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Topic: What do you think Bitcoins biggest vulnerability is? (Read 551 times)

EdenHazard

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Quote from: Betwrong on October 06, 2019, 11:58:40 AM

The biggest vulnerability of Bitcoin lies not in Bitcoin itself, but in people who use it and who invest in it. Most of them don't understand(and don't have time to learn) how Bitcoin works, and so they are fast to believe in the "quantum computing threat" bullshit and such. I mean, firstly, quantum computing, if it ever happens, will be a threat to the whole world, not only to Bitcoin.

"The quantum computer could also break all the encryption keys on all the nukes in the world", as aantonop said in one lecture, so the possibility of breaking Bitcoin would be the last of our concerns.

Secondly, Bitcoin protocol can be upgraded to resist quantum computing attacks.

Yet, people read about the "quantum computing threat", and start selling like crazy.

There's no more bitcoin as the most secure cryptocurrency network... if there's for real a quantum supercomputer. That's the real big problem for the whole cryptocurrency ecosystem, idk if there's any statement backing with some facts that this quantum computer won't really break the blockchain...

It's seems everyone aware that this is inevitable, we just need to accept and prepare for the worst schemes (disclaimer : I have no intention spreading FUD)

The biggest and latest hot vulnerability for bitcoin is indeed the quantum computer.
Thoughts ? Any refutation on this?

darewaller

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Quote from: Rahib khan on October 05, 2019, 12:38:41 AM

What do you think Bitcoins biggest vulnerability is?

Technically, I really don’t see any, but fundamentally, I think they are the enemies around, the financial institutions, the banks and the government, as these are the people that bitcoin is really against for now, although not completely against them, but not okay with the financial services that they render to most of their people.

We have some governments that would do everything possible to actually make bitcoin to be less used, presently now, there is nothing that they can do again in the aspect of cryptocurrency, and they know they cannot generally control it, so the only way which some of them has been doing is to create their own national currency, and even with their national currency, there is still little chance of people using it because it is a centralized currency unlike bitcoin which a decentralized one.

skarais

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Quote from: Arsenyo on October 08, 2019, 04:34:13 AM

I do not consider governments or regulations as enemies of Bitcoin. I think the main vulnerability is user himself. Not bitcoin, but exactly people are involving bitcoin in illegal activities. Besides not everyone is acknowledge about how does it actually work. We still lose Bitcoin because of such trivial mistakes like wrong address input or losing private keys, seed phrases.

It seems very appropriate to say that the government will not be hostile to bitcoin and its circulation. But they are more synonymous with regulating and preventing abuse.
Violation is an individual or user error, not from bitcoin. It's just that the perpetrators of this abuse use bitcoin to carry out their wishes. I agree with this.

Arsenyo

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I do not consider governments or regulations as enemies of Bitcoin. I think the main vulnerability is user himself. Not bitcoin, but exactly people are involving bitcoin in illegal activities. Besides not everyone is acknowledge about how does it actually work. We still lose Bitcoin because of such trivial mistakes like wrong address input or losing private keys, seed phrases.

Rufsilf

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Quote from: Lmaooo on October 07, 2019, 05:10:16 PM

Quote from: Rahib khan on October 05, 2019, 12:38:41 AM

What do you think Bitcoins biggest vulnerability is?

I think there are two major vulnerabilities with bitcoin which are volatility and decentralization yet are what makes bitcoin sweet. without bitcoin price volatility and decentralization in nature, the governments around the world would never have an issue with bitcoin.

Bitcoin and crypto have this popularity because of the volatility effect of its price. It isn't surprising how it gains popularity pretty easy cause a lot of big investors have been involved in this growing market. Such vulnerabilities will remain until crypto isn't over and it much more volatile as I think if it was supported globally.

Kyraishi

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Quote from: Bitcoin Seller on October 06, 2019, 08:01:34 AM

Quote from: Ailmand on October 05, 2019, 10:21:47 AM

Quote from: Rahib khan on October 05, 2019, 12:38:41 AM

What do you think Bitcoins biggest vulnerability is?

