Topic: in the future: sha256 gets cracked - page 2. (Read 6236 times)
The way things are going, only ASICs we'll see are at the shoe store. Who knows, maybe China is reserving them to build their own mining rigs? Maybe BFL is a Chinese front company sent to demoralize the Bitcoin community? Maybe Russia will then develop a better, faster ASIC with more Bitcoin improvements and people will start using them. maybemaybemaybemaybemaybemaybemaybemaybemaybemaybemaybemaybemaybe
My thoughts: sha256 won't be cracked completely. It's possible that someone eventually find a flaw that will speed up finding hashes tho. But then difficulty will rise to offset this and everything will proceed as normal.
so this thought came me earlier this day:
in the future, lets say 2015, bitcoin mining is entirely done by high performance asic devices, which are developed only for mining bitcoin, so they have lots of sha256 cores. since it is an asic, the algorithm used to mine coins can not be changed.
then crypto researchers breal sha256, the bitcoin protocal gets attacked and the devs decide to move to a stronger algorithm. all the asics become totally worthless, the total hashrate drops by 99.99%.
what are your thoughts, especially regarding the bitcoin price?
in the future, lets say 2015, bitcoin mining is entirely done by high performance asic devices, which are developed only for mining bitcoin, so they have lots of sha256 cores. since it is an asic, the algorithm used to mine coins can not be changed.
then crypto researchers breal sha256, the bitcoin protocal gets attacked and the devs decide to move to a stronger algorithm. all the asics become totally worthless, the total hashrate drops by 99.99%.
what are your thoughts, especially regarding the bitcoin price?
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