[BIP Proposal] No burn, Quantum Migration Proposal, Quantum Secure Asset Verification & Escrow (QSAVE)

The conversation critiques a proposal that leans towards using legal mechanisms and Know Your Customer (KYC) processes to safeguard Bitcoin, labeling such approaches as impractical due to their centralized nature and potential to conflict with the decentralized ethos of Bitcoin. Concerns are raised about the feasibility of implementing these measures and the ethical implications of centralizing control over a significant portion of Bitcoin's supply. Instead, the correspondence advocates for a shift in focus towards fostering a culture of benevolence among potential quantum adversaries, suggesting non-technical consensus upgrades and legal guidelines for entities possessing advanced quantum capabilities.

James Tagg introduces the Quantum Secure Asset Verification & Escrow (QSAVE) proposal, offering a novel approach to address the quantum threat without compromising Bitcoin’s decentralized principles. Unlike previous proposals that could lead to the unspendability of coins or centralization issues, QSAVE aims to protect vulnerable Bitcoins by placing them under protective custody, preserving their value for the rightful owners while generating returns to support global public welfare. This initiative seeks to preempt both the appropriation of coins by quantum actors and community-driven forced coin burning, which could undermine Bitcoin’s value proposition. Chain analysis identifies millions of Bitcoins at risk due to exposed public keys, highlighting the urgency of migrating these assets to quantum-safe addresses and advocating for educational outreach.

QSAVE outlines a detailed plan involving various outcomes depending on the timing and consensus achieved regarding quantum computing's impact on Bitcoin. It proposes a meticulous recovery process and suggests a governance structure that includes a decentralized model with quadratic voting to ensure fair and transparent decision-making. The proposal emphasizes the importance of aligning with Bitcoin's core values while addressing the practical challenges posed by quantum technology advancements. It also highlights the need for legal clarity and jurisdictional considerations, drawing parallels with existing legal frameworks for lost property to justify the concept of protective custody for digital assets.

In summary, the dialogue within the Bitcoin Development Mailing List underscores the critical need for innovative solutions to quantum threats that align with Bitcoin’s foundational principles. While critiquing centralized and legalistic approaches, the contributors propose alternative strategies that involve community consensus, benevolent actions from potential quantum adversaries, and novel proposals like QSAVE. These discussions reflect a broader effort to navigate the challenges posed by quantum computing while preserving Bitcoin's integrity as a decentralized digital currency.