Re: What happens if an algorithm used by Bitcoin becomes obsolete?
I'm not necessarily talking about including this "new replacement code" in the Bitcoin code, but at least having the code on hand, ready to replace the current code. What do you think?
If you have a code in hand to replace the current code, then what's the point of trusting the current code in the first place? 
I believe we would have a hard fork if a flaw was discovered and didn't course complete damage to the Bitcoin network. The world of technology keeps changing over the years.