What if bitcoin got hacked - page 2.

rickadone

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Quote from: TERA2 on December 23, 2017, 01:40:29 AM

There's beed a lot of FUD and fun trading opportunities whenever something regarding the underlying bitcoin protocol occurs. We can always count on a nice bounce to trade or rescue us whenever this happens - because, well, nothing was really wrong. But what if it happened for real: Bitcoin stopped working compeltely and wasn't coming back up, or someone cracked EC and all the keys were compromised, etc. What would the trading chart look like? How fast would it go down? Would be there be any bounces? Where would the final bottom be? Draw a chart. Even if you made a good trade would the exchanges even let you withdraw fiat? Would they even be operating?

We can never say for now until such a scenario really happens for real. I am not sure such a thing can happen because if it really was to happen, then the MtGox issue would have been the end of bitcoin by now even though it took years for it to recover back from where it even fell from.

Some may give up in the process, while some would just take it as an opportunity to continue with the moment. However, in the scenario of bitcoin getting hacked, you should expect the craziest moment ever.

beerlover

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Quote from: TERA2 on December 23, 2017, 01:40:29 AM

There's beed a lot of FUD and fun trading opportunities whenever something regarding the underlying bitcoin protocol occurs. We can always count on a nice bounce to trade or rescue us whenever this happens - because, well, nothing was really wrong. But what if it happened for real: Bitcoin stopped working compeltely and wasn't coming back up, or someone cracked EC and all the keys were compromised, etc. What would the trading chart look like? How fast would it go down? Would be there be any bounces? Where would the final bottom be? Draw a chart. Even if you made a good trade would the exchanges even let you withdraw fiat? Would they even be operating?

Apparently, that is some event that is most unlikely to ever occur. We already know that it is going to be hard to even crack bitcoin and the only thing that has been perceived that could do that job would be some super computers which we know is not really much in existence and we should not expect bitcoin to remain the same as a lot would have even changed to beef up the security by then. Exchanges for now or some who are just careless are the ones that can get hacked, but the network, which is some huge impossibility.

Quote from: Wilhelm on December 23, 2017, 07:32:54 AM

What if the dollar hyperinflates.....

I bet that will happen first

I really bet that would happen first as well. It is about time anyway and I am sure we will end up having the craziest up rise in cryptocurrency ever than we have had before. Bitcoin getting hacked on the other hand simply look more like something that may not really be possible for now, and even if happens, it could probably cause some panic, but not like we won't end up seeing some resolutions except for some damages of course.

spiderbrain

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Ooh, great question. My guess is you would have insider trading, rumour, then the fall of death, into negative because why not, a final bounce, and finally everyone says, "yay, why didn't we ditch this legacy code ages ago..?"

Hell-raiser

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Quote from: btc2mars on December 25, 2017, 07:41:57 PM

Quote from: omonuyak on December 25, 2017, 07:34:04 PM

I will not pray for that to happen but, I think this is very possible, Bitcoin networks can be hacked and every body lose there hold. I have been trying to think that some person may be planning for this and once they lose they interest they will compromise they integrity and hack the system in other to destroy bitcoin.

OK - the next question is - how likely is that happening in 1 year's time, 2 years time, 3,4,5?

Personally, I don't think it is so much about compromising the whole blockchain and the keys that allow access to the money stored on it as about some nasty bugs that could potentially cause a lot of headaches on their own. I refer, for example, to bugs which can be introduced via updates to Bitcoin. Obviously, the possibility of these bugs springing up would depend on how often Bitcoin is to be updated in the future. If there are no updates, there will be no such bugs, of course.

btc2mars

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Quote from: omonuyak on December 25, 2017, 07:34:04 PM

I will not pray for that to happen but, I think this is very possible, Bitcoin networks can be hacked and every body lose there hold. I have been trying to think that some person may be planning for this and once they lose they interest they will compromise they integrity and hack the system in other to destroy bitcoin.

