Topic: Do you believe BTC can be attacked? - page 3. (Read 885 times)
I recently watched an Andreas Antonopoulos video where he was being asked if there was a way for hackers to be able to eventually hack the bitcoin blockchain, namely if there was a way that it could happen with the emergence of quantum computing. His answer was basically that there is always going to be a possibility but that bitcoin is a programmable coin, where they can always prepare for these types of things and make adjustments as needed.
Yes Bitcoin can be attack, because no computer or system is 100% secure even security devices such as firewall. Attackers are always ready to find weakness in a system with time or any mistakes by the system engineer, attacker will be able to to gain access to the system. Bitcoin is not 100% secure but it is safe for people to invest their money because of the way it is being designed, where every user have their own public and private key.
If we talk about bitcoin vulnirability or the network itself well we can say that this is not possible to happen, but with those unsecured or web wallets existing well provably they can find a exploit to hack those platform and stole bitcoin stored by many users there, that's why its good to use a hardware wallet to avoid any danger made by the act of hackers or any attempt of stealing your funds. I don't know much about poly network but I heard about that rumors to them but hopefully those are rumors only.
Bitcoin is virtually impenetrable. The real issue lies on software wallets themselves. It's easy enough to steal Bitcoin from other people through a vulnerable software wallet than the network itself. That's where hardware wallets come in. But even with a hardware wallet, you could risk losing your Bitcoin if you're careless. It's all a matter of following the necessary security precautions, in order to stay safe against external attacks. I wouldn't worry about Bitcoin being "attacked" as long as there's a large hashrate (miners) backing it every step of the way. Just my thoughts
Miner of bitcoin supports their network from attackers. And there are millions of miners that are continuously mining bitcoin currency. And that's make the network secure. Miner's got their mining reward when every block mine. So, it is not easy to attack on bitcoin. And i think it is not possible to hack bitcoin network. Because it is a huge network of computers that are working together.
Change always happens sometimes changes happen very quickly, for now of course we never think whether bitcoin can be hacked, but I'm sure one day we will be easy to hack bitcoin with software or simple applications on smartphones.
But it won't be that easy and simple. We know bitcoin is a digital asset that cannot be attacked. and the hacking that took place was aimed only at bitcoin users who kept their privatekeys, not the bitcoin platforms that were attacked. Attacks are only individual and have no effect on the bitcoin system. Bitcoin has blockchain technology that cannot be attacked or deleted by anyone and it is permanent. 
Your subject and body is saying different things.
The subject is said "Do you believe BTC can be attacked"
The body said "Do you believe BTC can be hacked"?
They are two different questions.
For the question of Attack. Bitcoin had been attacked, will be attacked and it's continously being attacked. But upon all the attacks the most severe will be 51% attack, which is not feasible.
Talking about Hack.
Bitcoin cannot be hacked because
1. It's on the blockchain
2. It's uses PoW
3. Open source protocol, where the hackers are also the securers of the network.
The subject is said "Do you believe BTC can be attacked"
The body said "Do you believe BTC can be hacked"?
They are two different questions.
For the question of Attack. Bitcoin had been attacked, will be attacked and it's continously being attacked. But upon all the attacks the most severe will be 51% attack, which is not feasible.
Talking about Hack.
Bitcoin cannot be hacked because
1. It's on the blockchain
2. It's uses PoW
3. Open source protocol, where the hackers are also the securers of the network.
For bitcoin hacking it is very difficult to happen because until now no hacker can hack the bitcoin network not they never try but the security implemented by the bitcoin network is very strong so for now it remains safe for us to use and this affects from centralization that there is no control so it is difficult to get into the bitcoin network, But hackers have another way to get into the bitcoin network is to create a lot of spam so that there are users who are deceived in that way, but for poly networks many weaknesses that we find so that it is easy to hack.
If we talk about bitcoin vulnirability or the network itself well we can say that this is not possible to happen, but with those unsecured or web wallets existing well provably they can find a exploit to hack those platform and stole bitcoin stored by many users there, that's why its good to use a hardware wallet to avoid any danger made by the act of hackers or any attempt of stealing your funds. I don't know much about poly network but I heard about that rumors to them but hopefully those are rumors only.
For bitcoin hacking it is very difficult to happen because until now no hacker can hack the bitcoin network not they never try but the security implemented by the bitcoin network is very strong so for now it remains safe for us to use and this affects from centralization that there is no control so it is difficult to get into the bitcoin network, But hackers have another way to get into the bitcoin network is to create a lot of spam so that there are users who are deceived in that way, but for poly networks many weaknesses that we find so that it is easy to hack.
