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

A recent proposal is sparking debate among Bitcoin developers, who are considering a new approach to addressing the potential threat of quantum computing to the network's security. The proposed 'wait and react' strategy 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 the threat is realized. This approach is designed to replace earlier plans for a pre-scheduled freeze, which would have imposed restrictions on a fixed timeline regardless of whether a quantum threat actually existed. The proposal includes a bounty system, where users can contribute bitcoin to incentivize the first entity to demonstrate a quantum attack, and a 'safety window' to prevent stealth attacks. However, the plan relies on the assumption that the first entity capable of breaking Bitcoin's security would claim the bounty rather than attempting a large-scale theft, which some critics argue is an uncomfortable bet. The proposal is seen as an alternative to BIP-361, which would phase out vulnerable addresses over several years and potentially leave unmigrated coins permanently frozen, a outcome that has been criticized as 'authoritarian and confiscatory'. The 'wait and react' strategy aims to reduce the risk of disrupting users prematurely, but it also raises concerns about the potential consequences if the bet fails and a quantum attack is successful.