Bitcoin Developers Propose a '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: delaying action until an attack is actually detected. However, this plan relies on the assumption that the first entity to demonstrate quantum capabilities will claim a bounty rather than exploiting the vulnerability for financial gain. A recent proposal by BitMEX Research outlines a system that would trigger a network-wide freeze of older wallets only if a quantum-capable attacker unlocks a specially designed address, thereby providing public proof of the threat. This approach is intended as an alternative to a previously proposed fixed five-year timeline for imposing restrictions, which has been criticized for being 'authoritarian and confiscatory.' The new proposal includes a financial incentive for the first entity to demonstrate a quantum attack, as well as a 'safety window' designed to make stealth attacks more difficult. Nevertheless, this plan rests on the uncertain bet that the first entity capable of breaking Bitcoin's security would prioritize claiming the bounty over executing a potentially massive theft.