Charles Hoskinson Claims Bitcoin's Quantum Fix is a Hard Fork That Cannot Rescue Satoshi's Coins

Bitcoin developers have proposed a solution to protect against quantum attacks by freezing 8 million coins. However, according to Cardano founder Charles Hoskinson, this solution is still insufficient to safeguard coins belonging to Satoshi Nakamoto. Hoskinson believes that the proposed defense, known as BIP-361, is misclassified as a soft fork and would actually require a hard fork, as it would invalidate existing signature schemes. He argues that this approach is flawed and cannot recover roughly 1.7 million bitcoins created before 2013, including those associated with Satoshi's early mining activities. These coins were generated using a different key derivation method and would remain permanently frozen if the proposal is implemented. Jameson Lopp, a core developer, has expressed reservations about the proposal, describing it as a rough idea rather than a finalized plan. Hoskinson's criticism extends beyond the technical aspects, highlighting the limitations of Bitcoin's governance structure in resolving such tradeoffs.