Topic: Do you believe BTC can be attacked? - page 4. (Read 885 times)
Although it has never happened before that the Bitcoin network has been attacked, it cannot be said that this is completely impossible, yes it is not impossible at all, but it is very difficult, this is impossible for individuals and requires large companies and huge financial capabilities to get 51% of the network hash rate, This is very difficult and costs a lot of money. So, in short, theoretically, yes, Bitcoin can be attacked, but in practice it is not possible because of the high cost and lack of economic feasibility.
Is there also a possibility BTC can be hacked?
If it was possible then it will be already attacked and you might get heart attack
just kidding. Look there is no authority whom is control bitcoin so where the attacker attack. I don't have any technical knowledge but i understand this things.Quote
How safety BTC security for you?
People use blockchain technology to secured their system or project. And bitcoin is builded on most advanced blockchain technology. And people use bitcoin for any type of security reason then why we need to think about its safety?
Just chill brother. You are using world most advanced technology.
Is there also a possibility BTC can be hacked?
If it was possible then it will be already attacked and you might get heart attack
just kidding. Look there is no authority whom is control bitcoin so where the attacker attack. I don't have any technical knowledge but i understand this things.Quote
How safety BTC security for you?
People use blockchain technology to secured their system or project. And bitcoin is builded on most advanced blockchain technology. And people use bitcoin for any type of security reason then why we need to think about its safety?
Just chill brother. You are using world most advanced technology.
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 .
bitcoin can surely be hacked, there are many vulnerabilities when it comes to cryptocurrency and bitcoin is not an exception to that, as long as you will not make a secure hiding place of your information when it comes to your wallet then surely you can be hacked and all your hard earned btc will be taken away from you, so to prevent this make sure that all your info are completely secure.
Theoretically, a 51% attack on Bitcoin is quite possible. And it will always be like that. None of the cryptocurrencies seem like they can't be attacked actually. Like you indicated, we have witnessed some examples also. Even though their networks have a very strong security level, they will still be under the threat of being attacked every time. Because none of the technologies can guarantee not being attacked for now.
It is not a question of believing or not believing. It's a factual possibility that it could be attacked if someone was able to gather enough hardware together to perform a 51% attack. China had a lot of hardware within their borders until they recently banned it and if the government really wanted to crush Bitcoin it might have been able to rally these sort of resources.
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.
I don't believe bitcoin can be attacked.
There are various types of attacks. Bitcoin hasn't suffered a 51% attack like many POS-based coins, that's true. But there were cases when hackers/coders managed to take advantage of certain security flaws or bugs in the codebase. One such vulnerability was the overflow bug from 2010 where someone managed to generate over 180 billion bitcoins. More recently, the official site, bitcoin.org was hacked to host a money-doubler scam.
It's not a doubt that bitcoin has been attacked a lot of times. And just recently, China had attacked bitcoin again, but its not new to us.
China is restricting the use of bitcoin and cryptocurrencies, but they haven't attacked its network in anyway. They do that under the pretext of protecting their citizens from volatile investments, and keeping their electric grid stable. But that's a load of bullshit because their intention is to eliminate the competitors as part of their plan to roll out a national centralized digital coin. A decentralized one like bitcoin is therefore a threat to The other way to break it would be a quantum attack that would have enough computing power to test every combination of a private key in a very short space of time to "hack" into any wallet. However once we reach that level of computing knowledge then even the traditional banking systems would be equally unprotected too, so nowhere would keep you safe.
And if that happens, Bitcoin could upgrade to a quantum-resistant algorithm. That's the theory at least. 
No I don't believe that BTC itself can be attacked but I do believe that holders of BTC can be attacked.
Someone like myself has had my BTC hacked but it was in a way my own fault.
what you say is right, someone who doesn't take good care of their bitcoin wallet is a target for hackers. to this day we have never heard of bitcoin being hacked, so I assume it is impossible for bitcoin to be hacked, bitcoin is super safe. Someone like myself has had my BTC hacked but it was in a way my own fault.
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.
It is not a question of believing or not believing. It's a factual possibility that it could be attacked if someone was able to gather enough hardware together to perform a 51% attack. China had a lot of hardware within their borders until they recently banned it and if the government really wanted to crush Bitcoin it might have been able to rally these sort of resources. The other way to break it would be a quantum attack that would have enough computing power to test every combination of a private key in a very short space of time to "hack" into any wallet. However once we reach that level of computing knowledge then even the traditional banking systems would be equally unprotected too, so nowhere would keep you safe.
