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 freezing vulnerable coins at a predetermined time, the network would only take action if a quantum-capable attacker demonstrates their capabilities. This 'wait and react' strategy relies on a 'canary' system, where a small amount of bitcoin is placed in a special address that can only be unlocked by a quantum attacker. If the address is accessed, it would trigger a network-wide freeze of older wallets. The proposal includes a bounty system, where users can contribute bitcoin to incentivize the first entity to demonstrate a quantum attack, rather than exploiting the vulnerability for personal gain. However, this approach assumes that the attacker will prioritize claiming the bounty over executing a large-scale theft, which may not be a reliable assumption.