Bitcoins exist in digital or intangible forms based online. Online sites are usually easy to hack and attack, especially Bitcoin also has many enemies such as banks, governments, fraudsters, and others. But apart from that all Bitcoins are safe and it is unlikely that the data can be hacked. So this will increase your trust in Bitcoin. Data leaks are rare, perhaps due to extra supervision and the fluctuating nature of cryptography, making it difficult for some parties.
I’m sure people are attacking Bitcoin constantly. I wouldn’t expect anything less. There is such a massive amount of wealth held on the blockchain now, it would be almost irresponsible of the community not to have people constantly looking for new exploits. Whether or not they will be successful is another story. The L1 blockchain looks pretty secure to me.
@Abiky I think you don’t know about the 51% attack. Miners can control the majority of the computing power and interfere in the transaction process. They can reverse the completed transactions as well as prevent new transactions from gaining confirmations.
So, How do you hack a technology that needs to be checked and verified by 100's of developers, before it is pushed out to full nodes to be accepted and replaced on their nodes? A hacker cannot simply make a change to the Bitcoin protocol, without the lead developer and his team scrutinizing it (Open source) and then committing these changes for peer review.... before it is released. 
Bitcoin also have the highest amount of hashing power backing it, so a 51% attack is almost impossible. (Even if they succeed to gain more than 51% of the hashing power... it will not be profitable to do this for a long time, because it will cost a fortune) <== Imagine what the cost will be to have more hashing power than 49% of the world's Bitcoin miners.
Bitcoin also have the highest amount of hashing power backing it, so a 51% attack is almost impossible. (Even if they succeed to gain more than 51% of the hashing power... it will not be profitable to do this for a long time, because it will cost a fortune) <== Imagine what the cost will be to have more hashing power than 49% of the world's Bitcoin miners.
Exactly. It's simply not worth attacking Bitcoin since the risk of loss is too high. Who'd want to waste millions (if not billions) of dollars just to perform a successful double-spending attack? As long as there's a huge number of miners (hashrate) supporting the Bitcoin blockchain, we should have nothing to worry about. Attacking Bitcoin would be similar to attacking "Fort Knox". Most hackers know this, so they attack other coins with a smaller hashrate. It'll be up to competing projects' developers and the community itself to adopt security mechanisms against 51% attacks. Ultimately, what matters is decentralization. As long as Bitcoin stays decentralized, it'll be virtually unstoppable. Just my thoughts
I just remembered the poly network heist, one of the biggest heist in the history.
Is there also a possibility BTC can be hacked?
If it is, I bet every currency will start to declined.
How safety BTC security for you?
Want to know veterans answers.
There are less vulnerabilities to attack bitcoin if you compared them with other altcoins who have so many bugs in code and single abuse can hack million dollars of funds within few time but that's not the case with bitcoin as most probably the chances are of 51% attack which occurred on Bitcoin Cash in past days but for bitcoin that's not happening so it's very secured and that's why we prefer bitcoin. Is there also a possibility BTC can be hacked?
If it is, I bet every currency will start to declined.
How safety BTC security for you?
Want to know veterans answers.
So, How do you hack a technology that needs to be checked and verified by 100's of developers, before it is pushed out to full nodes to be accepted and replaced on their nodes? A hacker cannot simply make a change to the Bitcoin protocol, without the lead developer and his team scrutinizing it (Open source) and then committing these changes for peer review.... before it is released.
Bitcoin also have the highest amount of hashing power backing it, so a 51% attack is almost impossible. (Even if they succeed to gain more than 51% of the hashing power... it will not be profitable to do this for a long time, because it will cost a fortune) <== Imagine what the cost will be to have more hashing power than 49% of the world's Bitcoin miners.
Bitcoin also have the highest amount of hashing power backing it, so a 51% attack is almost impossible. (Even if they succeed to gain more than 51% of the hashing power... it will not be profitable to do this for a long time, because it will cost a fortune) <== Imagine what the cost will be to have more hashing power than 49% of the world's Bitcoin miners.
A theoretical possibility does not equate to a factual ability. It will always be mathematically possible to conduct a 51% attack on Bitcoin, no matter what the hashrate. But it will never be economically feasible, nor permanent, for any entity to even want to attempt it. Even if successful, the network would reorganise in a matter of blocks, and then the attacker(s) wouldn't even be able to recoup the spent resources attacking it.
