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

The Bitcoin community is considering a novel approach to address the potential threat of quantum computing: rather than imposing a preemptive freeze on vulnerable coins, the network would only take action once a quantum-capable attacker is detected. However, this strategy relies on the assumption that the attacker will claim a bounty instead of exploiting the vulnerability for personal 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 designed to provide an alternative to a fixed five-year timeline for imposing restrictions on older bitcoin wallets, which has been met with criticism for being 'authoritarian and confiscatory.' The new proposal includes a financial incentive, allowing users to contribute to a bounty that would reward the first entity to demonstrate a quantum attack, while also introducing a 'safety window' to make stealth attacks more difficult. Nevertheless, the strategy's success hinges on the belief that the first entity capable of breaking Bitcoin's security would opt to claim the bounty rather than execute a large-scale theft, a bet that contradicts the network's historical emphasis on preventing worst-case scenarios.