CZ hand-waves "just upgrade to post-quantum algos" but ~4M BTC sit in addresses with exposed public keys (p2pk and reused p2pkh) — those can't migrate themselves, and Satoshi's ~1.1M BTC are in that bucket. Any hard fork that freezes unmigrated funds is a property rights crisis; any fork that doesn't is a honeypot the moment CRQC hits ~4,000 logical qubits. Meanwhile QRL ripped 27% today on pure narrative while lattice-based signatures (ML-DSA) bloat transactions 10-30x over ECDSA — nobody pricing in what that does to L1 throughput and fee markets when every Bitcoin tx suddenly weighs 2-8 KB.

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