A Statement, Not Theft: Unpacking the Bitcoin Proposal to Reallocate Satoshi-Linked Coins

The backlash surrounding eCash, a proposed Bitcoin fork, has overshadowed a crucial fact: Paul Sztorc is not attempting to move Satoshi Nakamoto's bitcoin. Scheduled for August at block height 964,000, the new chain would replicate Bitcoin's history, providing equivalent balances to BTC holders on the forked network. However, eCash differs from previous forks, such as Bitcoin Cash and Bitcoin SV, in its plan to reallocate Satoshi's copied coins. The proposal would allocate 600,000 eCash to addresses linked to Satoshi and redirect the remaining 500,000 eCash to investors who fund the project before launch. This has sparked a property-rights debate, with critics arguing that selling claims on a forked-chain version of Satoshi's holdings to fund a new project is tantamount to theft. The dispute has become a fight over the fundamental principles of Bitcoin, including inviolable property rights and the protection of dormant balances. The timing of the proposal has further intensified the debate, as it coincides with discussions around freezing or restricting old quantum-vulnerable coins, including those believed to belong to Satoshi. The eCash proposal has raised concerns about setting a precedent for treating dormant coins differently, which could irreparably damage Bitcoin's monetary properties and undermine confidence in the network's immutability.