OK - the next question is - how likely is that happening in 1 year's time, 2 years time, 3,4,5?

omonuyak

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I will not pray for that to happen but, I think this is very possible, Bitcoin networks can be hacked and every body lose there hold. I have been trying to think that some person may be planning for this and once they lose they interest they will compromise they integrity and hack the system in other to destroy bitcoin.

TERA2

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Deb Rah Von Doom

Would you stop trying to debate the hypothetical premise and just draw the damn chart? This is about trading.

bitbunnny

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Bitcoin system or network can't be hacked, private keys can't be compromised. Either you don't understand how it's functioning or you just put the wrong question.
What can be hacked is your personal wallet or exchanger or other services where you keep your coins. But there are precausions which you can take to secure your coins. Like never to use exchangers as wallets, to pick hard wallet like Tresor, to use antimalware and similar.
Regarding security Bitcoin is one of the most secure systems that exist.

kaysersoze

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What do you mean by hacked? If there is another hack just like Mt Gox, it would be impossible for bitcoin to decrease by more than 10%.

When mtgox got hacked, it was almost the only exchange that was selling bitcoins, now there are more than thousands of exchanges who have bitcoin distributed.

Virtual miner

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Quote from: TERA2 on December 23, 2017, 01:40:29 AM

There's beed a lot of FUD and fun trading opportunities whenever something regarding the underlying bitcoin protocol occurs. We can always count on a nice bounce to trade or rescue us whenever this happens - because, well, nothing was really wrong. But what if it happened for real: Bitcoin stopped working compeltely and wasn't coming back up, or someone cracked EC and all the keys were compromised, etc. What would the trading chart look like? How fast would it go down? Would be there be any bounces? Where would the final bottom be? Draw a chart. Even if you made a good trade would the exchanges even let you withdraw fiat? Would they even be operating?

I think your basic assumption is wrong. It is certainly impossible to hack up a whole 144 GB of Bitcoin core and even if we think of such a situation all the private keys are stored in a single database like any other website. Its stored over thousands of different blocks. There is nothing like an ID and password to access all the keys present there. Even the miners don't know your private key. Then comes the second risk of cracking its also impossible as cracking even a single key is too difficult.

Imagining such a situation is purely hypothetical however if any such thing happens You will see the biggest crash ever.

Quote from: Wilhelm on December 23, 2017, 07:32:54 AM

What if the dollar hyperinflates.....

I bet that will happen first

Haha thats a good answer to such a hypothetical question hyperinflation of dollar is much easier than this as its actually controlled by just a few.

AjithBtc

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Lot of FUD gets spread around based on the security issues with bitcoin as well other altcoins that are available. Bitcoin gets hacked, because something associated with internet connectivity always has such risk. Overcoming the same is possible depending upon our own interest of making it more secure with different features available.

Hell-raiser

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Quote from: Syke on December 25, 2017, 12:06:32 PM

The hack would be investigated, then a fix would be implemented, and the miners would rollback the chain to right before the hack and continue on from that point. Bitcoin would recover. How do I know? It's basically happened twice before.

But when was it the last when Bitcoin's blockchain got rolled back? If my memory serves me right, the last time it happened was as back as in 2012 when Bitcoin was still in its early days and virtually no one knew anything about it apart from a few enthusiasts. If a rollback happens today and it is will be a few days rollback, it will wreak total havoc in the Bitcoin ecosystem. Fortunes will be made and lost in less than no time, and Bitcoin may not be able to recover after all.

Syke

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The hack would be investigated, then a fix would be implemented, and the miners would rollback the chain to right before the hack and continue on from that point. Bitcoin would recover. How do I know? It's basically happened twice before.

