What Bitcoin Did
What Bitcoin Did
Danny Knowles
Who Really Controls Bitcoin? | Bitcoin Mechanic
1 hour 32 minutes Posted May 26, 2026 at 4:00 pm.
Bitcoin's greatest strength and current neglect
Why advocate for Bit110 now
Bit110 activation timeline and miner signaling
Bitcoin as currency vs payment network
Low fees and dwindling economic activity
Centralized mining and the need for spam filters
What Bit110 restricts in Taproot
Pragmatism vs principles in soft fork activation
Game theory of soft fork enforcement and chain splits
Miner profitability and the nuclear option
Personal impact if Bit110 fails
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Show notes

“Whoever blinks first wins.”

Mechanic joins me to discuss the controversial BIP110 proposal, the fight over spam and inscriptions, and whether Bitcoin users can force a consensus change without support from the major mining pools.

We get into miner power, node enforcement, UASF game theory, soft forks, and whether Bitcoin is drifting away from its original purpose as money. Mechanic argues that Bitcoin’s strength comes from ordinary users enforcing the rules, not corporations, exchanges, or miners.

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