Topic: Is BTC really safe from being hijacked? (Read 416 times)

You are forgetting that the ASIC miners aren't made up of grass and leaves you can find all over the ground. You would need hundreds of thousands of chips in a world plagued with chip shortage. You are going to need the best-quality silicone, and you need to purchase that from somewhere. And again, you are going to have to get those orders from suppliers and manufacturers who are already working as hard as they can. The raw materials simply aren't there in that quantity. Andreas Antonopoulos has many great videos on this issue.         

The good thing is, unlike Ferrari, if you spend enough money then you can build your own asic miners. Nobody, even if they have enough money to buy a million of them, could build a Ferrari warehouse and build something and then own it, because Ferrari has a trademark for it, and building a car company from ground up costs tens of billions of dollars easily, hence why it is such a horrible idea. However, building an asic mining equipment company wouldn't even cost a billion dollars.

Meaning, you could literally build a warehouse type of manufacturing plant, and then build your own asics, it is not really that much of a difficult thing to build, quite simple if you spend money for it.

I've sent it around.  I guess the premise of my point wasn't "is my btc safe from _______". The point was - The US GOV has a very good reason to fear BTC.  IF money wasn't an object, COULD they kill it?  Luckily a few other people understood and answered it perfectly but thank you!  Lambo, Yacht and Jet on order.........

I will confidently believe that bitcoin can't be hijacked any longer since it has survived from the initial time it were created and introduce to the world. The people i sense from the beginning of introduction of bitcoin, it's the government who kicked against the existence of bitcoin from initial. Due to they taught that bitcoin is a systematic way of embezzlement of fund's. Right now I'm not condensing so low of such that bitcoin will can be hijacked from any body or any sector.

If I listened to the "idiot" advice from some of my friends and people from work, I would not have made a 800% profit on the first coins I bought. I do not know why some people think it is a good idea to give financial advice to someone else, if they are not even qualified to manage their own finances.  

Some of these people are neck deep into debt and they have zero savings.... but they want to tell me what to do with my money. The only time when they are interested is when I sell and I buy something nice. (Then they ask me where I get all that money to buy all of these things)

Also, to answer your question..... No, the government cannot use a shitload of Tax payers money to perform a 51% attack on Bitcoin mining, because it will be a waste of money. (It will be incredibly expensive to sustain such an attack and the amount spend on it, will have to be explained)

When some government does that.... Bitcoin developers will change the Algorithm and then they have to start funding the next attack.... that will fail too...   (Imagine some politician trying to explain to the voters, why they spend Billions on a 51% attack on Bitcoin and not on services to the the public) 

This guy has a point:
You're missing out on so much of "the Bitcoin experience" by not using it! Try it, send it, test some wallets, get the feel of how it really works. Fund a Lightning channel, make a few payments, see what works for you. If you ever want to use it (to buy a jet or something), it comes in handy if you know what to expect.

I agree, there are too many people who are constantly afraid that they would not have the thing they are looking for and they keep fearing that one day they are going to end up losing it all. That anxiety over something that did not happen yet, is a psychological problem. I personally feel like talking to a professional would help.

If bitcoin came all this way without any problems, then why would it start to have any problems in the future suddenly? Of course it won't, but there will be some people who will always be afraid of this, they will always think that out of nowhere, suddenly the bitcoin price could crash because of some problems.

Even with all the money in the world, the problem is acquiring enough hardware for such an attack. It's simply not there unless the government has or develops secret facilitates to build their own ASICs.   

Imagine you have billions of dollars and you go to Ferrari's headquarters and say: I want to buy 365 new Ferrari's right now, so I can drive a new one every day of the year. Here is the money, I need my cars on Monday. Guess what? You are not going to get them. They have waiting lists, and people wait for months maybe even a year or two for their brand-new Ferraris.

It's the same thing with ASIC miners. Despite your money, you can't just go and purchase 700.000 units because just like Ferrari, they have waiting lists, preorders, etc.     

