Marvel Renumbering

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Marvel has said they're returning to legacy numbering, but how do Marvel renumberings actually work?

If I have Spider-man 1-100, and then there is a reboot for volume 2 from issues 1-50, and then Marvel decides to do a renumbering starting with 151, has the existence of a volume 2 been erased? Am I now supposed to consider volume 1 and 2 the same volume, and file them together or whatever?