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

A new proposal is gaining attention among Bitcoin developers, one that suggests a shift in how the network responds to potential quantum computing threats. Rather than imposing a pre-emptive freeze on vulnerable coins, the plan involves waiting for an attacker to prove their capabilities and then reacting. This 'wait and react' strategy is outlined in a proposal by BitMEX Research, which introduces a 'canary' system designed to detect and respond to quantum attacks. The system 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 accessed. This approach is presented as an alternative to a previously proposed five-year timeline for phasing out vulnerable addresses, which has been criticized 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. However, this approach relies on the assumption that the first capable attacker will choose to claim the bounty rather than exploiting the vulnerability for personal gain, a bet that cuts against Bitcoin's historical emphasis on preventing worst-case scenarios.