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What should be done about Satoshi's coins when ECC is broken?
2190 sats \ 60k boost \ 27 comments \ @anon 11 Apr bitcoin
zaps forwarded to @koob (50%) @ek (50%)
At some point, elliptic curve cryptography will be broken, and it will be possible for an attacker to derive the private key from any P2PK wallet (such as Satoshi's).
Assuming BTC in these wallets doesn't move before that time, what should be done about these coins?
Nothing, let the attacker have them51.3%
Hard fork, burn them18.4%
Hard fork, air drop them to hodlers1.3%
Hard fork, send them to mining pool7.9%
Soft fork, disallow P2PK txns in mempool14.5%
Something else6.6%
76 votes \ 2 days left
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125 sats \ 1 reply \ @freetx 11 Apr
Something Else:
SOFT FORK - P2PK TXNS MUST PAY 50% MINING FEE.
This sort of splits the difference between "let them have them" and "air drop to miners"
Regardless of whats done, we would need to give holders at least 4 years advance notice before enacting anything.
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100 sats \ 0 replies \ @endothermicdev 12 Apr
Literally pay a mining fee? Because then once you brute force a private key you just buy some mining hardware and sit on the tx until you can mine a single block, right?
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130 sats \ 0 replies \ @endothermicdev 12 Apr
Czar of the universe answer is to fix this in an elegant way early with a decade or so to move the coins before anything consequential happened. In the real world, you would never build consensus for such a thing. Even if you did, the process would be so contentious that a vocal contingent could cause a substantial loss of faith in the immutability of bitcoin. It might even be preferable to let the chaos play out. Unless there's overwhelming consensus, any solution becomes a poisoned chalice - even if it's technically elegant.
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92 sats \ 1 reply \ @south_korea_ln 11 Apr
@anon really a believer in the "pay-to-post" meme here.
No post rewards coz anon, boosting 60k sats and forwarding all rewards to SN devs.
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121 sats \ 0 replies \ @DarthCoin 12 Apr
funny that he fw the CCs to a non-account @koob is not @k00b
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128 sats \ 1 reply \ @justin_shocknet 11 Apr
What the NSA does what their coins is none of your business
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17 sats \ 0 replies \ @DarthCoin 12 Apr
hahahaha good point !
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101 sats \ 0 replies \ @ek fwd 11 Apr
As far as I know, we don't even know for sure if "Satoshi's coins" are Satoshi's coins.
So I'm not sure we should treat them any differently from other P2PK coins.
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50 sats \ 1 reply \ @quark 11 Apr
The coins will probably be moved before the cryptography vulnerability is announced. They would secretly get the coins before anything else. To prevent this, I think there was and idea about a hard fork requiring coin holders to renew them periodically (could be years) to avoid losing the coins. This would burn Satoshi's coins and lost coins, giving a better representation of the total available supply.
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0 sats \ 0 replies \ @_stacktoshi 11 Apr
Sounds horrible. I want to stick my seedphrase in a time capsule for my great-great-great-great-great grandchildren to discover one day.
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29 sats \ 1 reply \ @Cje95 11 Apr
Hell of a question…. The hard fork sending them to mining pool would be very very interesting… anyone have a rough idea how much longer mining BTC rewards would go for then?
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5 sats \ 0 replies \ @Undisciplined 11 Apr
That would depend entirely on what the new mining schedule is. It could be as extreme as putting all the old BTC into the next block reward or they could scale up all of the remaining rewards or they could stretch out the decay schedule or any number of other things.
I would be curious to hear what the leading proposals are, though.
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10 sats \ 1 reply \ @kurszusz 11 Apr
This can't happen except with the creation of a quantum computer... and that's a long way off. The solution (I think) will be to switch from sha256 to sha512 (or maybe sha1024)
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5 sats \ 0 replies \ @quark 11 Apr
You are probably underestimating the advances in quantum computers. They are already doing prime factorization algorithms and evolving fast. We may need to change the cryptography sooner than expected.
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5 sats \ 0 replies \ @BitSapien 12 Apr
Timelock it to be distributed as mining rewards after 2140 ? does that work ?
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0 sats \ 0 replies \ @Lazy_AMA 14 Apr
Soft fork, disallow P2PK txns in mempool
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0 sats \ 0 replies \ @Dkryptoenth 14 Apr
Hard Fork, send them to mining pool.
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0 sats \ 0 replies \ @fd055dcc2f 13 Apr freebie
when the time comes all utxos will have to be moved to new-format addresses (like bc5xxxx something)
grace period of 7-10 years, and those that are not moved are locked and lost. what's there to think about?
0 sats \ 0 replies \ @JesseJames 12 Apr
call 1-800-FED and ask ...lol
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0 sats \ 0 replies \ @jgbtc 12 Apr
Let Satoshi decide. They're his coins.
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0 sats \ 0 replies \ @Satoshi__Nakamoto 12 Apr
Send them to minimg pool
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0 sats \ 0 replies \ @DarthCoin 12 Apr
SELL ALL YOUR BITCOIN NOW ! WE ARE ALL GONNA DIE!
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0 sats \ 0 replies \ @Dkryptoenth 12 Apr
But guys what's up with ECC?
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0 sats \ 0 replies \ @HardMoney 12 Apr
It’s not like the quantum miner gets 1M coins all at once. This attack would be 50 utxos at a time. It’s like a new mining award for the network
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0 sats \ 0 replies \ @_stacktoshi 11 Apr
I kinda like the soft fork idea. It's a reversible countermeasure to protecting Satoshi's coins. But not the end of the world if we do nothing. Odds are that the attacker will be some entity that's already really wealthy, if they're one of the first to get their hands on a powerful enough quantum computer. Perhaps some billionaire will steal them and then burn them. One can dream.
Oh, what happens next? Do exchanges allow these coins to be sold for fiat? Do reputable institutions do business with this entity and keep it the DL?
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0 sats \ 0 replies \ @BITC0IN 11 Apr
Depends
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0 sats \ 0 replies \ @Satosora 11 Apr
I feel some people hve a lot of time to daydream. The system wont be broken anytime soon.
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