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

The Bitcoin community is discussing a novel approach to addressing potential quantum computing threats, which involves waiting for an attacker to demonstrate their capabilities before taking action. This 'wait and react' strategy assumes that the attacker will claim a bounty instead of exploiting the vulnerability for personal gain. The plan, proposed by BitMEX Research, 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 seen as an alternative to BIP-361, a proposal that would impose a fixed five-year timeline for phasing out vulnerable addresses. Critics of BIP-361 argue that it undermines Bitcoin's core principle of private key holder control. The new proposal includes a financial incentive, allowing users to contribute to a bounty that rewards the first entity to demonstrate a quantum attack, as well as a 'safety window' that makes stealth attacks more difficult. However, the plan relies on the assumption that the first capable attacker will choose to claim the bounty rather than exploit the vulnerability, which some argue is an uncomfortable bet that cuts against Bitcoin's design principles.