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

A new proposal is being debated among Bitcoin developers, which involves a significant change in how the network responds to potential quantum computing threats. Instead of preemptively freezing vulnerable coins, the plan is to wait until an attacker demonstrates their capabilities and then react. However, this approach relies on the assumption that the attacker will claim a bounty instead of exploiting the vulnerability for personal gain. The proposed 'canary' system would involve 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 compromised. This approach is seen as an alternative to a previously proposed fixed five-year timeline for imposing restrictions on older bitcoin wallets. The 'canary' system also includes a financial incentive, where users can contribute to a bounty that rewards the first entity to demonstrate a quantum attack, and a 'safety window' that makes stealth attacks more difficult. Critics argue that this approach is risky, as it relies on the attacker's good faith and could lead to significant losses if the bet fails.