Cardano Founder Disputes Bitcoin's Quantum Solution, Claims It Won't Rescue Satoshi's Coins

Cardano's Charles Hoskinson has expressed concerns over Bitcoin's proposed defense against quantum computers, stating that it cannot protect the network's oldest coins. He believes that BIP-361, a proposal aimed at phasing out quantum-vulnerable bitcoin addresses, is being mislabeled as a soft fork when it actually requires a hard fork. According to Hoskinson, this proposal would invalidate existing signature schemes, making it incompatible with the network's development culture. Furthermore, he argues that the proposed zero-knowledge proof recovery plan is insufficient to rescue approximately 1.7 million pre-2013 bitcoin, including those attributed to Satoshi Nakamoto, as they were generated using a different key derivation method. Hoskinson's critique extends to Bitcoin's lack of formal on-chain governance, which he believes hinders the network's ability to resolve tradeoffs through a structured process.