When it comes to bitcoins themselves, it wouldn't be possible because no computers today can do like the famous quantum computer that can actually do the trick according to the die-hard theorist out there. But what we are seeing right now is the exchanges getting hacked almost every year no matter how strict their securities are, hackers always find some way to get in. As for the bitcoins, there's nothing to worry about people are using them for more than 10 years and nothing has ever occurred about losing their bitcoins on their personal wallets caused by hackers' infiltration to the main wallet rather than the cause is always the 3rd party software.

And you're of the opinion that the Federal Reserve doesn't feel any bit threatened by the potential of replacement?

If you are a really an old hodler then you already answered your own question. How can you safely got this far if btc isn't safe from being hijacked? Because, if it did then it was being hijacked long time ago. They have a better chance doing it since the network that time is much weaker and the prices are less expensive than compared to today yet they still didn't do it. That simply means that btc is truly strong and cant be hijacked.

What the governments are only doing is they create their own kind of bitcoin/crypto which is centralized that they can fully control but no one is going to buy that. There is only one literal hijack that can happen you, that is if when you are not careful on securing your bitcoins.

I guess my thesis would be that the USGOV would be motivated to end it.  Not out of profit potential but just to protect the USD world reserve status. I could see them deciding that its well worth the cost to end it.  $15 Billion is a drop in the bucket to them.  Losing the status of global reserve currency would be far more costly in the long run.  My question wasn't would someone do it, my questions was CAN someone do it (technically speaking).....if that makes sense.

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Good Lord.
In all seriousness my wallet is on Mt Gox safe and sound. I've actually put in an order for a lambo, yacht and about to hop on opensea and buy another Bored Ape. You just hate me cause you ain't me.  All good bruv, haters make me famous!

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All you have to calculate is for how 51% attack is possible, check the present bitcoin mining hashrates and see the total. So, an addition of 50% of the hashrate coming from the attackers will make 51% attack possible on bitcoin mining hashrate. Presently the bitcoin mining hashrates is at 213 EH/s. Miners from all over the world are contributing to the total bitcoin mining hashrates but that is not stable but either increase or decrease over time, but the hashrate is so high and strong to the extent no one can ever as of now think he wants to provide half of such total bitcoin mining hashrates. Even if such happens, it would be difficult to maintain, which makes it not to worth wasting money, time and effort to carry out 51% attack on bitcoin blockchain.

Are there any doubts? I think that doubts may be not so much in bitcoins, but in the wallet. This is more likely to commit such actions.

It is not that difficult to have a 51% attack. Foundary, AntPool, F2Pool and Poolin controls more than 51% of the network hashrate. How difficult would it be for an adversary to pay them a huge sum of money, or worse, an insider to attack the network? Difficult, but easier than purchasing or renting all those equipment yourself.

However, how much damage can it really make. Major governments are not really interested in attacking Bitcoin beyond just implementing stringent regulations against it. The reason is fairly simple; 51% is a known attack and it doesn't really come as much to the wider Crypto community. Such attacks are usually shortlived and unnecessarily expensive. A simple change of algorithm renders all of the mining oligopoly useless. There is that.

The other problem is possible vulnerabilities within Bitcoin, which has happened several times. Most of them were unexploited and patched early on and for the one time it was exploited, it didn't really amount to anything as the community recognizes those coins as illegitimate.

It is. In the whole history of Bitcoin since 2009, no single satoshi was ever hijacked from the network.

Now please do not get confused with wallets that do not let you have your private keys such as when you keep your BTC in casino, exchange, other third party wallets etc,,,

That is not hijacking from the inside, but from the outside. If I have a safe that cannot be destroyed unlocked or broken into but I leave the combination key lying around,,, the safe becomes worthless.

For the first time I think BTC cannot be hijacked, because community can decide on the minning algorithm and render attackers resources that are useless and so majority attack is incredibly costly and cannot stop Bitcion. But we need to be vigilant for any new such attacks cause Bitcion can be hijacked from the inside.

