James Check, founder and lead analyst at Bitcoin onchain analysis service Checkonchain, said Monday that the quantum threat is more of a consensus problem than a technology issue.
In a Monday X post, Check claimed that “there is no chance we come to consensus to freeze” Bitcoin that is not moved to quantum-resistant addresses, with development politics limiting the community’s ability to react. This means that a large amount of lost Bitcoin will flood the market as old addresses are compromised when quantum computer attacks become feasible.
BitBo data shows that 32.4% of all Bitcoin has not been moved in the last five years, 16.8% in over 10 years, 8.2% in seven to 10 years and 5.4% in five to seven years. How much of those assets are actually lost or inaccessible, and how many are kept in storage for is subject to debate.
Check’s post was responding to comments by Ceteris Paribus, head of research at crypto market research firm Delphi Digital. He said Bitcoin’s quantum threat problem was not technological in nature and “what makes the problem specifically unique to BTC is that the tech problem is secondary.” He said, “Quantum resistant Bitcoin will be feasible, but it doesn’t solve what you do with the old coins.“
Read more: cointelegraph.com
