Topic: If War breaks out between China and the US, can China hack Bitcoin? - page 2. (Read 571 times)
August 04, 2020, 03:02:12 AM
I guess that is absurd, there is no reason for China to hack or attack on the bitcoin network, bitcoin doesn't belong to a country either America or others, a trade war between them doesn't seem to have anything to do with bitcoin, so let it separate and don't connect bitcoin from the war between the two countries
August 04, 2020, 02:56:41 AM
I am not really sure what a war between America and China has to do with Bitcoin but to answer your question no.
I am wondering the same thing. Well, maybe OP is thinking that powerful countries will get as much resources as they could so that they'll be on the lead if war begins. But actually, the question is not specific. It was a little bit absurd 
. Anyway, let's put in this way. If powerful countries will engage into a cyber war I am still not sure who would win. We know that there are also many chinese geeks lurking, russians are good also but americans got Walter O'Brien tho lmao (alright, enough movie marathon).
August 04, 2020, 02:30:35 AM
Hack Bitcoins ?
I do think you don't realize that Bitcoins is actually something that is most likely non hackable if I may say.
The security of your Bitcoins depends on you ' some factors like:-
- Which wallet company you choose
- Does your mobile have third party non verified apps
Stuff like that greatly influences the security of your Bitcoins itself.
I do think we should realize that , no country can hack Bitcoins , due to Mining farms being located dominately in China , what they can do is , seize the Mining farms and then at the end of the day reduce the hash rate.
- Which would mean , in the future if a war breaks our and the hash rate declines the transaction might become a lot less safer .
*Therefore they won't be able to touch the existing Bitcoins but they can for sure make the future transactions less safe*
I do think you don't realize that Bitcoins is actually something that is most likely non hackable if I may say.
The security of your Bitcoins depends on you ' some factors like:-
- Which wallet company you choose
- Does your mobile have third party non verified apps
Stuff like that greatly influences the security of your Bitcoins itself.
I do think we should realize that , no country can hack Bitcoins , due to Mining farms being located dominately in China , what they can do is , seize the Mining farms and then at the end of the day reduce the hash rate.
- Which would mean , in the future if a war breaks our and the hash rate declines the transaction might become a lot less safer .
*Therefore they won't be able to touch the existing Bitcoins but they can for sure make the future transactions less safe*
August 04, 2020, 02:03:52 AM
"A 51% attack is an attack on a blockchain by a group of miners who control more than 50% of the network's mining hash rate. Attackers with majority control of the network can interrupt the recording of new blocks by preventing other miners from completing blocks."
" The attackers would be able to prevent new transactions from gaining confirmations, allowing them to halt payments between some or all users. They would also be able to reverse transactions that were completed while they were in control of the network, meaning they could double-spend coins. "
- Source : https://www.investopedia.com/terms/1/51-attack.asp
A while ago it cost about $481,233 per hour to perform a PoW 51% attack.. How much bullets can be bought for that amount of money or even medical supplies or other weapons.
The reason why they would want to attempt it, would be to destroy people's confidence in Bitcoin and not to steal anything with a double spend. By just performing at 51% attack, people would lose confidence in the technology and the they would start dumping it on a large scale. The price of Bitcoin would take a massive blow and it will effectively impact the global economy. (Businesses built around the technology will go bankrupt and exchanges will lose liquidity and trading volumes will collapse etc.)
" The attackers would be able to prevent new transactions from gaining confirmations, allowing them to halt payments between some or all users. They would also be able to reverse transactions that were completed while they were in control of the network, meaning they could double-spend coins. "
- Source : https://www.investopedia.com/terms/1/51-attack.asp
A while ago it cost about $481,233 per hour to perform a PoW 51% attack.. How much bullets can be bought for that amount of money or even medical supplies or other weapons.
The reason why they would want to attempt it, would be to destroy people's confidence in Bitcoin and not to steal anything with a double spend. By just performing at 51% attack, people would lose confidence in the technology and the they would start dumping it on a large scale. The price of Bitcoin would take a massive blow and it will effectively impact the global economy. (Businesses built around the technology will go bankrupt and exchanges will lose liquidity and trading volumes will collapse etc.)
August 04, 2020, 01:09:03 AM
Countries can do whatever they want, but this would never happen since they don't have adequate control over it's infrastructure/printing.
Best case scenario they'd create an altcoin and manage that.
Best case scenario they'd create an altcoin and manage that.
obviously all policies of course the state can to do with what can be done, because the state has the highest authority in taking action for the greater interests and for the interests in all priorities.
but all the policies that the country does are certainly very measurable and considered good and bad before taking action, because the impact that will occur could have caused something greater than what was done.
it is different if it is the individual who cannot do it by the government, maybe only the policy that needs to be regulated so that it does not have an impact on the country as well.
