Would Bitcoin algo change mean hours/days to confirm a block??

odolvlobo

legendary

Activity: 4522

Merit: 3426

Quote from: e1ghtSpace on May 28, 2015, 03:54:44 AM

No because the developers aren't complete retards. They would reset the difficulty or at least bring it down a lot.
Do you really think the developers would do that? Put bitcoin in jeopardy and many mining farms out of business?

The "developers", whoever they might be, cannot change the difficulty.

It is unfortunate that so many people believe that the "developers" actually have some sort of control over Bitcoin.

As far as SHA-256 being cracked, it would not affect mining that much.

It is extremely unlikely that an inverse of SHA-256 will ever be found. That has never happened for any hashing algorithm. A realistic scenario would be that a weakness is found that would make it easier and faster to solve a block. If that happened, then it would simply mean that people might be able to start mining on CPUs and GPUs again until ASICs could be developed to take advantage of the weakness. The difficulty would rise and Bitcoin would continue.

Lauda

legendary

Activity: 2674

Merit: 3000

Terminated.

Quote from: Kyraishi on May 28, 2015, 04:33:20 AM

I didn't know that current ASICs could handle Sha-512 as well.
Thanks for shedding some light here Grin

EDIT: I am guessing they would need some sort of modification to their software right?
Like a modified version of CGMiner?

It's basically the same algorithm, but it is just 2 times harder to solve, hence the reduction in the hashrate.
Indeed, software would have to be modified but that is an easy task.

Quote from: e1ghtSpace on May 28, 2015, 05:02:05 AM

Yeah, I was really meaning bringing the difficulty down a lot. Although they would probably test it on the testnet for a while then bring it to main net at the current testnet diff + 10 000 or something

A lot? No. At most the could halve it, meaning the network would be the same (if nobody left in the meantime).

e1ghtSpace

legendary

Activity: 1540

Merit: 1001

Crypto since 2014

Quote from: Lauda on May 28, 2015, 04:23:02 AM

This understand is wrong. It's okay, I've been there.
Theoretically the current ASICs would work on SHA-512 but their hashrate would be halved. It would take 20 minutes for a block then, until the next difficulty adjustment. Things would be normal after that.

Quote from: e1ghtSpace on May 28, 2015, 03:54:44 AM

No because the developers aren't complete retards. They would reset the difficulty or at least bring it down a lot.

Do you really think the developers would do that? Put bitcoin in jeopardy and many mining farms out of business?

Resetting the difficulty? That's the worst move possible.
51% attacks everywhere? Cheesy

Yeah, I was really meaning bringing the difficulty down a lot. Although they would probably test it on the testnet for a while then bring it to main net at the current testnet diff + 10 000 or something

Kyraishi

hero member

Activity: 952

Merit: 513

Quote from: Amph on May 28, 2015, 04:44:54 AM

if it is double the wait, then you need the diff to be the half of the current ones, to start with this, so half the hashpower need to be shut down

-snip-

it's always a problem related to the security of the network, when you change stuff like that and disrupt the current miners's paradise

I am confused,
if the current diff is halved then shouldn't the current hashpower be on track, 10 minutes per block?

Also, if truly necessary to be done, an algo change that is not Sha, what can be done to ensure that the network doesn't get attacked and of course not very long waiting times?

Amph

legendary

Activity: 3248

Merit: 1070

if it is double the wait, then you need the diff to be the half of the current ones, to start with this, so half the hashpower need to be shut down

Quote from: Kyraishi on May 28, 2015, 04:44:13 AM

Quote from: NorrisK on May 28, 2015, 04:42:23 AM

This would of course be extensively tested on a testnet before going live. Will be a very smooth change if it were to happen!

Indeed.

Something I forgot to ask though is:
What if Bitcoin switches algo and it's not Sha-512?
Will there be a problem then?

it's always a problem related to the security of the network, when you change stuff like that and disrupt the current miners's paradise

Kyraishi

hero member

Activity: 952

Merit: 513

Quote from: NorrisK on May 28, 2015, 04:42:23 AM

This would of course be extensively tested on a testnet before going live. Will be a very smooth change if it were to happen!

