Bitcoin as indestructible asset | Bitcointalksearch.org

summonerrk

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Quote from: Grasper on April 20, 2023, 11:40:00 AM

I did not expect what is seen lately with bitcoin, there is no choice anymore, I adopted it and should be adopted by those who believe in gradual aging and new world. Bitcoin created the road where other cryptocurrencies are passing and building all sorts of programs upon.

Can't it be destroyed?

I will not believe this, it can't be destroyed. I have some considerations.

1) Government: No power of supremacy can be abused here. The government doesn't have power over it because it is not controlled by any central authority. The selflessness of Satoshi Nakamoto made sure of this by not giving room for manipulations.

2) Hacking: Getting to know of many hacking stories of the past about bitcoin was confusing, but none is about the direct bitcoin network but websites and wallets housing it. Most of the websites hacked are custodial, I don't like them.

Not that it is completely impossible to hack the bitcoin network but the needed condition to do so seems impossible to meet. For the proof of work blockchain (PoW) like it, it will take the hacker a very high computing power to take half of the blockchains network before manipulation will be possible. No person or group of person and government can get to the arrangement because this computing power is widely spread.

3) Future: Bitcoin future keeps shining brighter, it came into the lead like a play, it will continue to grow in adoption. Considering the regulation, government will try more and will want to use alts against it but the truth and uncompromising decentralization of the cryptocurrency will speak for it and make it win.

It will get to a time in the future when bitcoin will be the only cryptocurrency the world can trust.

Reference: https://worldcoin.org/articles/can-cryptocurrency-be-hacked

This is the attitude of a real crypto enthusiast!
You correctly described the meaning of bitcoin's immortality. The fact is that there are processes that cannot be destroyed after they start. It's like an epidemic, but in a good way. Bitcoin is distributed like torrents, and it is impossible to destroy it without capturing more than half of the computers.

And even if the state has introduced KYC to most exchanges, you can still always create a new address, and no one will know that it is yours. And mixers will help. What has been started cannot be stopped, thanks to the genius of Satoshi.

Freddie Boyer

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Quote from: thecodebear on April 20, 2023, 11:51:27 PM

Anything that happens in the world (regulations, hacks, bear markets, bad optics, negative news, etc) can only slow Bitcoin down, it cannot destroy or stop Bitcoin. Bitcoin is forever.

I think it's also worth considering the potential long-term impact of government regulation on Bitcoin. Even though the current regulatory landscape is relatively favorable for Bitcoin, there is always the possibility that governments may enact stricter regulations in the future which could negatively impact its adoption and value. Therefore I think it is important here to monitor regulatory developments and adjust one's investment strategy and while it is true that Bitcoin has demonstrated remarkable resilience thus far, it is important to remember that no investment is without risk it is necessary to carefully evaluate your investment objectives, risk tolerance, and overall portfolio diversification strategy when considering investing in Bitcoin or cryptocurrencies. other cryptocurrencies.

digaran

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As something dependent on mathematics for it's security, I'd say bitcoin or any open source decentralized crypto using elliptic curves can be cracked in seconds, the equation exist but not found yet by the public, so every curve based crypto is doomed to die off not slowly and gradually but suddenly triggered by an event as easy as someone stealing thousands of coins using a new tool!
Unless we think about possible solutions before that happens, Though I don't see any think tank around here, people are just discussing about events and not many ideas going around here.

Sadly the one person that invented bitcoin and has more than anyone to lose on the planet is no where to be found, and there is no way of contacting him to discuss about possible improvements.

So...

Pmalek

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I am not worried about Bitcoin being hacked and the world governments destroying it that way. The whole movement has reached a point where the enemy would have to put in significant efforts to even begin such a process. Bitcoin's POW and its mining infrastructure could get attacked. Bitcoin's known developers could be targeted because they are a threat to national security, they destroy the climate, kill polar bears, help to fund terrorism, money laundering, tax evasion, and the usual government propaganda.

An agreed upon mining ban across the biggest territories with the most hashrate would be a blow. Sure, miners could move to other countries, but not if their equipment gets confiscated due to fabricated charges. The same equipment that could then maybe be used to challenge the longest chain.

I don't trust power-hungry white men in expensive suits, and the world is full of them.

tjtonmoy

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Not fully acceptable but those are some valid points. It can't be destroyed, agree on that. But under some circumstances it can be possible. The blockchain is connected by many computers, and they are keeping a copy of every transaction happening with Bitcoin. If the computers continue to run the computing, the blockchain will exist. That means if we can somehow create a scenario where half of the computing power is offline, then the blockchain will face a major disrupt.

