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

Bitcoin developers are considering a novel approach to addressing the potential threat of quantum computing to the network. Instead of imposing a pre-emptive freeze on vulnerable coins, the proposal involves waiting for an attacker to demonstrate their capability and then reacting by triggering a network-wide restriction. 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 serves as public proof that the threat is real, and a network-wide freeze of older wallets is triggered. The proposal also includes a financial incentive, where users can contribute to a bounty that rewards the first entity to demonstrate a quantum attack publicly. However, this approach assumes that the attacker will be motivated by the bounty rather than the potential for stealing millions of bitcoin, which is a gamble that cuts against Bitcoin's design principles and historical risk management strategies.