Topic: the blockchain will be hacked - page 4. (Read 4712 times)

the same thing is true about getting hit by a meteor


what bug are you talking about?
the only problem that i can recall was because of SPV mining which didn't generate any bitcoin out of standard for anybody!

This is not interesting.

To the best of our understanding it will not, baring 51 or technology we do not have yet. And these have been discussed a million times already.

Sollog aka sol adoni troll, is that you?

I like how you chose the word "eventually" for something that could never happen.

I'm getting a bit tired of your alarmist and ridiculous claims.

Perhaps consider learning a bit about how bitcoin actually works before you make grand statements that are clearly silly.

Here's a hint.  If you think your sentence needs multiple exclamation marks (!!!!), then you probably haven't taken enough time to learn about what you are saying.  It makes it sound like you think you just thought of a problem that nobody else has ever though of or discussed in the past 7 years of bitcoin's existence. A small amount of time with a decent internet search site (such as Google) will quickly allow you to read up on the thousands of conversations that have already occured on these topics.  That way you can make your own decisions based on knowledge rather than spouting off alarmist nonsense and waiting for someone to waste their time repeating old conversations in order to educate you.

Wrong

Miners are the nodes and wasn't nodes going down due to some states they were in are not node friendly.

Plus it doesn't matter how many nodes are writing to the public ledger as the stress test showed, the transaction volume choked it, there's plenty of nodes but the system wasn't designed to handle millions and millions of transactions in a day.

The type of OS and software and hardware you need to do mega million transactions a day are not the type of hardward most nodes run on.

The visa/mc system uses super computers and miners are not using super computers.

You want to play in the big leagues and handle MILLIONS of transactions, you need high end software and hardware, and the stress test showed it.

Try to download the public ledger now, it's huge and it's not even a busy day for visa or mc

Just see what happened when some minor volume in small transaction did to the whole node network by researching bitcoin stress test.

The only reason btc had huge potential was it was viewed by some to have global currency potential, it can't, nodes on minor league software and hardware all reporting to the same single public ledger cannot do MILLIONS of daily transactions, the stress tests proved that.

So btc as is, cannot grow into a global anything, it is now going to be a quaint footnote in history as the first attempt to use a public ledger and mass node network, but due to limitations of the design, it became obsolete.

The next crypto that might have a shot at global use, will have to have maybe a dozen regional super computers managed by a neutral group operating in literally a net above the net using a new type of crypto designed by AI level computers.

I've seen some proposals for this type of new crypto and it's all based on neutral super computers in a UN type of approved regions where 12 super AI level computers can track a global currency unit, it's gonna come from a centralized body like the UN not from some group with a fake name and no one to publicly present to the world why a global new currency unit is needed.

I've got years into btc, been taking it for years, I still take it today, only now I don't hold any of it, no long term growth IMO.

Opinions are like you know what, but my opinion comes with a .2% EXPERT RATING on Social Media.

Here's my credentials, I'm expert on quite a few things and bitcoin is one of them.

So it's been HACKED and the nodes can't handle a global demand, period, bitcoin is over but for now it can still be turned into fiat until a UN backed global crypto comes along with a global group managing it.

http://www.1growthhacker.com/images/bitcoinklout.jpg

i believe that there is no system is safe, so if the blockchain will be hacked
what would happen with our bitcoin? i think bitcoin is gonna worthless
and thats why there is no best supose to hack blockchain maybe hacker more prefer to hack exchanger.
But i think there are smart people that working behind blockchain and have been thinking about the risk if the blockchain would be hacked.

Well, there are many block chains and bitcoin is just one.  But if the bitcoin blockchain were hacked in a DDOS sense then it would be devastating blow to all crypto.  The thing is that it would take a monumental effort on the part of many hackers.  I just can't see that happening.

It's like saying the population of earth will be completely wiped out by nukes.  Possible? Yes.  Probable?  No.

If bitcoin is used by billions of people the number nodes will grow in proportion to the people using it. And bitcoin can still handle the transactions.

I have to agree that it is a impossible task. As someone said for any one group of person to control 51% is a task that will will prove very costly.

There was a bug in the early days that someone exploited to generate ridiculous amounts of Bitcoins. It was fixed very quickly and Bitcoin's still here. If a similar bug is found and exploited in the future it will do more damage because more people rely on Bitcoin today, but I expect it will be fixed very quickly and Bitcoin will survive it.

In my opinion the stress tests that resulted in the nodes coming to a crawl was a HACK, it showed the problem with a public ledger and minor volume.

You look at the big picture, Visa and Mastercard doing hundreds of millions of transactions a day.

A small amount of transactions compared to global CC transactions choked nodes so the system came to a crawl.

Now some want to point to the stress tests and say, we survived, others that understand it shake their head and say btc was exposed how fragile it is to just transaction volume, not total amount of coins but just minor transactions volume, who cares if it was cyber dust amounts being sent, etc, they sent minor transaction loads and the nodes took forever to process all those tiny transactions.

Now scale it up, a billion people with btc and they try to use the coins, and they put millions of transactions into the public ledger in an hour, choke, choke, choke, DIE.

Nodes can't handle global volume for a global currency, the stress tests proved that IMO.

Yet btc is still a quaint little internet currency type of thing, it has value, people use it, people support it, will it ever replace CC's? Nope the stress tests proved that.

The entire life of btc, the ledger hasn't done the transactions in number of actual transactions the big CC networks do in a day.

As soon as a group LEANED on it, it came almost to a halt, stress test was the HACK and btc failed.

What do I know? Let's see an expert top .2% ranking on #bitcoin on twitter, yeah I know nothing about bitcoin, yet in SM I'm top .2% of anyone talking about bitcoin. We covered the stress test lightly, didn't trash btc too much, but if you had a brain and read our articles on the stress test you understood it was a HACK and showed the Achilles heel to btc, the public ledger and high volume of actual transaction requests.

So in regards to the topic, will be hacked? WRONG

It was hacked by the stress tests and the volume problem with btc was fully exposed.

Couple of years ago I read a book outlining the stress test and the author explained the public ledger and volume transactions with independent nodes would be the way the system fails.

So the things that made btc, ends up being why it can't become a global type of currency that replaces stuff like CC's.

My 2 cents on if btc can be hacked is IT WAS when the stress test slowed the nodes down to quicksand speeds.

Did that ever get approved?

https://bitcointalk.org/index.php?topic=102355.0;all

Does that mean that million satoshi coins are expired?

Here is my take on it.  If I hack the blockchain, and do something nefarious (double spends, steal coins, or whatever), then the security flaw will be noticed pretty quickly.  So what happens?  I think that bitcoins quickly become worthless.  So there is no point to hack it, because there is no financial incentive.  This is why I think hackers are more likely to focus on hacking exchanges or individual's wallets in stead of trying to hack the blockchain itself. 

No it won't.

thank you for that. i will watch it.

http://statoshi.info/dashboard/db/unspent-transaction-output-set

UTXO expire after 1008 blocks if not incorporate in blockchain.

but then there wont be any people...

as for the blockchain being hacked i believe it wont happen as its nearly impossible to control half of the whole network for 1 human or company

No.

https://www.youtube.com/watch?v=ZloHVKk7DHk

Yeah... and on that day, people will be able to crack ECDSA on their wrist watch... so any of the old folks that didn't swipe their UTXOs for the last 100 years will be exposed to the now weak, ECDSA algo.

So remember kids... don't forget to swipe your wallets in the year 2525.