Topic: Could bitcoin recover from another 90bn coins hack? (Read 1370 times)
I think that any event at this point be it a hack of bitcoin or an exchange would be very bad. Coin already has a sketchy reputation at this point because of silk road and mt gox. Another major incident, or at least an incident that was reported on the news as major, would be very bad right now. I believe most would flee the currency and never come back.
Bitcoin would easily recover from a problem like that. 90bn new coins would completely destroy faith in the system, so everybody would move to a new chain that doesn't include that transaction, and since the longest chain is the valid chain, that transaction would disappear from history as it if never happened. Not only that, it would be happen and be fixed in less than 50 blocks almost certainly. It would be noticed right away, everybody would freak out, move to a new chain, and then things would settle down after the new chain became longer than the 90bn chain. And within a day a patched client would come out. The price would take a huge hit because of the ensuing panic and craziness, but within a few days things would be back to normal and it would just be another fun story in the crazy history of bitcoin.
i dont think that will be possible. not in my opinion. gox bot was a blessing in disguise
I don't think BTC was ever hacked and The MT.Gox incident was just like changing hand. The BTC is still in the market and someone out there is using them. I hope new users take lessons from the incident and take precautions.
If smething big happens that could "break" Bitcoin, transfer to Litecoin, the safe haven coin.
Bitcoin and Litecoin use the same private keys.
See www.Buttcoins.com to how one private key has different "sister" addresses.
If the 20mb fork happens LTC is for sure going to follow it eventually.
Best to just stick in cash or on real bitcoin.
Eventually, but let's see how it all pans out for BTC first.
If smething big happens that could "break" Bitcoin, transfer to Litecoin, the safe haven coin.
Bitcoin and Litecoin use the same private keys.
See www.Buttcoins.com to how one private key has different "sister" addresses.
If the 20mb fork happens LTC is for sure going to follow it eventually.
Best to just stick in cash or on real bitcoin.
If smething big happens that could "break" Bitcoin, transfer to Litecoin, the safe haven coin.
If something big happens and breaks Bitcoin, then Litecoin will follow.
Besides, how do you transfer broken Bitcoins to Litecoins?
Trading them via exchanges. Like if the 20mb block hard fork does happen as planned, I might hold some LTC.
If fork like this happens again in the future, care should be taken to ensure all legitimate transactions in the buggy chain are moved to the repaired chain.
Would this be possible, without the consent of people who had sent money in the buggy chain? They would of course have a financial incentive to NOT have the transactions moved.
You only need miners' consent
Good point, I did not realise this. I suppose it would be a bit like a 51% attack but for good reasons.
If fork like this happens again in the future, care should be taken to ensure all legitimate transactions in the buggy chain are moved to the repaired chain.
Would this be possible, without the consent of people who had sent money in the buggy chain? They would of course have a financial incentive to NOT have the transactions moved.
You only need miners' consent
If fork like this happens again in the future, care should be taken to ensure all legitimate transactions in the buggy chain are moved to the repaired chain.
Would this be possible, without the consent of people who had sent money in the buggy chain? They would of course have a financial incentive to NOT have the transactions moved.
I think bitcoin is relatively safe money, many peoples want hack it but like you see nothing really happens.
If smething big happens that could "break" Bitcoin, transfer to Litecoin, the safe haven coin.
If something big happens and breaks Bitcoin, then Litecoin will follow.
Besides, how do you transfer broken Bitcoins to Litecoins?
the only way is by dumping them before the bug occur, or if you can catch the news about it, you just dump your stash, but if then bitcoin recover you might lose more in the end...
better to dump for fiat in that case, or a better coin than litecoin....
Bitcoin has never been hacked.
That's not the point. The 90 billion coins was not a hack, but an exploit of a bug. Although unlikely, we can't rule out another bug like that from happening again.
It's a bug of MtGox, not a bug of Bitcoin.
are you sure, we are talking about this
https://en.bitcoin.it/wiki/Value_overflow_incident
Thanks, no one explicitly mentioned this in this thread.
A similar incident happened in 2013 but Bitcoin has survived: https://github.com/bitcoin/bips/blob/master/bip-0050.mediawiki
If fork like this happens again in the future, care should be taken to ensure all legitimate transactions in the buggy chain are moved to the repaired chain.
If smething big happens that could "break" Bitcoin, transfer to Litecoin, the safe haven coin.
If something big happens and breaks Bitcoin, then Litecoin will follow.
Besides, how do you transfer broken Bitcoins to Litecoins?
the only way is by dumping them before the bug occur, or if you can catch the news about it, you just dump your stash, but if then bitcoin recover you might lose more in the end...
better to dump for fiat in that case, or a better coin than litecoin....
Bitcoin has never been hacked.
That's not the point. The 90 billion coins was not a hack, but an exploit of a bug. Although unlikely, we can't rule out another bug like that from happening again.
It's a bug of MtGox, not a bug of Bitcoin.
are you sure, we are talking about this
https://en.bitcoin.it/wiki/Value_overflow_incident
If smething big happens that could "break" Bitcoin, transfer to Litecoin, the safe haven coin.
If something big happens and breaks Bitcoin, then Litecoin will follow.
Besides, how do you transfer broken Bitcoins to Litecoins?
But this would never happen as SHA256 is considered to be VERY secure. If it was broken, then many other services (not related to bitcoin) will also break.
Bitcoin has never been hacked.
That's not the point. The 90 billion coins was not a hack, but an exploit of a bug. Although unlikely, we can't rule out another bug like that from happening again.
It's a bug of MtGox, not a bug of Bitcoin.
If smething big happens that could "break" Bitcoin, transfer to Litecoin, the safe haven coin.
If something big happens and breaks Bitcoin, then Litecoin will follow.
Besides, how do you transfer broken Bitcoins to Litecoins?
If smething big happens that could "break" Bitcoin, transfer to Litecoin, the safe haven coin.
It would be fine the blockchain would require a hardfork to before the hack
At least that is what occured when the chain split and I believe also when that hack was discovered.
(Now if it made all transactions invalid and no one found out about that bug for years and it became unrecoverable that would be something else entirely)
At least that is what occured when the chain split and I believe also when that hack was discovered.
(Now if it made all transactions invalid and no one found out about that bug for years and it became unrecoverable that would be something else entirely)
I think that if the blockchain, not an exchange, but the actual bitcoin was hacked then it would be over. Sure maybe an alt coin could take over but even that would not happen for a long time. All faith would be lost, and the damaged reputation would never recover. I think that hackers will go after exchanges and private accounts. Why kill the golden goose?
Unlike last time this happened (2011 I think?)
August, 2010.
The only times Bitcoin had actual problems was when it was a couple of months old, nowadays whenever you hear about a hack it is a hack to a specific service.
Bitcoin was 4 years old (March, 2013) when a hard-fork panicked the core devs. The fork grew to a length of 31 blocks before being abandoned.
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