Uneasy Money: BIP-361 Wants to Freeze Satoshi's Coins. What Happens If It Passes?

**Kain Warwick** (0:00)
Hey, everyone, I'm here with my co-host, Taylor Monahan, security expert.
Luca is out today. I believe he's visiting Antarctica. That's what I heard.

**Taylor Monahan** (0:10)
What?

**Kain Warwick** (0:10)
So, no, I'm joking. I'm joking. Obviously, he's not visiting penguins in an ark. You know, like, how long have you survived in the Arctic?
You're like, he's allowed to visit the penguins in Antarctica? Yeah.

**Taylor Monahan** (0:23)
I was legitimately just got so jealous.

**Kain Warwick** (0:26)
He could be, he could be. I didn't, I never realized that you wanted to go to Antarctica so badly. So yeah, it's just just the two of us today. So let's, let's kick it off. This, this first story is, this first story is bit 361
So this is pretty crazy.
I feel like the Bitcoin quantum stuff has been floating around for a while. People are getting freaked out. Nick Carter's losing his mind over it. This is the first thing that we've seen that hasn't been like, oh, we should think about it, but like we should start doing things. And Bitcoin doesn't usually do things. So like, I don't know. What's your, what's your take on this? Cause this feels like a new front in the quantum Bitcoin war right now.

**Taylor Monahan** (1:25)
I mean, it's wild because it's like the hardline Bitcoiners. And I think we talked about this on our previous show, but I said, the thing that scares me about Bitcoin and quantum is their ecosystem and their developers, their engineers, their coordination mechanisms are not at all prepared. Like they've, they've just done such hard lines in the sand over so many years. And now where it's getting to the point where it's like, wait, this is actually a legitimate real threat.
Now we're sitting here like, what do we do? Right? Like, what do we do? And apparently, they still have it in them.

**Kain Warwick** (2:08)
They still have the ability to do this. Well, okay, so maybe, maybe for the audience, let's go back, let's go back and go over some Bitcoin lore and Bitcoin history. But before we do, let's do a quick ad break to get started and then we can come back and hit this story. So, all right, so before we go deep into OG Bitcoin lore, here's a word from the sponsors that make this show possible.

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**Kain Warwick** (3:59)
All right, we're back, everyone. So I think Bitcoin, 2009
Let's talk about Bitcoin, right? 2009, Tati releases the white paper on the Cypherpunk mailing list. Most people were like, eh. Some people were like, cool. They start doing some stuff. They mine some Bitcoins. They send some Bitcoins around. And at this point, if you read those conversations and you read the discussions and all of that stuff, there is a really strong sense at that point, at least for me, and I'm curious your take, that code is code.
Like this is a piece of software, right? Like we haven't yet come out of the code is code part of the Bitcoin story, right? And then it goes a bit crazy. Some stuff happens, like 2010, 2011, the first exchange's launch. And it still feels like there's the first bug where like infinite Bitcoins get minted, the bug is squashed, the chains rolled back. Like we're still in like code is code land, right? And then somehow between the peak in 2011 into the like bear market that I guess first-ish bear market, right? The religion of Bitcoin starts to become a thing, right? Satoshi steps away, different people start to like take up the mantle. You get these evangelists who come in who are like super excited about Bitcoin. And it becomes somewhat religious at that point, but still software. There's still software guys doing software to it, and that's OK.