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 to the network's security. Instead of imposing a pre-emptive freeze on vulnerable coins, the proposed 'canary' system would wait for a quantum-capable attacker to demonstrate its capabilities on-chain before triggering a network-wide restriction. This 'wait and react' strategy is designed to minimize disruption to users while still protecting the network from potential threats. The system would work by placing a small amount of bitcoin in a special address that only a quantum-capable attacker could unlock, with any spend from that address serving as public proof that the threat has arrived and automatically triggering a network-wide freeze of older wallets. The proposal also includes a financial incentive, allowing users to contribute bitcoin to the address and create a bounty that rewards the first entity to demonstrate a quantum attack publicly. However, this approach relies on the assumption that the first entity capable of breaking Bitcoin would claim the bounty rather than executing a large-scale theft, which raises concerns about the network's security and the potential for catastrophic consequences.