Quote from: odolvlobo on June 11, 2014, 12:26:34 AM

Quote from: madmadmax on June 10, 2014, 08:02:58 PM

Quote from: PetePete on June 10, 2014, 07:54:16 PM

Thanks for the reply, so what does hard fork entail? Would it be able to resolve the initial problem though?

The network will take up all of the damage that happened up until the moment of the hardfork, after that moment everything will be back to normal unless the new algo will have a backdoor as well.

That's a very optimistic scenario. You forgot the part where everyone panics and sells because they don't want their life's savings stolen.

We could roll back to a point in the blockchain where the party didn't begin to exploit it thus no damage would be done.

Of course being an intellectual myself my projections are based on the assumption that the vast majority of Bitcoin users are capable of independent thought and have some minimal intelligence which is a rather wild assumption, otherwise it is impossible to say what will really happen. You can never overestimate the stupidity of the masses.

Of course everyone could panic sell and the bullshit would hit the fan and spray all our white walls with shit, would be an ideal time to buy though.