Exactly. It may be technically possible to attack Bitcoin, but it's not feasible because the attacker will end up losing a lot of money in the process. Bitcoin has a huge hashrate backing it, so it would take millions (if not billions) of dollars upfront to perform a successful 51% attack. It's simply not worth it. China knows it can't destroy Bitcoin, so it's targeting miners and exchanges in order to prevent as much people from gaining access to it. This will have little to no effect over Bitcoin's prominence in the mainstream world. Kudos to Bitcoin's decentralized and censorship-resistant nature for making it the best sound money the world has ever seen. Just my opinion
It was a bit of a weird move at first glance. But if you consider that they're rolling out their own version of digital money (digital yuan) and that they would prefer their citizens to get first exposure from that rather than Bitcoin, and that they want to displace the US dollar hegemony and would rather see a basket of currencies including the yuan (and Bitcoin), then it all makes sense.
I'm sure they know that Chinese who already know how to use Bitcoin will go P2P or other routes. They're only protecting those who don't know enough from getting scammed by fraudulent/lazy/negligent exchanges.
With the growing popularity of Bitcoin, the concerns around it are also increasing. There are a lot of tech systems being hacked these days, and because of that, you want to be more secure when choosing anything related to technology. The simple answer is no. If you have heard or seen news about Bitcoin hacking, what is being hacked is the Bitcoin wallet or the person who owns this wallet. Mostly, as a result of this, people lose their Bitcoins. However, Bitcoin itself is never compromised
all can be attacked as technology develops, but in my opinion it is very difficult for scammers to attack bitcoin, because we can see from the beginning of the emergence of bitcoin, not a single scamer is able to randomize bitcoin, because bitcoin has extraordinary toughness, it is very difficult to break destroy it, especially now that the price of bitcoin is back high, it is certain that more and more people want to dive into bitcoin..
I just remembered the poly network heist, one of the biggest heist in the history.
Is there also a possibility BTC can be hacked?
If it is, I bet every currency will start to declined.
How safety BTC security for you?
Want to know veterans answers.
Is there also a possibility BTC can be hacked?
If it is, I bet every currency will start to declined.
How safety BTC security for you?
Want to know veterans answers.
Why are you compare the Poly network with bitcoin ? Look at the market cap and price of both the coins and you will know why people invest in bitcoin. The reason is that bitcoin blockchain is designed in a way that there is almost zero chances that it can be exploited. On the other hand, Smart contracts like Poly etc can easily be hacked if thee is any bug left by the developers.
It is a question of understanding what it would take, not believing or disbelieving.
A theoretical possibility does not equate to a factual ability. It will always be mathematically possible to conduct a 51% attack on Bitcoin, no matter what the hashrate. But it will never be economically feasible, nor permanent, for any entity to even want to attempt it. Even if successful, the network would reorganise in a matter of blocks, and then the attacker(s) wouldn't even be able to recoup the spent resources attacking it.
China could never crush Bitcoin like this. If they could, they would have tried already.
A theoretical possibility does not equate to a factual ability. It will always be mathematically possible to conduct a 51% attack on Bitcoin, no matter what the hashrate. But it will never be economically feasible, nor permanent, for any entity to even want to attempt it. Even if successful, the network would reorganise in a matter of blocks, and then the attacker(s) wouldn't even be able to recoup the spent resources attacking it.
China could never crush Bitcoin like this. If they could, they would have tried already.
Exactly. It may be technically possible to attack Bitcoin, but it's not feasible because the attacker will end up losing a lot of money in the process. Bitcoin has a huge hashrate backing it, so it would take millions (if not billions) of dollars upfront to perform a successful 51% attack. It's simply not worth it. China knows it can't destroy Bitcoin, so it's targeting miners and exchanges in order to prevent as much people from gaining access to it. This will have little to no effect over Bitcoin's prominence in the mainstream world. Kudos to Bitcoin's decentralized and censorship-resistant nature for making it the best sound money the world has ever seen. Just my opinion
Now Bitcoin and blockchain technology looks very tight and difficult to attack, but I believe one day there will be a program that can attack bitcoin so that it makes bitcoin worthless, information technology is always evolving and what we think is impossible today will become achievable in the future .
Maybe i could be attacked by people already right now, but they are not have enough balls to do that because the attackers will become the most wanted person in the world because the environment of bitcoin is already large, and who owns bitcoin right now is not only normal people but also people who has much power. So even it could be attack, i think no one brave enough to break this system.
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