In short
- Cardano founder Charles Hoskinson says that the new Bitcoin revolution will not be able to save all Bitcoin from the risk of quantum computing.
- The idea is to block, then freeze the old money, in three stages so that the recovery can not take place for those who missed the time.
- Hoskinson says at least 1.7 million dollars, as of 2013, would still be at risk of being stolen.
New Bitcoin A regulatory proposal called BIP-361 it wants to save about 34% of the supply of Bitcoin-or more than 7 million dollars worth of 536 billion dollars.
But Cardano founder Charles Hoskinson says he will still leave more than 1.7 million coins, or $127 billion of BTC, unprotected.
The proposal, which will be in place for several years, is divided into three phases where the old signals on the network will be eliminated. First, the access to the vulnerable addresses would be blocked, then the precious coins would be frozen, and the last step would be to allow the return of any Bitcoin that was lost during transit.
“That’s a lie,” Hoskinson said of the last part, saying that 1.7 million BTC will not be returned under the scheme. “It’s impossible.”
“You can still get some of the 8 million Bitcoin, but 1.7 million are not under this scheme,” said Hoskinson. “Everything about 2013 Bitcoin is in the past,” he added, referring to Bitcoin that happened before the establishment of the important generation of BIP-39who introduced the term seed.
About 1.1 million of the money Hoskinson claimed belonged to the creator of Bitcoin Satoshi Nakamotowhose alleged stash is believed to be worth as much as $82 billion, according to data from Arkham Intelligence.
However, Hoskinson said “it’s not a bad idea.”
He said: “I understand why they wrote this article. Because if they don’t do this, the money will be stolen in the 2030s. This is true.”
“Q-Day,” or the name given to an emerging threat where large numbers of computers can break Bitcoin’s cryptography, has been a hot topic of late. In March, Google released a 2029 is the last day of change its architecture to “post-quantum cryptography” – a high-level indicator that quantum risk may be approaching faster than expected.
Although Hoskinson understood the idea, the co-founder of Cardano and Ethereum criticized Bitcoin’s group of maximalists who believed that he did not want to create or adopt the things that other blockchain people agreed on.
“If you had the proper controls in place, you could handle it,” Hoskinson said. “We have it in Cardano, Polkadot has it, Tezos has it – it’s a great idea.”
“But we’re shitcoiners, we don’t have good ideas,” he added with a grimace. “You guys are the only ones with good ideas.”
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