Bitcoin Developers Bet on a 'Wait and React' Strategy to Counter Quantum Attacks

Bitcoin developers are considering a new approach to address the potential threat of quantum computing to the network. Instead of imposing a pre-scheduled freeze on vulnerable coins, the proposal involves a 'wait and react' strategy that triggers a network-wide restriction only if a quantum-capable attacker demonstrates their capability on-chain. The plan 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 public proof that the threat has arrived and automatically triggering a network-wide freeze of older wallets. This approach is designed to provide an alternative to a controversial proposal that would impose restrictions on a fixed five-year timeline, regardless of whether quantum computers are actually capable of attacking Bitcoin's blockchain. The new proposal also includes a financial incentive, where users can contribute bitcoin to the address, creating a bounty that rewards the first entity to demonstrate a quantum attack publicly. However, the plan relies on the assumption that the first entity capable of breaking Bitcoin would claim the bounty rather than executing a large-scale theft, which is a bet that cuts against the network's design and history of preventing worst-case scenarios.