Topic: What if bitcoin got hacked (Read 485 times)

There is no chance of hacking that someone will hack bitcoin is not a week currency it’s such a strong and powerful currency in market bitcoin know very well how to face challenges because when bitcoin faced a ban from china and also from Indonesia so the way bitcoin fight against then I can believe it bitcoin can handle a tough satiation and you can the current price of bitcoin its unstoppable now and it’s hard to defeat bitcoin.

I came across this article about quantum computing..thought it was relevant.

http://nautil.us/blog/-how-classical-cryptography-will-survive-quantum-computers

"For a general search problem, such as trying to find the key to a secret code by trying all of them, quantum computers are expected to have quadratic speed-up. For example, the Advanced Encryption Standard, approved by the United States government, has up to 2*256—or about a 1 followed by 77 zeros—keys. A quantum computer could make that same search as if there were only 2*128 keys—about a 3 followed by 38 zeros. On the one hand, that’s a lot faster. On the other hand, it’s still an awful lot of searching to do."

"The factoring problem falls into a category known as “hidden subgroup problems.” A group is a particular type of mathematical structure and a hidden subgroup is another structure inside it unknown to the codebreaker—in the factoring example, the product produces the group and the unknown factors produce the hidden subgroup. On hidden subgroup problems, quantum computers are predicted to get exponential speed-up. Factoring is faster than searching to begin with, so an ordinary computer could factor a number of size 2*15360 in the time it takes to search 2*256 keys. But a quantum computer could factor that same number in more like the time it takes to search 20,000 keys. That’s an enormous speed-up. It would pretty much destroy RSA, and the situation is similar with all of the other public-key systems currently in common use."

"Research is also being done into what is often called post-quantum cryptography, although a more precise name might be quantum-resistant cryptography. These are systems running on ordinary computers but based on problems that are not in the hidden subgroup category. These problems include solving systems of multivariable polynomials, finding the shortest distance from a point to an n-dimensional skewed grid of other points, and finding the closest bit string to a set of other bit strings."


Encryption is here to stay and will only grow more robust over time.

BTC cannot be hacked.  To hack BTC a computer would have to outpace all the systems in BTC blockchain network and figure out the private key for the transaction. Which is practically impossible because, if it hasn't occurred to you yet that BTC is pretty popular and there isn't just enough muscle power with anyone to do that faster than them. And those do that are called miners. They get BTC in return to process your transaction. If you're talking about wallets well they can be hacked, but some altcoins are working on creating anonymous wallets. Until then chose wallets carefully.

Seriously , it is hard to think that  Bitcoin will be hacked because his most advantage   is the security principally for the wallet. and is true that there are many governments want  to disappear this currency for their own interests because of the crisis for the economy of many countries ,there are also difficulties with their currencies.
Furthermore, if this big problem will happen to bitcoin there will be significant consequences and  this affects negatively for all cryptocurrencies and moreover there will be a  panic to all users of it.

Topics like this appear quite often, because bitcoin very popular. And many hackers want this money. But bitcoin is secure system so money depends from you! Just be careful!

With the absolute bitcoin technology, it is the most secure currency ever, and it will never be attacked. However, instead of hacking into bitcoin, the hacker could attack all of the bitcoin-related data sources, which is like a flaw that many hackers are doing.

Bitcoin cant be hacked, because for that, the hacker would need to infect all computers running nodes.

I think those hacker will not wasting their time to hack the bitcoin or whole blockchain since they use it when everytime they get their money from hacking atm as sample and they can use the bitcoin mixers to clean the money they got from hacking so if they are planning to hack bitcoin they will think that they wasted the opportunity to clean their money from stealing or hacking because of anonymity That is why bitcoin still alive.. Its just my own theory or maybe there  are other reason why bitcoin still alive.. If they made a computer which is can bruteforce faster than 10 super pc maybe they can brute force onl passwords or like the other said private keys or seeds..

What's been hacked is hacked forever. However hard we try we cannot get it back, until the hacker himself show grace upon us. Even with bitcoin we cannot go and complain somewhere for a legal support, because if being decentralized in its functioning.

Since there is alternative coins bitcoin will eventually vanish if it will be hacked successfully, an urgent hardfork is not a thing to consider, there is a lot of coins there so technically if it ever happens users will completely give up on bitcoin and trust another coins from alternatives.

If bitcoin codebase will be hacked or there will be invention of something that is capable to brute force bitcoin address and get its private key, bitcoin can remain alive with urgent hardfork which will be more secure and it will be supported by almost every bitcoin holder + supports and might get activated within next few days.

But during those days, yes market might crash hard because of huge panic.

Here! You would be paying me to take your coins if sha2 was broken

Theres still no chart here

If your computer got hacked by malware, your password will be got hack.
Usually it happen when you're using fake MEW wallet that give somekind of  phising link.
That's just an example since there will be more way to hacked bitcoin especially when bitcoin value keep increase from time to time.

Just make sure that your computer keep clean from any viruses , etc

Well i dont see a scenario where this happens but in everything impossible theres always a sloght possibilty of it been possible, so if Bitcoin really gets hacked that would surely cripple the cryptocurrency world because investors might stop investing in other crypto’s with the fear that if Bitcoin ( The strong hold of cryptocurrency ) could fall then others getting hacked wont be a problem

Moore's law - simple as that

I don't understand your statement. How could BTC get hacked?

Good to know current banking systems also use SHA256.
Another question is, when would quantum computer be good enough to crack it.
Was reading news the other day where IBM aims to sell quantum computers in a few years time.

Yeah, if it did happen, that would really be messy. The reason why a lot of wannabe investors are still scared is because they believe that one day such a thing could happen but so far, until we really get to the phase of the time when super computers would have become rampant, then this is something that we may not really expect to happen and by then I am sure even the devs would have worked on the protocol to be anti-hack able by super computers.

For Bitcoin to be hacked, the entire banking system could be hacked (not to mention the military). They use the same encryption.

Why would the hackers go after Bitcoin's billions and leave the banks' trillions alone?

If someone can figure out an exploit to hack either system, both will cease to have any meaning so it's a moot point.