August 03, 2020, 11:17:51 PM
Countries can do whatever they want, but this would never happen since they don't have adequate control over it's infrastructure/printing.
Best case scenario they'd create an altcoin and manage that.
Best case scenario they'd create an altcoin and manage that.
August 03, 2020, 11:07:44 PM
I am not really sure what a war between America and China has to do with Bitcoin but to answer your question no. Bitcoin is not owned by the United States. (Atleast I do not believe so) There are alot of people out there who believe the CIA created bitcoin. I personally do not believe that to be. IMO why would the CIA create something that is so hard to be tracked?
What exactly do you mean by hack bitcoin? Like steal all of the private keys to every wallet with a balance greater than 0? Or hack each addresses location? Bitcoin has yet to reach a Trillion dollar market cap. They would be lucky to get 1 Trillion USD worth of bitcoin if they were to steal EVERY wallet with a balance!
I believe it Bitcoin could be hacked it would have been done when BTC hit 20k. But I also figured people with wallets that mined blocks of 50 would have sold at 20k. I mean I would have... But I guess thats why I am broke today!
What exactly do you mean by hack bitcoin? Like steal all of the private keys to every wallet with a balance greater than 0? Or hack each addresses location? Bitcoin has yet to reach a Trillion dollar market cap. They would be lucky to get 1 Trillion USD worth of bitcoin if they were to steal EVERY wallet with a balance!
I believe it Bitcoin could be hacked it would have been done when BTC hit 20k. But I also figured people with wallets that mined blocks of 50 would have sold at 20k. I mean I would have... But I guess thats why I am broke today!
July 19, 2020, 04:45:25 AM
The Chinese government can't hack bitcoin to control its price because it is tough for someone to access its network due to the support of blockchain technology. But there is no perfect technology that has a high security, so there is a chance for bitcoin to be hacked in the future. And it is impossible for the US and China to have a conflict in the middle of the pandemic.
July 19, 2020, 01:36:36 AM
Chinese miners, not the centralized authority control 50% of Bitcoin mining capacity. So technically "hacking Bitcoin" is impossible.
"miners" also don't control anywhere near 50% of the mining power.
there are mining pools that are aggregated hashing power of many individual miners that control 16-17% of the total hashrate at best.
there are individual miners (mining farms) that produce a much smaller percentage of that hashrate and connect to those pools.
not to mention that even if some entity owned 100% of the hashrate, the still can't "hack" bitcoin.
July 19, 2020, 12:50:58 AM
Chinese miners, not the centralized authority control 50% of Bitcoin mining capacity. So technically "hacking Bitcoin" is impossible.
July 19, 2020, 12:25:36 AM
I think Bitcoin will be neutral, so it's impossible to get into a war between China and the United States. And what are the benefits from China
if hacking Bitcoin, unless an economic war makes more sense. Who managed to have a lot of Bitcoin can controlled the economy in my opinion,
because in the future it is likely that Bitcoin already functions as a global curreny. So many financial transactions will use Bitcoin.
if hacking Bitcoin, unless an economic war makes more sense. Who managed to have a lot of Bitcoin can controlled the economy in my opinion,
because in the future it is likely that Bitcoin already functions as a global curreny. So many financial transactions will use Bitcoin.
July 19, 2020, 12:01:48 AM
What do you mean bitcoin hack? I don't understand why bitcoin hacking included the war of China and the US. I can't understand what you really want to say or to ask if you want good feedback and well answers on your threads, you should make it clear, you shouldnt create a one liner post because there would be many people who will misunderstood what you really want to say, just like this one, we dont know what you want to say because bitcoin hack was included to the war of two countries, which is really not related.
July 18, 2020, 10:34:27 PM
IF war with China should happen this summer with the UNited States,,, could China hack Bitcoin if it had to regardless of cost?
I don't understand what you really meant by 'hack bitcoin', but if war should happen I believe China will be in charge of Bitcoin, as they right now have the largest Bitcoin mining capacity up to 50% of the mining capacity with US a accounting for just 14%.
And I'm scared what the price would if any such situation. May be 3 times what it is today.
But if you truly mean 'hack bitcoin', I don't think it is possible as it cannot be hacked by anyone
June 25, 2020, 01:24:52 PM
hack bitcoin makes me fell like it is a company or central system when some one know all bitcoin keys and will use them to hack all the network.
if WAR III starts bitcoin will rise to 30000.
it is better to say China ban bitcoin not China hack bitcoin because no one can hack bitcoin.
