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

The Bitcoin community is considering a new approach to addressing the potential threat of quantum computing to the network's security. Instead of implementing a pre-scheduled freeze on vulnerable coins, the proposal involves a 'wait and react' strategy, where the network would only take action if a quantum-capable attacker demonstrates their capabilities on-chain. This approach is based on a 'canary' system, which would involve placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker. If the attacker unlocks the address, it would trigger a network-wide freeze on older wallets, effectively preventing any further transactions. The proposal also includes a financial incentive, where users can contribute to a bounty that would reward the first entity to demonstrate a quantum attack publicly. However, this approach relies on the assumption that the first entity capable of breaking Bitcoin's security would claim the bounty rather than attempting to steal millions of bitcoin, which is a bet that cuts against the network's design principles and historical approach to security.