I think a major thing to recognize here is if SHA256 is ever broken all current ASIC's in the wild would become paper weights over night!
In addition to the point Gavin made— there is no reason for the POW and the rest of the protocol has to be using the same hash function. We don't have the same security requirements in the POW as we do elsewhere. So its also perfectly conceivable to me that if there were concerns about the sha2 family everything else could change while the POW stayed SHA2-256. 
Topic: Re: Dealing with SHA-256 Collisions - page 2. (Read 1790 times)
Correct me if i'm wrong!
You are wrong. If Bitcoin was using (double) MD5 for its proof-of-work hashing algorithm, we'd be just fine.
A mathematician friend of mine pointed out that there are very few if any hash protocols that have survived for 10 years or more. What would Bitcoin's solution be if SHA256 were to be cracked tomorrow?
I'm not sure what the solution would be but doesn't the block chain have a backup so if its ever forked it can just be rolled back with an update?? (This would allow changes to however it was hashed with everyone keeping there coins )
I think a major thing to recognize here is if SHA256 is ever broken all current ASIC's in the wild would become paper weights over night!
Which would be = WOFTAM = Waste Of Fucking Time And Money!
Correct me if i'm wrong!
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