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

The Bitcoin community is considering a novel approach to mitigate the risks posed by quantum computing, which could potentially compromise the security of the network. Instead of implementing a pre-emptive freeze on vulnerable coins, the proposed 'wait and react' strategy would only trigger a network-wide response if a quantum-capable attacker demonstrates their capabilities on-chain. This approach 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, serving as public proof of the threat and automatically triggering a network-wide freeze of older wallets. The proposal also includes a financial incentive, where users can contribute to a bounty that rewards the first entity to demonstrate a quantum attack publicly, rather than attempting to exploit vulnerable wallets. However, this strategy relies on the assumption that the first entity capable of breaking Bitcoin's security would claim the bounty rather than executing a potentially massive theft, which raises concerns about the network's ability to prevent and respond to such events.