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

A novel approach is being discussed among Bitcoin developers to address the potential threat of quantum computing to the network. Instead of imposing a pre-emptive freeze on vulnerable coins, the proposal involves waiting for an attacker to demonstrate their capabilities and then reacting accordingly. However, this strategy relies on the assumption that the attacker will choose to claim a bounty rather than exploiting the vulnerability for personal gain. The proposed 'canary' system 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 address is compromised. This approach is seen as an alternative to a previously proposed five-year timeline for phasing out vulnerable addresses. The new proposal also includes a financial incentive for users to contribute to the bounty, as well as a 'safety window' to make stealth attacks more difficult. While this approach reduces the risk of disrupting users prematurely, it hinges on the uncertain bet that the first entity capable of breaking Bitcoin's security will choose to claim the bounty rather than carrying out a potentially massive theft.