Excellent justification 🙏🏻
Those in favor of BIP361 should explain what they worry about, exactly. That somebody would dump Satoshi's coins at once and devalue their stash?
Wouldn't that be the absolute dumbest use for an expensive Quantum Computer?
I'm against the "Burn the old coins" idea anyway, but a lot of people are missing the nuance in BIP361.
It's not a full confiscation of every pre-quantum coin. The actual BIP361 proposal is: disable ECDSA/Schnorr spends after a ~5-year migration window, in favor of letting people use a ZKP rescue if they still have their BIP-39 seed words on a BIP32 wallet.
But here's the fly in the ointment: What about the 'Patoshi' coins and other pre-BIP32 coins? We're talking ~1.7M BTC in early P2PK outputs with exposed pubkeys. No seed phrase = no ZKP rescue. Those coins either get moved manually by their owners before the sunset, or they get frozen forever under the new rules.
Some have floated pre-Q-day commitments or other workarounds, but that just raises the obvious question: If they're gonna have to do a pre-Q-day commitment anyway, why not just push the responsibility on the holders of these old coins to shift to a quantum-safe output (BIP-360 P2MR or whatever)? Why force a consensus rule change that effectively confiscates a large chunk of that 1.7M BTC for anyone who doesn't do the pre-Q-day commitment, or does not upgrade in time?
For this reason I'm still firmly in the "introduce a quantum-safe output type, let people migrate voluntarily, and let the chips fall where they may" camp. Bitcoin's strength has always been opt-in upgrades and not changing the rules on people. Confiscating even a portion of old coins is the wrong precedent to set.
No to BIP361.