Satoshi Coins, Never Touch... Warning: 'Will Cause a Greater Catastrophe Than Quantum Computers'

▲ Bitcoin (BTC), Satoshi Nakamoto/ChatGPT Generated Image

An argument has been raised that the initial Bitcoin (BTC) holdings of Satoshi Nakamoto should not be touched under any circumstances, reigniting the debate over the market's core values.

Cryptocurrency media outlet U.Today reported on May 3 (local time) on discussions held by Alex Thorn, Head of Research at Galaxy Digital, with Bitcoin developers and supporters at a conference in Las Vegas. Thorn stated that a consensus is forming across the ecosystem that Satoshi's initial coins should remain untouched. He emphasized, “Infringing upon the sanctity of fundamental property rights could lead to catastrophic consequences for Bitcoin's core value proposition.”

Recently, concerns have spread in the market that a large-scale asset theft could occur if the P2PK cryptographic technology, an early payment method, is cracked in a quantum computing environment. The view is that Satoshi's holdings, dubbed 'honeypots,' could become targets of attack. However, Thorn assessed that this risk is exaggerated. He explained that considering the structure where approximately 22,000 addresses each hold 50 BTC, the scenario of an attacker seizing all holdings simultaneously is unrealistic.

Furthermore, an analysis was presented that the overall system vulnerability is limited, given that exchanges and active participants can switch to quantum-resistant addresses as needed. This leads to the argument that individual wallet security risks should be distinguished from the stability of the entire network.

Thorn assessed that the Bitcoin market has a structure capable of absorbing a certain level of shock even with a large-scale release of holdings. Even in the extreme situation where Satoshi's holdings are leaked externally, causing a 50% price drop, he argued that this is a bearable cost compared to undermining the principle of property rights protection. This is based on the perception that most investors would consider the guarantee of ownership a more important value than a price drop.

At the same time, the community is not ignoring the quantum computer threat itself. Thorn explained that broad support is forming for improving security systems, including quantum-resistant cryptographic technology. He stated, “The development of post-quantum cryptography for Bitcoin is highly desirable.”

A warning follows that if forced intervention occurs under the pretext of protecting Satoshi's coins, the fundamental principles of Bitcoin, decentralization and property rights, could be undermined. The ecosystem is moving in a direction that simultaneously addresses technical threats and upholds its core philosophy.

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