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

The Bitcoin community is considering a new approach to address the potential threat of quantum computing: waiting for an attacker to demonstrate their capabilities before taking action. However, this plan relies on the assumption that the attacker will 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 accessed. This approach is designed to replace earlier plans to impose a pre-scheduled freeze, which some critics have labeled as 'authoritarian and confiscatory.' The proposal also includes a financial incentive, allowing users to contribute to a bounty that rewards the first entity to demonstrate a quantum attack. However, this plan rests on the uncertain bet that the first capable entity will choose to claim the bounty rather than executing a potentially catastrophic theft.