Topic: the blockchain will be hacked - page 3. (Read 4702 times)

prove it ... if you talk about the split of the blockchain, it's not an hack, it's a feature (automated correct by BIP66 enforced).

during the "stress test", i have meit regulary bitcoin transaction without any issue ... BECAUSE i use the bitcoin core 0.11 and automated fees calculation.

so, in the stress test, fees has been at 0,0001 BTC
in "no" stress test situation, the normal fees are 0,00001 BTC for this 2015 year.

You are mistaken.

Having 51% of the network hashrate guarantees that at some point
sooner rather than later, you will be able to establish a mining monopoly
by building the longest chain and locking out all other miners.

If they win a block, you simply build a chain on top of your block
from 1 block ago.  Longest chain wins.

Also please ignore H_H.  He is mostly likely "Sol Adoni" and if
he is not, he is a very similar trolling fool.

I doubt anyone else ranked in the top .2% of SM for #bitcoin is posting here, this forum is notorious for kook aide drinkers on btc

Yet I am an 'expert' on the topic

I have several wallets, i prefer electrum

I don't waste my efforts 'mining'

I've acquired btc for years by integrating it into many sites we run

so I'm PRO btc as an alternative payment method, some use it

it's good for vice, porn and gambling and to some degree tech services and even minor digital sales like downloads of scripts or ebooks

the whole btc network revolves around 2 things basically

1. public ledger
2. lots of nodes mining and handling the trans that go into the public ledger

stress test showed the network has a problem with volume minor transactions

that's what it proved and kook aide drinkers ignore it

will btc disappear? not in the 'near future' but it will be replaced and the replacement IMO will be a centralized public ledger controlled by a dozen or so trusted nodes using AI level super computers and crypto that isn't even developed yet

so yes, I'm an 'expert' but experts differ on opinions

if you look at all the 'buzz' in SM about btc, I don't say much on it, yet my expert ranking is due to who follows me, who retweets the few things I say on the topic and who favs me

so lots of noise in SM about btc, and a 6 post newb saying I'm not expert and mining isn't a voice of authority

18 months of very negative value growth is all you need to know about btc

now we have the stress test issue

is there a better crypto right now? no

will there be a better crypto using some of the btc ideals? I think so

opinions are like, well you know the saying

my opinion just happens to be attached to a .2% EXPERT KLOUT ranking on bitcoin

It's hard to believe your a expert when you say miners are the nodes. If you have your own wallet, then more then likely your running a node. It's hard to believe anything you say, when you don't even know the basics and yet call yourself a expert. I can only believe you joking around.

H_H

your walls of text and newbie accounts are hilarious

i respect u as a person like i do everyone

but can u tell ur boss at Goldman i say hello

Nostradamus will be amazed by your ability to predict such important things. I think that the negativity and the alarmism don't help no one and don't serve for anything. I think that this event has to many few probability to happen and the bitcoin community must do their normal life without worrying about this catastrophe.

Nah I don't think that the block chain is hackable.
And also that the 51% attack cannot take place.
I know there was an incidence when a pool reached about 47% of network  hashing power, but still I don't think that it can happen.

I think that everything is possible in this world but that the community of bitcoin will be able to not leave that this thing happen. there are to much time that it is spoken about the famous 51% but until now nothing was happen. I don't see the reason why this will happen in the future.

this if we assume that such thing will be made public, but what if they will work on something to break sha256 secretely, as they knew of the bug about the ssl bug many years before it happened

you need plenty of time to change all those asic machine to a new algo and since i'm talking about a distant future where the network will be even more bigger(much more) than today, it would be surely a big waste of money to change all the machien with new one

Imagine the future when half of current asics will be switched off 

It's impossible to hack the blockchain NOW, imagine in the future when intel and the rest get on the mining game. To make any substantial change for the past 10 minutes you would need tons of power, its nonsense.

What 

If a theoretical weakness in SHA256 or ECDSA is ever discovered, it's initially no more than a glitch in the distant future, and it'll still be years or even decades before it can actually be put to practical (ab)use. Gives us all plenty of time to switch to a different hashing and signing algorithm (like SHA3 hashes and M-383 or E-521 curves). We can adjust the Bitcoin protocol and software to use a new hashing or signing algorithm starting at some block number in the future.

No problem whatsoever.

Definitely.

Not a big deal. I expect it will happen less in a year.

No, he wouldn't.

People seem to have the strangest fantasies about what someone could do with 51% network power. They can avoid transactions to be included in the blockchain (thus effectively blocking some transactions), that's about it. They can NOT change/manipulate transactions, or spend bitcoins they don't have, or create more bitcoins out of thin air, or create illegal / invalid transactions, or anything else.

the only thing that can put a real threat to bitcoin would be a thing that will force to change its algo thus making the whole mining network useless until all machine will adopt, which isn't a thign that you can do in few hours

this can compromise bitcoin irreversibly

AFAIK having 51% of the network hashrate does not guarantee control of the network.
It simply implies that one has greater chance of solving a block instead of the rest 49%.
The other 49% though still has great chances of solving the blocks themselves.

As you can see here 21 Inc. has only 4% of the network hashrate yet they solve blocks too

Now, if an entity or group was to accumulate more than 51% of the network hashrate it would be in their best interest to actually use that power to solve most blocks and get the reward.
Remember, that they cannot control Bitcoins they don't own already, so, think about it, what would you do?

I Think blockchain hacking wouldn't be happened because they has highly securities. But even through any one day earth need's to collapse don't know maybe blockchain will be If it happens lot of Blockchain customers will see very huge lose.

Let, who ever is in doubt, ask the questions in the Newbie corner and it would be answered... If you have a theory and it's backed by facts, state it here and it would get discussed.

Let's not forget what this section is all about... discussions based on Bitcoin. It seems as though the OP of this thread, have a little bit of background on how things work, and let's give him the opportunity to

state his case... then we discuss that and get to some agreement on what is, and what is not possible.
 

From my experience, this community pick up on "strange" things very quickly... so if something like this should happen, the engineers would react very quickly and alerts would be send out.

No payment system is 100% fail safe... PayPal gets hacked... Credit cards are frauded and fiat get counterfeited... It's just the nature of things.. let's just accept that.   

OP. you obv. have only superficial knowledge about Bitcoin. You shouldn't start such topics until you have understand at least the basics:

https://en.bitcoin.it/wiki/Main_Page
This here is interesting, not only to understand Bitcoin:
https://www.youtube.com/watch?v=ZloHVKk7DHk

No it won't be, if you want to disprove me go ahead and hack it, a 51% control isn't hacking either. Bitcoin will be fine and especially with the huge amount of hashrate that it would require to come and try to take it over.