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

The Bitcoin community is considering a novel approach to addressing the potential threat of quantum computing: only taking action if a real threat materializes. However, this plan relies on the assumption that an attacker would rather claim a reward than exploit the vulnerability for personal gain. A recent proposal by BitMEX Research outlines a system that involves placing a small amount of bitcoin in a special address, which can only be accessed by a quantum-capable attacker. If the attacker unlocks the address, it would serve as proof that the threat is real and trigger a network-wide freeze on older wallets. This approach is an alternative to a previously proposed five-year timeline for imposing restrictions on vulnerable wallets. The new plan includes a financial incentive, where users can contribute to a bounty that rewards the first entity to demonstrate a quantum attack. Additionally, a 'safety window' is introduced to make stealth attacks more difficult, allowing vulnerable coins to be frozen retroactively if the canary is triggered. However, this strategy hinges on the assumption that the first entity capable of breaking Bitcoin's security would choose to claim the bounty rather than carry out a potentially massive theft.