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

A new proposal is being debated among Bitcoin developers to change how the network responds to potential quantum computing threats. Instead of freezing vulnerable coins based on a predetermined timeline, the proposal suggests waiting for an actual attack to occur before taking action. However, this approach relies on the assumption that the attacker will claim a bounty for demonstrating their capabilities rather than exploiting the vulnerability for financial gain. The proposed 'canary' system 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 address is accessed. This approach is seen as an alternative to a previously proposed plan that would impose restrictions on older bitcoin wallets over a fixed five-year timeline, regardless of whether quantum computers pose an actual threat. Critics of the earlier plan argue that it undermines Bitcoin's core principle of control resting with private key holders. The new proposal includes a financial incentive for users to contribute to a bounty that rewards the first entity to demonstrate a quantum attack, and introduces a 'safety window' to make stealth attacks more difficult. However, the proposal's success hinges on the bet that the first entity capable of breaking Bitcoin's security will choose to claim the bounty rather than execute a potentially massive theft.