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

Bitcoin developers are considering a new approach to addressing the potential threat of quantum computing to the network. Instead of implementing a pre-scheduled freeze on vulnerable coins, the proposal involves a 'wait and react' strategy that only triggers a network-wide restriction if a quantum-capable attacker demonstrates their capabilities on-chain. The plan, outlined by BitMEX Research, uses 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 serves as public proof that the threat is real and triggers a network-wide freeze of older wallets. The approach is designed to provide an alternative to a fixed five-year timeline for phasing out vulnerable addresses, which has been criticized for being 'authoritarian and confiscatory'. The proposal also includes a financial incentive, where users can contribute to a bounty that rewards the first entity to demonstrate a quantum attack publicly. However, the plan relies on the assumption that the first entity capable of breaking Bitcoin's security will claim the bounty rather than attempting a large-scale theft, which some argue is an uncomfortable bet.