Don't you think we have other problems too if Sha-2 is broken? I'm going to assume that you aren't worried about the numerous other applications where this scenario would be catastrophic?
In any case, this scenario has very well been accounted for. The Bitcoin network can fork its consensus rules when such drastic requirements require it. Such as to a different hashing algorithm, and snapshotting of its previous state.
> Ponzi scheme
This goes back to square one, which is that in the absence of understanding the value of bitcoin, a scheme is the only logical explanation.
We are now sitting at 10 years and $XXB ponzi scheme. Perhaps one of greatest schemes in history? Maybe it will unravel in the next 10? Time will tell.
> Don't you think we have other problems too if Sha-2 is broken? I'm going to assume that you aren't worried about the numerous other applications where this scenario would be catastrophic?
It is exactly this reason I find bitcoin incredibly scary. The catastrophe that happens if bitcoin "succeeds" in breaking SHA-2 is directly part of why I think Proof of Work is at best a waste of processing power, and at worst a catastrophe we are watching in real time.
> In any case, this scenario has very well been accounted for. The Bitcoin network can fork its consensus rules when such drastic requirements require it. Such as to a different hashing algorithm, and snapshotting of its previous state.
Which again is my point earlier: forks are natural parts of how bitcoin operates and directly a part of the underlying data structures. It doesn't exist without forks. You couldn't build bitcoin without forks. It isn't considered likely it would continue to exist in the future past certain points (including catastrophic ones) without forks. So the distinction of which fork is the "one true fork" is a political economics game, not a technical distinction in any way.
In any case, this scenario has very well been accounted for. The Bitcoin network can fork its consensus rules when such drastic requirements require it. Such as to a different hashing algorithm, and snapshotting of its previous state.
> Ponzi scheme This goes back to square one, which is that in the absence of understanding the value of bitcoin, a scheme is the only logical explanation.
We are now sitting at 10 years and $XXB ponzi scheme. Perhaps one of greatest schemes in history? Maybe it will unravel in the next 10? Time will tell.