⚡🚨 ALERT - Cypherpunk Jameson Lopp and other Bitcoin developers propose BIP-361 to freeze quantum vulnerable wallets.
This could lock dormant BTC like Satoshi Nakamoto’s 1.1M coins, now worth ...
I get the argument, if we don't lock them, it will be stolen. If we lock them, all holder with benefit from deflation as remaining BTC would hole more value. Or not really because these lost BTC are already out of market and then priced in (I mean out, without the as available supply). So locking them would at best do nothing, at worst impact Bitcoin reputation and affect the price negatively, at least short term.
If we do nothing (or at least nothing to block dormant wallets), it could be stolen as soon as quantum computer would make it profitable enough. If/when it happens, price will be affected by fear and security sentiment, media will FUD big time, selling it as "Bitcoin got hacked by quantum, your BTC are are risk if you do nothing" while it will be true only for super long time holder that would already have react or really lost their key/disappeared so not much change for them. So price will tank because of FUD but not sure all these coins will be claim as fast as we imagine. Cost for quantum computing would be as high as the potential value of bitcoin to unlock and it will be a race to grab these coins with one winner and many looser. If winner dump all these bitcoins in a short time on the market it will affect price but only short term, maybe not even as sharply as usually bear market correction or if it drops much it will mostly on FUD and sentiment than real flood of bitcoins recovered on the market. It will eventually recover and trust in the integrity and censorship resistance of Bitcoin will be intact.
In the end, 99.999% of Bitcoiners will be safe from the attack way before it would happens, so harm would be minimal.
Last scenario, Satoshi is still here watching, he moves the coins before it's too late, burn them in a publicly verifiable way that is quantum resistant, confirm that he has not intention to ever use them and avoid them to flood and pressure the market. Highly unlikely, will create FUD and man hunting like crazy, but could end up even more positive for Bitcoin than 2 first scenarios.
What do you think ?
If we do nothing (or at least nothing to block dormant wallets), it could be stolen as soon as quantum computer would make it profitable enough. If/when it happens, price will be affected by fear and security sentiment, media will FUD big time, selling it as "Bitcoin got hacked by quantum, your BTC are are risk if you do nothing" while it will be true only for super long time holder that would already have react or really lost their key/disappeared so not much change for them. So price will tank because of FUD but not sure all these coins will be claim as fast as we imagine. Cost for quantum computing would be as high as the potential value of bitcoin to unlock and it will be a race to grab these coins with one winner and many looser. If winner dump all these bitcoins in a short time on the market it will affect price but only short term, maybe not even as sharply as usually bear market correction or if it drops much it will mostly on FUD and sentiment than real flood of bitcoins recovered on the market. It will eventually recover and trust in the integrity and censorship resistance of Bitcoin will be intact.
In the end, 99.999% of Bitcoiners will be safe from the attack way before it would happens, so harm would be minimal.
Last scenario, Satoshi is still here watching, he moves the coins before it's too late, burn them in a publicly verifiable way that is quantum resistant, confirm that he has not intention to ever use them and avoid them to flood and pressure the market. Highly unlikely, will create FUD and man hunting like crazy, but could end up even more positive for Bitcoin than 2 first scenarios.
What do you think ?
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