Re:When Bitcoin plunges, Buttcoin cheers: the community pray...
by throw101010 on Friday September 09, 2022 @10:04AM
(#32779383)
Bitcoin is also upgradable, it wouldn't be hard to convince miners to accept a hardfork to save their mining investments and holdings by switching to safe algorithms.
It is also much more reactive in this regard than most of the banking and other cryptography-dependant sectors (think major encrypted protocols) which also rely on many of the encryption that you suggest would be broken... not sure Bitcoin will be the main worry at that point.
Obviously if we are talking about SHA256 being broken then miners will lose on the mining equiment. I'm still not sure Bitcoin would disappear, but it would be catastophic... and not just for Bitcoin as suggested above.
It is also much more reactive in this regard than most of the banking and other cryptography-dependant sectors (think major encrypted protocols) which also rely on many of the encryption that you suggest would be broken... not sure Bitcoin will be the main worry at that point.
Obviously if we are talking about SHA256 being broken then miners will lose on the mining equiment. I'm still not sure Bitcoin would disappear, but it would be catastophic... and not just for Bitcoin as suggested above.