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

The Bitcoin community is discussing a novel approach to address potential quantum computing threats, which involves waiting for an attacker to reveal their capabilities before taking action. This 'wait and react' strategy is outlined in a proposal by BitMEX Research, which includes a 'canary' system that triggers a network-wide restriction on older wallets only if a quantum-capable attacker demonstrates their capabilities on-chain. The system works by placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker, with any spend from that address serving as public proof that the threat has arrived, automatically triggering a network-wide freeze of older wallets. This approach is designed as an alternative to a fixed five-year timeline for imposing restrictions, which has been met with criticism for being 'authoritarian and confiscatory.' The proposal also includes a financial incentive, where users can contribute bitcoin to the address, creating a bounty that rewards the first entity to demonstrate a quantum attack publicly. However, this approach relies on the assumption that the first entity capable of breaking Bitcoin would claim the bounty rather than executing a large-scale theft, which is a bet that cuts against the network's design principles and historical resistance to protocol-level interventions.