$625,000 Bounty on cracking the Monero coin

phreess

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Quote from: Captain Corporate on September 15, 2020, 11:24:30 AM

This will be the greatest ever test for Monero to actually show itself. Obviously 625k is not that much money for some people but honestly for majority of hackers in the world that is incredible amount plus it is mainly white hacking as well. It is still not white hacking in the sense that it helps people, it doesn't help anyone and it actually hurts monero users, but it is hacking legally because IRS is the one that requested it, so basically you are doing something not "nice" but doing it for the government, which is why I believe it could be considered white hat. At the end of the day if nobody can do it, that will make Monero loved even more, it would be incredibly rewarding to not get hacked even with 625k on the line, but if they do end up getting cracked, I wouldn't really be upset with them neither, it is totally understandable, it is a lot of money and great minds will be working towards it.

If monero doesn't get cracked, it's def going to the moon lol

phreess

copper member

Activity: 268

Merit: 7

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Quote from: unusualfacts30 on September 15, 2020, 10:45:08 AM

I find that bounty price is not that much. If someone could figure out how to crack monero they will gain much more than what is being offered in that page. I don't think we'll ever hear anything about it again though.

Make it $62.5 Million USD or $6.25 Billion USD and it would definitely get traction. $600k is peanuts for people that could crack monero as they would have big security firms or have really high paying jobs.

shakesbear

member

Activity: 684

Merit: 10

I hope no one will be able to do this, but only bring popularity to Monero, although I am sure that many will try.

Febo

legendary

Activity: 2730

Merit: 1288

A lot of people will now check Monero code. And if there is and inflation bug they will for sure find it. So I see only positive outcome out of it. It will prove if Monero developers ( and companies they are hiring to audit code) are doing good job or not. Thanks god for IRS!!!

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: phreess on September 15, 2020, 06:31:17 AM

IRS is too stupid... If someone cracks monero, they are going after all coins and dump monero to $0.00 usd per coin.

$600k?! That's peanuts for the one that finds a solution.

And if someone could crack it that easily then it is fair to wonder that instead of giving their solution to the IRS they could use it for themselves and use it to try to extort money from the big monero holders and eventually they will get more money out of them than anything the IRS could give them, but personally even if you cannot believe it I am in favour of those measures, because if they do happen to find a flaw and crack monero the next privacy coin will be even better to the point we will eventually reach a point in which it will be impossible to crack those coins no matter what anyone does.

ichsan ardi

full member

Activity: 672

Merit: 100

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Its hard for people like us to solve it, it's not easy rofl.
but the gift he gave was fantastic. my friend tried to do it but couldn't

Captain Corporate

hero member

Activity: 2086

Merit: 575

This will be the greatest ever test for Monero to actually show itself. Obviously 625k is not that much money for some people but honestly for majority of hackers in the world that is incredible amount plus it is mainly white hacking as well. It is still not white hacking in the sense that it helps people, it doesn't help anyone and it actually hurts monero users, but it is hacking legally because IRS is the one that requested it, so basically you are doing something not "nice" but doing it for the government, which is why I believe it could be considered white hat. At the end of the day if nobody can do it, that will make Monero loved even more, it would be incredibly rewarding to not get hacked even with 625k on the line, but if they do end up getting cracked, I wouldn't really be upset with them neither, it is totally understandable, it is a lot of money and great minds will be working towards it.

unusualfacts30

hero member

Activity: 1540

Merit: 500

I find that bounty price is not that much. If someone could figure out how to crack monero they will gain much more than what is being offered in that page. I don't think we'll ever hear anything about it again though.

batang_bitcoin

hero member

Activity: 3080

Merit: 603

Quote from: NeuroticFish on September 15, 2020, 08:54:27 AM

Quote from: batang_bitcoin on September 15, 2020, 08:38:43 AM

Now, they want to crack Monero?

I think that making the transactions traceable would be already enough for IRS.
Of course, if that'll ever happen for real, Monero will become pretty much useless.
Until then we may only receive "free audits of Monero code" from the bounty hunters Grin

Yeah, if they managed to prove that they are able to crack it, Monero's about to be the same as other altcoins but I don't think it will happen - probably never.

Quote from: NeuroticFish on September 15, 2020, 08:54:27 AM

Quote from: batang_bitcoin on September 15, 2020, 08:38:43 AM

AFAIK, it's CipherTrace that's working on tracking Monero's transaction or privacy. It's not possible IMO but we'll see if they'll able to do it.

CypherTrace claims are not to be taken serious. It's more "a commercial". As somebody said, "We will have to see if this tool is going to lead to some "big" court cases". That's the only ever indicator I expect to see if the tool will ever work. ....I don't think so.

I've just read it on the news but didn't go through with it as I thought it's not that serious. But thank you, now it's clearer that it's all for the show and they're all doing it just to make noise for themselves being a commercial or as a business.

JeffBrad12

hero member

Activity: 2926

Merit: 533

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Quote from: batang_bitcoin on September 15, 2020, 08:38:43 AM

AFAIK, it's CipherTrace that's working on tracking Monero's transaction or privacy. It's not possible IMO but we'll see if they'll able to do it.

that claim has not yet proven by the cipher and i didn't even believe if that could be an easy task for them to crack the monero with their product.
There's also a lot of interesting things that have already explained about that claim too https://cointelegraph.com/news/ciphertrace-develops-monero-tracing-tool-to-aid-us-dhs-investigations

I didn't wanna say a lot about this and i have expected there would be no a lot of participants will participate in the bounty. IRS has already started to take control over all of the gateways.

NeuroticFish

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Activity: 3668

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Quote from: batang_bitcoin on September 15, 2020, 08:38:43 AM

Now, they want to crack Monero?

I think that making the transactions traceable would be already enough for IRS.
Of course, if that'll ever happen for real, Monero will become pretty much useless.
Until then we may only receive "free audits of Monero code" from the bounty hunters Grin

Quote from: batang_bitcoin on September 15, 2020, 08:38:43 AM

AFAIK, it's CipherTrace that's working on tracking Monero's transaction or privacy. It's not possible IMO but we'll see if they'll able to do it.

CypherTrace claims are not to be taken serious. It's more "a commercial". As somebody said, "We will have to see if this tool is going to lead to some "big" court cases". That's the only ever indicator I expect to see if the tool will ever work. ....I don't think so.

batang_bitcoin

hero member

Activity: 3080

Merit: 603

First, they've taken down Monero through delisting in exchanges in South Korea and other parts of the world. Now, they want to crack Monero? What's with these people? AFAIK, it's CipherTrace that's working on tracking Monero's transaction or privacy. It's not possible IMO but we'll see if they'll able to do it.
There's more than just the $625,000 reward.

phreess

copper member

Activity: 268

Merit: 7

Phreess - A Self-Appreciating Token

IRS is too stupid... If someone cracks monero, they are going after all coins and dump monero to $0.00 usd per coin.

$600k?! That's peanuts for the one that finds a solution.

KenCryptos

newbie

Activity: 24

Merit: 0

The IRS will be accepting application until the 16th of September. Anyone taking the challenge will receive the bounty in two phases. An initial payment of $500,000 for developing and providing proof with a working concept of the privacy crack tool. And another $125,000 upon completing the pilot test and receiving approval from the agency.

Who want to try?

IRS Cracks Down On Privacy Coin Monero, Offer’s $625,000 Bounty to Anyone Who Can Crack the Code

Topic: $625,000 Bounty on cracking the Monero coin (Read 190 times)