Bitcoin Developers Propose 'Wait and React' Approach to Quantum Computing Threat

Bitcoin developers are considering a novel approach to addressing the potential threat of quantum computing to the network's security. Rather than imposing a pre-emptive freeze on vulnerable coins, the proposal involves waiting for a quantum-capable attacker to demonstrate their capabilities and then triggering a network-wide response. The plan, outlined by BitMEX Research, relies on a 'canary' system that would place a small amount of bitcoin in a special address, which could only be unlocked by a quantum-capable attacker. If the attacker were to access the funds, it would serve as public proof of the threat and automatically trigger a network-wide freeze of older wallets. The proposal is designed to provide an alternative to a fixed five-year timeline for imposing restrictions, which has been met with criticism for being 'authoritarian and confiscatory'. The new approach would allow users to contribute to a bounty, rewarding the first entity to demonstrate a quantum attack, while also introducing a 'safety window' to make stealth attacks more difficult. However, the plan rests on the assumption that the first entity capable of breaking Bitcoin's security would claim the bounty rather than attempting a large-scale theft, which some argue is an uncomfortable bet.