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Degenvestor
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Degenvestor
@grandfromage
Smooth operator 🇮🇪 YouTube 👇
in the trenches Katılım Ekim 2021
2.3K Takip Edilen3.5K Takipçiler
Degenvestor retweetledi
this is my base case for what I think happens to Satoshi's coins:
trilliondollarsalvage.pages.dev
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@graveskies It’s not top down control if the majority of the network agrees
No one will trust in Bitcoin security if we allow hackers to steal it , Bitcoin will go to zero
Who’s going to buy an asset that has a huge portion of the supply free to be stolen?
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No it's not. Permissionless is about destroying top down control over money. That's it. You can't stop people from doing bad things. That is a power that has always, without fail, corrupted every system.
The best way is to fight with the freemarket.
If my choices are theft or the ability to freeze people's funds, which is also theft, I choose the former.
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You don't freeze what isn't yours. That's the whole point of permissionless. The whole fucking point.
Bit Paine ⚡️@BitPaine
The cleanest way to “freeze” quantum-insecure coins is just to sunset *all P2PK UTXOs at a defined block height.* Give Satoshi and anyone else, say, 3-5 years to move them. If they haven’t moved to quantum resilient addresses by then, they are assumed to have been lost or forfeited by their owners. Nothing wrong with sunsetting old network components that present vulnerabilities. This gets rid of the “confiscation” language. It’s a technical bug fix/security upgrade.
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@notsofast @Cryptopathic Both solutions far from ideal, let’s be honest
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BIP-361 is inevitable. The vaunted censorship-resistance of Bitcoin will be sold out in the blink of an eye to protect the liquidity of institutional funds. It is a big, simple button that immediately solves the problem AND has the added bonus of removing supply.
There is a lot of anger from the community today that it could even be considered, which makes me think there will be another hardfork where these guys become the new Bcashers holding onto trampled values. What do you think friends?
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Degenvestor retweetledi
Path is correct.
A 3–5 year window to grant any holder enough time to migrate, with the potential for ZKP recovery post-migration for those who missed the boat, is more than what I would've expected.
It's a far better solution than allowing thieves to crack 6M bitcoins.
path.eth 🛡️@Cryptopathic
BIP-361 is inevitable. The vaunted censorship-resistance of Bitcoin will be sold out in the blink of an eye to protect the liquidity of institutional funds. It is a big, simple button that immediately solves the problem AND has the added bonus of removing supply. There is a lot of anger from the community today that it could even be considered, which makes me think there will be another hardfork where these guys become the new Bcashers holding onto trampled values. What do you think friends?
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Degenvestor retweetledi
BIP-361 to freeze quantum vulnerable wallets:
Yes.
The alternative is price dipping to near 0.
That would be bad for Bitcoin’s reputation.
If not freezing:
- Say you know that half a million BTC will be market dumped tomorrow.
- What will you do today? You will sell today, to re-buy tomorrow at a fraction of the price.
- So will everyone else.
- Will anyone buy today? No.
- So there is little or no floor.
- Price will wick down to “impossible” levels.
- Then repeat it again a few days later, for a total of 2 million btc.
- Oh price will hit near zero.
The argument to not freeze, is to completely f over Wall Street, Saylor, treasuries, and everyone else and start again from basically zero.
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you're not 'recovering' the coins
you're stealing them from some dead person's house who hasn't got a modern lock
Mandrik@Mandrik
If you recover gold coins from the bottom of the ocean, then you deserve them. If you figure out how to steal Satoshi's coins, then you deserve them. #NoFreeze
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@Mandrik you're not 'recovering' the coins
you're stealing them from some dead person's house who hasn't got a modern lock
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bitcoin's price will double instantly if this passes
Cointelegraph@Cointelegraph
🚨 LATEST: Cypherpunk Jameson Lopp and co-authors propose BIP-361 to freeze quantum-vulnerable Bitcoin, including Satoshi's $74B stash, before quantum computers can steal them.
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@sashahodler Security is the point.
Leaving a huge portion of the network open to theft is completely retarded
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BIP-361 proposes freezing Satoshi's Bitcoin to prevent future quantum theft.
There is no good reason to freeze bitcoin, ever. Immutability is the point.
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Degenvestor retweetledi
The cleanest way to “freeze” quantum-insecure coins is just to sunset *all P2PK UTXOs at a defined block height.*
Give Satoshi and anyone else, say, 3-5 years to move them. If they haven’t moved to quantum resilient addresses by then, they are assumed to have been lost or forfeited by their owners.
Nothing wrong with sunsetting old network components that present vulnerabilities. This gets rid of the “confiscation” language. It’s a technical bug fix/security upgrade.
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Woah bitcoiners are actually retarded
Fred Krueger@dotkrueger
Satoshi's coins should not be frozen. Let them be quantum mined. The network will adjust. Proof of work.
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@0xcoinn No one would buy any bitcoin until every single coin not in a quantum wallet was hacked
By the time that happens people would have given up on it and would have been replaced by something else
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@Cryptopathic agree
imagine thinking letting north korea hack and sell all of satoshi's coins is the better option
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@vanillanormoid @SalsaTekila Better frozen than stolen and sold
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@SalsaTekila So many long term holders would unknowingly have their addresses frozen in this scenario.
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Unpopular opinion: This is going to happen and most holders silently want this to happen.
Assuming it’s done with a fair grace period, it seems right. People talking about the ‘original ethos’ are talking out of their sidelined arses or virtue signaling.
Bitcoin Archive@BitcoinArchive
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 $74B, before quantum computers can steal them.
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