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

The Bitcoin community is considering a novel approach to addressing the potential threat of quantum computing: rather than taking proactive measures, the network would only respond to an attack if and when it occurs. However, this plan relies on the assumption that the first entity to demonstrate a quantum capability will do so publicly in exchange for a reward, rather than exploiting the vulnerability for financial gain. The proposed 'canary' system involves placing a small amount of bitcoin in a special address that can only be accessed by a quantum-capable attacker, triggering a network-wide freeze on older wallets if the funds are spent. This approach is designed to provide an alternative to a previously proposed fixed five-year timeline for implementing security measures, which has been criticized for being overly restrictive and potentially confiscatory. The new plan also includes a financial incentive, allowing users to contribute to a bounty that would be awarded to the first entity to demonstrate a quantum attack, as well as a 'safety window' to prevent stealth attacks. However, the success of this plan hinges on the uncertain bet that the first quantum-capable entity will choose to claim the bounty rather than execute a potentially massive theft.