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

The Bitcoin community is exploring a novel approach to address the potential threat of quantum computing to the network's security. Instead of imposing a pre-scheduled freeze on vulnerable coins, developers are considering a 'wait and react' strategy that would only trigger a network-wide restriction if a quantum-capable attacker demonstrates their capabilities on-chain. This approach, proposed by BitMEX Research, involves placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker, serving as public proof of the threat and triggering a network-wide freeze. 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 secretly exploiting vulnerable wallets. However, this strategy relies on the assumption that the first entity capable of breaking Bitcoin's security would claim the bounty rather than executing a large-scale theft, which may not be a guaranteed outcome.