Now something that has been long debated over the past few months whether it's a negative, positive, or what it really means for the crypto industry that definitely has some signal and noise
is this story right here. Coinbase Quantum Advisory Council publishes position paper on Quantum Computing and blockchain. So if you haven't been paying attention, there's been a whole lot of fear and certainty and doubt around quantum computing and crypto.
Many assumed it was decades away, but we recently got a paper from Google that said as soon as 2029, Quantum could become a threat to all systems including Bitcoin and crypto. So to be clear,
there's no threat to Bitcoin itself. The threat is to wallets that are not quantum proof. and we know that there are millions of tokens being held in wallets where the people are likely dead and they're inaccessible or have lost their coins including the original Satoshi coins.
So the question isn't whether Bitcoin breaks, it's whether somebody is able to access those tokens through a hack. By the way, hacking is still illegal last time I checked.
But Coinbase had largely stayed quiet on this issue and now they've clearly decided to step in and be the adults in the room. So they made a lot of really interesting points. They said the quantum threat is real but not urgent.
That we probably have a decade and that 2029 is not realistic. They said that Ethereum and others because of their actual centralization,
have teams working on it and Bitcoin has proposals nobody's adopted and this is kind of the push and pull of crypto. You want true decentralization, you want Bitcoin to have no founder for Satoshi Nakamoto to be anonymous
and likely dead. But then when it comes time to come up against a threat, there's no centralized authority that can come to a consensus on how to deal with that.
So the kind of the thing that makes crypto valuable, which is that no one is in charge, makes it the hardest thing to defend with the quantum threat. So it's really the the the bottleneck here is governance.
The thread is technical. But even if the worse this is how I like to play it out, kind of the game theory.
First of all, most of those walls will become quantum proof by the time this is an issue. Uh, we have time. But second of all, even in the worst case scenario, we have this piece of math right here, the 145 billion math, why Bitcoin's Quantum threat is manageable,
not existential. So our worst case scenario by the time Quantum is real is probably one to two million coins. Definitely the Satoshi wallet. They're averaging they're estimating 1.7 million coins would basically be hacked.
So if they're hacked, the worst case scenario is that all of those market all of those tokens are market sold. Somebody hacks them all and sells them all immediately into the market crashing price.
So first of all, Bitcoin has had many crashes and has always bounced back. We don't call it the honey badger for no reason. But in previous bear markets, we've had more selling pressure than this. Over two million, two and a half million coins net sold
in previous bear markets and Bitcoin has always found a bottom, found demand and bounced back. If anything, in my humble opinion as a Bitcoin believer, this would be the ultimate generational buying opportunity for Bitcoin if this actually happened and price crashed 75 or 80% overnight.
I also don't think that a hacker would be incentivized to sell all of those tokens at once. But there's even more ridiculousness, of course, because when there's a quantum threat, you have a lot of really bad solutions floated.
Longtime developer wants to split Bitcoin blockchain and reassign Satoshi coins. So I've seen some bad takes on this. You can't reassign Satoshi coins. When you fork it, you keep the existing ledger and then the future ledger is split.
So they can reassign the mirrored version of Satoshi's tokens and they're proposing that they do it to developers to fund this split. This is complete noise. The Bitcoin community will lose their minds over this.
Everybody will actually get free money in the fork. But you can't reassign Satoshi's tokens. This will have nothing to do with Bitcoin, and I highly encourage you to ignore all of the debate around it because it's going to be a waste of your valuable time on this earth.