Bitcoin Developers Propose 'Wait and React' Plan to Counter Quantum Threats

The Bitcoin community is considering a novel approach to address the potential threat of quantum computing to the network's security. Instead of enforcing a pre-emptive freeze on vulnerable coins, the proposal involves a 'wait and react' strategy, where the network would only take action if a quantum-capable attacker demonstrates their capabilities on-chain. This approach is based on a 'canary' system, which 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. The proposal also includes a bounty system, where users can contribute bitcoin to incentivize the first entity to demonstrate a quantum attack, rather than attempting to exploit vulnerable wallets quietly. However, this approach relies on the assumption that the first entity capable of breaking Bitcoin's security would claim the bounty rather than carrying out a large-scale theft. 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.