Bitcoin Developers Propose 'Wait and React' Strategy Against Quantum Computing Threats

The Bitcoin community is considering a novel approach to mitigate the risks posed by quantum computing: rather than imposing a pre-emptive freeze on vulnerable coins, the network would wait for a quantum attacker to reveal themselves 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 on older wallets. The proposal also includes a bounty system, where users can contribute bitcoin to incentivize the first entity to demonstrate a quantum attack publicly, rather than attempting to exploit vulnerable wallets quietly. However, this approach assumes that the attacker will prioritize claiming the bounty over executing a potentially massive theft. The 'wait and react' strategy is designed to provide an alternative to a fixed five-year timeline for securing the network, which has been criticized for being overly restrictive and potentially confiscatory. The proposal aims to balance the need to protect the network against the risk of premature disruption to users. Nevertheless, the approach carries significant risks, as it relies on the attacker's willingness to reveal their capabilities and claim the bounty, rather than attempting to exploit the network's vulnerabilities for personal gain.