- CZ said Bitcoin should freeze Satoshi’s coins if they don’t move in a specified period.
- His idea is to stop a future quantum attacker from stealing Satoshi’s Bitcoin.
- It’s estimated that Satoshi owns around 1.1 million BTC from the early days of Bitcoin.
During a recent discussion about Bitcoin’s long-term security, former CEO of Binance, Changpeng ‘CZ’ Zhao said that Bitcoin should freeze Satoshi’s coins if they don’t move in a specified timeline, such as 12 months.
He believes that if Bitcoin ever moves to quantum-proof security, the network should give people with older, more vulnerable wallets a grace period to move their coins to safer addresses.
After that window closes, the Bitcoin community could think about freezing any coins that are still sitting in quantum-vulnerable wallets, including Satoshi’s untouched holdings. The idea is to stop a future quantum attacker from stealing them.
CZ specifically stated, “If we don’t do anything with it, then we’re basically giving it to somebody who’s going to hack it.”
He did, however, point out that this should be something that only the Bitcoin community could decide, and only through a consensus vote.
It’s estimated that Satoshi Nakamoto owns around 1.1 million BTC from the early days of Bitcoin. A lot of those coins are in older wallet formats where the public key is openly visible on the blockchain. If someone built a quantum computer strong enough to crack the key, they may theoretically figure out the private keys and move the coins.
Other Major Bitcoin Figures Share Their Opinions
Jameson Lopp, developer and one of the people behind BIP-361, a draft proposal for Bitcoin that lays out a step-by-step plan to phase out old, quantum-vulnerable addresses and eventually freeze whatever funds are left there, sees things somewhat differently. He thinks the real issue is protecting any Bitcoin that’s at risk from quantum computers, not focusing on Satoshi’s wallet.
Adam Back, the CEO of Blockstream, agrees that Bitcoin will need to go quantum-resistant eventually, but he estimates that practical quantum computers capable of taking on Bitcoin are probably 20 to 40 years away, so the network can take its time upgrading instead of rushing into controversial changes.
Others were much more critical of the Bitcoin freezing idea, even before CZ’s suggestion. For instance, Bitcoin Magazine’s editor Brian Trollz completely shot down the idea when it was first introduced; Phil Geiger, Vice President of Business Development at Metaplanet, said a few months ago that the company seeks to attract investors’ capital before it is eroded or lost elsewhere.
Related: Bitcoin Quantum Recovery Proposal Excludes Satoshi’s Estimated 1.1 Million BTC
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