In my opinion it looks way overpowered, but I judge it based on my MtG experience. A renewable counterspell counters a lot of decks (buff based ones, aflatoxin or poison based ones, miracle based ones, some mutation based ones, rewinds, direct damage, RoF and a lot more)
Ok, from what I understand about your idea, only the first one is wasted, but how often do you see more than one spell played a turn? I see sometimes with buffs, but rarely.
I've got nothing against an idea of a renewable counterspell in itself, but it should not be possible with a single card. It should be something like one spell that couters spells once, and some permanent that allows you to cast a cheap spell multiple times, or even something requiring 3 cards to pull of.
Right now the only way I see of countering this permanent would be to use 2 deflags or 2 steals, or a pulverizer, but first and second require 2 cards to remove one (and double the cost) which I find unbalanced, and latter is only possible in gravity/earth and rainbow decks.
My suggestion - make it counter spells AND creature/permanent abilities. This way you may waste a devour, mutate, hasten or some similar ability to break the protection, then play some spell. It still makes you pay some quantum to break the protection, but at least it is not
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to destroy one card a turn... ok, the pulverizer can destroy a card a turn for
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so I am not sure what is less balanced here, but this is just my suggestion.