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Bitcoiners Agree Satoshi’s Coins Must Remain Untouched
TL;DR
Developers and crypto advocates agree that Satoshi Nakamoto's original Bitcoin holdings should remain untouched to protect Bitcoin's core value. Concerns about potential theft due to quantum computing have heightened this consensus.
Key points
- Developers and advocates agree on Satoshi's coins remaining untouched
- Concerns about quantum computing affecting Bitcoin security
- Violating Satoshi's property rights could harm Bitcoin's value
Mentioned in this story
Alex Thorn
A consensus is forming among developers and crypto advocates that Satoshi Nakamoto's original Bitcoin holdings must remain strictly untouched, according to Alex Thorn, head of firmwide research at Galaxy Digital.
"I had many discussions about quantum & Bitcoin in Las Vegas this week, both on and off stage, with skeptics, advocates, and many overall smart Bitcoiners," he said.
According to Thorn, the community is mostly in agreement when it comes to the sanctity of the network's foundational property rights. "Satoshi’s coins (P2PK) should not be touched," he stated. "Violating his property rights could be disastrous for Bitcoin’s core value proposition."
"Honeypot" theft fears
The risk of a quantum computer eventually breaking the legacy Pay-to-Public-Key (P2PK) cryptography used in Bitcoin's earliest days has sparked fears of a massive "honeypot" theft.
However, Thorn argues the logistics of such an attack are extremely sophisticated, which is why the threat appears to be overblown.
"The risk is also lower than many realize—Satoshi’s coins are in ~22,000 addresses, each of 50 BTC," he explained. "A long-range attack would have to crack them all."
Active entities and exchanges, which hold larger consolidated wallets, can proactively upgrade to post-quantum (PQ) addresses if there is such a need.
The network could survive the liquidity shock even if Satoshi's coins somehow end up being compromised.
As noted by Thorn, Bitcoin markets routinely absorb sell-offs of over one million BTC. The community is seemingly prepared to weather a massive market crash.
"Suffer a 50% drawdown (even if it were possible to take all of Satoshi’s coins) to preserve Bitcoin’s core property rights? I think most Bitcoiners would accept that trade-off," Thorn remarked.
Being vigilant
Despite the agreement to leave the legacy coins alone, the community is not ignoring the quantum computing threat.
There is broad support for proactive, behind-the-scenes development. "It is good to work on new crypto for Bitcoin, post-quantum or otherwise," Thorn affirmed.
Q&A
Why do Bitcoiners believe Satoshi's coins should remain untouched?
Bitcoiners believe Satoshi's coins should remain untouched to preserve the foundational property rights of the network and prevent potential damage to Bitcoin's core value.
What are the risks associated with quantum computing and Bitcoin?
The risks include the potential for quantum computers to break the legacy cryptography used in Bitcoin, leading to fears of a large-scale theft of Satoshi's coins.
Who is Alex Thorn and what is his stance on Satoshi's coins?
Alex Thorn is the head of firmwide research at Galaxy Digital, and he advocates for keeping Satoshi's coins untouched to maintain the integrity of Bitcoin's value.