The government supply the electricity and has the power to seize any facility if they want. So if they choose not to provide enough energy and also put a ban on Bitcoin to seize personal properties in order to stop those running computers. Then most likely it is possible. But I don't know if this means "destroy".

Also, natural disaster in where the whole world will be cut off from any electricity could do the same.
It is unlikely. But the possibility is never zero.

YUriy1991

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Quote from: Grasper on April 20, 2023, 11:40:00 AM

I did not expect what is seen lately with bitcoin, there is no choice anymore, I adopted it and should be adopted by those who believe in gradual aging and new world. Bitcoin created the road where other cryptocurrencies are passing and building all sorts of programs upon.

Can't it be destroyed?

True, Bitcoin has proven to be a durable and resilient asset, claims that Bitcoin is indestructible are probably too strong. now Bitcoin faces challenges and vulnerabilities, but its strength makes it a popular investment choice for many. Yes, As the world of finance continues to evolve and new technologies emerge, it will be very interesting to follow how Bitcoin Adoption and other cryptocurrencies adapt and develop and offer benefits and distinct features that show that they will remain a force to be reckoned with in the world of finance.

Quote from: Grasper on April 20, 2023, 11:40:00 AM

2) Hacking: Getting to know of many hacking stories of the past about bitcoin was confusing, but none is about the direct bitcoin network but websites and wallets housing it. Most of the websites hacked are custodial, I don't like them.

Not that it is completely impossible to hack the bitcoin network but the needed condition to do so seems impossible to meet. For the proof of work blockchain (PoW) like it, it will take the hacker a very high computing power to take half of the blockchains network before manipulation will be possible. No person or group of person and government can get to the arrangement because this computing power is widely spread.

I like this point to know, the issue of hacking is often raised as a potential Bitcoin vulnerability. But it's my view that most of the stories we hear about Bitcoin being hacked are not about the live Bitcoin network but the websites and wallets that host them. As the OP mentioned "Most of the websites hacked are custodial, I don't like them''. why is that because entrusting one's Bitcoin to a third party, makes them vulnerable to attack. On the other hand I think the Bitcoin network itself is very secure, thanks to the blockchain Its Proof of Work It takes an enormous amount of computing power to manipulate a network, making it virtually impossible for any single person or group to carry out such an attack.

Xinarae*

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Quote from: Jet Cash on April 21, 2023, 02:45:28 AM

Very few people seem to understand how a virtual asset can be a hard asset. An example I give is a novel- the value is in the abstract sequence of words, and not the paper representation. Bitcoin is currently the only crypto that has a hard value, and this results from the coins released as a block reward, and the security and immutability of that block. No other crypto can manage this at the moment, but there is always a possibility that another could be created in the future. It would not destroy Bitcoin, but would liie alongside it in the way that platinum, silver and copper lie alongside gold. As long as man can communicate internationally, novels and Bitcoin will have real values.

I totally agree with you that till now very few people realize that cryptocurrency or bitcoin can be a digital asset, I think that cryptocurrency or bitcoin is much more profitable and growing much faster than any other type of asset. Still many people are afraid to invest in cryptocurrencies because there are many false news published that Bitcoin wallets are very vulnerable to hacking. Many people have many misconceptions about it.

Frankolala

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Yea I agree with you,that in the nearest future bitcoin will gain more ground than any other cryptocurrency, which is has now but some newbies take bitcoin to be the same with altcoins because they are all cryptocurrency. Inflation resistance is what will make people believe in bitcoin and trust on it more.

Bitcoin blockchain can't be hacked into due to so many nodes running it but hackers can hack centralized exchanges and a noncustodial wallet that the password is linked to an online system due to malware.

Kemarit

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No one is willing to attack Bitcoin's blockchain because it will cause too much money. And even if the hacker was successful, sooner or later the chain will have to revert back to the original, so it's not easy as it sounds.

As for the term "indestructible", not sure if this is application to Bitcoin or crypto in general it's digital money so obviously, it's not like fiat that you can hold and destroy it physically.

Wexnident

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I mean it depends on your definition of destroyed. Seeing as how you reasoned it out, I reckon it's not something like "delete" destroy since only the internet shutting down would make that happen, but rather something along the lines of its adoption/usage I guess? In essence, the government can limit involvement with crypto, but it can't stop it permanently, temporarily maybe, but there'd always be people who can make a work around if they were actually able to. Hacking in some sense is just your wallet being stolen because you gave it out to someone else, in most cases if you were able to store crypto properly, the chances of it being stolen is rather minimal.

