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

The Bitcoin community is considering a novel approach to address the potential threat of quantum computing to the network's security. Instead of imposing a pre-emptive freeze on vulnerable coins, the proposal involves waiting for an attacker to demonstrate their capability and then reacting accordingly. This 'wait and react' strategy is based on a 'canary' system, where a small amount of bitcoin is placed 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 on older wallets. The proposal also includes a bounty system to incentivize the first entity to demonstrate a quantum attack, allowing them to claim a reward rather than exploiting the vulnerability for personal gain. However, this approach relies on the assumption that the attacker will choose to claim the bounty instead of maximizing their profits through theft, which may not be a reliable bet. The 'canary' system is designed to reduce the risk of premature disruption to users, but it may not be foolproof, and the network may still be vulnerable to a large-scale theft if the attacker chooses not to reveal their capabilities.