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

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-emptive freeze on vulnerable coins, the proposal involves waiting for an attacker to demonstrate their capabilities and then reacting accordingly. This 'wait and react' strategy relies on a canary system, where a small amount of bitcoin is placed in a special address that can only be unlocked by a quantum-capable attacker. If the attacker unlocks the address, it triggers a network-wide freeze on older wallets. The proposal also includes a bounty system, where users can contribute bitcoin to incentivize the first entity to demonstrate a quantum attack publicly, rather than attempting to exploit vulnerable wallets quietly. However, this approach assumes that the attacker will be motivated by the bounty rather than the potential for stealing millions of bitcoin, which may not be a reliable assumption.