Jameson Lopp, who has been contributing to the Bitcoin network for years and is one of the leading names in the industry, stated that freezing approximately 5.6 million lost bitcoins on the blockchain in case they are attacked by a possible quantum computer threat in the future may be safer than these assets falling into the hands of malicious people.
Lost Bitcoins and Quantum Debate
Jameson Lopp is a Bitcoin developer and security expert well-known in the cryptocurrency community. Lopp mainly works on blockchain security and makes various technical recommendations. Finally, in his statement to CoinDesk, he stated that 5.6 million Bitcoins have not moved for a long time, so they are most likely irretrievably lost by their owners. CryptoAppsy According to data, the current value of these coins is approximately 420 billion dollars.
Lopp pointed out the risk that such a large amount carries in terms of potential market movement, saying:
“If these lost Bitcoins are accessed one day thanks to quantum computers, there may be a serious fluctuation in the market and a loss of trust in the ecosystem.”
made his assessment.
BIP-361 and Community Response
The technical proposal titled BIP-361, published by Lopp and several other developers, brought forward the gradual removal of the current signature system on the Bitcoin network and the invalidation of transfers from wallets that are vulnerable to quantum attacks. This offers a migration plan that automatically freezes dormant coins after a certain period of time.
In his post on X (formerly known as Twitter), Lopp emphasized that this proposal was not a final decision, but rather a possible “Plan B”. “I would never want to implement this situation, but I could not find a better alternative to the current threat,” he said.
The proposal has sparked a heated debate within the crypto community. It is argued that there may be a radical change, especially in the property rights and the “uncensored” structure of Bitcoin. Some people argue that, in theory, such a major intervention in the network would harm the basic principles of the chain.
Philosophical and Economic Influences
Market analyst Mati Greenspan, founder of Quantum Economics, stated that the issue is more philosophical than technical. They agreed that “Achieving quantum durability is not actually that complicated, what is important is how the community will act regarding lost coins.”
Greenspan argued that freezing dormant bitcoins could, on the one hand, prevent major risks in the market, but on the other hand, would mean a deviation from Bitcoin’s basic principle of non-intervention. He noted that if quantum attacks were real, even if there were no large sales, even the apparent attacks could create an atmosphere of panic.
On the other hand, some experts, such as Leo Fan, the former leader of Algorand’s quantum endurance unit, point out that with such an intervention, the principle of ownership would become unclear and Bitcoin’s promise of “unstoppable money” would be damaged. Fan added that this scenario could indirectly increase the value of existing coins due to its potential to reduce supply.
Due to the decentralized nature of Bitcoin, such an exchange requires a high degree of consensus across the network. In the past, similar technological updates could be implemented with the support of the majority of miners.
