'It's a Rug-Pull': Adam Back Issues Warning to Bitcoin Users Over BIP-110
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Adam Back, the well-known cypherpunk and CEO of Blockstream, continues to deliver fierce criticism of BIP-110, calling it a potential threat to network stability and trust in Bitcoin as a store of value.
For those not familiar, BIP-110 is a Bitcoin Improvement Proposal aimed at clearing the blockchain of junk data, images and videos created through protocols such as Ordinals and Runes by introducing a temporary 12-month soft fork.
Is BIP-110 a hidden rug-pull of Bitcoin?
In a fresh X post, Back supported the view that proponents of BIP-110 are ready to go as far as sacrificing ordinary users if it helps punish spammers. According to him, the key risks include the freezing of funds tied to existing transaction outputs, which would effectively mean loss of access to funds for some users, as well as the danger of a chain split.
The proposal suggests activation with support from just 50% of the hash rate instead of the traditional 95%, which could lead to BTC splitting into two competing chains. There is also reputational damage, which Back describes as an attempt at a lynch mob and an attack on Bitcoin’s neutrality.
Back argues that spam is an unnecessary inconvenience rather than a security threat, and that fighting it through measures like BIP-110 would cause more harm than the data itself.
Adam Back
@adam3us
he's not alone, 110-think that it's ok to rug-pull users if it rug-pulls spammers also. (then to downplay how crazy they are rug-pulling users and bitcoin SoV confidence). anyway 110 is dead on arrival, but it's curious how reckless they are because they see red with spammers.At the moment, the proposal is supported only by a small share of nodes — around 2.4% to 4.5% — mainly those running the Bitcoin Knots client. The largest mining pools have so far shown no interest in the initiative.
Back concludes that BIP-110 is effectively "dead on arrival," and that the willingness of part of the community to consider such radical and reckless measures is deeply concerning to the Bitcoin pioneer.
source: https://www.tradingview.com/news/u_today:1da86d517094b:0-it-s-a-rug-pull-adam-back-issues-warning-to-bitcoin-users-over-bip-110/
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