Opinion: If Bitcoin is broken by quantum computing, OG will take over Satoshi Nakamoto's holdings
ChainCatcher News, last Saturday, there was an intense discussion on social media about the potential impact of "quantum computers possibly hacking Satoshi Nakamoto's bitcoin wallet and dumping his holdings." The debate originated from YouTuber Josh Otten sharing a bitcoin price chart showing BTC plummeting to $3. He stated that if a sufficiently powerful quantum computer were to successfully steal the approximately 1 million BTC held by bitcoin's anonymous founder Satoshi Nakamoto and dump them on the market, such a scenario could happen.
In response, long-term bitcoin holder Willy Woo said: "Many OGs (early bitcoin holders) would buy during such a flash crash. The bitcoin network would survive; most bitcoins would not be at immediate risk." Woo further pointed out that about 4 million BTC are stored in P2PK (Pay-to-Public-Key) addresses, which include Satoshi Nakamoto's bitcoins. This type of address exposes the full public key directly on-chain when spent, making them theoretically more vulnerable to quantum attacks.
He added that once the full public key of a bitcoin wallet is revealed on-chain, it could face the risk of quantum attacks in the future—because, assuming sufficient computing power, a quantum computer could theoretically derive the private key from the public key. In contrast, newer types of bitcoin addresses are not as easily susceptible to quantum attacks, since they do not expose the full public key on-chain; if the public key is unknown, a quantum computer cannot generate the corresponding private key.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
IM Cannabis prices US$1.31 million registered direct share offering at US$2 per share
The inflation bill has arrived, and Wall Street is starting to discount the "profit feast" of American companies.
Wall Street analysts have lowered their US stock earnings forecasts for the first time in 23 weeks, ending the longest streak of upward revisions since September 2021. High inflation and rising energy costs are squeezing profit margins in sectors such as consumer, raw materials, and finance. The combination of pressure on corporate earnings (the numerator) and rising discount rates (the denominator) is exposing US stocks to significant valuation adjustment risks.
Rezolve AI Targets $60 Million in Annualized Savings Under Cost Reduction Program; Shares Up Pre-Bell
Crypto prices
More
