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

Bitcoin developers are considering a new approach to addressing the potential threat of quantum computing to the network. Instead of imposing a pre-scheduled freeze on vulnerable coins, the proposal suggests a 'wait and react' strategy that would only trigger a network-wide restriction if a quantum-capable attacker demonstrates their capability. The plan, outlined by BitMEX Research, involves placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker, with any spend from that address serving as proof that the threat has arrived. This approach is designed to provide an alternative to a fixed five-year timeline for imposing restrictions, which has been met with criticism for being 'authoritarian and confiscatory'. The proposal also includes a financial incentive, allowing users to contribute to a bounty that would reward the first entity to demonstrate a quantum attack publicly. However, the plan relies on the assumption that the first entity capable of breaking Bitcoin's security would claim the bounty rather than attempting a large-scale theft, which some argue is an uncomfortable bet.