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if the satoshi stack was lost to a quantum hack , how would anyone launder it?
114 sats \ 6 comments \ @stack_harder 17 Dec bitcoin
Ok, so there's been more buzz than usual about quantum stuff and after asking around here, I'm not too worried.
But after watching the doc on the Bitfinex hack, I was thinking, even in a hypothetical situation, if the OG stack was stolen or copted, how would a thief/s even begin to do anything with such an insane amount of btc?
everyone would be monitoring the shit out of it on chain and it's not like they could just float it all on a load of cex's.
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1 sat \ 4 replies \ @freetx 17 Dec
worrying about "quantum hacks" at this point is pointless. 90% of the hype you see about QC is a PR scam....its being perpetuated by elderly tech companies like google and IBM who no longer lead anything in tech and have now settled into to just low level PR scams to continually bump stock price at the cost of uneducated stock analyst.
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21 sats \ 3 replies \ @stack_harder OP 17 Dec
yeah, I'm not buying into the quantum fud, it's more wondering about the logistics of how the sacred stash could even be laundered
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25 sats \ 2 replies \ @freetx 17 Dec
Ultimately I think we should just let it happen. I'm not saying that will be a "good outcome" but will be the least bad outcome.
Anything involving getting miners to censure the transactions (which I know you aren't suggesting) or "invalidating old coins" will kill the entire premise of bitcoin and will be the point where I probably start selling.....
As for mechanics of how they would do it...lots of coinjoins and more importantly lots of random sends.... Send 10,000 BTC to random known public addresses.....essentially throw enough of the coins into other innocent peoples wallets that it creates an untraceable mess.
Imagine some random charity getting 100,000 BTC "donation", etc. Random addresses on internet getting 1000 BTC each, etc.....
The attacker could still be left with 200,000+ BTC of mixed coins that could then be used in small batches and probably be undetected.
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10 sats \ 1 reply \ @stack_harder OP 17 Dec
do you think the attackers would eventually get caught? it seems like whoever big money is involved in anything, there is always a slip-up that leads to an arrest, whether it's too much flexing or gossiping.
also, do you think the punishment would be super harsh? the guy convicted in bitfinex literally only got 5 years and the woman didn't even do time, she's back at crypto conferences. which seems highly odd
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21 sats \ 0 replies \ @freetx 17 Dec
I think the perpetrators could make themselves out to be "robinhood good guys" via giving away lots of loot. Fund "save the children" for 100M here and there...
This would create a positive mystique about them which would greatly lessen their prison sentences.
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0 sats \ 0 replies \ @OT 17 Dec
Depending on consensus we could either let it go to the first QC to find it, fork out any coins that haven't moved for 15-20 years, or have a 5-10 year window for everyone to upgrade their stack to quantum resistant keys.
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