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

Bitcoin developers are considering a novel approach to addressing the potential threat of quantum computing: rather than imposing a pre-emptive freeze on vulnerable coins, the network would wait for an attacker to demonstrate their capabilities and then react. This 'wait and react' strategy relies 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. If the address is accessed, it would trigger a network-wide freeze on older wallets. The proposal also includes a bounty system, where users can contribute bitcoin to incentivize the first entity to demonstrate a quantum attack publicly, rather than attempting to exploit vulnerable wallets for personal gain. However, this approach assumes that the attacker will prioritize the bounty over the potential for stealing millions of bitcoin, which may not be a reliable bet. The proposal is designed as an alternative to a fixed five-year timeline for imposing restrictions on older wallets, which has been criticized for being 'authoritarian and confiscatory'. The 'wait and react' strategy aims to balance the need to protect the network with the risk of disrupting users prematurely, but it ultimately relies on the attacker's behavior and may not be foolproof.