As for it's future, well, I think this past decade has shown what it can bring and what it can still possibly bring.

Jet Cash

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Very few people seem to understand how a virtual asset can be a hard asset. An example I give is a novel- the value is in the abstract sequence of words, and not the paper representation. Bitcoin is currently the only crypto that has a hard value, and this results from the coins released as a block reward, and the security and immutability of that block. No other crypto can manage this at the moment, but there is always a possibility that another could be created in the future. It would not destroy Bitcoin, but would liie alongside it in the way that platinum, silver and copper lie alongside gold. As long as man can communicate internationally, novels and Bitcoin will have real values.

Doan9269

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Quote from: Grasper on April 20, 2023, 11:40:00 AM

I did not expect what is seen lately with bitcoin, there is no choice anymore, I adopted it and should be adopted by those who believe in gradual aging and new world. Bitcoin created the road where other cryptocurrencies are passing and building all sorts of programs upon.

Can't it be destroyed?

No, and that's the perfect answer except if the network does not go by the consensus protocol in which it is built upon, blockchain us one of the proof to this, it's secured and immutable, nodes where interconnected across everyone on the same network making it perfectly indestructible with the walls of programs, codes and other advanced technological measures it comprises.

Quote from: Grasper on April 20, 2023, 11:40:00 AM

1) Government: No power of supremacy can be abused here. The government doesn't have power over it because it is not controlled by any central authority. The selflessness of Satoshi Nakamoto made sure of this by not giving room for manipulations.

Anything that is decentralized has much higher capacity to remain or exist on it own without depending on any third party party for survival, instead of being a thing of concern, bitcoin provide solution to the entire financial system by giving freedom in which no central authorities can have say or make influence on regulating it.

Quote from: Grasper on April 20, 2023, 11:40:00 AM

2) Hacking: Getting to know of many hacking stories of the past about bitcoin was confusing, but none is about the direct bitcoin network but websites and wallets housing it. Most of the websites hacked are custodial, I don't like them.

One of the characteristics of blockchain features is immutability, except you make use of a centralized exchange to kepp your bitcoin, tou may not lost them by any hack or other scam attempt made on exchanges.

thecodebear

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Yes of course Bitcoin is indestructible. That was the whole purpose of making it decentralized.

Anything that happens in the world (regulations, hacks, bear markets, bad optics, negative news, etc) can only slow Bitcoin down, it cannot destroy or stop Bitcoin. Bitcoin is forever.

The only thing that could stop Bitcoin's growth, but not destroy Bitcoin itself, is if fewer and fewer people wanted it, rather than more and more people. But humanity has always greatly prized scarce things with utility - that is the whole basis of lasting value. And Bitcoin of course has incredible utility and perfect scarcity, so humanity will always be wanting it more and more, not less and less.

Solosanz

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Quote from: death69 on April 20, 2023, 01:09:56 PM

Dude, for real? Just now realizing Bitcoin's the ticket? Where've you been hibernating, pal? In a cave? I mean, it's not as if Bitcoin's been on the scene for, I don't know, over ten years or something. People haven't spent eons singing its praises. But hey, tardiness has its perks, eh?

Lol it's true, but at least it's good to see @OP understand why Bitcoin can't be stopped.

I've saw so many people still confused about Bitcoin hack, it's not the Bitcoin got hacked, but the other centralized site or low security project was got hacked.

Quote from: OcTradism on April 20, 2023, 09:50:10 PM

-snip-

You're talking about exchange, wallet and centralized shitcoin, it's off topic since @OP was discuss about Bitcoin.

Amphenomenon

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Bitcoin is a digital currency but most still prefer to see it as an asset (this is what was stated on the Whitepaper).
Aside from this, the strength of every cryptocurrency is in the blockchain (how secured and fast depends on the blockchain) and this is the means a cryptocurrency can be hacked. Hacking of wallet is not considered as an hack to a cryptocurrency itself but to the victim.

Quote from: Grasper on April 20, 2023, 11:40:00 AM

It will get to a time in the future when bitcoin will be the only cryptocurrency the world can trust.

Bitcoin won't be the only cryptocurrency the world can trust, there will still be few altcoins also but bitcoin will always be the most trusted as time past.

OcTradism

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Can cryptocurrency be hacked is a very general question.

