Bitcoin Developers Propose 'Wait and React' Strategy Against Quantum Threat

A radical approach is being considered by Bitcoin developers to address the potential threat of quantum computing to the network's security. Instead of imposing a pre-emptive freeze on vulnerable coins, the proposal involves waiting for an attacker to demonstrate their capabilities and then reacting accordingly. 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 attacker succeeds in unlocking the address, it will 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, rather than attempting to steal vulnerable coins quietly. However, this approach assumes that the attacker will be motivated by the bounty rather than the potential for massive profits through theft. The proposal is seen as an alternative to a fixed five-year timeline for phasing out vulnerable addresses, which has been criticized for being 'authoritarian and confiscatory'. The 'wait and react' strategy reduces the risk of disrupting users prematurely, but it rests on the assumption that the first entity capable of breaking Bitcoin's security will choose to claim the bounty rather than execute a large-scale theft. This approach goes against the network's historical emphasis on preventing worst-case scenarios, and the potential consequences of failure could be catastrophic.