Government would be bitcoins biggest enemy. Regulation prevents people from getting involved in crypto, thus preventing cryptocurrency's growth and adoptation. Some countries are skeptical and strict when it comes to their people getting involved to it due to scam and issue that crypto is used in illegal activities.

One of the biggest advantages of Bitcoin is that it is not controlled by any authorities, and this allows its users to remain anonymous, although their transactions are visible to everyone. The anonymity of the owners is a significant reason for the growth of Bitcoin in the last couple of years. However, it is also a vulnerability as this anonymity can also contribute to fraud and other crimes. If governments around the world introduce standards that make cryptocurrency difficult to trade, its price will drop.

I'm not sure if BTC could ever feasibly get owned by the government or another entity, it was made perfectly so no one can change the code, or increase/decrease the supply, as well as other factors that make it a decentralized package.

Maybe there is a world where a government/someone is able to obtain a large supply of BTC and then be able to control the market, or someone is able to create a fork that is more used then BTC, essentially killing it off. All unlikely, but possibilities.

Lmaooo

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Quote from: Rahib khan on October 05, 2019, 12:38:41 AM

What do you think Bitcoins biggest vulnerability is?

I think there are two major vulnerabilities with bitcoin which are volatility and decentralization yet are what makes bitcoin sweet. without bitcoin price volatility and decentralization in nature, the governments around the world would never have an issue with bitcoin.

AverageGlabella

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Quote from: Expecto on October 07, 2019, 04:10:27 PM

I think one of the biggest vulnerabilities of Bitcoin is security gaps. There were so many news about stolen Bitcoins. I think before all other problems, Bitcoin must try to fix its security gaps.

All vulnerabilities with Bitcoin have been patched and no Bitcoin was lost this is including the exploit which allowed someone to generate a lot of Bitcoins. What you are talking about is the exchanges and other online services which have been hacked which is not a problem in Bitcoin itself. It would be nice if we saw Bitcoin services with bank like security but even banks have been hacked in the past...

Darooghe

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Quote from: lobat999 on October 05, 2019, 05:03:22 AM

Also, we must consider one of its vulnerability as what SN had anticipated - a 51 percent attack at which point could become scary and a possibility once Governments try to intervene and dedicate their resources to it and take over the network.

I think people obsess far too much about 51 percent attack. it has some kind of attractive mystery to it that distracts people. If you're worried that someone might reorder history using a high hash-power collusion just wait longer before you consider your transactions final.

A far bigger risk to Bitcoin is that the public using it won't understand, won't care, and won't protect the decentralization properties that make it valuable over centralized alternatives in the first place. a risk we can see playing out constantly in the billion dollar market caps of totally centralized systems. The ability demonstrated by system with fake decentralization to arbitrarily change the rules out from under users is far more concerning than the risk that an expensive attack could allow some theft in the case of over-eagerly finalized transactions.

Expecto

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I think one of the biggest vulnerabilities of Bitcoin is security gaps. There were so many news about stolen Bitcoins. I think before all other problems, Bitcoin must try to fix its security gaps.

jakoylantern

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Quote from: Rahib khan on October 05, 2019, 12:38:41 AM

What do you think Bitcoins biggest vulnerability is?

For me, bitcoins biggest vulnerability is attack be the government sectors(prohibition and banning). Some countries already ban bitcoin and another cryptocurrency because of their reasons that bitcoin's giving the criminals vast anonymity in there transactions/ payments. Also, they don't like the capability of bitcoin. The other reason for bitcoins weakness is decreasing acceptance; if those huge companies stop support or accepting bitcoin, I'm sure the price rate will plummet.

DatKing

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I think Bitcoin's biggest vulnerability is governments. Governments can easily ban Bitcoin and prevent people to use it. So, Bitcoin usage will decrease by that and it will affect the price too of course.

