Bitcoin Developers Propose 'Wait and React' Plan to Counter Quantum Computing Threat

The Bitcoin community is considering a novel approach to addressing the potential threat of quantum computing to the network's security. Instead of imposing a pre-emptive freeze on vulnerable coins, the proposal involves waiting for an attacker to demonstrate their capabilities and then reacting accordingly. 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 attacker accesses the funds, it will trigger a network-wide freeze on older wallets. The proposal also includes a bounty system, where users can contribute bitcoin to reward the first entity to demonstrate a quantum attack, rather than attempting to exploit the vulnerability for personal gain. However, this approach assumes that the attacker will be motivated by the bounty rather than seeking to maximize their profits through theft. This assumption has raised concerns, as it goes against the network's historical emphasis on preventing worst-case scenarios. The proposal is seen as an alternative to BIP-361, which would impose a fixed five-year timeline for phasing out vulnerable addresses and invalidating old signature schemes. Critics of BIP-361 have argued that it is authoritarian and confiscatory, as it would result in the permanent freezing of any unmigrated coins. The new proposal attempts to address these concerns by providing a more flexible and responsive approach to the quantum computing threat. Nevertheless, it remains to be seen whether the 'wait and react' strategy will be effective in preventing a potential catastrophe, or if it will ultimately prove to be a risky bet.