Re: What to do with Satoshi Stash? Jameson Lopp has a view.
A new blog post appeared on Jameson Lopp
Against Allowing Quantum Recovery of Bitcoin
In this article, Jameson Lopp addresses the potential threat quantum computing poses to Bitcoin's security. Jameson outlines scenarios where quantum computers could potentially exploit Bitcoin's current cryptographic vulnerabilities to access funds, especially those in addresses with exposed public keys.
Lopp argues that permitting such quantum-based recovery would lead to wealth redistribution favouring entities with early access to quantum technology, undermining Bitcoin's principles of decentralisation and property rights.
He proposes some measures, such as implementing quantum-resistant cryptographic schemes, something that is relatively trivial, but above all, potentially rendering vulnerable funds (such as Patoshi funds), unspendable, to preserve the network's integrity and trust:
~snip
The position is not new: I first heard of it in his talk at the "Future of Bitcoin Conference 2024," a video that is, by the way, linked in the above blogpost.
I highly recommend viewing this video before reading the blog post.
This proposal leaves me with mixed feelings.
What is your position on this proposal?
Against Allowing Quantum Recovery of Bitcoin
In this article, Jameson Lopp addresses the potential threat quantum computing poses to Bitcoin's security. Jameson outlines scenarios where quantum computers could potentially exploit Bitcoin's current cryptographic vulnerabilities to access funds, especially those in addresses with exposed public keys.
Lopp argues that permitting such quantum-based recovery would lead to wealth redistribution favouring entities with early access to quantum technology, undermining Bitcoin's principles of decentralisation and property rights.
He proposes some measures, such as implementing quantum-resistant cryptographic schemes, something that is relatively trivial, but above all, potentially rendering vulnerable funds (such as Patoshi funds), unspendable, to preserve the network's integrity and trust:
~snip
The position is not new: I first heard of it in his talk at the "Future of Bitcoin Conference 2024," a video that is, by the way, linked in the above blogpost.
I highly recommend viewing this video before reading the blog post.
This proposal leaves me with mixed feelings.
What is your position on this proposal?
I think the video already gives the insight to the blog post.
This issue has also been raised several times, but this particular one raises more question with possibilities.
So many questions running through my mind while watching the video.
First, we are still a bit far from witnessing all these proposed vulnerabilities, but the need to start putting preparation at heart is not a bad idea at all. There is a high probability that powerful high quantum computers will be in existence soon( I think we already have few, but not sure of how powerful they are).
The proposal to allow quantum computers bring back lost coins into circulation isn't a healthy one imo. Who exactly are they proposing to handle the coins over to?, because the last time I checked, they are already mined but lost. Bitcoin enthusiasts needs to be careful with what they propose, as making some drastic decisions to the protocol might complicate things.
And I believe the community can find a solution not just because of the valuable addresses at risk, but because of the need to protect the Bitcoin protocol, since almost everyone might likely be affected if things eventually goes south.