, disputes over node consensus manipulation, and widespread public opinion battles on social media. Even in a highly complex environment of information dissemination and community mobilization, the relevant faction failed to gain significant hashrate support, accounting for "less than 1%," indicating that miners and economic participants generally adhere to the mainstream social consensus. This outcome validates a core characteristic of Bitcoin's governance structure: network consensus is formed jointly by users, miners, developers, and industry participants, rather than being dominated by a single group. He also pointed out that historical cases have shown miners struggle to deviate from social consensus, and this incident further reinforces that conclusion.

However, he also emphasized that the incident exposed the fragility of information coordination among Bitcoin's core developer layer. The current over-reliance on public social media platforms for communication makes it more susceptible to information manipulation and content amplification, significantly increasing coordination costs within the community. This controversy consumed a substantial amount of the community's time and attention resources. He believes that the industry should participate more actively in the Bitcoin Improvement Proposal (BIP) governance process in the future to enhance collaboration efficiency and reduce wasteful internal friction.

David Bailey concluded that Bitcoin demonstrated strong resistance to fragmentation during this event, emphasizing that "technological rationality and economic consensus will ultimately continue to guide the network's direction of development."