Bitcoin Developers Propose '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: delaying defensive measures until an attacker demonstrates their capabilities. However, this plan relies on the assumption that the attacker will claim a reward rather than 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 accessed. This approach is designed to replace a controversial proposal that would impose a fixed five-year timeline for phasing out vulnerable addresses, a plan criticized for being 'authoritarian and confiscatory.' The new proposal includes a financial incentive, allowing users to contribute to a bounty that rewards the first entity to demonstrate a quantum attack, and introduces a 'safety window' to make stealth attacks more difficult. While this approach reduces the risk of premature disruption, it hinges on the uncertain bet that the first capable attacker will prioritize the bounty over executing a potentially massive theft.