Security Issues Question | Bitcointalksearch.org

aysg76

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Quote from: Invest4profit on March 06, 2021, 01:44:30 AM

Some are saying that Bitcoin and Blockchain where created by the Chinese government in order to steal billions of dollars from the worlds users. Do you have any information on this? The data shows that billions have been locked out and stolen already. Who has looked into this security threat?

A fully decentralised currency created by centralized authority to steal from people ?Is that what you are trying to say?
How come Chinese government can hack someone's wallet containing UTXO which is backed up by Private keys and Seed phrase encrypted with SHA-256 and HMAC-512 algorithm to sign the transaction for spending the funds stored in them.A P2P currency developed with motive of creating fully decentralised and secured system could never be a motive of Chinese Communist Party so it's sure they are not behind of such innovations.Moreover the coins which are lost due to loss of private keys,death of owners of the Funds,hacking into systems and all that.

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So it's just your false opinion nothing else.Try to search about Bitcoin and its functionality and you will know it's true reality.

yazher

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Quote from: Invest4profit on March 06, 2021, 01:44:30 AM

Some are saying that Bitcoin and Blockchain where created by the Chinese government in order to steal billions of dollars from the worlds users. Do you have any information on this? The data shows that billions have been locked out and stolen already. Who has looked into this security threat?

Obviously, this is just some mere and abusive statement to the creator of Bitcoin when you link him to the Chinese. Of course, that's not true, and how are they gonna lock those BTC anyway? Maybe they've seen it not moving for so long since the owner of those coins might be dead or don't want to sell their BTC with the current price. They've just made some false statement here since those things they said are not true. I mean, Those people who bought some BTC and decide to hold it for a long time are not some ordinary people. they made some serious consultation before doing it and if ever such claim is true, you will see these people leaving the crypto industry one after another.

zanezane

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Why are you worried about that? You are getting your bitcoins and you can cash it in USD or local currency, what is the problem with that? Can you please explain how is the Chinese government stealing USD? You wanna know how those billions of dollars are lost? Some of them are stored in the cartel warehouses waiting to be laundered, others are burned, thrown in trash, shredded and became fertilizers.

Darker45

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Who are these some? If I were you, I won't even dignify such hollow rumors. You better spend your time, curiosity, and energy on something else.

What I noticed, though, is that Chinese names are getting big in the crypto world. Whatever implication this has in its future is yours and mine to speculate.

Anyway, don't worry about this gossip. Just always keep your Bitcoin under your sole control. Whatever happens, that is yours.

ReiMomo

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Can you drop here the source of the link where did you come from this news, it seems you believe the fake one trying to destroy the image of bitcoin.

As they say, bitcoin is decentralized in nature and everyone can access the code and reading this. It means it is purely decentralized and no one institution or even government behind on this great technology. Rumors will be the same rumor and don't listen to this unless you didn't find your own research, that's a big lie.

There's no security threat, it will I guess those people who have abused bitcoin but not bitcoin itself.

khaled0111

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If the Chinese government created bitcoin in order to steal money from others as you claim then why didn't they sell the 1 million bitcoins that were mined in the early days (2009)?
Bitcoin is decentralized and no government owns it or can control it.

Lanatsa

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Quote from: Invest4profit on March 06, 2021, 01:44:30 AM

Some are saying that Bitcoin and Blockchain where created by the Chinese government in order to steal billions of dollars from the worlds users. Do you have any information on this? The data shows that billions have been locked out and stolen already. Who has looked into this security threat?

Just to have some common sense in yourself then you can really tell if this one is really happening or not.We wont make this market too big if those issues had been known since from the start.

Conspiracies without any evidence would really be just remaining to be like that and yet we have seen the market is getting stronger day by day as the adoption is increasing.

Security issues is a major problem.Take a look on what double spending scenario where it did really give out some effects, how much more if this one isn't an open source?

