Bitcoin Developers Propose '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 to the network's security. Instead of implementing a pre-emptive freeze on vulnerable coins, the proposal involves waiting for an actual attack and then reacting. 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 serves as proof that the quantum threat is real, triggering a network-wide freeze on older wallets. The proposal also includes a financial incentive, where users can contribute to a bounty that rewards the first entity to demonstrate a quantum attack publicly. However, this approach assumes that the attacker will claim the bounty rather than stealing the coins, which is a gamble that goes against Bitcoin's fundamental design principles. Critics argue that this approach may not be effective, as it relies on the attacker's good faith, and that a fixed-timeline defense might be more effective in preventing potential catastrophes.