Bitcoin Developers Propose 'Wait and React' Strategy Against Quantum Threats

A recent proposal is sparking debate among Bitcoin developers, suggesting a shift in the network's response to potential quantum computing threats. Instead of freezing vulnerable coins on a predetermined timeline, the proposal recommends a 'wait and react' approach, where the network would only take action after a quantum-capable attacker has been detected. This approach is based on a 'canary' system, where a small amount of bitcoin is placed in a special address that can only be unlocked by a quantum-capable attacker, triggering a network-wide freeze of older wallets if the address is accessed. The system also includes a bounty to incentivize the first entity to demonstrate a quantum attack, rather than attempting to exploit the vulnerability for personal gain. However, this approach relies on the assumption that the first entity to demonstrate a quantum attack will claim the bounty rather than attempting to steal millions of bitcoin, which may not be a reliable bet. The proposal is seen as an alternative to BIP-361, which would impose a fixed five-year timeline for implementing security measures, and has been criticized for being 'authoritarian and confiscatory'. The 'wait and react' strategy aims to reduce the risk of disrupting users prematurely, but it may ultimately prove to be a risky bet if the first quantum-capable attacker decides to exploit the vulnerability rather than claim the bounty.