Bitcoin Developers Propose 'Wait and React' Strategy to Counter Quantum Computing Threats

The Bitcoin community is considering a novel approach to mitigate the risks associated with quantum computing: instead of imposing a preemptive freeze on vulnerable coins, the network would wait for a potential attacker to demonstrate their capabilities and then react. This 'wait and react' strategy relies on a canary system, which involves placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker. If the attacker succeeds in unlocking the address, it would trigger a network-wide freeze of older wallets. The proposal also includes a bounty system, where users can contribute bitcoin to incentivize the first entity to demonstrate a quantum attack, rather than attempting to steal funds quietly. However, this approach assumes that the attacker will prioritize claiming the bounty over executing a large-scale theft. The canary system is designed to reduce the risk of disrupting users prematurely, but it also introduces a new risk: if the attacker chooses to steal funds instead of claiming the bounty, the network could be left vulnerable to a catastrophic attack. This approach is an alternative to the controversial BIP-361 proposal, which would impose a fixed five-year timeline for phasing out vulnerable addresses and potentially leave unmigrated coins permanently frozen.