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

The Bitcoin community is considering a novel approach to address the potential threat of quantum computing: instead of imposing a pre-emptive freeze on vulnerable coins, the network would wait for an attacker to demonstrate their capabilities and then react. This 'wait and react' strategy relies 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. If the address is accessed, it would trigger a network-wide freeze of older wallets. The proposal also includes a bounty system to incentivize the first attacker to come forward, rather than exploiting the vulnerability for personal gain. However, this approach assumes that the attacker will prioritize the bounty over the potential for a massive heist, which may not be a reliable assumption. The 'canary' system is designed to provide an alternative to a fixed five-year timeline for phasing out vulnerable addresses, which has been met with criticism for being 'authoritarian and confiscatory'. The new proposal aims to balance the need for security with the principles of decentralization and user control that underpin the Bitcoin network. By introducing a 'safety window' and a bounty system, the proposal attempts to mitigate the risks associated with a quantum attack, while also minimizing the disruption to users. Nevertheless, the success of this approach hinges on the attacker's decision to claim the bounty, rather than pursuing a more lucrative and destructive path.