Satoshi Coins, Must Not Be Touched... Warning: 'Causes a Greater Disaster Than Quantum Computers'

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

A claim has been made that the early Bitcoin (BTC) holdings of Satoshi Nakamoto should not be touched under any circumstances, rekindling the debate over the core values of the market.

Cryptocurrency specialized media outlet U.Today reported on May 3 (local time) discussions between Alex Thorn, Head of Research at Galaxy Digital, and Bitcoin developers and proponents 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 early payment method, P2PK cryptographic technology, is decrypted in a quantum computing environment. There is a view that Satoshi's holdings, often referred to as '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 simultaneously seizing all holdings is unlikely to be realistic.

Furthermore, an analysis was presented suggesting that the overall vulnerability of the system is limited, as exchanges and active participants can switch to quantum-resistant addresses as needed. This leads to the logic that the security risks of individual wallets 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 supply release. He argued that even in the extreme situation where Satoshi's holdings are leaked externally, leading to a 50% price drop, it would be 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 has formed for improving the security system, including quantum-resistant cryptographic technology. He stated, “The development of post-quantum cryptographic technology 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 responds to technological threats while simultaneously upholding its core philosophy.

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