How much can a Doomsday will effect on bitcoin?

cellard

legendary

Activity: 1372

Merit: 1250

Quote from: jak3 on April 29, 2017, 02:34:42 PM

We know nowadays the security has became a very vital issue anyone who has some idea about what is cyberspace knows the level of risk every user potentially have. and the most vurnability thing is that we can not stay without technologies, maybe they are our pc's or our phones or tablets. we are using such a protected cryptocurrency which can not be hacked directly but there are numerous of indirect methods available so what will it effect on bitcoin and even other crypto's

The entire banking industry is backed by the same SHA256 algo so if it gets somehow cracked, the entire economy would be at risk, and therefore civilization itself probably.
This is a more realistic doomsday scenario (SHA256 broken due quantum computer advancements). I don't believe in an asteroid hitting earth, or solar storms. I think those are simply memes.

Kprawn

legendary

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Quote from: jak3 on April 29, 2017, 02:34:42 PM

We know nowadays the security has became a very vital issue anyone who has some idea about what is cyberspace knows the level of risk every user potentially have. and the most vurnability thing is that we can not stay without technologies, maybe they are our pc's or our phones or tablets. we are using such a protected cryptocurrency which can not be hacked directly but there are numerous of indirect methods available so what will it effect on bitcoin and even other crypto's

Have you watched the movie "The Crash" ? ---> http://www.imdb.com/title/tt3297382/ .... A scenario like that portrait in the movie is not

highly unlikely, because we are dealing with centralized Stock exchanges that can be brought down by these governments. I do not trust ANY

banks of financial institutions anymore and this is one of the reasons why I am using Bitcoin. { When banks act like they did in Greece, I would

have a alternative payment option } Wink

lizardbtc

full member

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It is not that easy, but it is not impossible. I guess if something like that happen, we will see bitcoin in a new version in a years to come, or some other altcoin that will implement something different.

The thing that they can do is to try to random guess private keys if you ask me.

Qartada

hero member

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It's very close to impossible to hack the network. There are attacks like 51% attacks but those are on transactions not the network as a whole and mainly affect transactions sent by people who have 51% hashrate (meaning that it would be detrimental to the company to try and manipulate any other transactions because the price would drop down).

jak3

legendary

Activity: 1274

Merit: 1004

We know nowadays the security has became a very vital issue anyone who has some idea about what is cyberspace knows the level of risk every user potentially have. and the most vurnability thing is that we can not stay without technologies, maybe they are our pc's or our phones or tablets. we are using such a protected cryptocurrency which can not be hacked directly but there are numerous of indirect methods available so what will it effect on bitcoin and even other crypto's

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