I suggest we create a series of cryptocurrencies based on different hashes...

[The Fool]

http://en.wikipedia.org/wiki/NIST_hash_function_competition#Entrants

I suggest we create a series of cryptocurrencies based on different hashes. Why? Because any one of them can be hacked including SHA256 and ECSDA. If we have a cryptocoin for every feasibly-survivable hash function out there, we can always have a cryptocurrency to rely on because at least one should survive for the next century or so. They could all be merge-mined together, creating the ultimate octopod of economic decentralization!

The best hash functions are the ones so good that the NISPT wouldn't want the general public having them. Look at the rejected entrants list of their competition for clues! Some of them the public doesn't even know about!

Personally, I think cryptocurrency can do much better than the NSA-created SHA256.

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[smoothie]

LOL yeah please prove that you can crack SHA256...then we will listen to you.

Brute force style.

[Matthew N. Wright]

also if a hash did get hacked the core developers would just change it a different hash

Is that possible? Would that require a significant amount of reworking?

[xorxor]

It's better to create one coin, that will use scrypt on top of sha-3 on top of sha-2 on a single blockchain. crack one and that will give you.... nothing.

imagine core developers changing bitcoin's sha 256 into sha-3 ... asic's would mine the shit out of TRC , FRC and PPC

[galambo]

Please realize that the Federal Government has these contests so they can pick the best one to use for their own communication.

They don't have some sort of secret NSA super code which they don't share with the general public, because they don't believe in security though obscurity. When they have a need for absolute security they distribute one time pads.

[Matthew N. Wright]

also if a hash did get hacked the core developers would just change it a different hash

Is that possible? Would that require a significant amount of reworking?

Probably, but if means bitcoin is secure then they will have to do it. One day these hashes will be cracked, nothing soon but one day, so they have to have a plan in place for that.

I guess the biggest hurdle would be making it all backwards compatible. I heard that even changing the code to allow for more than 8 decimals would require a significant rewrite and everyone in the entire network accepting it, making it kind of like a "Y2K" issue.