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

Bitcoin developers are considering a novel approach to address the potential threat of quantum computing to the network's security. Instead of implementing a pre-scheduled freeze on vulnerable coins, the proposed 'canary' system would trigger a network-wide restriction only when a quantum-capable attacker demonstrates their capability. This approach relies on placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker, with any spend from that address serving as public proof of the threat. The proposal includes a bounty system, where users can contribute bitcoin to reward the first entity to demonstrate a quantum attack publicly. However, this approach assumes that the attacker will claim the bounty rather than exploiting the vulnerability for personal gain. The 'canary' system is designed to reduce the risk of disrupting users prematurely, but it rests on the bet that the first entity capable of breaking Bitcoin's security would prioritize the bounty over executing a potentially massive theft. This bet goes against Bitcoin's design principle of preventing worst-case scenarios, and the network's historical resistance to protocol-level interventions to undo such events.