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

A new proposal is being debated among Bitcoin developers, which involves a drastic change in the network's response to potential quantum computing threats. The idea is to refrain from freezing vulnerable coins unless an attacker demonstrates the capability to do so. However, this approach relies on the assumption that the attacker will claim a bounty instead of exploiting the vulnerability for personal gain. The proposed 'canary' system would involve placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker. If the address is accessed, it would trigger a network-wide freeze of older wallets. This approach is designed as an alternative to a fixed five-year timeline for imposing restrictions on vulnerable addresses. The new system includes a financial incentive, where users can contribute to a bounty that rewards the first entity to demonstrate a quantum attack. The proposal also introduces a 'safety window' to prevent stealth attacks, during which vulnerable coins can still be moved but cannot be spent for an extended period. If the canary is triggered during this window, the coins would be frozen retroactively. However, this approach rests on the assumption that the first entity capable of breaking Bitcoin's security would claim the bounty rather than executing a large-scale theft. This assumption goes against the network's design principle of preventing worst-case scenarios, and the risk of the bet failing could result in the worst of both worlds - the catastrophe it was trying to prevent, and the realization that a fixed-timeline defense would have been more effective.