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

The Bitcoin community is considering a novel approach to address the potential threat of quantum computing: instead of proactively freezing vulnerable coins, the network would only take action if an attacker demonstrates their capabilities. However, this strategy relies on the assumption that the attacker will prioritize claiming a bounty over exploiting the vulnerability for personal gain. The proposed 'canary' system involves placing a small amount of bitcoin in a special address that can only be accessed by a quantum-capable attacker, triggering a network-wide freeze of older wallets if the funds are spent. This approach is designed to provide an alternative to a pre-scheduled freeze, which has been met with criticism for being 'authoritarian and confiscatory.' The new proposal also includes a financial incentive, allowing users to contribute to a bounty that would reward the first entity to demonstrate a quantum attack. While this strategy reduces the risk of premature disruption, it rests on the uncertain bet that the first capable attacker will choose to claim the bounty rather than execute a potentially catastrophic theft. If this bet fails, Bitcoin may be left vulnerable to the very threat it was trying to prevent.