Bitcoin Developers Consider 'Wait and React' Approach to Mitigate Quantum Computing Threat

The Bitcoin community is exploring a novel strategy to address the potential threat of quantum computing: delaying defensive measures until an attacker demonstrates their capabilities. However, this approach relies on the assumption that the attacker will prioritize claiming a bounty over exploiting the vulnerability for personal gain. A recent proposal by BitMEX Research outlines a 'canary' system, which involves placing a small amount of bitcoin in a special address that can only be accessed by a quantum-capable attacker. If the attacker unlocks the address, it would serve as public proof of the threat and trigger a network-wide freeze on older wallets. This approach is designed to provide an alternative to a fixed five-year timeline for implementing defensive measures, which has been met with criticism for being overly restrictive. The 'canary' system also includes a financial incentive, allowing users to contribute to a bounty that would reward the first entity to demonstrate a quantum attack. While this approach reduces the risk of premature disruption to users, it hinges on the uncertain bet that the first capable attacker will choose to claim the bounty rather than carry out a potentially massive theft. This bet runs counter to Bitcoin's historical emphasis on preventing worst-case scenarios and raises concerns about the potential consequences of failure.