Chance of Myetherwallet to create the same and exact private key?

puremage111

hero member

Activity: 1568

Merit: 511

Quote from: nmax21 on January 17, 2018, 05:45:34 AM

Quote from: puremage111 on January 16, 2018, 01:44:45 AM

Quote from: nmax21 on January 16, 2018, 01:33:22 AM

Still wondering whether there is a probability of obtaining a private key from the wallet https://ethplorer.io/address/0x0000000000000000000000000000000000000000#pageSize=100 and become the owner of all burned coins and bring down the market of coins on Ethereum))))

waoh, so this is the burned address?

I guess for such address, even though user might be able to get the private key for this address. But the funds are not move-able?
I assume these address are custom coded smart contracts where funds are depleted from the supply?

Yes, this is the address for burning coins. Usually, after the completion of the ICO, coins are sent to this address, which must be burned. But in the owners tab this address is still there.

I see, the amount in the burned contract address is awesomely alot

Wonder if someone could just revert the contract and take all the coins Cheesy

nmax21

full member

Activity: 350

Merit: 102

Quote from: puremage111 on January 16, 2018, 01:44:45 AM

Quote from: nmax21 on January 16, 2018, 01:33:22 AM

Still wondering whether there is a probability of obtaining a private key from the wallet https://ethplorer.io/address/0x0000000000000000000000000000000000000000#pageSize=100 and become the owner of all burned coins and bring down the market of coins on Ethereum))))

waoh, so this is the burned address?

I guess for such address, even though user might be able to get the private key for this address. But the funds are not move-able?
I assume these address are custom coded smart contracts where funds are depleted from the supply?

Yes, this is the address for burning coins. Usually, after the completion of the ICO, coins are sent to this address, which must be burned. But in the owners tab this address is still there.

mpufatzis

full member

Activity: 840

Merit: 128

You can run the MEW on an offline PC for creating new addresses, For transactions, I don't know, I've never used it before.
What a hacker (or an evil developer???) could do is to issue a programme that recycles the same (let's say 1billion) addresses, and after some time run it again, check the balances of each one and take the money.
It can happen to all kind of wallets and coins.
This is my greatest fear in cryptos.

puremage111

hero member

Activity: 1568

Merit: 511

Quote from: nmax21 on January 16, 2018, 01:33:22 AM

Still wondering whether there is a probability of obtaining a private key from the wallet https://ethplorer.io/address/0x0000000000000000000000000000000000000000#pageSize=100 and become the owner of all burned coins and bring down the market of coins on Ethereum))))

waoh, so this is the burned address?

I guess for such address, even though user might be able to get the private key for this address. But the funds are not move-able?
I assume these address are custom coded smart contracts where funds are depleted from the supply?

nmax21

full member

Activity: 350

Merit: 102

Still wondering whether there is a probability of obtaining a private key from the wallet https://ethplorer.io/address/0x0000000000000000000000000000000000000000#pageSize=100 and become the owner of all burned coins and bring down the market of coins on Ethereum))))

puremage111

hero member

Activity: 1568

Merit: 511

I mean of course, it is nearly impossible to do that as 64 Characters involve letter and number would have like Zillions possibilities.

However, wanted to know how MEW Works.
Basically, it random generated a keystore + private key for you right?

Hence, in order to protect the user MEW don't hold the record like how and whats the private key they generated right? Meaning that there's a very very very minimal chance that a repeat wallet will be created?

I am not an IT expert but is this possible?

Assume someone hijacked MEW DNS.
1) User created wallet
2) Hacker note down and save each and every keystore and private key down.
3) Has a bot to keep track of the address to check if X coins is deposited into those address
4) Access with private key, and steal?

Topic: Chance of Myetherwallet to create the same and exact private key? (Read 107 times)