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 enforcing a pre-emptive freeze on vulnerable coins, the network would wait for an attacker to demonstrate their capabilities and then react. However, this plan relies on the assumption that the attacker will claim a bounty rather than exploiting the vulnerability for personal gain. A recent proposal by BitMEX Research outlines 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 address is accessed, it would trigger a network-wide restriction on older bitcoin wallets. This approach is designed to provide an alternative to a fixed five-year timeline, which has been met with criticism for being 'authoritarian and confiscatory.' The proposal also includes a financial incentive, where users can contribute to a bounty that rewards the first entity to demonstrate a quantum attack, rather than attempting to exploit the vulnerability. Additionally, a 'safety window' is introduced, making it more difficult for stealth attacks to occur. While this approach reduces the risk of disrupting users prematurely, it is based on the uncertain assumption that the first entity capable of breaking Bitcoin's security would choose to claim the bounty rather than executing a potentially massive theft.