Bitcoin Developers Propose a Reactive Approach to Mitigate Quantum Computing Threats

The Bitcoin community is considering a novel approach to counter the potential threat of quantum computing: only taking action if an attacker demonstrates their capabilities. This 'wait and react' strategy relies on the assumption that an attacker will claim a reward rather than exploiting the vulnerability for personal gain. The proposed system involves placing a small amount of bitcoin in a special address that can only be accessed by a quantum-capable attacker, which would trigger a network-wide freeze of older wallets. This approach is seen as an alternative to BIP-361, a proposal that would impose restrictions on a fixed timeline, regardless of whether quantum computers pose an actual threat. Critics argue that BIP-361 is overly restrictive and goes against the principles of Bitcoin. The new proposal includes a financial incentive for users to contribute to a bounty, which would reward the first entity to demonstrate a quantum attack. However, this approach rests on the assumption that an attacker would prioritize claiming the bounty over carrying out a large-scale theft, which may not be a reliable bet.