'Bitcoin' hacked - - page 2. | Bitcointalksearch.org

hodlftw

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Santa Coin

Quote from: RawDog on May 25, 2018, 12:26:41 PM

Quote from: ranochigo on May 25, 2018, 09:51:49 AM

Quote from: RawDog on May 25, 2018, 09:29:36 AM

Yes, but the risk is FAR greater now that we've seen it done successfully on a close cousin of Bitcoin. If the guy who owns that 7nm fab spends about $20M - I think he'd have enough to pull it off.

The only obvious similarity that Bitcoin Gold and Bitcoin has is the name. Bitcoin Gold has a completely different mining algorithm and that could make a huge difference. For a fair comparison, ZCash which has the same algorithm has 20 times the hashrate of Bitcoin Gold. This makes it much easier to attack BTG than ZCash. ZCash is still a very small altcoin as compared to Bitcoin.

Quote from: RawDog on May 25, 2018, 09:29:36 AM

Until this week, 51% attack was just a fun theory. Today it is a very real thing that could be done with Bitcoin.

51% attack has never been a fun theory. It is a very real attack. They are viable for smaller altcoins like Bitcoin Gold, not bigger coins like Bitcoin.

What the fuck are you doing in this forum? They don't let intelligent answers in here. I think you are in the wrong place.

While this is a funny news piece to speculate about, but in all honestly this seems like it can't happen. I can't math too well but the hash rate for Bitcoin Gold is over 100x less than Bitcoin's I believe. If this is true a hacker would have had to spend a lot of money to hack the Bitcoin network and I don't think it would be in the millions. And even then, wouldn't Bitcoin re-route the network as soon as they realized something was up? I am no technical person fwiw and if I got this supremely incorrect I apologize, but I have heard this train of thought from several well respected members of the Bitcoin community.

bL4nkcode

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Limited in number. Limitless in potential.

Too funny reading posts/replies that's obviously not reading the OP, just only the headline Roll Eyes

Anyway... Its bitcoin gold, not bitcoin so not much affected~

darkangel11

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Don't let others control your BTC -> self custody

Quote from: RodeoX on May 25, 2018, 12:30:45 PM

What is a "bitcoin gold?"

Bitcoin user - Unaffected. Wink

It's just another shitcoin that isn't made to give, but take. It's made to piggyback BTC and use its name to gain some interest and confidence, and while some idiots are buying, the dev team is selling. In the end we have rich dev teams sipping drinks on the beach and bag holders hoping that it will one day steal some of the bitcoin's value again and follows it to the moon. As far as I remember BTG was worth almost 10 times more at some point. That's what we call a crash ladies and gentlemen.

BQ

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CoinMetro - the future of exchanges

It's always been pretty obvious that 51% attacks are possible? logically.
that's why decentralization and a large network is very important.

however, unless someone can maintain 51% of the network forever, can't it be solved by just 'dropping the blocks' that were mined during the 51% attack?
I imagine it could get problematic with payments disappearing for products that has been shipped.

We'll have to keep working for a larger and more decentralized network.

Innuend0

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bitcoin is so bad lately

ashahin7799

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As it is used by technology, it could be a hack.And its main reason is not to work safely and carefully.Bitcoin hack can be prevented when working with caution.That's why we have to use our secure bitcoin wallet.And keep the passwords and personal images in a secret place.

RodeoX

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The revolution will be monetized!

What is a "bitcoin gold?"

Bitcoin user - Unaffected. Wink

RawDog

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Quote from: ranochigo on May 25, 2018, 09:51:49 AM

Quote from: RawDog on May 25, 2018, 09:29:36 AM

Yes, but the risk is FAR greater now that we've seen it done successfully on a close cousin of Bitcoin. If the guy who owns that 7nm fab spends about $20M - I think he'd have enough to pull it off.

The only obvious similarity that Bitcoin Gold and Bitcoin has is the name. Bitcoin Gold has a completely different mining algorithm and that could make a huge difference. For a fair comparison, ZCash which has the same algorithm has 20 times the hashrate of Bitcoin Gold. This makes it much easier to attack BTG than ZCash. ZCash is still a very small altcoin as compared to Bitcoin.

Quote from: RawDog on May 25, 2018, 09:29:36 AM

Until this week, 51% attack was just a fun theory. Today it is a very real thing that could be done with Bitcoin.

51% attack has never been a fun theory. It is a very real attack. They are viable for smaller altcoins like Bitcoin Gold, not bigger coins like Bitcoin.

What the fuck are you doing in this forum? They don't let intelligent answers in here. I think you are in the wrong place.

ranochigo

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Quote from: RawDog on May 25, 2018, 09:29:36 AM

Yes, but the risk is FAR greater now that we've seen it done successfully on a close cousin of Bitcoin. If the guy who owns that 7nm fab spends about $20M - I think he'd have enough to pull it off.

The only obvious similarity that Bitcoin Gold and Bitcoin has is the name. Bitcoin Gold has a completely different mining algorithm and that could make a huge difference. For a fair comparison, ZCash which has the same algorithm has 20 times the hashrate of Bitcoin Gold. This makes it much easier to attack BTG than ZCash. ZCash is still a very small altcoin as compared to Bitcoin.

Quote from: RawDog on May 25, 2018, 09:29:36 AM

Until this week, 51% attack was just a fun theory. Today it is a very real thing that could be done with Bitcoin.

51% attack has never been a fun theory. It is a very real attack. They are viable for smaller altcoins like Bitcoin Gold, not bigger coins like Bitcoin.

