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Showing 5 of 5 results by QUANTUMInstruction
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Board Bitcoin Discussion
Re: What will happen if quantum computer owners start to move the early mined coins?
by
QUANTUMInstruction
on 10/01/2020, 16:07:38 UTC
Quote from: DannyHamilton on January 10, 2020, 03:43:08 PM
When objects of value are found in a ship wreck at the bottom of the sea, should those that managed to find the wreck be allowed to profit from that find?  Or should a government agency take evderything salvaged and destroy it?

Some BTC owners think that if you burn the early mined coins and don't give the QC owners the possibility to get these, then the supply will go down and their coins will be more valuable. But you never know which coins will be burned next.

And some support the "21 million BTC supply" and let the QC owners get these coins. In that case we are responsible for our coins and if coins aren't being moved from old accounts to newer ones, we assume that these coins are "lost" and if QC owners develop a computer to get them, so it's their reward. But these group will always know that their coins won't be burned. Never. And therefore this blockchain will be the strongest.

It is a different thing, if someone hacks your computer and gets your coins or if a QC owner gets the "lost" coins.
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Board Bitcoin Discussion
Re: What will happen if quantum computer owners start to move the early mined coins?
by
QUANTUMInstruction
on 10/01/2020, 14:46:18 UTC
We will have a quantum resistant Bitcoin network, there is no doubt. But we will have two main Bitcoin forks post quantum.

The question is which of the two main Bitcoin forks will be supported.

1. A Bitcoin blockchain with all existing coins (also Satoshi's early mined coins and other early mined coins with no owner). Here the QC owners will remove those coins and will be the new owners and the community 1 of this fork will accept it as a reward to QC owners. If there were owners of early mined and not moved coins, they could have moved these coins. As they didn't, the community 1 will handle them as "lost" coins.
Quote from: DannyHamilton on January 09, 2020, 05:47:45 PM
..once Quantum Technology becomes a realistic threat will be those coins that are effectively "lost".  The QC owners will become the new owners of those coins, and Bitcoin will carry on as it always has.

2. A Bitcoin blockchain without the early mined coins. Community 2 will not accept it that someone (QC owners) gets the early mined coins and will burn them.
Quote from: dothebeats on January 09, 2020, 06:56:06 PM
Should coins that were mined early and are deemed inaccessible were retrieved by QC owners and the community knew about it, perhaps a fork would be proposed and we'd take it from there and accept the fact that these coins are permanently lost in the void without any chance of retrieval.
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Board Bitcoin Discussion
Re: What will happen if quantum computer owners start to move the early mined coins?
by
QUANTUMInstruction
on 09/01/2020, 17:53:48 UTC
Quote from: DannyHamilton on January 09, 2020, 05:47:45 PM
LONG BEFORE before any actual Quantum Algorithm AND Quantum Computer exists that would allow someone to access the bitcoins secured by P2PKH, Bitcoin will already have moved to a quantum-resistant authorization algorithm.  This will prevent Case 3, prevent the need for Case 2, and will allow plenty of time for any users that are still able to access their bitcoins to move those bitcoins with a quantum-resistant transaction.  The coins that are still remaining in the weak transaction outputs once Quantum Technology becomes a realistic threat will be those coins that are effectively "lost".  The QC owners will become the new owners of those coins, and Bitcoin will carry on as it always has.

You got it and support a strong Bitcoin network.
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Board Bitcoin Discussion
Re: What will happen if quantum computer owners start to move the early mined coins?
by
QUANTUMInstruction
on 09/01/2020, 17:18:16 UTC
~~~ reserved ~~~









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Topic OP
What will happen if quantum computer owners start to move the early mined coins?
by
QUANTUMInstruction
on 09/01/2020, 17:11:01 UTC
We don't know whether quantum computers will exist or not, but assume they will be built and some QC owners will move the early mined coins. What will happen?

Case 1
They (QC owners) could move the early mined coins, which are mined to P2PK addresses and haven't been moved since then.
They could let these coins there for a certain time to give potential owners the possibility to prove (signed message) that they are the owners and transfer these coins to them.
If there is no owner, the QC owners are the new owners.

Case 2
Some BTC owners will not accept case 1. They will create a hard / soft fork and burn these early mined coins.

In both cases we have to implement QC resistant addresses immediately.


Case 3
They (QC owners) will move all possible coins (also from active addresses).
In this case the Bitcoin price would collapse and it would end the Bitcoin project.



Case 1 gives the QC owners the possibility to improve our Bitcoin network and make it quantum resistant and reward them with these early mined coins. If there are still owners of early mined and not moved coins, they have the chance to move the coins and will get them back even after being moved, if they prove it (signed message) within a certain time period. Case 1 would lead to a smooth transition to a quantum resistant Bitcoin network and would be the strongest fork.