Can Bitcoin be hacked and what will be the result if it happens? - page 3.

Hazir

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Quote from: Amph on March 29, 2015, 01:44:05 PM

Quote from: CrackedLogic on March 29, 2015, 01:06:47 PM

The Private keys can be brute forced. But I don't think you're going to find the correct combination if you do so very easily or soon. It will take some of the world's super computers years to do that, millions.
However, if you're keeping your bitcoin on a Online wallet just consider your bitcoins lost/hacked already Wink

brute forcing a private key is only theorically possible, practically will never happen, even using all the supercomputer of the world it would require so much time, that the universe might collapse first, before you finish brute forcing your key

For now you are right. But look at computers and technology we had not so long ago. Do you know that computer on space shuttle NASA had in 70. was less powerful than today's smartphone? Brute forcing a private key may be closer than we think. But then again we should have upgraded code of bitcoin or bitcoin 2.0 by that time too.

Amph

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Quote from: CrackedLogic on March 29, 2015, 01:06:47 PM

The Private keys can be brute forced. But I don't think you're going to find the correct combination if you do so very easily or soon. It will take some of the world's super computers years to do that, millions.
However, if you're keeping your bitcoin on a Online wallet just consider your bitcoins lost/hacked already Wink

brute forcing a private key is only theorically possible, practically will never happen, even using all the supercomputer of the world it would require so much time, that the universe might collapse first, before you finish brute forcing your key

bensam12345

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Quote from: CrackedLogic on March 29, 2015, 01:06:47 PM

The Private keys can be brute forced. But I don't think you're going to find the correct combination if you do so very easily or soon. It will take some of the world's super computers years to do that, millions.
However, if you're keeping your bitcoin on a Online wallet just consider your bitcoins lost/hacked already Wink

What if someone reverse engineers the Bitcoin source code and finds a loophole in the system itself? Is it possible?

bensam12345

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Quote from: CrackedLogic on March 29, 2015, 01:06:47 PM

The Private keys can be brute forced. But I don't think you're going to find the correct combination if you do so very easily or soon. It will take some of the world's super computers years to do that, millions.
However, if you're keeping your bitcoin on a Online wallet just consider your bitcoins lost/hacked already Wink

It is good to hear that Bitcoin will be safe and will take many supercomputers so many years to hack it, it is a good thing to not keep good quantity of bitcoin on online wallets, but rather store it offline in cold storage wallets Cheesy

1Referee

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As described by CrackedLogic, brute forcing private keys is theoretically possible.

But I guess hackers or other tech geeks will need hundreds of years worth of patience. And then still, chances are high that there is not any progress made Cheesy

Perhaps that a huge botnet can get you a quicker brute force result, but again, it's not very likely. At this point our private keys are safe.

Btcvilla

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The Bitcoin network it self can be hacked with a 51% attack, which is highely unlikely.

If you ever see on the news "Bitcoin hacked" it likely means an exchange or online wallet was hacked, not Bitcoin it self.

CrackedLogic

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The Private keys can be brute forced. But I don't think you're going to find the correct combination if you do so very easily or soon. It will take some of the world's super computers years to do that, millions.
However, if you're keeping your bitcoin on a Online wallet just consider your bitcoins lost/hacked already Wink

bensam12345

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Can someone find a way to hack Bitcoins or find a way to hack and get the private keys. If it might happen what will happen to Bitcoin? , Is it the worst nightmare a Bitcoin holder can have to wake up one day to see that someone hacked and found a way to extract all the private keys? All opinions and constructive answers are welcome Cheesy

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