Charles Hoskinson Claims Bitcoin's Quantum Solution is a Hard Fork that Cannot Rescue Satoshi's Coins

Earlier this week, Bitcoin's core developers suggested freezing 8 million coins as a defense mechanism against quantum attacks. However, Charles Hoskinson, the founder of Cardano, believes that this solution is still incapable of protecting the network's oldest coins, including the approximately 1 million bitcoin attributed to Satoshi Nakamoto. Hoskinson argues that the proposed solution, BIP-361, is both technically mislabeled and structurally flawed, requiring a hard fork that would invalidate existing signature schemes. He claims that this approach cannot recover around 1.7 million bitcoin that predate 2013, including those associated with Satoshi's early mining activity, as they were generated using a different key derivation method. Hoskinson's criticism extends beyond the technical aspects, highlighting the lack of formal on-chain governance in Bitcoin, which hinders the network's ability to resolve tradeoffs through a structured process.