It could possibly happen in the future because we all know that anything on the internet is hackable these days. However, it's still an advantage that the security that Bitcoin is providing these days is enough to keep all our funds safe. Let's just hope that as the technology develops more, Bitcoin would also provide us continuous security.
It's not a doubt that bitcoin has been attacked a lot of times. And just recently, China had attacked bitcoin again, but its not new to us. And we all know that most of the governments will not accept bitcoin because its decentralized so they will keep on putting restrictions to it. But even from all those attacks and hacks from scammers, bitcoin is standing still. There is a tight security on the network and the fact that it has been here for 12 years, then its a proof that it can never be easily taken from us. Our own accounts may be hacked but that is due to the owner's way of mismanaging.
It could possibly happen in the future because we all know that anything on the internet is hackable these days. However, it's still an advantage that the security that Bitcoin is providing these days is enough to keep all our funds safe. Let's just hope that as the technology develops more, Bitcoin would also provide us continuous security.
I don't believe bitcoin can be attacked. Since i started using bitcoin to invest in my country, i have never experiences any attack in my bitcoin because the network security is so strong compared to other cryptocurrencies.
The reason why bitcoin can never be attacked:
1. Trust: Many countries trust bitcoin than any other cryptocurrencies in the world because of the good results they are receiving from bitcoin.
2. Eliminate: Bitcoin can not easy to be attack because it came to eliminate errors in transaction attack and transaction delay in the world.
The reason why bitcoin can never be attacked:
1. Trust: Many countries trust bitcoin than any other cryptocurrencies in the world because of the good results they are receiving from bitcoin.
2. Eliminate: Bitcoin can not easy to be attack because it came to eliminate errors in transaction attack and transaction delay in the world.
An Interview with Andreas M. Antonopoulos regarding 51% attacks on Bitcoin
https://bitcointalksearch.org/topic/--5293723
Here are the most important parts that were mentioned in the interview:
Andreas was asked whether it would be possible for a nation state to acquire a sufficient amount of hardware to carry out a 51% attack on the Bitcoin network, and to completely take control of the whole network.
Andreas considers that an impossible task, and gives several reasons to why that is.
- The required amount of mining hardware needed for a 51% attack on Bitcoin is simply not publicly available for sale. Companies that manufacture and sell such mining devices, are already doing so at full capacity. Everything they manufacture, they sell very quickly. There are no hidden stocks that someone could buy up. He mentions an interesting fact that if someone wanted to carry out such an attack, he would have to constantly buy all the ASIC miners from all of the companies that exist on the market, for more than a year. With the sole aim of getting close to that 51% hashrate needed for an attack. So this is an impossible task.
- The second assumption is that someone could buy the required materials, needed to produce a sufficient amount of mining devices for a successful attack. Andreas says that the best miners are made of 16-12nm silicon chips. Only those made with the best quality materials would have to be used to reach that rate needed for a 51% attack. If chips with lower quality materials were to be used, many more mining devices would be needed. The companies that produce this type of silicon, produce it mostly for graphics cards and devices for artificial intelligence units. They already have plenty of work to do and don’t have the capacity to meet the demands of a new client who would like to buy all of that to attack the Bitcoin network.
- The third possibility that Andreas talks about is that someone builds their own factory where they would produce the required devices. The investment needed for such a venture would be tens of billions of US$. These devices would then consume a huge amount of electricity and create new expenses in the multi-million dollar regions.
..
Have a look:
https://www.youtube.com/watch?v=7w-Q2GOZJSQ
This is the best piece of information I've read about 51% attack. If this is not enough for you, then keep looking for a black cat in the black room.
https://bitcointalksearch.org/topic/--5293723
Here are the most important parts that were mentioned in the interview:
Andreas was asked whether it would be possible for a nation state to acquire a sufficient amount of hardware to carry out a 51% attack on the Bitcoin network, and to completely take control of the whole network.
Andreas considers that an impossible task, and gives several reasons to why that is.
