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

Bitcoin developers are considering a novel approach to addressing the potential threat of quantum computing: rather than imposing a pre-emptive freeze on vulnerable coins, they propose waiting for an attacker to demonstrate their capabilities and then reacting. 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 serves as proof that the threat is real and triggers a network-wide freeze of older wallets. The proposal is designed to replace earlier plans for a fixed five-year timeline for imposing restrictions on older bitcoin wallets. The approach includes a financial incentive, where users can contribute to a bounty that rewards the first entity to demonstrate a quantum attack publicly. However, this strategy assumes that the attacker will claim the bounty rather than carrying out a large-scale theft, which is a bet that cuts against Bitcoin's design principles and historical responses to major security threats.