Topic: the blockchain will be hacked - page 2. (Read 4712 times)

What about Gavin Anderson, or anyone with access to the bitcoin live code? Could he (in theory) introduce risks to the security of the bitcoin protocol?

a better attack would be to directly damage all the miners, by destroying them, with weapons, that's whould seriously damage the network and the mining business in general...

Nah, BTC would be dead if you could get a private key from a public.   The hashing would have to change.. as we are using ASIC's this could be a problem.. however this is something I don't forsee being a problem for thousands of years.. legit. I don't even think quantum ASIC's would stand a chance we'd just be at crazy hashing power.

Put up or shut up, words are wind. Show me the science or pull it off, until then this is just moronic posturing.

I have seen a million times these claims that bitcoin will be hacked or destroyed by evil banks and big governments. But you know what I have never seen? A realistic way that it could happen.

I read that there has never been an attack on the block chain that resulted in stolen money. Nothing has there ever been a reported theft resulting directly from a vulnerability in the original Bitcoin client, or a vulnerability in the protocol. For now bitcoin are considered unlikely to be breakable in the near future. But... science has been wrong many times before and there may be some things we don't know yet.

And even then, we would have upped the blockchain and wallets with the new 'no-matter' computing algorythms. It is not a static thing. We might be able by then to recollect the bitcoin that are now lost in lost wallets, you could go on a treasure hunt and find satoshi in old abandoned wallets, the future sounds neat

A 51% attack.. really... cute.

Well if you count any sort of "attack" on bitcoin a hack then sure it will.. but that's stupid.

AES encryption can easily be changed if broken.

SHA-256 not so much this is true as the mining is now ASIC but.. I don't think you really understand SHA-256 however.

Even 7 trillion penta hash is nothing compared to 1.16 x 10^77..

NOTHING.  Most people get it has 77 "zeros" but they really can't fathom how bit that number actually is. Do some math on it... Perhaps when we are computing with something other than matter it will be at risk.

TH in between, so you are correct. The guy would need 1000 more hash than he calculates. Nice find.

https://www.youtube.com/watch?v=bi2thGzzNSs


I noticed now - tell me if i am wrong - he made the wrong calculations in this video...

1PH is 1.000.000 times bigger than 1GH, right?

1GH = 1.000.000.000
1PH = 1.000.000.000.000.000


In the video he calculates 1PH as 1000GH.

as he says in the video, the attack can be happening at this time (and 'he' only needs ~33% of the entire network - 133PH/s at today's rate - if he preforms selfish mining; and not the 51% that everybody thinks.) and nobody knows until the attacker reveals it.

Not yet been hacked since many years.
But still can be hacked by bitcointalk hackers.

https://www.youtube.com/watch?v=Kjtgp5h-jEY

How a millionaire can implode bitcoin network.

we could easily advanced to a space living species by then... if we get these baboons out of power that are currently in power we'll get there.

First post for me. I have invested modestly in bitcoin and I want it to succeed. I am well read but I am no expert - and a total ignoramus  with IT technical stuff.

I have read that if a large, rich state wanted to, they could 'hack'/break the system, presently and especially in the past . They have the '800m USD' of equipment (or whatever the figure was at that point in time) to do it without massive additional investment. So for ideological purposes and by a major power there may be a threat, but each day makes 'hacking' more difficult technically and more controversial/dangerous for that state. With govt sponsors like Goldman Sachs getting invested in BTC (albeit modestly), a hack gets less likely.

A real cynic may say "they" are interested in the technology and are using bitcoin as a live, wild field test to get people used to electronic currency - then later destroy BTC and replace with a centralised government backed/controlled copy. One thing you can be sure of is that governments would LOVE an electronic only currency only they control. But thats a concern for way further down the road and BTC doesn't threaten the dollar yet - it will be a lot more difficult to break the system by the time it does (if).  