- The required amount of mining hardware needed for a 51% attack on Bitcoin is simply not publicly available for sale. Companies that manufacture and sell such mining devices, are already doing so at full capacity. Everything they manufacture, they sell very quickly. There are no hidden stocks that someone could buy up. He mentions an interesting fact that if someone wanted to carry out such an attack, he would have to constantly buy all the ASIC miners from all of the companies that exist on the market, for more than a year. With the sole aim of getting close to that 51% hashrate needed for an attack. So this is an impossible task.
- The second assumption is that someone could buy the required materials, needed to produce a sufficient amount of mining devices for a successful attack. Andreas says that the best miners are made of 16-12nm silicon chips. Only those made with the best quality materials would have to be used to reach that rate needed for a 51% attack. If chips with lower quality materials were to be used, many more mining devices would be needed. The companies that produce this type of silicon, produce it mostly for graphics cards and devices for artificial intelligence units. They already have plenty of work to do and don’t have the capacity to meet the demands of a new client who would like to buy all of that to attack the Bitcoin network.
- The third possibility that Andreas talks about is that someone builds their own factory where they would produce the required devices. The investment needed for such a venture would be tens of billions of US$. These devices would then consume a huge amount of electricity and create new expenses in the multi-million dollar regions.
..
Have a look:
https://www.youtube.com/watch?v=7w-Q2GOZJSQ
This is the best piece of information I've read about 51% attack. If this is not enough for you, then keep looking for a black cat in the black room.
BTC is the most secure crypto asset today, the only thing that you will lose it is by getting hacked in your wallet account holding it. Beside, there are multiple holders that didn't even think about being breached how ever they are more concern in the price of btc today. Price manipulation maybe, but the whole thing I think not.
Of course. Bitcoin is the most secure cryptocurrency in the world. There's no doubt about that. The problem is not Bitcoin, but rather wallet software from third-parties. Any bug, flaw, or vulnerability could expose your private keys, making it easier for anyone to hack and get away with your BTC. Human error can also lead towards a successful attack. If you follow the necessary precautions to secure your Bitcoin, no one will be able to attack you. Paper wallets and/or hardware wallets may be all you need to keep yourself safe as much as possible from hacks or theft. 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.
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.
I really think this is a best question that we need to discuss at current time.
Regarding the poly network, there were some vulnerabilities for which it got hacked.
But same didn’t happen with BTC. BTC is decentralised and cannot even control by it’s own owner.
No one can hack it, but yes they can stole your private key and can get access to the funds.
This is the only thing possible.
There has been a major attack on some exchanges which some of them due to closed permanently and the problem is only on them because they don't have enough security to counter the hackers. If we are talking about the bitcoin system specifically, then there has been no major attack that has become a problem until today. Everything about bitcoins is good and well that's why every year all we see is new big-time investors and also companies that you never think of joining the innovation of crypto industry has now part of our community like for example Visa and PayPal.
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?
Hypothetically, it's possible to launch an attack on Bitcoin. Realistically, it'll require huge amounts of money that only a handful of people in the world possess, and this will only cause temporary damage because the market will fight back. As for hacking Bitcoin, that's not possible, unless there's a technological breakthrough with quantum computers in the future. That breakthrough might happen, but I also think it's unlikely and not something we should currently worry about. As for a 51% attack, it's probably more realistic, but it's way less damaging, and also highly unlikely. Traditional currencies are way more susceptible to being destroyed or seriously damaged, so Bitcoin is the best we got, and it's good enough. 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?
No I don't believe that BTC itself can be attacked but I do believe that holders of BTC can be attacked.
Someone like myself has had my BTC hacked but it was in a way my own fault.
Someone like myself has had my BTC hacked but it was in a way my own fault.
I am no veteran but I have read previously that Bitcoin also had some bug when it started that could had been a big issue now if it was not found then and corrected Immediately. Most of the new blockchain could also suffer same mistakes at their early beginning but why theirs is hurting now is because the industry is now global and there are scammers waiting on such mistakes to capitalized on therefore project should not risk their reputation and carryout proper auditing and this show be repeated frequently.
Back when Bitcoin started, you could risk this kind of mistake but now it will hurt you more considering there are many competition out there, if your blockchain is found to not be safe, it will be hard to win back the trust of the community as they will just easier move to a more secure blockchain.
Back when Bitcoin started, you could risk this kind of mistake but now it will hurt you more considering there are many competition out there, if your blockchain is found to not be safe, it will be hard to win back the trust of the community as they will just easier move to a more secure blockchain.
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