China banned bitcoin in the past and they can ban bitcoin mining but they need more people to invest and make more income from taxeses
if WAR III starts bitcoin will rise to 30000.
it is better to say China ban bitcoin not China hack bitcoin because no one can hack bitcoin.
China banned bitcoin in the past and they can ban bitcoin mining but they need more people to invest and make more income from taxeses
May 24, 2020, 07:20:08 PM
IF war with China should happen this summer with the UNited States,,, could China hack Bitcoin if it had to regardless of cost?
Do they really want to have a war? I personally will never imagine about it. It may be the third world war in the world? It will cause many things to this stability. And I don't think it will happen this summer, moreover, right now, every counrty is doing a war with COVID-19. So, I am sure that they will not choose to have another war in the country. However, If they really want to have a war with the US this summer and they will hack the BTC for cost, they should have done it from a year ago. Preparing costs for a war is not something easy and short. It should be done from a long time ago in order to get enough funds. And the fact is that Chinae doesn't do that. I am sure that The two countries have their money to start and finish the wars.
The next questio is about hacng Bitcoin? What BTC? What owns? Or from the mining? China, we know that most miners come from this county. And when they want to hack BTC, they will be able to because most of them are also smart enough to this kind of technology. However, I don't think that the other hackers and people worldwide will accept this because it doesn't only affect the US but also to all people in this world. I am sure China will ever do that.
May 24, 2020, 01:19:22 AM
I don't think anything will happen. I don't see any possibility of an end to the war yet. No country wants a war. War means two countries being destroyed. It doesn't want a country in the current situation. The whole world will go after the crisis.Not only China and the US will suffer here. Bitcoin holder in almost every country in the world. The whole world will face economic recession and risk.
May 24, 2020, 12:52:36 AM
IF war with China should happen this summer with the UNited States,,, could China hack Bitcoin if it had to regardless of cost?
They cannot. This is unrelated to Bitcoin, as Bitcoin isn't "American". Even various countries banded together to attack Bitcoin, they would not succeed. Annoy yes, but not destroy Bitcoin. It was designed to resist such a thing since the beginning, when it was though all the govs and banks would go against it (they didn't).
Funny thing is, if China went to war against US, they wouldn't attack Bitcoin. They use it too you know? I don't see what makes you think Bitcoin is somehow American, when many American politicians and bankers and rich people hate it...
Attacking Bitcoin is costly, and the more you try, the more you spend. It would bankrupt your economy before you could achieve anything. So forget it.
May 23, 2020, 11:50:34 PM
IF war with China should happen this summer with the UNited States,,, could China hack Bitcoin if it had to regardless of cost?
If your grandma had testicles would she be your granddad?Does my question my question seem stupid?
Your question is not stupid but it is pretty much not worth answering.
BTC is worth 180,000,000 180 billion dollars.
China has a multi trillion dollar budget.
BTC is a small fly on the wall. Okay a small mouse on the floor.
Would you be looking to kill that mouse if a tiger was in your house.
FUCK no you would deal with the Tiger. Killing off the mouse and giving it to the Tiger won't help you very much.
Also if China really went to War directly with the USA and the rest of the world just watched it happen most of the world world would die. Nukes would get used since USA has 333,333,333 and China has 999,999,999 USA loses the war if it is with knives pistols rifles
So that leaves biological weapons or chemical weapons or nukes any of them just fuck up the whole world.
So don't worry bout it.
May 23, 2020, 11:47:49 PM
There's a high chance, considering they own a considerable stake of the bitcoin mining pools.
Even if you assume some of them are semi-independent, you can trust that the communist government under pressure will use its authoritarian powers to force their will as most authoritarians do but what will the benefit of it be? Who knows.
Even if you assume some of them are semi-independent, you can trust that the communist government under pressure will use its authoritarian powers to force their will as most authoritarians do but what will the benefit of it be? Who knows.
May 23, 2020, 11:43:05 PM
IF war with China should happen this summer with the UNited States,,, could China hack Bitcoin if it had to regardless of cost?
Well, the said 'war' between these giant countries has been known even before. They both have huge resources and intel, but we know US still ranks no. 1 in the economic label (if not shaken by the pandemic). So China, being a competitor, knows how to attack. And I think, China need not to 'hack' Bitcoin. Most of us are aware with the fact that China had the plans and independence to use blockchain, and create their own cryptocurrency. Though, there are users of Bitcoin and other cryptos in their country, still, they saw a great opportunity with these coins, and to be able to defeat US in terms of the economic ranking, well, they have their own method.
Jump to: