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Justin Drake

👤 Speaker
648 total appearances

Appearances Over Time

Podcast Appearances

Bankless
Ethereum’s Quantum Strategy with Justin Drake

Yeah, so there's this web page called the Risk Lisk.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

It's spelled with a Q instead of a C by this company called Project 11, where they have this dashboard that gives you a live view of vulnerable addresses.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

And I believe it's on the order of 35%.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

35% of Bitcoins?

Bankless
Ethereum’s Quantum Strategy with Justin Drake

Yes.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

So millions of Bitcoin, let's say six or seven million, something like that.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

Yeah, that's hundreds of billions of dollars.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

And you're right that it does include the 1 million, roughly 1 million BTC that Satoshi holds.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

Now, one of the interesting features of Satoshi's BTC is that they're all of increments of 50 Bitcoin, because basically that was the rewards that you would get.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

And he would use a fresh address every time he mined.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

That's how the default software was programmed back then.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

And if it takes, let's say, a day,

Bankless
Ethereum’s Quantum Strategy with Justin Drake

or even let's say 10 minutes, you know, to hack one pub key, you will see Satoshi's coins being drained at roughly the same rate that they were mined back then, you know, once every 10 minutes or so.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

So it will be a process that will be extended through time.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

And one interesting consequence is that if you're a small fish and you have like significantly less than 50 bitcoins worth in your address, then you're fine.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

You're kind of shielded by Satoshi.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

Yes, exactly.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

Yeah.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

So the rough number that I have in mind is in line with those that were shared.

Bankless
Ethereum’s Quantum Strategy with Justin Drake

It's 2 million Bitcoin, which let's say is 10%.