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

The Bitcoin community is considering a novel approach to addressing potential quantum computing threats. Instead of imposing a pre-emptive freeze on vulnerable coins, the new proposal involves waiting for an attacker to demonstrate their capabilities and then reacting accordingly. 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-capable attacker. If the attacker unlocks the address, it will trigger a network-wide freeze on older wallets. The proposal also includes a bounty system, where users can contribute bitcoin to incentivize the first entity to demonstrate a quantum attack publicly. However, this approach assumes that the attacker will prioritize claiming the bounty over executing a large-scale theft. The proposal is designed to provide an alternative to a fixed five-year timeline for phasing out vulnerable addresses, which has been met with criticism for being 'authoritarian and confiscatory'. The 'wait and react' strategy aims to minimize disruption to users while also providing a financial incentive for attackers to reveal their capabilities. Nevertheless, the approach rests on the assumption that the first entity capable of breaking Bitcoin's security will choose to claim the bounty rather than exploit the vulnerability for personal gain.