Will tivo still work with current Comcast encryption plans

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Will tivo still work with current Comcast encryption plans

Comcast has announced that in my area they are going to encrypt the signal and I will now have to use the tiny converter they just sent me. I have yet to hook it up but I know it will happen soon. Since the signal coming from the converter will now be a single station at a time, will this end the functionality of a tivo machine? The reason for using one was to watch one station and record another. Does the tivo machines have the ability to unscramble the signal?