Bitcoin Developers Propose 'Wait and React' Strategy to Counter Quantum Computing Threats

A new proposal from BitMEX Research has sparked debate among Bitcoin developers, suggesting a 'wait and react' approach to address potential quantum computing threats. The plan involves creating a 'canary' system that triggers a network-wide freeze on older wallets only if a quantum-capable attacker demonstrates their capabilities, rather than imposing a pre-scheduled freeze. The system would place a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker, serving as public proof of the threat and triggering the freeze. This approach is designed as an alternative to the controversial BIP-361 proposal, which would impose restrictions on a fixed five-year timeline regardless of whether quantum computers pose a real threat. The new proposal includes a financial incentive, allowing users to contribute to a bounty that rewards 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 executing a large-scale theft, which some argue is an uncomfortable bet that goes against Bitcoin's design principles.