Woodie

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i think lack of government backing is its main vulnerability as many people out there who use crypto were its not legalised use it in hiding.

Possibly the crypto ecosystem having many versions of bitcoin is also confusing and some consensus to put this to an end should come through!

qubitasic

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The most challenging thing will be:

When the privatekeys of the lost coins with no owners - 'shalecoins' https://bitcointalksearch.org/topic/bitcoin-as-shalecoin-5134441 - will be 'fracked'.
The first group will then sell all these coins because they will then know that it is possible to get the privatekeys and that others could 'frack' them. No matter what the BTC price, they will sell them.

There are more than 1,000,000 'shalecoins' with a 10+ billion US$ value. So we can expect that there are private groups who want/try to build a supercomputer.

https://bitcointalksearch.org/topic/the-most-challenging-thing-5166180

Wysi

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Quote from: pinggoki on October 07, 2019, 12:50:53 AM

Quote from: Rahib khan on October 05, 2019, 12:38:41 AM

What do you think Bitcoins biggest vulnerability is?

The only vulnerability I can think of is the restriction of government towards bitcoin that is why the transaction regarding with it is limited to those countries where crypto is available. This restrictions hold the bitcoin from being widely used across the world.

Yes the restrictions are the only vulnerability for bitcoin because the price fluctuation and volatility is the part of crypto world. I believe there are alternatives available to escape from the restrictions, on the other hand restriction will be there for all the crypto currency in those countries which does not entertain bitcoin so it's a collective issue which turn out to be vulnerable for the entire crypto market. True vulnerability is something which is created by whales wherein they can control the price to an extend.

pinggoki

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Quote from: Rahib khan on October 05, 2019, 12:38:41 AM

What do you think Bitcoins biggest vulnerability is?

The only vulnerability I can think of is the restriction of government towards bitcoin that is why the transaction regarding with it is limited to those countries where crypto is available. This restrictions hold the bitcoin from being widely used across the world.

abel1337

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Quote from: Genemind on October 06, 2019, 10:47:55 PM

I think the idea of being a government's threat and the bank's enemy is one of its vulnerability. If the government would see it as an asset I'm sure that there will be a massive adoption and Bitcoin could be used as a currency freely in every country. Volatility is its vulnerability and strength at the same time. The good thing is Bitcoin despite its weaknesses still able to rise and reach good popularity.

The government is scared to adopt bitcoin because of its volatility that will defeat the banks when it comes to the profit that the user takes. And we know that banks are connected to the government, thats why banks are trying hard to manipulate government decisions in order to not be legalized or to be introduced to the country. The worst thing is to ban cryptocurrency by the government.

Some countries accepted bitcoin and some didn't check it here : https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp

cryptozink

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Scammers. I can't wait for a universal policy to chase all those scammers and their scams out of town. Only then the billions of dollars getting spent on these scam ICOs and fake blockchain projects can come to the real projects. The 10% that will survive.

nasipadang

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If you talk about the biggest Vulnerability of being a digital currency "Bitcoin" it's easy like: anonym (many people don't like anonymity), fees become more expensive, price fluctuations tend to go down and some other features that make someone's perspective say the vulnerability of Bitcoin. here I realize that every time and every growth, the lack of bitcoin will always be different, so the point is that the lack of digital currency is very dependent on the perspective of many people and also the current market conditions.

Quote

An example from the perspective of different people can say that the biggest vulnerability to bitcoin will be different: Traders and Gamblers. Traders will say that the biggest disadvantage to bitcoin is that transaction fees or market place fees are getting more expensive. If the gambler is sure to fluctuate in prices that tend to decrease, changing the profit of the bet will go down.

Genemind

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I think the idea of being a government's threat and the bank's enemy is one of its vulnerability. If the government would see it as an asset I'm sure that there will be a massive adoption and Bitcoin could be used as a currency freely in every country. Volatility is its vulnerability and strength at the same time. The good thing is Bitcoin despite its weaknesses still able to rise and reach good popularity.

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