Charles Hoskinson Criticizes Bitcoin's Quantum Solution, Claims it Won't Protect Satoshi's Coins

Bitcoin's core developers have proposed a plan to protect against quantum attacks by freezing 8 million coins. However, Cardano founder Charles Hoskinson believes this plan is flawed and cannot save the network's oldest coins, including those attributed to Satoshi Nakamoto. Hoskinson argues that the proposed solution, BIP-361, is technically incorrect and would require a hard fork, which is a significant change to the network's protocol. He also claims that the proposal's zero-knowledge recovery plan is unable to rescue approximately 1.7 million bitcoin that predate the introduction of BIP-39 in 2013, including those associated with Satoshi's early mining activity. This is because these early coins were generated using a different key derivation method that is incompatible with the proposed solution. Hoskinson's criticism extends beyond the technical details, arguing that Bitcoin's lack of formal on-chain governance makes it difficult to resolve these tradeoffs through a structured process.