Cardano Founder Criticizes Bitcoin's Quantum Solution as Insufficient to Protect Satoshi's Holdings

In a recent video, Hoskinson expressed concerns about Bitcoin's plan to protect against quantum attacks by freezing 8 million coins. He believes this approach is technically incorrect and will not be able to rescue the network's oldest coins, including Satoshi's estimated 1 million bitcoins. Hoskinson argues that BIP-361, which aims to phase out quantum-vulnerable addresses, is mistakenly labeled as a soft fork and would actually require a hard fork, as it would invalidate existing signature schemes. He also claims that the proposal's zero-knowledge recovery plan will not work for approximately 1.7 million bitcoins created before 2013, including Satoshi's coins, as they were generated using a different key derivation method. This means that even if the proposal is implemented, these coins would remain permanently frozen. Hoskinson's criticism extends beyond the technical aspects, as he argues that Bitcoin's lack of formal on-chain governance hinders the network's ability to resolve these issues through a structured process.