Bitcoin Developers Consider 'Wait and React' Approach to Quantum Computing Threats

The Bitcoin community is exploring an innovative approach to addressing the potential threat of quantum computing: a 'wait and react' strategy that only freezes vulnerable coins if an attacker demonstrates their capability. This approach is outlined in a recent proposal by BitMEX Research, which involves placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker. If the attacker accesses the funds, it will trigger a network-wide freeze of older wallets. The proposal includes a bounty system, where users can contribute bitcoin to incentivize the first entity to demonstrate a quantum attack, rather than exploiting the vulnerability for personal gain. However, this approach relies on the assumption that the attacker will claim the bounty rather than stealing the funds, which may not be a guaranteed outcome. The 'canary' system is designed to provide an alternative to a fixed five-year timeline for imposing restrictions on older bitcoin wallets, which has been met with criticism for being 'authoritarian and confiscatory.' The new proposal aims to balance the need to protect the network with the principles of user control and decentralization. By introducing a 'safety window,' the proposal also aims to make stealth attacks more difficult, allowing for retroactive freezing of vulnerable coins if the canary is triggered during that period.