Is it possible to hack a blockchain? - page 2.

Bitcoin_Arena

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฿itcoin for all, All for ฿itcoin.

Quote from: Youngkhngdiddy on July 15, 2023, 06:17:03 PM

I find it hard to belive it's possible because in my opinion it's impossible for a blockchain to be hacked because it's decentralized (not controlled by any authority) and it's managed by it's users, therefore for a hacker to penetrate into it, more than 50% of the nodes have to agree on that making it very difficult to penetrate, it's either they exposed their seed phrase or password.
What's your opinion about this, also correct me if my opinion is wrong.

Your opinion is partly wrong. In the past, blockchains have suffered the 51% attack despite people thinking that they are "decentralized"
The perfect example was the attack on XVG Blockchain ---> Privacy Coin Verge Succumbs to 51% Attack [Again]

Also search about attack on Ethereum Classic, BSV, Bitcoin Gold blockchains among many others

hosseinimr93

legendary

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It's their wallet that has been hacked, not the blockchain.
If your device is compromised or you use an unsafe wallet, it's possible that hackers can gain access to your private keys and steal all your fund.

Take note that any online device is always prone to hacking and for having complete security, you should use a trustworthy open-source wallet on an airgapped device or go for a hardware wallet.

Nwada001

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Quote from: Youngkhngdiddy on July 15, 2023, 06:17:03 PM

in my opinion it's impossible for a blockchain to be hacked because it's decentralized (not controlled by any authority) and it's managed by it's users,

This solely depends on the protocol; being decentralized does not mean that when there is a means of hacking your system, you can't be hacked. There have already been several cases of different smart contract hacks ( Polygon , BSC , and others) in which the hackers penetrated the system, minting some altcoins from nowhere and pushing them into the market.

Like I said earlier in a similar post, anything that is being programmed is hackable; any little mistake from the developers can be used against them. For now, Bitcoin is the online Blockchain that I have not come across or read anything about being hacked before. I believe this is as a result of the developers, who are working very hard to upgrade and fix any bugs discovered in the system that could lead to it being hacked.

Youngkhngdiddy

full member

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I've come across cases,where people claim that their blockchain was hacked and a huge amount was stolen from it, and I find it hard to belive it's possible because in my opinion it's impossible for a blockchain to be hacked because it's decentralized (not controlled by any authority) and it's managed by it's users, therefore for a hacker to penetrate into it, more than 50% of the nodes have to agree on that making it very difficult to penetrate, it's either they exposed their seed phrase or password.
What's your opinion about this, also correct me if my opinion is wrong.

Topic: Is it possible to hack a blockchain? - page 2. (Read 240 times)