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

The Bitcoin community is considering a novel approach to address the potential risks posed by quantum computing: instead of implementing a pre-emptive freeze on vulnerable coins, the network would only take action if an attacker demonstrates their capabilities. However, this plan relies on the assumption that the attacker will claim a bounty rather than exploiting the vulnerability for personal gain. The proposed 'canary' system involves placing 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 accessed. This approach is designed to provide an alternative to a fixed five-year timeline, which has been met with criticism for being 'authoritarian and confiscatory.' The 'canary' system also includes a financial incentive, allowing users to contribute to a bounty that would reward the first entity to demonstrate a quantum attack, while also introducing a 'safety window' to prevent stealth attacks. Nevertheless, the plan's success hinges on the uncertain bet that the first entity capable of breaking Bitcoin's security would claim the bounty rather than executing a potentially massive theft.