Bitcoin Developers Propose 'Wait and React' Approach to 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 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 serves as proof that the 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 prioritize claiming the bounty over executing a large-scale theft, which may not be a reliable assumption. The proposal is designed as an alternative to a fixed five-year timeline for imposing restrictions on vulnerable wallets, which has been met with criticism for being 'authoritarian and confiscatory.' The new approach aims to balance the need to protect the network with the need to respect the principles of user control and autonomy.