Bitcoin Developers Propose a '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 imposing a pre-scheduled freeze on vulnerable coins, the proposal involves a 'wait and react' strategy that only triggers a network-wide restriction if a quantum-capable attacker demonstrates their capabilities on-chain. This approach is based on a 'canary' system, which involves placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker. If the address is accessed, it serves as public proof that the threat is real and automatically triggers a network-wide freeze of older wallets. The proposal also includes a financial incentive, where users can contribute bitcoin to the address to create a bounty that rewards the first entity to demonstrate a quantum attack. However, this approach relies on the assumption that the first entity capable of breaking Bitcoin's security will claim the bounty rather than attempting a large-scale theft. This bet goes against the network's design principle of preventing worst-case scenarios, and the consequences of failure could be severe.