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

A radical approach to addressing the threat of quantum computing to the bitcoin network has been put forward by developers, who are debating a plan to only freeze vulnerable coins if a quantum attacker is detected. This 'wait and react' strategy relies on the assumption that the attacker will claim a bounty rather than stealing funds. The plan, proposed by BitMEX Research, involves placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker, triggering a network-wide freeze of older wallets if the funds are spent. The approach is designed to provide an alternative to a fixed five-year timeline for implementing security measures, which has been criticized for being 'authoritarian and confiscatory'. A key aspect of the proposal is a financial incentive, where users can contribute to a bounty that rewards the first entity to demonstrate a quantum attack, rather than attempting to steal funds quietly. The proposal also includes a 'safety window' that would make it harder for attackers to launch stealth attacks, by introducing a delay between the movement of vulnerable coins and their spendability. However, the plan rests on the assumption that the first entity capable of breaking bitcoin's security would claim the bounty rather than attempting to steal millions of dollars' worth of bitcoin, which is a bet that cuts against the network's design principles and history of prioritizing security and decentralization.