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, developers are proposing a 'wait and react' strategy that relies on an entity with quantum capabilities to reveal themselves in exchange for a bounty. This approach is outlined in a recent proposal by BitMEX Research, which involves placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker. If the address is accessed, it would serve as public proof that the threat is real and trigger a network-wide freeze on older wallets. This system is designed to provide an alternative to a fixed five-year timeline for imposing restrictions on older bitcoin wallets, as outlined in the controversial BIP-361 proposal. 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 rests on the assumption that the first entity capable of breaking Bitcoin's security would choose to claim the bounty rather than exploiting the vulnerability for personal gain. This assumption has raised concerns, as it goes against the network's historical emphasis on preventing worst-case scenarios and minimizing the risk of catastrophic events.