Willy Woo Predicts Bitcoin OGs Will Buy Satoshi's Stash if Quantum Hacking Occurs

As discussions erupt on social media addressing the potential impact of quantum computers on Bitcoin, Willy Woo suggests that veteran Bitcoin holders (often referred to as "OGs") would be inclined to purchase Satoshi Nakamoto's significant stash of Bitcoin if such a hack were to occur.

Key Takeaways

There is ongoing debate about the potential for quantum computers to hack Bitcoin, especially Satoshi Nakamoto's holdings.
Willy Woo believes many long-term Bitcoin holders would capitalize on a market crash resulting from such a hack.
Current Bitcoin wallet types vary in their vulnerability to quantum attacks, with newer wallets being more secure.
Industry experts argue that a significant quantum computing threat is likely decades away.
The primary risk is not to Bitcoin’s technology itself, but to its market price amid fears of quantum hacking.

Willy Woo Predicts Bitcoin OGs Will Buy Satoshi's Stash if Quantum Hacking Occurs

Potential Quantum Hacking Threats to Bitcoin

A lively discussion unfolded on Saturday across social media platforms concerning the ramifications of quantum computers possibly hacking Satoshi Nakamoto's Bitcoin holdings and subsequently selling off those coins. This conversation was sparked by YouTuber Josh Otten, who shared a price chart predicting a drastic drop in Bitcoin's value to $3.00 if a powerful quantum computer were to successfully access Satoshi Nakamoto’s 1 million BTC and liquidate them.

Long-term Bitcoin holder Willy Woo stated, “Many OGs would buy the flash crash. The Bitcoin network would survive; most coins are not immediately vulnerable.”

Bitcoin Price, Encryption, Cryptography, Quantum Computing
Source: Josh Otten

Nevertheless, Woo highlighted that there are about 4 million BTC stored in pay-to-public-key (P2PK) addresses, including those belonging to Satoshi, which display the complete public key on the blockchain when coins are spent. This feature makes them susceptible to quantum attacks.

Revealing a Bitcoin wallet's full public key on the blockchain could lead to vulnerabilities in the future since a sufficiently advanced quantum computer could derive the wallet's private key from the public key.

Conversely, newer Bitcoin wallet address types exhibit greater security against quantum attacks because they do not reveal full public keys on the blockchain. Without access to the public key, a quantum computer would struggle to derive the corresponding private key.

Bitcoin Price, Encryption, Cryptography, Quantum Computing
Satoshi Nakamoto’s Bitcoin holdings. Source: Arkham Intelligence

The crypto community remains divided over the prospective influences of quantum computing on Bitcoin and the encryption framework that supports cryptocurrencies. Some experts contend that quantum computing could spell disaster for the entire industry.

Related: VanEck boss questions Bitcoin’s privacy, encryption against quantum tech

Addressing the Timeline of Quantum Threats to Bitcoin

Adam Back, a notable early Bitcoin adopter, cypherpunk, and co-founder of the Bitcoin technology company Blockstream, expressed that the threat from quantum computers is likely decades away, estimating a timeline of about 20 to 40 years before it could pose a real challenge. Back believes that there is ample time for the Bitcoin community to implement post-quantum cryptography standards, which are already available, before a capable quantum computer capable of breaching current encryption and cybersecurity measures is developed.

Market analyst James Check supported this view, asserting that the technology underpinning Bitcoin would not be compromised because users will likely transition to quantum-resistant addresses by the time a sufficiently advanced quantum computer comes online.

Check added that the greater risk lies in Bitcoin's market price rather than its technology. He noted that there is “no chance” the Bitcoin community would agree to freeze Satoshi’s coins before a quantum computer could access them and potentially flood the market with these assets.

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