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I think the community will replace it with a better algorithm and existing coins will be swapped for the new coin. Transactions might be required to be frozen f
by nodoll 2y ago
I think the community will replace it with a better algorithm and existing coins will be swapped for the new coin. Transactions might be required to be frozen for a while though..
- xigoi 2y agoWho is going to replace it? There is no central authority.
- nodoll 2y agoNone required. Once the vulnerability is known, everyone will be incentivized to migrate to the new coin.
- xigoi 2y agoSure, but you’ll lose all your existing money.
- nodoll 2y agoNo, the new coin will be exactly as valuable as Bitcoin, ensured by the community consensus. That is the whole point.
- IAmGraydon 2y agoYou clearly don't understand. Once the BTC cryptography is compromised, there is now way to prove chain of custody, so there is no way to prove who has how much bitcoin and assign it to a new coin. Literally, in an instant, the price of BTC goes to zero.
- CyberDildonics 2y agoThe 'community' hasn't even been able to increase the transaction throughput from being less than a 28.8 modem.
- tromp 2y agoHow do you make sure that only the original owner of a P2PK can swap for the new coin, and not one who also found the private key? Isn't that private key the only thing that can be required for authorizing the swap?