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
to destroy one card a turn... ok, the pulverizer can destroy a card a turn for
so I am not sure what is less balanced here, but this is just my suggestion.