Well to start with, building up a really huge mining operation is expensive - there's electricity costs, maintenance costs, leasing costs and of course you have to buy the actual equipment, and the total expenses will usually run into 6 figures a month for a large operation. Sure, they can just fund it with taxpayer money, but starve out their other funding projects? Most likely there will be disagreement between indivitual gubmint staff about that.

One of the advantages that the common person has related to some item the govt. wants to ban is that hardly anyone inside the government can agree with each other on *how* exactly to ban it - the result is a lack of consensus which then drowns in the water because as it turns out, their superiors are not interested in this endeavor.


On the technical side of things why this is not very feasible, is twofold.

First, it's freaking expensive to run your own mining operation as I've explained above (besides, the utilities and building owners and maintenance crews also need to get paid).

The second option would be to simply coerce some other mining group to do the dirty work for them. [This is exactly what they Marathon Group was doing when it tried to censor BTC addresses - but that movement largely failed to user outrage]. This presents two problems:

i) Miner is located in another country. In that case, good luck convincing the other gubmint to cooperate with you.
ii) They'd need to coerce many mining groups because no single mining pool has a majority hashrate. We are talking e.g. 5 different pools. The possibility of these pools colluding with each other is extremely low. In fact, it is lowered further for each additional pool that joins the conspiracy.


Wait, so Western Union is still a thing over there

Good lord, could you be any more immature and juvenile? I call BS on your story. If you've really been holding since 2013 you wouldn't be asking basic Bitcoin 101 questions like this, and you would have taken some (serious) profits by now and your "friends" wouldn't be chastising you for it. And please, chill on the cringy Reddit lingo.

I think IF they did it, it would be a massive secret / cover up.  I mean, the plan was in place for the US military to shoot down a plane full of Americans over Cuba and blame it Russia.  The CDC administered syphilis to African Americans and told them it was a vaccine.  Lots of people can't be convinced we landed on the moon.  I guess one of my "unknowns" was - IF the network could be rendered worthless, COULD the culprit be anonymous?

BTC was invented partly to escape the control of the US government, which is presumably why lots of people who love power, hate BTC. 

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I guess I need to start writing with TONS more details. GEEEZ. I'm not "focused" on anything.  I realize the world is a big place.  I see the value in the ease of currency movement with BTC. I study economics for fun.  I have a degree in finance and a minor in economics.  I read The Wealth of Nations once a year for fun.  The only reason I mentioned the American government is because BTC threatens the USD, which is the de-facto global currency.  The USA would be the most motivated and most capable of deploying capital to end it IF IT WERE PLAUSIBLE. In hindsight we all make mistakes dude.  If you actually read my post you'd see that my future plans may include a different plan than the past.  Its a shame that some come here to exchange ideas and others treat it like the Twitter cesspool. Thanks to the people who actually engage in a meaningful way!

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I never thought I'd be lectured. LOL Everyone who came to shame me for bragging...It went like this:

2013 - Hey close friends, I bought this stuff called bitcoin. Paid like $500 a piece for them.  We'll see how it goes!
2104 - 2017 - Them "ya still got your Dungeons and Dragons money?  How's that workin out for ya?"
Me - fine. It'll either go to the moon or zero.  I'm fine with either. You should buy some too!
Dec 2017 - Them: DUUUDE SELL IT NOWWWWW!!
Me - Nah, I'm good.
Dec 2018 - We told you to sell it dumb ass.  Now look.
Me - I'm still up (shrugs) Actually I'm buying more, I can show you how.
2021 - THEM - DUUUDE SELL IT NOWWWWW!!
Me - ALL YALL CAN SUCK IT!!!!  JUST WAIT!  WE'VE BEEN THROUGH THIS OVER AND OVER AGAIN BOYS!

Them now: Hey man, is it too late to buy some of that bitcoin?
Me:  Dangles it in their face (the past, not my actual BTC balance)

Are we all clear now?  Can we stop acting like this is Twitter?  THANK YOU!


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