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Selling Satoshi's Stackopen.substack.com/pub/checkonchain/p/selling-satoshis-stack?utm_campaign=post&utm_medium=email
1562 sats \ 6 comments \ @siggy47 23 Apr bitcoin

Check weighs in on the idea that a quantum hack (that mythical beast) would destroy the price of bitcoin. He calls bullshit on that notion.

In today’s piece, I am going to present a case for why the fear-factor pertaining to the sale of quantum vulnerable coins is unlikely to be anywhere near as severe as many claim.
  • The full 1.716M P2PK coins are equivalent to around 60-90-days of sell-side (and thus demand) we see in a Bitcoin bull market, but also in late stage bears around the capitulation event.
  • In other words, HODLers routinely absorb this kind of sell-side, and especially when we remove the conservatism I build into this analysis, the picture becomes much less scary than the headline number.

Maybe Nic Carter can stop worrying about quantum threats and focus on how a DAO threat might affect some of his shitcoin NFTs.

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102 sats \ 0 replies \ @ladyluck 23 Apr

HODLers eat 1.7M coins for breakfast during a bull run. Panic over mythical quantum hacks is just noise for people who don't understand Bitcoin’s liquidity.

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99 sats \ 0 replies \ @joyfam 23 Apr

I’m more worried about people losing their keys than I am about a quantum computer finding them.

Great breakdown of the threat levels

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37 sats \ 0 replies \ @BlokchainB 23 Apr

If he’s selling I’m buying!

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72 sats \ 0 replies \ @0xbitcoiner 23 Apr

nice chart

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58 sats \ 0 replies \ @freetx 23 Apr

Further, I would add these little-discussed cases as well:

  • the hackers themselves will not store their stolen coins in QC vulnerable addresses, thus the quantum vulnerability of bitcoin will heal itself rather quickly.
  • Public labs and large QC entities (and any miners) that knowingly participate in this theft will be liable not only directly for the bitcoin stolen, but also from class action lawsuits from all bitcoin holders. Further such actions will go well past civil fines and will result in criminal penalties.

The second point offers another remediation that I haven't seen discussed: Legal Embargo.

Forget any changes to bitcoin protocol, simply a FINCEN related law / regulation is passed that (a) identifies all QC vulnerable addresses, and (b) sets a date (2030?), that says any transaction (mining, exchange, etc) involving those addresses past 2030 requires KYC and documented proof of ownership on those coins.

This isn't perfect. But it does offer a remediation - so whoever holds those coins (if still alive) will have a few years to move them KYC-free to safe addresses.

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58 sats \ 0 replies \ @OT 23 Apr
The full 1.716M P2PK coins are equivalent to around 60-90-days of sell-side (and thus demand) we see in a Bitcoin bull market, but also in late stage bears around the capitulation event

Good to see that in perspective. If it were an entity simply trying to destroy Bitcoin (CCP) they would dump it all at once and it would go to near zero. Anyone else might have a good incentive to simply hold onto it. Sell it slowly or borrow against it like our treasury bros.

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