Peter Brandt Names 'Ultimate Risk' to Bitcoin

Peter Brandt, one of the most prominent commodity traders, has opined that the Bitcoins that belong to elusive founder Satoshi Nakamoto pose the “ultimate risk” to the largest cryptocurrency due to the possibility that they might end up being stolen.

This comes after Capriole founder Charles Edwards recently voiced concern about the potential threat that quantum computing poses to Satoshi’s riches.

Quantum computing has been gradually penetrating the Bitcoin discourse due to concerns about a powerful computer, Shor’s algorithm, which would be capable of reverse-engineering private keys.

The first entity that manages to build such a powerful quantum computer could end up breaking Bitcoin’s encryption and potentially gain access to Satoshi’s enormous fortune.

Former Wall Street trader Josh Mandell recently made a wild claim that quantum tech is already being used to steal coins from old wallets.

Are quantum risks overblown?

That said, many Bitcoiners think that such risks are overblown since quantum computers are not powerful enough. For now, the consensus appears to be that the necessary technology is still decades away, meaning that there is still plenty of time to work on post-quantum cryptography.

As reported by U.Today, F2Pool co-founder Chun Wang, who is known as the first Bitcoin advocate to travel to space, recently opined that the threat of quantum tech was exaggerated, urging the community to focus on interplanetary usage instead.

Mystery of Satoshi’s Bitcoin riches

Satoshi’s Bitcoin holdings, which are estimated to reach 1.1 million, have been an enduring mystery.

The massive fortune is spread across a slew of different wallets that have remained untouched for roughly 15 years.

The most widely accepted theory is that these coins will never move. For instance, Galaxy CEO Mike Novogratz believes that Satoshi is actually dead.

Some also speculate that Satoshi might eventually return, or that he has a “dead man’s switch” that could distribute his wealth.