Topic: points of failure (Read 328 times)
A hack is when you exploit a program in a way it was not meant to be. While coding a programmer has to make sure the program always does what it is supposed to do, so he need to cover all possibilities. Humans tend to not be perfect and sometimes can miss a thing or two, that can later be exploited. So you want a simple solution as possible. Using multiple public key, hashing algorithms and what not is over complicating things and open doors for hacks rather then make it harder. Just trust the systems Bitcoin uses right now. They are good.
A currency for the planet earth has to be robust against failure. Bitcoin happens to depend on certain specific cryptographic and hashing algorithms. These are believed to be secure today, but there is a chance that a hack is found or a rainbow table is developed.
If someone hacks the hashing algorithm and can produce blocks extremely rapidly, they could take control of the blockchain, at least until either their hack became widely known or all the miners switched to a different hashing algorithm. Far worse, if someone hacked the public key algorithm, it would be a race against time to move your bitcoins to another currency or have them stolen.
Will this be a problem for bitcoin? I don't think so... Don't use bitcoin for your retirement fund.
One could imagine a cryptocurrency that uses multiple public key and hashing algorithms simultaneously, and has the ability to add new cryptographic algorithms if one is ever broken. This would obviously be more secure than bitcoin, but slower and stuff.
Question: Is the probability that a cryptographic algorithm used by Bitcoin gets hacked greater or smaller than the probability that a friggin huge gold deposit is found, rendering gold worthless?
you should search a little about all the math behind these algorithms...If someone hacks the hashing algorithm and can produce blocks extremely rapidly, they could take control of the blockchain, at least until either their hack became widely known or all the miners switched to a different hashing algorithm. Far worse, if someone hacked the public key algorithm, it would be a race against time to move your bitcoins to another currency or have them stolen.
Will this be a problem for bitcoin? I don't think so... Don't use bitcoin for your retirement fund.
One could imagine a cryptocurrency that uses multiple public key and hashing algorithms simultaneously, and has the ability to add new cryptographic algorithms if one is ever broken. This would obviously be more secure than bitcoin, but slower and stuff.
Question: Is the probability that a cryptographic algorithm used by Bitcoin gets hacked greater or smaller than the probability that a friggin huge gold deposit is found, rendering gold worthless?
all the time and the energy that would be needed to MAYBE some day achieve that.
Should every one deposit all their money and dreams in bitcoin? of course not, diversification is the word in this market. Bitcoin is my main investment, but for sure it isnt the only one.
A currency for the planet earth has to be robust against failure. Bitcoin happens to depend on certain specific cryptographic and hashing algorithms. These are believed to be secure today, but there is a chance that a hack is found or a rainbow table is developed.
If someone hacks the hashing algorithm and can produce blocks extremely rapidly, they could take control of the blockchain, at least until either their hack became widely known or all the miners switched to a different hashing algorithm. Far worse, if someone hacked the public key algorithm, it would be a race against time to move your bitcoins to another currency or have them stolen.
Will this be a problem for bitcoin? I don't think so... Don't use bitcoin for your retirement fund.
One could imagine a cryptocurrency that uses multiple public key and hashing algorithms simultaneously, and has the ability to add new cryptographic algorithms if one is ever broken. This would obviously be more secure than bitcoin, but slower and stuff.
Question: Is the probability that a cryptographic algorithm used by Bitcoin gets hacked greater or smaller than the probability that a friggin huge gold deposit is found, rendering gold worthless?
If someone hacks the hashing algorithm and can produce blocks extremely rapidly, they could take control of the blockchain, at least until either their hack became widely known or all the miners switched to a different hashing algorithm. Far worse, if someone hacked the public key algorithm, it would be a race against time to move your bitcoins to another currency or have them stolen.
Will this be a problem for bitcoin? I don't think so... Don't use bitcoin for your retirement fund.
One could imagine a cryptocurrency that uses multiple public key and hashing algorithms simultaneously, and has the ability to add new cryptographic algorithms if one is ever broken. This would obviously be more secure than bitcoin, but slower and stuff.
Question: Is the probability that a cryptographic algorithm used by Bitcoin gets hacked greater or smaller than the probability that a friggin huge gold deposit is found, rendering gold worthless?
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