By cryptoadmin Jameson Lopp, a leading developer in the Bitcoin ecosystem, has made a controversial suggestion regarding the potential future risks of quantum computers.
Lopp stated that instead of allowing Bitcoins ($BTC) that have been inactive for a long time to be stolen in potential attacks, freezing these assets might be a safer solution.
According to the data, approximately 5.6 million $BTC, or about 28% of the total supply, has not been moved for over a decade. A large portion of these assets, with a market value of approximately $420 billion, are believed to be permanently lost. However, if powerful quantum computers were to crack the private keys of these wallets in the future, the sudden influx of these Bitcoins into the market could cause significant fluctuations and undermine investor confidence.
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Lopp argued that such a scenario could both increase price volatility and undermine trust in the Bitcoin network. The developer stated that preventing these “lost” coins from falling into the wrong hands could be critical to the network’s integrity. However, Lopp clarified that this approach is not his preferred solution and should only be considered a temporary measure against potential “existential threats.”
On the other hand, Lopp also supports the BIP-361 proposal, which aims to gradually replace existing signature mechanisms developed to combat quantum threats. This proposal aims to gradually render older wallets vulnerable to quantum attacks obsolete and encourage users to switch to more secure systems.
However, BIP-361 is still in its early stages. Lopp stated that he personally “dislikes” the proposal and hopes it will never need to be implemented, arguing that network security in the face of potential quantum threats could become more important than the principle of immutability.
*This is not investment advice.