RawDog

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Quote from: aardvark15 on May 25, 2018, 08:27:38 AM

Technically, I think you are correct that a 51% attack could occur with any decentralized cryptocurrency. However, I think Bitcoin is at a very low risk of that

Yes, but the risk is FAR greater now that we've seen it done successfully on a close cousin of Bitcoin. If the guy who owns that 7nm fab spends about $20M - I think he'd have enough to pull it off.

Until this week, 51% attack was just a fun theory. Today it is a very real thing that could be done with Bitcoin.

aardvark15

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Quote from: RawDog on May 25, 2018, 03:28:01 AM

Well, sort of.

Bitcoin Gold was 51% attacked - apparently successfully. This is very important. While not exactly Bitcoin, it is a kind of Bitcoin. And it was hacked.

We can no longer argue Bitcoin is unhackable. 51% attacks are real and possible. $18 million stolen. It can be done.

The US government could probably put into place enough hashpower very quickly. The new 7nm process could be bought by someone and get a shitload of competitve hashing up and running. It is possible.

My conclusion: Bitcoin can be hacked.

Technically, I think you are correct that a 51% attack could occur with any decentralized cryptocurrency. However, I think Bitcoin is at a very low risk of that now that the mining is spread out and the coin ownership is so widespread. The higher risk is with new coins that could more easily be controlled because fewer people own them and they are worth less.

James andrew

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Everyone try to hack bitcoin but it's not possible hack bitcoin because their technology is strong

nickmax

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Quote from: drm on May 25, 2018, 06:17:32 AM

Some altcoin got 51 percented and now bitcoin is at danger? Roll Eyes

Nothing has changed, bitcoin has always been vulnerable to it in theory.

I do not think it's real for BTC, show me a man who can buy as much power for an attack of 51%, it's impossible. Bitcoin Gold always has some problems and this is not the last. And why, then I'm not surprised that this is exactly what happened with this coin.

KR$N

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Quote from: ranochigo on May 25, 2018, 06:13:59 AM

Quote from: KR$N on May 25, 2018, 05:40:30 AM

So even with 51% attack possible, what prevents the rest 49% from forking into a legit chain and screwing the attacker? Huh

They can, though it wouldn't screw the attacker over. This is possible though it probably wouldn't happen. 51% attacks are usually unexpected and people would likely not have time to react (especially with exchanges with automated deposits). Forking the chain wouldn't help either. Clients would follow the chain with the longest POW and the community doesn't have time to react to it, usually.

The attacker could also very simply just switch his hashpower over to the honest chain. Either way, after its discovered, the damage to merchants/users isn't that big anymore.

Thanks for clearing this out for me, I didn't think about the transactions that happen after attack and before the fork. So the defense strategy for this type of attack requires immediate recognizing and instant reaction from the community at least.

drm

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Some altcoin got 51 percented and now bitcoin is at danger? Roll Eyes

Nothing has changed, bitcoin has always been vulnerable to it in theory.

Daboy_Lyle

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Bitcoin can't be hacked. If you'll say Bitcoin Wallet yes it is vulnerable to theft. That's why we need a secured wallet or use 2 factor authenticator. We can avoid that by doing something that will help our bitcoin wallet safe.

ranochigo

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Crypto Swap Exchange

Quote from: KR$N on May 25, 2018, 05:40:30 AM

So even with 51% attack possible, what prevents the rest 49% from forking into a legit chain and screwing the attacker? Huh

They can, though it wouldn't screw the attacker over. This is possible though it probably wouldn't happen. 51% attacks are usually unexpected and people would likely not have time to react (especially with exchanges with automated deposits). Forking the chain wouldn't help either. Clients would follow the chain with the longest POW and the community doesn't have time to react to it, usually.

The attacker could also very simply just switch his hashpower over to the honest chain. Either way, after its discovered, the damage to merchants/users isn't that big anymore.

KR$N

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So even with 51% attack possible, what prevents the rest 49% from forking into a legit chain and screwing the attacker? Huh

ranochigo

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Quote from: RawDog on May 25, 2018, 05:12:29 AM

Quote from: dothebeats on May 25, 2018, 04:01:48 AM

if all big miners collaborated and replicate what happened to Bitcoin Gold.

Forget about 'all big miners', what if Jihan Wu and maybe just one other guy set out to do this? They'd probably be successful.

Of course, if they have a combined hashpower of 51% of the network. Jihan Wu isn't that stupid. He wouldn't just go and attack Bitcoin if he feels like it. The cost for attacking Bitcoin is way higher than the gain that he can get from it. Remember, he is the co-founder of Bitmain, an ASIC producer. If he decides to do this, every crypto in the world would be under loads of scrutiny. He can't go undetected with Bitcoin's community.

Quote from: RawDog on May 25, 2018, 05:12:29 AM

Quote from: da7a1oad3r on May 25, 2018, 05:04:00 AM

Well it can be hacked only if somebody would owe 51% of all Bitcoins in the world.

God I love the level of fucking stupidity in this forum!!! lol

Lmao. That's just outright rubbish.

Red-Apple

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stop spreading bullshit

bitcoin was NOT hacked.
bitcoin gold was NOT hacked either.
what happened was that they changed bitcoin and created a new altcoin, this change made an existing attack surface to take place much easier in BTG. this attack surface is a 51% attack which is double spending. that still has nothing to do with "being hacked".

conclusion? bitcoin is designed this way and strong because its design is good. don't try introducing dumb changes into it.

Topic: 'Bitcoin' hacked - - page 2. (Read 442 times)