The Last Time This Happened Bitcoin Rallied 20X! (is Bitcoin captured OR Headed For $1.2M) | EP 1566

**Nico Moran** (0:02)
On Saturday, Bitcoin did something that we haven't seen in nine years. And the last time Bitcoin saw a chain split in 2017, Bitcoin rallied 20X. Now, I know that sounds bullish, but many people are saying that the chain split over the weekend only confirms that the big institutions have captured Bitcoin. Big Bitcoin is in control. So, I'm going to dive into this and explore both sides of this complicated story. But I'm sure if you are aware, if you've been following along, you're probably aware of the BIP 110 signaling that happened over the weekend. Well, it got really complicated or rather, sorry, things escalated very quickly on Saturday afternoon. It was roughly around 3 PM on Saturday, Eastern Time, where we saw this, that the Bitcoin chain split. There was, I don't even know what we call legacy Bitcoin. You know, what we know it now, Bitcoin BTC and then BIP 110 Well, at block 961,632, there was a fork that happened, BIP 110 fork, or maybe depending on your vantage point, legacy Bitcoin fork. Anyways, here's Rizzo's coverage of it. BIP 110 Bitcoin soft fork has officially failed. It has rejected block 961,632 splitting off into its own incompatible blockchain. And then things even escalated even more. And BIP 110 fork or chain split lasted literally two blocks and has yet to see another block come in. It has been officially stalled. Here is what was happening at the moment.
From Luke Dasher goes August at what, around 348 Ampool official appears to be attacking Bitcoin. Hold tight, everyone goes further. F2 pool joins in in the attack. And then this is where for many people, I think it just started getting hilarious. They go simple mining attack too. It just so happens that the, I believe it was the fourth block on legacy Bitcoin, if you want to call that. Use the ocean pool to mine a non-BIP 110 block. And that pretty much officially put the nail in the coffin. But again, giving you the coverage of the BIP 110 advocates, here's Dathan Ohm, one of the developers. He goes, the Bitcoin network is currently under attack from hostile miners. It just so happened that the final block, to really put this to rest, was using Ocean. Did kind of prove Ocean's original thesis that, hey, we are giving the miners the choice on what they want to mine. There was a bit of an update from the Ocean team, but before I get into there, here's the last tweet from Dathan, which is, update, this was yesterday. It appears that the large mining pools have colluded to turn Bitcoin from money into a toxic data dumping ground by executing a secret hard fork against a Bitcoin node network. The community is working on a proposal for proof of work chains to fire the miners. And honestly, I think for a lot of Bitcoiners or pro-BIP 110 advocates, this might have been the final straw here. Just the idea of censoring spam, I think, was where this whole kind of saga started. And then a chain split and a proof of work algorithm, I saw a lot of people that I would consider friends that were pro-BIP 110 advocates. I think that was like the one step too far. It's like, oh, now they're talking to proof of work change. I didn't really sign up for being a part of a, you know, a shit coin version of Bitcoin. And that's their words here. I'm trying to be as objective as possible here. But a couple of friends were, you know, that were BIP 110 advocates are definitely on Twitter now. I guess we would say maybe doing kind of their postmortems. And again, I don't mean to pick on Hoddonaut here, but I think his tweet here probably sums up a lot of people's views on what happened. So this happened last night, or rather yesterday. And he's basically, you know, again, maybe it's because I'm a talking head. I'm being a little cynical, you know, making it entertaining. He accepted defeat here. Okay, so he goes, I fully accept what happened yesterday. It is sad. I will admit that. But it also feels like a catharsis. Goes back to bit 148 as Independence Day. And then it says bit 110 ran with the same playbook. And now he's coining, what is it? August 8th as Bitcoin Dependents Day. And then I think here is like the meat of the conversation. He goes, what changed between 2017 and 2026? Not the users. They showed up with the same fire. What changes everything that grew in the years between ETFs, treasury companies, custodians holding millions of coins for people who will never touch a node, hashrate concentrated into a handful of pools, building templates for the whole world, capture of the governance of the reference implementation resulting in stark philosophical pivot. Those already celebrating Bitcoin Dependents Day are not simply cheering an outcome they won. And here is where I think a lot of people that were on the BIP 110 side, I think this is a good kind of view of the general grievances. And it goes, in my opinion, my opinion and in my heart, legacy Bitcoin is not what I signed up for. Captured, centralized, led by suits. No longer about freedom, sovereignty, or the mission of separating money from state. And no longer about the things that made me a ride or die Bitcoiner for many years. The fire that originally drew me to Bitcoin is still alive in the node runners who supported BIP 110 I will follow it where it goes. As for legacy Bitcoin, I have no interest in it anymore. As Freedom Project, in my mind, it is now a stock.