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Definitely way above my technical level, but...
- First reaction is that it seems like a step in the right direction, where doing something is better than nothing. (This, actually, is not always true.)
- At least it's discussion, a phasing into quantum defense. It kind of seems like what I mentioned, though, with the bickering and the arguing...the good and bad. Some will do it, others will not. This fits in the "can't hurt" category.
- But then - Satoshi's coins are still a problem. Frankly it seems that if Satoshi's stash is still at risk, it kind of becomes a moot point. If X% of bitcoiners moved from legacy addresses to P2MR, but Satoshi's coins are still there and are still "hackable", that would be an immense problem. Unless of course Satoshi moved or burnt those coins. Hint, hint, nudge, nudge, Satoshi.
- At least it's discussion [..]
It's not a discussion, though. It's a proposal. You or I can build and release an activation client for it today. Maybe, if we all think that there is not enough action, we should do exactly that? Be the change.
- Satoshi's coins [..] that would be an immense problem
Why? Not your keys, not your coin. Honeybadger dgaf who is spending coins? If you are afraid of fiat NgD, hedge that shit. Mr. Hayes made you a nice platform.
It's not a discussion, though. It's a proposal.
Discussion, proposal...semantics. You can discuss a proposal verbally, through writing, or discuss by action or inaction, by "voting with your feet" as they say.
I like what you write about taking action, be the change, etc. And that's kind of what worries me. Although this BIP is there, is there any action? Any traction to the proposal? At least it's there. Seems like bullet point #1 to me.
Why? Not your keys, not your coin.
I'm not sure I exactly understand what you're getting at here. Satoshi supposedly has over 1M coins. If those keys were hacked: (a) that's about 5.5% of the supply of bitcoin that'd suddenly be out there, conceivably to flood the market. I agree with what, I think, you're saying and that things would eventually bounce back. (b) I think that would be a huge, huge, hit to the trust in bitcoin. I could see how "bitcoin's own inventor got hacked!" would be a hurdle that normies might never get over. Maybe it would happen, but it would take years, I would think decades.
Satoshi supposedly has over 1M coins. If those keys were hacked: (a) that's about 5.5% of the supply of bitcoin that'd suddenly be out there, conceivably to flood the market.
These coins are spendable today. So the key doesn't need to be hacked to be spendable. That Satoshi is some benevolent entity that will not spend their coin is just imagination, mass delusion maybe, in this case.
These attributes are 100% fabricated and have nothing to do with Bitcoin. The Bitcoin protocol says that if an utxo is spendable, it can be spent. Everything else is wishful thinking and imagination. Let's not make decisions based on delusions, that's a dangerous road all by itself.
I could see how "bitcoin's own inventor got hacked!" would be a hurdle that normies might never get over.
Awesome! It would mean the enslaving banksters, politicians and scammers will be instantly out of business (in Bitcoin)! Best. Outcome. Ever.
We apparently are thinking differently because I understand very little about what you just wrote. I'll try though...
These coins are spendable today.
Of course they are. Satoshi can spend them.
These attributes are 100% fabricated
This confuses me. The attributes of Satoshi with 1M coins is fabricated? If I understand correctly, you're saying the Satoshi coins are already out there, live, spendable, etc. What I'm saying is that they are not on a market. Yes, Satoshi could put them on Coinbase today. I think I get what you're saying now, we shouldn't assume Satoshi will never do this. Fair enough.
banksters, politicians and scammers will be instantly out of business
I don't understand this at all. If Satoshi's coins were hacked, I don't see how that hurts the old ways.
I think I get what you're saying now, we shouldn't assume Satoshi will never do this.
Exactly. Worse: if they move today, did satoshi do it, or did some quantum nerd in Google's basement do it? If ECDSA is broken with Shor's then RSA is broken too. So it's not like you can use a 2008 PGP key to prove your identity; this is the first thing an attacker will break. Thus, there is no difference. And no one will advertise that they are stealing coin, this is theft. We'll never know!
Therefore: if those utxos move, they move. Period. It would be dumb to dump them all on an exchange because no exchange has liquidity for that; so it'll be OTC and that means someone is going to ask questions, or be literally guilty of laundering.
If Satoshi's coins were hacked, I don't see how that hurts the old ways.
Simple, if all the normies leave and no one will join, then there will be only a small pool of complete idiots to scam/influence/milk. Not worth it. All the bad actors will become shitcoin maxis because there will be no reason to hang with a bunch of people that won't bring you any gainz.
So what do you think about BIP-360?