Faxmate

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Quote from: TERA2 on December 23, 2017, 01:40:29 AM

There's beed a lot of FUD and fun trading opportunities whenever something regarding the underlying bitcoin protocol occurs. We can always count on a nice bounce to trade or rescue us whenever this happens - because, well, nothing was really wrong. But what if it happened for real: Bitcoin stopped working compeltely and wasn't coming back up, or someone cracked EC and all the keys were compromised, etc. What would the trading chart look like? How fast would it go down? Would be there be any bounces? Where would the final bottom be? Draw a chart. Even if you made a good trade would the exchanges even let you withdraw fiat? Would they even be operating?

There is no possibility for bitcoin to be hacked because bitcoin is a digital currency and its very strong and secure then before it’s also a fact that bitcoin is decentralized but I believe that bitcoin have its own office where a lot of people are running this network so I think it’s very hard to hack bitcoin know very well all its forks and challenges in past bitcoin beat a lot of forks so this time aging if something goes wrong so they will not be success.

Wilhelm

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If ECDSA is hacked most encryption in the world is hacked.
Bitcoin would be worthless and so would all internet security.

If such a hack would be possible it would probably not be mainstream usable.

btcone111

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It could happen.
When that happens, BTC price would go to practically zero because its a decentralised market. Without a centralised organisational effort, it would be difficult to switch things back on and there would be absolute chaos. Maybe after a while, BTC could trade again but maybe its value would only be 0.1% of what it used to be.

TERA2

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Deb Rah Von Doom

It's hypothetical. I know it probably wont happen.

I just want someone to draw what the chart would like.

Like are there bounces? Does it look like the mtgox chart in 2014? Or is just one straight candle down to nothing? Is there a certain level where someone keeps buying no matter what?

minersday

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Bitcoin could never be hacked, maybe you meant that what could happen if a wallet gets hacked?

It can easily be done if someone exposes his private key on the internet, or just the encrypted private key, i have seen that a lot of times the newbies are confused and they post their private key instead of their address.

This creates a chaos, maybe they are not aware but in a near future they could be hacked too.

It does not make any sense with the real question of this thread

Quote from: Wilhelm on December 23, 2017, 07:32:54 AM

What if the dollar hyperinflates..... I bet that will happen first

RyNinDaCleM

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Legen -wait for it- dary

The protocol itself cannot be hacked. If a hacker infiltrates a single or even a group of bitcoin clients and changes the protocol on those computers, it would be seen by the network as a fork and not accepted by the rest of the network.
Wallets on the other hand, can be hacked, or at least brute forced "collisions" can happen. No need to get someone's passwords or physical wallet.dat. You can simply type in any acceptable combination of chars and gain access to any coins in the address (if any exist) that corresponds to that private key. Now, on that note, the likelihood of someone randomly guessing yours or anyone else's private key, is so astronomically low that it is virtually a non-issue. It would take a lot of time and computer resources to even find a private key that contains coins.

This is a good discussion on this.
https://steemit.com/bitcoin/@orionsbelt/how-many-bitcoin-addresses-are-there

Quote from: point

Let's see, 9x10⁵⁹ combinations, If I guess 100,000,000 combinations per sec ( = 10⁸ combinations per sec) it would only take about 9x10⁵¹ seconds.

Hmmm... 60 sec per minute x 60 min per hr x 24 hr per day x 365 days per year = 31,536,000 seconds per year. ( = approx 3x10⁷ sec/yr)

9x10⁵¹ seconds / (3x10⁷ seconds per year) = 3x10⁴⁴ years.

uh oh, I'll need to speed thing up a bit.

To try all combinations in 30 years, I need to check 9x10⁵⁹ / (30 years x 3x10⁷ sec/yr) = 10⁵¹ combinations per sec for 30 years.

Yikes!

edit, yes, if this became trivial to process, then Bitcoin ded. D. E. D. dead

European Central Bank

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everything would be toast. there would be no coming back from it. even if they migrated across to a new protocol you'd still need old private keys to redeem and they may be stolen, useless or compromised.

there wouldn't really be a market. exchanges would probably have to freeze trading and everyone without fiat wouldn't be covered for anything. technical annihilation must be in their terms and conditions somewhere.

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