Bitcoin Developers Bet on a 'Wait and React' Strategy to Counter Quantum Attacks

Bitcoin developers are considering a novel approach to address the potential threat of quantum computing: instead of freezing vulnerable coins preemptively, they propose to wait for an attacker to demonstrate their capabilities and then react. This 'wait and react' strategy relies on a canary system, which would trigger a network-wide restriction on older bitcoin wallets only if a quantum-capable attacker successfully unlocks a specially designed address. The system includes a bounty, funded by users, to incentivize the first attacker to reveal their capabilities rather than exploiting the vulnerability for personal gain. This approach is designed to replace earlier plans, such as BIP-361, which would impose a fixed five-year timeline for phasing out vulnerable addresses. Critics argue that such an approach could be authoritarian and confiscatory, undermining Bitcoin's core principle of private key ownership. The canary system aims to balance the need for security with the risk of disrupting users prematurely, but it rests on the assumption that the first entity capable of breaking Bitcoin would claim the bounty rather than executing a large-scale theft. This assumption has sparked debate, as it goes against Bitcoin's historical emphasis on preventing worst-case scenarios and minimizing protocol-level interventions.