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

A recent proposal by BitMEX Research has sparked debate among Bitcoin developers regarding the network's response to potential quantum computing threats. The proposed 'canary' system would trigger a network-wide freeze on older wallets only if a quantum-capable attacker demonstrates their capabilities on-chain. This approach is based on a 'wait and react' strategy, 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 unlocks the address, it would serve as public proof that the threat is real and automatically trigger a network-wide freeze. The proposal also includes a financial incentive, where users can contribute bitcoin to the address, creating a bounty for the first entity to demonstrate a quantum attack publicly. However, this approach relies on the assumption that the first entity capable of breaking Bitcoin's security would claim the bounty rather than executing a large-scale theft. This assumption has raised concerns among some critics, who argue that it goes against the network's design principles and may not be effective in preventing a catastrophic event. The proposal is seen as an alternative to BIP-361, which would impose a fixed five-year timeline for freezing vulnerable coins, regardless of whether quantum computers are actually capable of attacking the blockchain.