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

A novel approach to mitigating the risks posed by quantum computing to the Bitcoin network has been put forward by developers, involving a 'wait and react' strategy rather than preemptively freezing vulnerable coins. This proposal hinges on the assumption that a potential attacker would prioritize claiming a bounty over exploiting the vulnerability for personal gain. BitMEX Research has outlined a 'canary' system where a small amount of bitcoin is placed in a special address accessible only to a quantum-capable attacker. If this address is accessed, it serves as proof of the quantum threat, automatically triggering a network-wide freeze on older wallets. This system is designed to replace earlier plans that suggested imposing a freeze on a fixed timeline, regardless of the actual threat level. The 'canary' mechanism includes a financial incentive for the first entity to demonstrate a quantum attack, allowing contributors to reward this demonstration without permanently losing their funds. Additionally, it introduces a 'safety window' that makes stealth attacks more difficult by limiting the immediate spendability of vulnerable coins. However, this approach rests on the bet that the first capable entity will choose to claim the bounty rather than execute a large-scale theft, a gamble that contradicts Bitcoin's historical risk aversion and preference for preventing worst-case scenarios.