Post
Topic
Board Development & Technical Discussion
Merits 4 from 3 users
Re: Algorithms used in Bitcoin are expected to be strong until at least 2030
by
o_e_l_e_o
on 25/07/2023, 07:07:42 UTC
⭐ Merited by ranochigo (2) ,ertil (1) ,ETFbitcoin (1)
Satoshi just chose one of the strongest curves at that time, even he knew 20 years later people will have to change the key to their safe.😉
A relevant quote:

True, if it happened suddenly.  If it happens gradually, we can still transition to something stronger.  When you run the upgraded software for the first time, it would re-sign all your money with the new stronger signature algorithm.  (by creating a transaction sending the money to yourself with the stronger sig)

Obviously it won't quite be as simple as everyone automatically upgrading when they run the new version of Bitcoin Core for the first time, given the number of different wallets in use these days, but the principle still stands.

There are going to be coins robbed, no doubt.
Absolutely, but I will continue to argue it is preferable for some lost coins to be stolen and we all take a short term hit on the price than it would be to compromise one of the core principles of bitcoin by unilaterally deciding to freeze or seize some coins.

Satoshi is known to have a million Bitcoins at least
This is conjecture, not proven. But even if the total coins at risk does add up to several million, I maintain my stance above.