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: a 'wait and react' strategy that only freezes vulnerable coins if a quantum-capable attacker is detected. This approach is based on a 'canary' system, which would place a small amount of bitcoin 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 freeze of older wallets. The system also includes a financial incentive, where users can contribute bitcoin to the address to create a bounty for the first entity to demonstrate a quantum attack. However, this approach relies on the assumption that the first entity capable of breaking Bitcoin's security would claim the bounty rather than carrying out a large-scale theft. This assumption has raised concerns, as it goes against the network's design principle of preparing for worst-case scenarios. The proposal is an alternative to BIP-361, which suggests imposing restrictions on a fixed five-year timeline, regardless of whether quantum computers are capable of attacking Bitcoin's blockchain. Critics have argued that BIP-361's approach is 'authoritarian and confiscatory,' as it would undermine Bitcoin's core principle of private key holder control. The 'wait and react' strategy aims to reduce the risk of disrupting users prematurely, but it rests on a bet that the first entity capable of breaking Bitcoin would prioritize the bounty over a potentially massive theft.