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Topic: If a 51% attack actually happens, could one lose thier bitcoins in cold storage? - page 2. (Read 1680 times)

copper member
Activity: 1498
Merit: 1528
No I dont escrow anymore.
If a 51% attack actually happens, could one lose  bitcoins in cold storage or in hot wallet..

what can a normal non technical user do to save himself from this danger?

yes, in a worst case scenario a 51% attack can erase all transactions since the last checkpoint, unless you got your bitcoins before that then you will lose them.
nothing can be done against this except hoping that ghash.io will stop controlling most of the hashing power in the network.

Huh? When was the last checkpoint?

sr. member
Activity: 448
Merit: 250
If a 51% attack actually happens, could one lose  bitcoins in cold storage or in hot wallet..

what can a normal non technical user do to save himself from this danger?

yes, in a worst case scenario a 51% attack can erase all transactions since the last checkpoint, unless you got your bitcoins before that then you will lose them.
nothing can be done against this except hoping that ghash.io will stop controlling most of the hashing power in the network.
legendary
Activity: 1036
Merit: 1005
Are you sure about this ?
You just have to read how bitcoin works.. In order to initiate a new transaction, you need the
private key. Otherwise you cannot sign that transaction. Technically you could build on
blocks containing wrongly signed transactions if you own the majority of the hashing speed, but then
it's no longer Bitcoin but someones private coin^^

You can fork and thus reverse transactions without knowing a private key. This would be bad news
for someone of course, but it has nothing to do with collecting coins belonging to someone else.
legendary
Activity: 2394
Merit: 1216
The revolution will be digital
If a 51% attack actually happens, could one lose  bitcoins in cold storage or in hot wallet..



No!!

A 51% could theoretically allow the attacker to double-spend coins that *they* already have.

YOUR coins are safe. No one can sign transactions for your coins, unless you've given them your private keys.

Are you sure about this ?

Yep, unless they reverse the Tx from where u got your coins Wink
sr. member
Activity: 252
Merit: 250
If a 51% attack actually happens, could one lose  bitcoins in cold storage or in hot wallet..



No!!

A 51% could theoretically allow the attacker to double-spend coins that *they* already have.

YOUR coins are safe. No one can sign transactions for your coins, unless you've given them your private keys.

Are you sure about this ?
legendary
Activity: 1036
Merit: 1005
What issue? Nothing needs to be resolved here.. Everything is fine. We should be happy about this opportunity
to grab some cheap coins Smiley
legendary
Activity: 1146
Merit: 1000
Why is it so hard to solve this issue?
hero member
Activity: 756
Merit: 500
Always expect the worst case scenario, so yes, it could happen.

Maybe you could wait to see how we are going to pass this issue, as it's for the first time ever to happen.

Better to remain silent and be thought a fool than to speak out and remove all doubt.

You guys should have a look at the wiki. The information is out there for you to access. Coming here to ask won't help much.
hero member
Activity: 784
Merit: 1000
https://youtu.be/PZm8TTLR2NU
Take a deep breath, your money is safer in crypto cold storage than anywhere else in this solar system.
legendary
Activity: 1722
Merit: 1004
Always expect the worst case scenario, so yes, it could happen.

No! See my post above.


...as it's for the first time ever to happen.


Also no. Deepbit had around 50% a couple years ago. Miners switched pools. It passed.
legendary
Activity: 1036
Merit: 1005
No, this cannot happen. Only he who has the private key can initiate transactions.
What *can* happen is that a past transaction gets reversed. E.g. if you put your coins
on your cold wallet just yesterday and there is someone with almost 100% hashing power
and seriously determined to do so, he could fork and orphane all blocks from this transaction on.
Then the coins will be there where they used to be before they ended up in your cold wallet.

I'd say this is a purely theoretical threat, though. If you are the only one who has the private key,
you are the only one who has control over your coins.
legendary
Activity: 1722
Merit: 1004
If a 51% attack actually happens, could one lose  bitcoins in cold storage or in hot wallet..



No!!

A 51% could theoretically allow the attacker to double-spend coins that *they* already have.

YOUR coins are safe. No one can sign transactions for your coins, unless you've given them your private keys.
legendary
Activity: 966
Merit: 1000
If a 51% attack actually happens, could one lose  bitcoins in cold storage or in hot wallet..

what can a normal non technical user do to save himself from this danger?

As far as i understand, no one can take your bitcoins without the private keys. So you are safe with cold storage.

Why could happen is double spending.
legendary
Activity: 1260
Merit: 1029
If 51% attack happens, noone will steal your BTC. They will just be worth 0$....so no...you can not protect em...noone can except miners turning away their mining machines away from ghash. I hope devs are watching this and planning how to stop this from happening again.
sr. member
Activity: 252
Merit: 250
Always expect the worst case scenario, so yes, it could happen.

Maybe you could wait to see how we are going to pass this issue, as it's for the first time ever to happen.
hero member
Activity: 756
Merit: 502
If a 51% attack actually happens, could one lose  bitcoins in cold storage or in hot wallet..

what can a normal non technical user do to save himself from this danger?
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