1) SHA-256 compromised as in there is a quick way to discover the nonce required to produce the valid block hash.
Assuming the discoverer is malicious and stupid:
2) Attacker zip through blocks, providing instant confirmation for his malicious activities.
3) Attacker tries to sell all the coins.
4) Exchanges freeze.
5) No one needs convincing that the hashing algorithm is really broken.
6) Bitcoin algorithm switched
7) Everyone agrees to rewind to a block before the attack
8 ) bitcoin continues.
Assuming the discoverer is malicious and smart:
2) Attacker zip through blocks at 5 minutes interval to avoid detection.
3) When this has happened for a while, more and more people will become suspicious
4) 5 - 8 will happen.
Assuming the discoverer is benevolent:
2) Research claims SHA-256 compromised
3) demonstrates this by zipping pass a few blocks.
4) 4-8 in the stupid attacker case happens.
I have left out the other serious implications of the complete breakdown of SHA-256.
Topic: When SHA-256 is compromised - page 2. (Read 2788 times)
Compromised how?
Can somebody lay down the scenario step-by-step (preferably numbered) what needs to happen for the Bitcoin community to recover from this?
I'm thinking about choice in new algorithm(s), politics, duration, which software needs changes, securing the network from the start, convincing the current miners, etc.
I'm thinking about choice in new algorithm(s), politics, duration, which software needs changes, securing the network from the start, convincing the current miners, etc.
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