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The algorithm was not replaced, then it wouldn't be BitCoin anymore. https://en.bitcoin.it/wiki/List_of_alternative_cryptocurrencies https://en.bitcoin.it/wiki

• kaoD 13y ago
  It will still be Bitcoin, with a different algorithm... Bitcoin is not just a protocol and some algorithms behind it. Bitcoin is a community and a currency. Your Bitcoins will still be called Bitcoin, you'll have the same wallet and the same number of BTC in your accounts. The webpage will still be www.bitcoin.org and we'll talk in #bitcoin as we used to do. Changing Bitcoin to scrypt will not magically turn Bitcoin into Litecoin. This scenario has been envisioned before. Nothing new here. Bitcoin will prevail.
  • rubinelli 13y ago
    I think the fact that Bitcoin is a community is its main problem. Miners have acted altruistically a few times in the past, but as the pool grows, getting them to do anything beyond the Nash Equilibrium will get progressively harder. Bitcoin may prevail, but it will have to go through a painful 2.0 evolution at some point.
    • kaoD 13y ago
      Economic majority will ALWAYS win by definition.
      • rubinelli 13y ago
        And a smart agent with enough resources can lead the economic majority like lemmings down a cliff once it reaches a certain size and becomes dumb. While your miners are mostly hobbyists that you can access via Skype, it's easy to say "hey guys, let's stop this chain and switch to that other one." Once you have large companies with dedicated ASIC racks in the game, and any change that could impact the short-term bottom line has to go through four levels of management, you are SOL.