Smartvirus

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When the going begins to get too good, people starts believing in what ever rubbish that comes there way. Its absurd but not unusual.
Why would you be so concerned over that which isn't affecting you in anyway. What say you that you can transact rather freely and get your money's worth in its equivalent valuable? That's okay to me and the Chinese government had nothing to do with building bitcoin otherwise, they won't have tried banning it in China few years ago neither would we have seen a Chinese Yuan come up.

Follow facts, not rumors!

bL4nkcode

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Quote from: Invest4profit on March 06, 2021, 01:44:30 AM

The data shows that billions have been locked out and stolen already. Who has looked into this security threat?

What sources do you have in regards of this data, locked out and stolen what?

Probably you're reading a bs article/sources. I recommend you only read info from a well-known website/source not a bs website claiming bs as what you've said.

Gozie51

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Quote from: ?? on ??

Why will the China government created something as powerful as bitcoin and dach it out by stealing billions from people, bitcoin is open such so any one can see the source and how bitcoin movement is within the blockchain.

How they can also create it and try to stop there people from anything around it. This is not true. Bitcoin is decentralized and can't be controlled by any government, is an open source for everyone. Then I see no point in criticizing negatively. This could be a move to put the Chinese on this. Op, you need to provide link to it anyway.

skarais

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1. You just need to read more thing about bitcoin from the source and you should immediately stop thinking that bitcoin can be controlled by a country.

2. No, even I just heard from you for the first time. But if you have more information on what you're talking about, feel free to share. But don't expect people to believe that information after 12 years and you will only be laughed at.

3. You may have noticed that there are lot of bitcoin stored in address that haven't been used for a long time. Note that bitcoin are still transferable if the owner keeps the key (if it is alive) or will continue to be there if they never inherit ownership of the key.

4. Most hacks occur simply because of user error who failed to enforce security over bitcoin holding. It has nothing to do with what you are talking about.

The Cryptovator

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Where you had found that news? In a little dig on Google, I have found nothing. When you post something like this you should add at least a reference from where you had heard this news. At least I am not gonna believe in this. How they could steal your money? Are they controlling Bitcoin? Not, it's not possible for a truly decentralized cryptocurrency like Bitcoin. Bitcoin is backed by the worldwide community, not just by China. So it's an unrealistic thought that they have been stealing money. Obviously, that's a piece of fake news if you found it somewhere.

Quote from: dkbit98 on March 06, 2021, 08:53:52 AM

they will probably create their own centralized fake bitcoin soon.

I will not surprise I if discover there is "chitcoin" created by China (Lol).

dkbit98

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Quote from: Invest4profit on March 06, 2021, 01:44:30 AM

Some are saying that Bitcoin and Blockchain where created by the Chinese government in order to steal billions of dollars from the worlds users. Do you have any information on this? The data shows that billions have been locked out and stolen already. Who has looked into this security threat?

This is probably one of the worst stories I ever heard about Bitcoin creation, and I don't see any data you are speaking about.
Chinese government is very good for plagiarism and when something needs to be copied, they had zero influence with Bitcoin creation and they even tried to ban Bitcoin several times.
When they saw it is impossible to ban it, they decided to use it for making money with creating miners, and they will probably create their own centralized fake bitcoin soon.

mirakal

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That's definitely a wrong information, investors are not stupid to make it a billion dollar market if they don't trust bitcoin.

It's open source so anyone can audit it, the information you read is just to mislead people and scare them not to invest or trust bitcoin but look at the market now, people are investing, not only that, even the institutional investors are putting their money, so don't think that the system is not secure.

Decentralized and unique, that's what bitcoin is because despite the fact that inventor is anonymous, people still trust it.

NeuroticFish

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Quote from: Invest4profit on March 06, 2021, 01:44:30 AM

Some are saying that

Some are saying that earth is flat, although it can easily see that it's not true.

1. No money is locked nor stolen. Fiat money has changed hands between those believing that Bitcoin worth more than fiat and those that had bitcoin and decided to sell.
2. Bitcoin is something that many consider it valuable and pay for it (invest into it). The code and principles are freely available on the internet. No stealing is involved.

