A Proposal, Not a Heist: Unpacking the Bitcoin Plan to Reallocate Satoshi-Linked Coins

The recent backlash surrounding the eCash proposal has obscured a crucial fact: Paul Sztorc is not attempting to move Satoshi Nakamoto's bitcoin. The eCash fork, scheduled for August, would create a new chain that replicates Bitcoin's history up to a certain point, providing BTC holders with an equivalent balance on the new network. However, the proposal has sparked controversy due to its plan to reallocate Satoshi's copied coins. The roughly 1.1 million BTC attributed to Satoshi would normally be replicated on the new chain, but Sztorc's plan would allocate 600,000 eCash to those addresses and redirect the remaining 500,000 eCash to investors who fund the project. This has led to accusations of theft, with critics arguing that the plan sets a bad precedent by rewriting the balances of addresses that the user does not control. The debate has become a property-rights fight, with some arguing that the plan violates the property rights of the creator of the network. The timing of the proposal has also been criticized, as it comes amidst ongoing debates about proposals to freeze or restrict old quantum-vulnerable coins, including addresses believed to belong to Satoshi. The eCash fight has become a test of Bitcoin's social assumptions, with some arguing that the plan damages Bitcoin's core monetary promise and sets a precedent for treating dormant coins differently. Sztorc has previously pushed for the adoption of Drivechains, a proposal that would allow developers to add sidechains to Bitcoin, but the Bitcoin Core community has not agreed to adopt it. The eCash fork can be seen as both an exit plan and a pressure tactic to push for the adoption of Drivechains. While the economic relevance of eCash is uncertain, the proposal has sparked an important debate about the moral inheritance of Bitcoin and the implications of rewriting the most famous untouched balance on the copied chain.