bitcoin protocol cant be hacked. but FIAT can - page 2.

jonald_fyookball

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Quote from: sleepygeekygeek on May 24, 2014, 03:54:23 PM

How long do u think before bitcoin is hacked?? If I were the bankers I would throw a trillion into mining and commit a 51 precept attack...

and then how long would it be before bitcoin 2.0 comes out with a different proof of work hash, using a copy of the blockchain right before the attack?

sleepygeekygeek

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How long do u think before bitcoin is hacked?? If I were the bankers I would throw a trillion into mining and commit a 51 precept attack...

jonald_fyookball

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Quote from: Pobre on May 24, 2014, 07:55:38 AM

Quote from: jonald_fyookball on May 24, 2014, 07:41:03 AM

Quote from: btcton on May 24, 2014, 07:31:37 AM

I don't see how that would make the fiat "protocol" hackable. ATMs got hacked, not the fiat. Same thing as supposedly happened with MtGox, they got hacked, not "bitcoin."

As far as "hacking" a protocol:

1. Dollar bills can be counterfeited, and bitcoins can't.
2. Bank ledgers can have errors, bitcoin ledger can't.

But the thing is that the bank ledger errors can be corrected and fake dollar bills can also be destroyed if you keep your EYES open. But you can instantly loose your bitcoins by loosing your wallet and the backup. I've seen many people loosing their bitcoins because of deletion of the wallets. We need to come up with something more safe for the bitcoins.

Like...what?

ipnone5only

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Everything is hackable. Until that day it mains relatively safe!

Pobre

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HEy Hey HEY??

Quote from: jonald_fyookball on May 24, 2014, 07:41:03 AM

Quote from: btcton on May 24, 2014, 07:31:37 AM

I don't see how that would make the fiat "protocol" hackable. ATMs got hacked, not the fiat. Same thing as supposedly happened with MtGox, they got hacked, not "bitcoin."

As far as "hacking" a protocol:

1. Dollar bills can be counterfeited, and bitcoins can't.
2. Bank ledgers can have errors, bitcoin ledger can't.

But the thing is that the bank ledger errors can be corrected and fake dollar bills can also be destroyed if you keep your EYES open. But you can instantly loose your bitcoins by loosing your wallet and the backup. I've seen many people loosing their bitcoins because of deletion of the wallets. We need to come up with something more safe for the bitcoins.

Light

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Circa 2010

Eh, it's not really a flaw in the fiat system - it's just a lapse in security. The same can happen to any user who doesn't follow good security practices and thus has their coins stolen. Personally, I'm still far more inclined to say that the fiat system is safer - if needs be they can literally print more money to compensate losses as well as make the stolen money illegal for all intents and purposes which can't be done with Bitcoin.

jonald_fyookball

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Quote from: btcton on May 24, 2014, 07:31:37 AM

I don't see how that would make the fiat "protocol" hackable. ATMs got hacked, not the fiat. Same thing as supposedly happened with MtGox, they got hacked, not "bitcoin."

As far as "hacking" a protocol:

1. Dollar bills can be counterfeited, and bitcoins can't.
2. Bank ledgers can have errors, bitcoin ledger can't.

btcton

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I don't see how that would make the fiat "protocol" hackable. ATMs got hacked, not the fiat. Same thing as supposedly happened with MtGox, they got hacked, not "bitcoin."

BitCoinDream

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Quote from: jonald_fyookball on May 23, 2014, 04:23:34 PM

Mostly agree, but let me play devils advocate.

Banks spend millions on security.....
Average user PC is vulnerable.

Your turn :-)

Average user uses that PC to access the bank accounts... so it remains vulnerable Cheesy

Pobre

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HEy Hey HEY??

Quote from: Hasher99 on May 24, 2014, 05:08:52 AM

Quote from: Pobre on May 24, 2014, 05:00:20 AM

Well suppose ive btc in my external haqd drive and i keep my fiat in the bank. now telling from my personal experience, ive never seen anything happening to the fiat i have but a month ago my little brother formatted the hard drive and i didn't have any backup for that wallet and so i lost all my coin. thats why i prefer fiat

Well that's just an accident, If you would still have your bitcoins you wouldn't let this happen just have your very own computer for bitcoins and other things that only you can access and things like this one wont happen, just need to be more safe!

Well everything is based on accidents and bad incidents and fiat getting stole from atm was on accident too. i could say that the there should be more security around the atm. and we have all seen thousands of btc scams like the gox thing, inputs.io case, n my case

Hasher99

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Quote from: Pobre on May 24, 2014, 05:00:20 AM

Well suppose ive btc in my external haqd drive and i keep my fiat in the bank. now telling from my personal experience, ive never seen anything happening to the fiat i have but a month ago my little brother formatted the hard drive and i didn't have any backup for that wallet and so i lost all my coin. thats why i prefer fiat

Well that's just an accident, If you would still have your bitcoins you wouldn't let this happen just have your very own computer for bitcoins and other things that only you can access and things like this one wont happen, just need to be more safe!

Pobre

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HEy Hey HEY??

Well suppose ive btc in my external haqd drive and i keep my fiat in the bank. now telling from my personal experience, ive never seen anything happening to the fiat i have but a month ago my little brother formatted the hard drive and i didnt have any backup for that wallet and so i lost all my coin. thats why i prefer fiat

jc01480

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Nope..

My, we are bored today. Quick! Someone generate China FUD!

Nobitcoin

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In holiday we trust

Eventually it will be hackable just like anything and until that day it mains relatively safe.

Kashim

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i just say WATCH_DOGS

franky1

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now i come to think of it.

the ATM theives done the world a favour.

banks now have to print more bank notes, which offsets the balance.. which technically means that the amount of bank notes and bank customer account balances is higher compared to the bond debt..

so in theory.. the theft has helped reduce the bond debt by increasing bank note circulation and bank balances without increasing any bond debt.

p2pbucks

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Evolution is the only way to survive

This is why FED bastards fear bitcoin so much !

In Bitcoin world They can't cheat Grin

franky1

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Quote from: jonald_fyookball on May 23, 2014, 04:23:34 PM

Mostly agree, but let me play devils advocate.

Banks spend millions on security.....
Average user PC is vulnerable.

Your turn :-)

FIAT still got stolen from source ( bank database ) - cost, millions on security.
no one can steal bitcoins directly from the bitcoin protocol ( blockchain ) - cost, nothing

separate type of theft:
pick pocketing does happen alot every day
bitcoin scams and trojans happens alot every day but not to the extent of total world crimes of back pocket wallet theft

and as for personal security. paper wallet.. costs just the price of ink and a few minutes work. no armd guards, auditors checking for loses, no managers, no bullet proof vests, no bullet proof money trucks, no timelocked vaults, no institutional oversight committees like fincen SEC.

just one man, a piece of paper and a printer.

Satan666

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The love of fiat is the root of all good