Indeed.

Something I forgot to ask though is:
What if Bitcoin switches algo and it's not Sha-512?
Will there be a problem then?

NorrisK

legendary

Activity: 1946

Merit: 1007

This would of course be extensively tested on a testnet before going live. Will be a very smooth change if it were to happen!

Kyraishi

hero member

Activity: 952

Merit: 513

Quote from: Lauda on May 28, 2015, 04:23:02 AM

This understand is wrong. It's okay, I've been there.
Theoretically the current ASICs would work on SHA-512 but their hashrate would be halved. It would take 20 minutes for a block then, until the next difficulty adjustment. Things would be normal after that.

Quote from: e1ghtSpace on May 28, 2015, 03:54:44 AM

No because the developers aren't complete retards. They would reset the difficulty or at least bring it down a lot.

Do you really think the developers would do that? Put bitcoin in jeopardy and many mining farms out of business?

Resetting the difficulty? That's the worst move possible.
51% attacks everywhere? Cheesy

I didn't know that current ASICs could handle Sha-512 as well.
Thanks for shedding some light here Grin

EDIT: I am guessing they would need some sort of modification to their software right?
Like a modified version of CGMiner?

Lauda

legendary

Activity: 2674

Merit: 3000

Terminated.

This understand is wrong. It's okay, I've been there.
Theoretically the current ASICs would work on SHA-512 but their hashrate would be halved. It would take 20 minutes for a block then, until the next difficulty adjustment. Things would be normal after that.

Quote from: e1ghtSpace on May 28, 2015, 03:54:44 AM

No because the developers aren't complete retards. They would reset the difficulty or at least bring it down a lot.

Do you really think the developers would do that? Put bitcoin in jeopardy and many mining farms out of business?

Resetting the difficulty? That's the worst move possible.
51% attacks everywhere? Cheesy

Kyraishi

hero member

Activity: 952

Merit: 513

Quote from: e1ghtSpace on May 28, 2015, 03:54:44 AM

Quote from: Kyraishi on May 28, 2015, 03:13:03 AM

WOW!!!
This just hit me.

If Bitcoin was to change algorithm (in case Sha-256 is breached or whatever), then there wouldn't be any 10 minute (+/-) block solving for a while.
If it moved to let's say Sha-512 with the current difficulty and NO ASICs, it would take forever to verify a block wouldn't it?
At least until the difficulty dropped to levels that are manageable, right?

No because the developers aren't complete retards. They would reset the difficulty or at least bring it down a lot.

Do you really think the developers would do that? Put bitcoin in jeopardy and many mining farms out of business?

Right, so you are saying that in the event that this happens there will be no more Bitcoin as we know it.
There will be something like Bitcoin that starts difficulty from the begining and has the same developers behind it?

e1ghtSpace

legendary

Activity: 1540

Merit: 1001

Crypto since 2014

Quote from: Kyraishi on May 28, 2015, 03:13:03 AM

WOW!!!
This just hit me.

If Bitcoin was to change algorithm (in case Sha-256 is breached or whatever), then there wouldn't be any 10 minute (+/-) block solving for a while.
If it moved to let's say Sha-512 with the current difficulty and NO ASICs, it would take forever to verify a block wouldn't it?
At least until the difficulty dropped to levels that are manageable, right?

No because the developers aren't complete retards. They would reset the difficulty or at least bring it down a lot.

Do you really think the developers would do that? Put bitcoin in jeopardy and many mining farms out of business?

Kyraishi

hero member

Activity: 952

Merit: 513

WOW!!!
This just hit me.

If Bitcoin was to change algorithm (in case Sha-256 is breached or whatever), then there wouldn't be any 10 minute (+/-) block solving for a while.
If it moved to let's say Sha-512 with the current difficulty and NO ASICs, it would take forever to verify a block wouldn't it?
At least until the difficulty dropped to levels that are manageable, right?

Topic: Would Bitcoin algo change mean hours/days to confirm a block?? (Read 687 times)