Sats

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?

Unclaimed qc vulnerable coins are the millennium prize to get a qc computer actually working. Let the company that actually makes it work claim them.

Bitcoin developers just formalized a proposal to freeze over $450 billion worth of Bitcoin. > Quantum computers are coming. Old wallets with exposed public keys will eventually be crackable. > They want to freeze them before someone else cracks them. > The proposal is BIP-361. Co-authored by Jameson Lopp. It just hit Bitcoin's official repo this week. > The mechanism is a soft fork. Three years after activation, you can no longer send Bitcoin to old wallet types. > Two years after that, those coins become permanently unspendable. > Around 6.5 MILLION $BTC affected. Roughly 25% of all supply. > Lopp himself acknowledges what this is. He rejects the word "confiscation" and prefers "burning." > Here is the part nobody is talking about. > The chain cannot tell the difference between Satoshi's dormant coins and a longterm holder waiting for $500,000 to sell. > They look identical on chain. The early miner who set up a wallet in 2011 and forgot about it. > The OG who bought at $200 and never moved them. > The cold storage wallet sitting in a safe. All burned together. > But the deeper question is how this is even possible. > Five people have merge authority on Bitcoin Core. One person merges roughly 65% of all code. > Six mining pools control 96 to 99% of all blocks. Activation requires their signaling. > A coordinated decision by maybe two dozen people can change the rules and burn 25% of the supply. > Bitcoin has done this before. In 2010, a bug created 184 BILLION $BTC out of thin air. > Satoshi himself coordinated a fork to erase it. The chain rolled back 50 blocks. > Ethereum did it in 2016. The DAO got hacked for $60 MILLION. > Developers rewrote history to take the money back from a wallet whose owner had not signed off. > The principled chain that refused to fork is now called Ethereum Classic and it is a fraction of the size. > The lesson is the same in both cases. When the cost of the principle is high enough, the principle bends. > Bitcoin was supposed to be the one thing nobody could touch. > What Bitcoin actually is and what this proposal is forcing into the open, is a network that can be changed when enough of the right people agree. > Most of the time they don't but the option has always been there. > Decentralized at the participation layer. Coordinated at the change layer. > The freeze might never happen. Activation requires consensus that does not exist yet. > Tether's CEO Paolo Ardoino has already pushed back. "Code is law" he says. Don't touch the rules. > The plan is already written down. The way to do it is already worked out. The list of people who would need to say yes already exists. > The only question left is whether someone, someday, decides the reason is good enough. The freeze might never happen. The fact that it could is the part that matters.

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JUST IN: Bitcoin developers propose BIP-361, a soft fork to freeze wallets vulnerable to quantum attacks