tHash
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June 24, 2013, 07:53:32 AM

to what ?  scrypt ?  Wink  LTC already use that tech  Wink

If for some reason that's what needed, sure, why not?
I don't think the Sha256 ASICs can be modified for Scrypt. They hold enough hashing power to ensure SHA 256 remains. Scrypt would be a hard fork which the ASIC users wont adopt. Most users will protect their investment at any cost.

That's the point. If the proof of work algorithm were to change, the SHA256 ASICs wouldn't hold any power.

This would be a hard fork, probably with temporarily two competing blockchain version.
But if the Bitcoin's survival depend on it, everyone with a vested interest will just switch to another proof of work algorithm
(Even if some miners don't like it.)

Furthermore, we would have a bunch of Litecoin miners that would gladly use their processing power to mine bitcoins.

Marvellous, isn't it?  Cheesy

If by marvelous you mean blocks that take 100 times longer to complete until difficulty adjusts back to GPU level . . .   Which would take maybe 6 years, if we hit 2 Ph/s in in the next few months, which I bet we do.   Also, in a competition, how would GPU's ever out compete ASICS?