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

The Bitcoin community is considering a novel approach to addressing the potential threat of quantum computing to the network's security. Instead of implementing a pre-emptive freeze on vulnerable coins, the proposal involves a 'wait and react' strategy that relies on a 'canary' system to detect and respond to quantum attacks. This approach is designed to trigger a network-wide restriction on older bitcoin wallets only if a quantum-capable attacker demonstrates their capabilities on-chain. The system works by placing a small amount of bitcoin into 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. The 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, this approach rests 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 principles and historical resistance to protocol-level interventions.