I think that such a hack is unlikely except by a government. A hacker would not want to do such a thing, it would drop coin price and many would lose faith. If the blockchain could be restored, and protected from future hacks, then bitcoin would not fail all the way however I believe that it would be many years until faith and value were restored. If this happened an altcoin with better security would likely take over.
OTOH a government who does not want currency to become decentralized (all of them?) might do this to destroy bitcoin. I just hope that it doesn't happen!
Topic: Could bitcoin recover from another 90bn coins hack? - page 2. (Read 1365 times)
Agree b;ockchain never has been hacked,only btc services have been hacked
and kacker love recycling stolen bitcoins.
so Bitcoin is even more valuable than paper money that cost a hell of production (and trees).
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.
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.
Agree b;ockchain never has been hacked,only btc services have been hacked
the only one what can disturbe bitcoin is bitcoin itself,high mining diff and problems with nodes
and that have to be improved
the only one what can disturbe bitcoin is bitcoin itself,high mining diff and problems with nodes
and that have to be improved
Bitcoin has never been hacked.
Would I trust all my BTC to someone else? GOD NO. That is how you get goxed.
Would I trust all my BTC to someone else? GOD NO. That is how you get goxed.
Or any other hack which requires a rewind of the blockchain.
My thoughts are: yes. Of course, it would be terrible for bitcoin's PR. There would be potentially hundreds of thousands of people out of pocket (everyone who made a transaction after the rewind point), most of them with little chance of getting their money back. Bitcoin's price would surely plummet. But would it go all the way to zero? I think not. Unlike last time this happened (2011 I think?) there are literally millions of people out there with a vested interest in bitcoin's continued success. We wouldn't be so quick to throw in the towel. If this happened tomorrow, and after the patch and blockchain rewind the price dropped to say $50, would I be trying to sell the coins I currently own? Certainly not, I'd be buying more.
And furthermore, following a successful patch, the system would be stronger than ever before. In this sense bitcoin is 'antifragile'- everytime it breaks, instead of getting destroyed, it actually gets stronger and more resilient.
Would you rather place your trust in a system that had never been hacked, or a system that had been hacked X times and recovered every single time?
My thoughts are: yes. Of course, it would be terrible for bitcoin's PR. There would be potentially hundreds of thousands of people out of pocket (everyone who made a transaction after the rewind point), most of them with little chance of getting their money back. Bitcoin's price would surely plummet. But would it go all the way to zero? I think not. Unlike last time this happened (2011 I think?) there are literally millions of people out there with a vested interest in bitcoin's continued success. We wouldn't be so quick to throw in the towel. If this happened tomorrow, and after the patch and blockchain rewind the price dropped to say $50, would I be trying to sell the coins I currently own? Certainly not, I'd be buying more.
And furthermore, following a successful patch, the system would be stronger than ever before. In this sense bitcoin is 'antifragile'- everytime it breaks, instead of getting destroyed, it actually gets stronger and more resilient.
Would you rather place your trust in a system that had never been hacked, or a system that had been hacked X times and recovered every single time?
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