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

A new approach to addressing the potential threat of quantum computing to the Bitcoin network has been proposed, focusing on a 'wait and react' strategy rather than preemptive measures. This strategy involves creating a 'canary' address that contains a small amount of bitcoin, which can only be unlocked by a quantum-capable attacker. If the address is accessed, it would trigger a network-wide freeze on older wallets. The proposal includes a bounty system, where users can contribute bitcoin to incentivize the first entity to demonstrate quantum capabilities publicly, rather than exploiting the vulnerability for personal gain. This approach is seen as an alternative to a fixed five-year timeline for imposing restrictions on older wallets, which has been criticized for being 'authoritarian and confiscatory'. However, the success of this strategy 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, as it goes against the network's historical approach to security and the prevention of worst-case scenarios. The proposal also includes a 'safety window' to make stealth attacks more difficult, during which vulnerable coins could still be moved but the recipient would be unable to spend them for an extended period. If the canary is triggered during this window, those coins would be frozen retroactively, increasing the risk to any attacker attempting to quietly extract funds.