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

Bitcoin developers have proposed a plan to protect against quantum attacks by freezing 8 million coins. However, according to Cardano founder Charles Hoskinson, this plan is insufficient and cannot safeguard the coins belonging to the network's creator, Satoshi Nakamoto. Hoskinson believes that the proposed solution, BIP-361, is mislabeled as a soft fork and would actually require a hard fork, which could invalidate existing signature schemes. Furthermore, he argues that the plan's zero-knowledge recovery method cannot rescue approximately 1.7 million pre-2013 bitcoins, including those associated with Satoshi, as they were generated using a different key derivation method. Hoskinson's criticism extends to Bitcoin's lack of formal on-chain governance, which he claims hinders the network's ability to resolve tradeoffs through a structured process. He emphasizes that the proposed solution is not a viable fix and that the network needs a more comprehensive approach to address the quantum computing threat.