I love how some so-called-news used buzz-words like Chinese, stealing and security threat to make you think that fishy things are going on.
I'd say that you seem to read "news" from the wrong sources and you should work a little on that Wink

mk4

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1. It doesn't matter who invented Bitcoin because in it's current state, it decently decentralized enough to not be easily controlled by a centralized authority.

2. Bitcoins cant be "locked". They can only be lost when a Bitcoin wallet owner gets deceased without handing over access to another person.

3. Bitcoins have been stolen through hackers, the same way money can be stolen in bank accounts and PayPal accounts. And as per usual, they get stolen because of security ignorance and carelessness, not through a red button in China that has "steal bitcoin" written in it.

aoluain

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Quote from: Invest4profit on March 06, 2021, 01:44:30 AM

Some are saying that Bitcoin and Blockchain where created by the Chinese government in order to steal billions of dollars from the worlds users. Do you have any information on this? The data shows that billions have been locked out and stolen already. Who has looked into this security threat?

What security threat? as DannyHamilton posted that in the life span to date of Bitcoin
it has not been hacked. Failing to secure your own wallet can lead to it being compromised,
thats not a Bitcoin issue thats a human issue.

Who is saying that Bitcoin was created by the Chinese? where are you reading this?
without proof its just theory and nothing to dwell on.

Bitcoin has all of my available FIAT and has multiplied it many many times so I am
happy that my FIAT was stolen

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Quote from: Invest4profit on March 06, 2021, 01:44:30 AM

Some are saying that Bitcoin and Blockchain where created by the Chinese government in order to steal billions of dollars from the worlds users. Do you have any information on this? The data shows that billions have been locked out and stolen already. Who has looked into this security threat?

Conspiracy theories have always been used as means for achieving political and economical goals by the power. In the case of the rhetoric you are quoting, it is used for demonization of China and delegitimization of Bitcoin both; two birds, one stone.

I'm not a fan of Chinese government (who might be?) but I don't like the hateful anti-Chinese discourse initially promoted by far right and the infamous Trump. All governments are a threat to Bitcoin's decentralization agenda, China Xi exception, so a majority of miners/pools residing in China is not good for Bitcoin; things are under control right now and a strong checks and balances mechanism is enforced by other parts of the network, but the situation should be addressed technically as well; some people are working on it, me included, but let's make it crystal clear: there is no conspiracy, it is how the market has evolved.

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Quote from: Invest4profit on March 06, 2021, 01:44:30 AM

Some are saying that Bitcoin and Blockchain where created by the Chinese government in order to steal billions of dollars from the worlds users. Do you have any information on this? The data shows that billions have been locked out and stolen already. Who has looked into this security threat?

As decentralized as bitcoin is, do you have to believe nonsense and remours from people. If something is doing great like bitcoin, it is normal for criticisms and lies. Bitcoin now in the world is not centralized, it is well distributed among users in the world. What most important is not to listen the such false information and hold and gain.

DannyHamilton

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Quote from: Invest4profit on March 06, 2021, 01:44:30 AM

Some are saying that Bitcoin and Blockchain where created by the Chinese government in order to steal billions of dollars from the worlds users.

The code is open source. Anyone capable of reading computer source code can see for themselves that this is not true. That sounds like a lot of racist paranoia to me. Perhaps you have been listening to QAnon a bit too long?

Quote from: Invest4profit on March 06, 2021, 01:44:30 AM

Do you have any information on this?

It's an open source decentralized distributed network. Anyone anywhere can run a node, and anyone anywhere can run a miner. Your bitcoins are secured with a set of ECDSA 256 bit private keys. How exactly will the Chinese government steal anything from me?

Quote from: Invest4profit on March 06, 2021, 01:44:30 AM

The data shows that billions have been locked out and stolen already.

Nonsense. What data?

Quote from: Invest4profit on March 06, 2021, 01:44:30 AM

Who has looked into this security threat?

Bitcoin has existed for 12 years now, and it is still as secure as ever. What threat are you talking about?

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