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: waiting for an attack to occur before taking action. This strategy, proposed by BitMEX Research, involves creating a 'canary' system that would trigger a network-wide freeze of older wallets only if a quantum-capable attacker demonstrates their capabilities on-chain. The system works by placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker, with any spend from that address serving as proof that the threat has arrived. This approach is designed to provide an alternative to a fixed five-year timeline for imposing restrictions on vulnerable addresses. The proposal also includes a financial incentive, allowing users to contribute to a bounty that would reward the first entity to demonstrate a quantum attack publicly. 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. Critics argue that this strategy may not be effective, as it goes against the network's design principle of preventing worst-case scenarios. If the strategy fails, Bitcoin may be left vulnerable to a catastrophic attack, highlighting the need for a more robust defense mechanism.