Hacking for profit by criminals is less of a concern I think, not only because of the investment in equipment needed (I believe currently about USD 800m - 20% of bitcoins 'market cap'), but also because if you fuck the system, you are basically tainting your own loot. To plunder in a subtle way would make the investment inefficient and to do so wholeheartedly would fuck the system and probably render the bitcoins useless or a lot less useful.

One commenter mentioned the transaction limits as the major drawback rather than security, and this matches my research. I understand there to be practical ways to fix this if the price of bitcoins gets higher, making the 'mining' more profitable. Obviously with more adoptions/transactions, the price has to rise wight he finite supply. However this is something I'm going to be reading about on here, as I don't really know how solid these 'fixes' are or if my thinking is straight.

Peace and prosperity!  

Well in 6 years it still hasn't been hacked and there is a pretty nice reward for doing it so I highly doubt it. Even if something would go wrong, there is always a way to fix it.

So don't worry and relax!

now, let's suppose a hacker finds a way to know the private keys from the public keys! At the moment this is considered impossible, but.... you never know.

This would implode all the cryptocurrencies down.

there's several definitions of a 'hack'

DdoS is a hack, it overwhelms a network and disrupts normal flow of traffic on the network

the stress test was equal to many as a form of DdoS attack

normal patterns of the btc network were interrupted and while the ST (stress test) was not a huge test of the network capacity to become a global ecommerce network on the leve of mc/visa, the ST was big enough to show btc has issues handling major transaction volumes, not in volume of worth, but in volume of transactions

you admit your had to change your trans fees during the ST, that's a disruption or 'hack' of a networks normal activity

now the 'buzz' all over the net during the ST was that many had huge waits for confirmations so that showed a major problem with the existing node model

did it get any info from the block chain or make changes? no

but like a DdoS attack it stopped normal network flow and exposed a volume related issue with nodes controlling the public ledger when brute force levels of transactions are entered into the daily flow of transactions

in normal daily use, many hate the slow speed of the nodes to do routine confirmations

during the ST the normally SLOW transactions became like quicksand, most people complained confirmations came to a literal stand still for them

our own network couldn't process any customers trying to get their tokens to pay for services during the ST

so while we don't run mining servers, we do interface with the usual btc protocols to generate tokens for purchases of our services and products and btc was down for the count during the ST and paypal and credit card gateways had no problems handling new orders

I don't think btc is going away soon, but I sure don't hold it now as an asset, it's just a payment gateway for us now, like mc/visa and paypal

but the transactions are way too slow normally and when the ST happened it made btc token generations impossible on our network

the ST was in my opinion a major hack of the btc network, some hacks disrupt networks some take or change data

the ST hack just made the whole btc network go into super slow motion and in business you can't have that

just like how many times have minor DdoS attacks taken this site down?

lots, just read their twitter tweets about all the DdoS hacks they suffer

the ST was a very simple form a DdoS attack and while btc survived it, it did expose a major weakness in the EXPERT opinion of many

kool aide drinkers for btc can't analyze anything about btc objectively, like I said, we take btc and paypal and mc/visa direct

the ST was a hack, that's MY OPINION and yep, unlike most here, in big SM I'm a top .2% expert on #bitcoin

did I jump up and down during the ST and bash btc? no

we did a minor story on it saying it exposed what was already known to many, huge volume will be an issue in the future with btc if it goes mainstream, which it now should never do

who wants to wait 6+ hours to move wealth around or even do minor transations?

1 hour is too long

the ST showed how slow the nodes will be if btc moves from being a hobby sort of quasi-currency into a bigger  percentage of ecommerce

btc had it's 15 mins of fame and huge value growth 2 years ago, the last 18 months shows the value now and it's a nice value, but it is still eratic and there's no reason to think it will move to levels it hit over 2 years ago, it's in a slow death spiral, a great footnote in history, but it will never be a major global currency unit, it doesn't have the ability to handle mega millions of transactions each day as major CC do

it's not possible.

don't place the exchange at the same point of the Bitcoin network, please ...