A cryptocurrency wallet can be hacked by bugs in its wallet software or by user carelessness and bad security practice as well as lack of appropriate protection on their devices.
A cryptocurrency exchange can be hacked and users can lose their cryptocurrency.

A bigger question is "Can a cryptocurrency blockchain be hacked?"
It is possible if code is not good enough and it is more risky with staking, masternode, smart contract blockchain.
With Proof of Work blockchain with too high total hash rate, risk is smaller or nearly zero because with Bitcoin network, to own 51% of its total hash rate is impossible task.

In a summary, you must choose a right cryptocurrency to use with as least risk of hack, attack as possible, then choose a good wallet software to use.

death69

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Dude, for real? Just now realizing Bitcoin's the ticket? Where've you been hibernating, pal? In a cave? I mean, it's not as if Bitcoin's been on the scene for, I don't know, over ten years or something. People haven't spent eons singing its praises. But hey, tardiness has its perks, eh?

Regarding government intrusion and hacker woes, I'm positive they're baseless fears. After all, governments never overstep, and hackers? They never chase lucrative bounties. Bitcoin as a prime mark? Pfft. But let's accentuate the positives. Bitcoin's the tomorrow, and its adoption shall soar. Who craves crypto diversity when a single-basket strategy beckons? Can't fathom any drawbacks there, can you?

Dalib

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I can say that Bitcoin, like any other cryptocurrency, is not immune to risks and challenges.

However, it is designed to be decentralized and distributed, which means that it is not controlled by any central authority or institution.

This makes it difficult for any individual or group to destroy Bitcoin.

Additionally, the underlying technology of Bitcoin, known as blockchain, is highly secure and resistant to tampering or hacking attempts.

However, there are still risks associated with investing in Bitcoin, such as market volatility, regulatory changes, and security breaches.

It is important to do your research and understand the risks involved before investing in Bitcoin or any other cryptocurrency

aylabadia05

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Of the many positive things that are worth saying about Bitcoin, I would like to say that Bitcoin is the solution to the problems of the future of the economy.
Full control rests with every Bitcoin owner.
I haven't had the slightest doubt about the future of Bitcoin all along.
There is a sentence that we often hear that Bitcoin is an extraordinary invention and I totally agree.

Regarding hacking, things that might be done to the wallet.

BVeyron

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Quote from: Grasper on April 20, 2023, 11:40:00 AM

I did not expect what is seen lately with bitcoin, there is no choice anymore, I adopted it and should be adopted by those who believe in gradual aging and new world. Bitcoin created the road where other cryptocurrencies are passing and building all sorts of programs upon.

Can't it be destroyed?

I will not believe this, it can't be destroyed. I have some considerations.

1) Government: No power of supremacy can be abused here. The government doesn't have power over it because it is not controlled by any central authority. The selflessness of Satoshi Nakamoto made sure of this by not giving room for manipulations.

2) Hacking: Getting to know of many hacking stories of the past about bitcoin was confusing, but none is about the direct bitcoin network but websites and wallets housing it. Most of the websites hacked are custodial, I don't like them.

Not that it is completely impossible to hack the bitcoin network but the needed condition to do so seems impossible to meet. For the proof of work blockchain (PoW) like it, it will take the hacker a very high computing power to take half of the blockchains network before manipulation will be possible. No person or group of person and government can get to the arrangement because this computing power is widely spread.

3) Future: Bitcoin future keeps shining brighter, it came into the lead like a play, it will continue to grow in adoption. Considering the regulation, government will try more and will want to use alts against it but the truth and uncompromising decentralization of the cryptocurrency will speak for it and make it win.

It will get to a time in the future when bitcoin will be the only cryptocurrency the world can trust.

Reference: https://worldcoin.org/articles/can-cryptocurrency-be-hacked

Cryptocurrency is a great invention, which is able to make money networks decentralised. But it is not yet the main technology of IT-banking, and it has some vulnerabilities. First, the decentralised operations with so large amount of data inevitably leads to forking-type failures. Then there is a problem with psychological acceptance: even notable currencies (BTC, ETH) are still not considered as "money" by ALL people. In the vision of all people cryptocurrencies are either "a project which is to be launched full scale in a couple of centuries, and I want to be rich now, so l'm just gonna earn some fiat by trading crypto, since I like lifestyle which large sums of fiat bring", or "some thing that IT staff develops, I'm not interested, my business is not connected with it". Third, it can bring decentralisation of mining sites, or even it can have no mining at all, but it can't bring decentralisation of money distribution, and worldwide money distribution is the worst thing in economy now.

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