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

A recent proposal is sparking debate among Bitcoin developers, suggesting a shift in how the network responds to potential quantum computing threats. Instead of imposing a pre-emptive freeze on vulnerable coins, the plan involves waiting for an attacker to demonstrate their capabilities and then reacting. The 'canary' system, proposed by BitMEX Research, would place a small amount of bitcoin 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 compromised. This approach is designed to replace earlier plans, such as BIP-361, which would impose restrictions on a fixed five-year timeline regardless of whether quantum computers pose an actual threat. The new proposal includes a financial incentive, allowing users to contribute to a bounty that rewards the first entity to demonstrate a quantum attack publicly. While this approach reduces the risk of premature disruption to users, it relies on the assumption that the first attacker will claim the bounty rather than exploiting the vulnerability for personal gain. Critics argue that this bet goes against Bitcoin's core principles and historical resistance to protocol-level interventions, potentially leaving the network vulnerable to the worst of both worlds: a catastrophic attack and the realization that a fixed-timeline defense could have prevented it.