Controversial Claims by Josh Mandell
Josh Mandell, a former trader on Wall Street, has stirred controversy on X, alleging that Bitcoins stored in long-abandoned wallets are under threat of theft by a significant yet undisclosed entity. Known for a notable Bitcoin price forecast he made earlier this year, Mandell suggests that this entity is exploiting technological methods to discreetly acquire additional Bitcoin outside traditional market channels.
Community Reactions
Despite his claims, the Bitcoin community has reacted with skepticism and ridicule. Critics point to the feasibility of his assertions, particularly highlighting on-chain analysis as a critical tool that could unveil such activities. Harry Beckwith, founder of Hot Pixel Group, vocally dismissed Mandell’s theory, asserting that it is highly improbable. Matthew Pines, who leads the Bitcoin Policy Institute, further reinforced this stance by labeling Mandell’s argument as incorrect.
Online responses have ranged from humorous to harsh, with one commenter jokingly suggesting Mandell should limit his screen time, underscoring the community’s disbelief in his theory.
Quantum Computing and Bitcoin Security
While some experts acknowledge advancements in quantum computing, which could theoretically threaten Bitcoin’s security, the current state of technology falls far short. The requirements to break Bitcoin’s cryptography would necessitate millions of precise and stable quantum bits, also known as qubits.
Although there have been remarkable developments in quantum technology risk assessments in recent times, including notable progress by companies like Microsoft and Google, experts agree that these innovations are not yet a looming threat to Bitcoin. Looking towards the future, some analysts project that in the next two decades, quantum computing may pose substantial risks to cryptocurrencies, which has led to discussions about safeguarding against potential quantum-induced vulnerabilities.
Cypherpunk advocate Jameson Lopp previously raised alarms about the implications of quantum-enabled breaches and their capacity to disrupt Bitcoin valuations significantly.
