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.

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.

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.

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.

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..?"

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.

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

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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?

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.

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

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


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

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.

Bitcoin would never be hacked, maybe you are talking about the wallets, they can easily be hacked if you are a dumb who is always sharing your private key.
If you are not one of those, then why are you worried about that?
The only thing that could never be hacked are the paper wallets or the hardware ones.

how bitcoin hack ?? your wallet ? most of wallet can’t access to your security data so hacker can’t know your login information’s.

they can hack exchange site only.

I think there are quite a few other more likely outcomes that might severely affect Bitcoin rather than someone cracking up private keys due to imaginary protocol vulnerabilities. This is what you should talk about, not some remote events that most likely will never happen at all. In other words, many have tried, none succeeded so far. Obviously, if the keys are compromised, Bitcoin won't be usable and the price will tank immediately unless urgent measures are undertaken to avoid theft of the coins.

If Bitcoin gets hacked, then all Bitcoiners are done for. It's not like their money is covered under insurance since Bitcoin is unregulated in the first place.

What if the dollar hyperinflates.....

I bet that will happen first

If your scenario really happens,the largest panic selling wave in the cryptocurrency history will start.
I`m not that tech savvy and i don`t know is it possible to hack the bitcoin protocol.I thought that only exchange platforms and wallets can be hacked/cracked.Anyway,this question is asked here many times,so your thread is kinda pointless.Just read the old topics about it.   

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?