Cardano Founder Charles Hoskinson Claims Bitcoin's Quantum Solution Is a Hard Fork That Fails to Rescue Satoshi's Coins

Bitcoin developers have proposed a plan to safeguard 8 million coins against quantum attacks, but Charles Hoskinson believes this plan is insufficient to protect Satoshi Nakamoto's coins. Hoskinson argues that BIP-361 is mislabeled as a soft fork and would require a hard fork, which would invalidate existing signature schemes. He also claims that the proposal's zero-knowledge recovery plan cannot rescue approximately 1.7 million pre-2013 bitcoins, including Satoshi's holdings, due to their use of a different key derivation method. Jameson Lopp, the co-author of BIP-361, has expressed his dislike for the proposal, calling it a 'rough idea for a contingency plan.' Hoskinson's criticism 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.