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Topic: Why nobody can hack blockchain (Read 178 times)

staff
Activity: 3248
Merit: 4110
January 14, 2021, 08:01:41 PM
#11
Not every blockchain is invisible. There's been 51% attack on Ethereum Classic (ETC), Feathercoin (FTC), Bitcoin Gold (BTG), Vertcoin (VTC) and Verge (XVG).
Although, there's ways of disrupting the network such as the implied 51% attack, it doesn't really effect the Blockchain, especially not long term. As suggested, the Blockchain is merely a public ledger, which stores information that's broadcasted to it. That's all. The 51% isn't a hack either, its more of an attack to disrupt the network, although its not a very feasible attack for the long term.

Although, your point is somewhat true. Altcoins, and generally lesser known blockchains are more likely to suffer form 51% attacks, due to the fact that there's less devices contributing to the hashing rate.
legendary
Activity: 2520
Merit: 2853
Top Crypto Casino
January 14, 2021, 07:53:09 PM
#10
Whereas unfortunately centralized digital exchanges get hacked more than they should, decentralized blockchain hacks are very rare, as they are hard to achieve and provide little incentive to carry out.
You are confusing blockchain with dapps. I believe by decentralized blockchain you meant decentralized exchanges which are dapps (decentralized applications) that are built and run on blockchains.
Dapps can be hacked too if they were poorly coded and millions of dolars were lost/stolen due to smart contracts vulnerabilities.

Hackers tend to attack exchanges and crypto users rather than the blockchain itself.
hero member
Activity: 1148
Merit: 555
January 14, 2021, 06:30:36 PM
#9
Not every blockchain is invisible. There's been 51% attack on Ethereum Classic (ETC), Feathercoin (FTC), Bitcoin Gold (BTG), Vertcoin (VTC) and Verge (XVG).
legendary
Activity: 2954
Merit: 2145
January 14, 2021, 05:37:34 AM
#8
Blockchain can be hacked, any software can have flaws. Even Bitcoin had some nasty bugs in the past, like the infamous inflation bug. Or look at Ethereum - its ecosystem gets hacked all the time - DeFi hacks, the DAO hack, smart contract hacks, etc.

And then there's 51% attack and other attacks like the Sybil attack - the only defense against them is having a big network, which most blockchain don't have. They too are a type of hacking.
hero member
Activity: 1344
Merit: 540
January 13, 2021, 05:53:30 AM
#7
I think it is is going to be an attack on blockchain, the term should be 51% attack and not hack.

Meaning a rouge miner/s who have the majority of the hashing power to start a new blockchain, and then can do double spend.
legendary
Activity: 2506
Merit: 3645
Buy/Sell crypto at BestChange
January 13, 2021, 05:21:17 AM
#6
Stay away from using news sites (CMC, coindesk,...etc,) profitability and other sites as a source of technical information, most of the information on them aims to get more clicks, a lot of information from incorrect sources and part of it contains a lot of errors.

A blockchain is a database that is updated decentralized by the contract and not centralized to be hacked as it happens in banking databases and social media.
sr. member
Activity: 1526
Merit: 412
January 13, 2021, 02:09:59 AM
#5
What's with the colors? This is a forum discussion and not a blog so you should just keep it simple. You can use colors like Red for warnings and black for anything else.

... I can't say that there are lesser users getting hack in decentralized exchange for there are still reports and cases that users using decentralized exchange were getting hack.
If a supposed DEX is hacked then it's not a true DEX but a P2P platform that runs on centralized servers. LocalBitcoin is one example.

....Since when coinmarketcap.com became a "source"?
I haven't noticed it until now. They have a feature "Learn" and it's probably added when Binance bought Coinmarketcap. They are turning it to another "Binance Academy".



legendary
Activity: 3444
Merit: 10558
January 13, 2021, 01:33:57 AM
#4
Blockchain is just a database, or more accurately a chain of blocks. There is nothing to hack in a blockchain. What hackers attempt to hack is the cryptocurrency that uses this database, the wallets, user accounts, etc.
Since when coinmarketcap.com became a "source"?
legendary
Activity: 1512
Merit: 4795
January 12, 2021, 08:44:41 AM
#3
To hack blockchain is possible, if you specify the blockchain will be different, like the Bitcoin Blockchain, it is impossible to be hacked, as the hashrate generated by miners is also increasing, it is getting more impossible to hack Bitcoin Blockchain. But, there are many cryptocurrencies with individual blockchain. There have been blockchain that were hacked in the past, like the Bitcoin gold and ethereum classic, their blockchain suffered 51% attack in the paste in which their blockchain were compromised. Also, new coins with little hashrate generated by miners can suffer 51% attack. But, unlike Bitcoin blockchain which can not suffer 51% attack.

About centralized exchanges, they are often hacked, that is why we should not leave our bitcoin and other funds on exchanges, we should leave it on noncustodial wallet, especially hardware wallets. Custodial exchanges even do not generate private keys for their customers, which is another reason we should not have the funds we are not trading with on exchanges. Not your key not your coin.
full member
Activity: 686
Merit: 125
January 12, 2021, 08:40:29 AM
#2
Centralized exchanges can easily get hack because of the ease of access in their wallet or site just by forcing into your password making you disclose it unknowingly with the use of phishing apps, sites and the likes. Centralized exchange are usually targeted due to the fact that many are using centralized exchanges. I can't say that there are lesser users getting hack in decentralized exchange for there are still reports and cases that users using decentralized exchange were getting hack.
 
When it comes to blockchain there is an attack that had been made called as the 51% attack to blockchain. Probably an attack made to blockchain by copying its data 51% and try to alter it but I think it was not successful. IDK, correct me if I am wrong.
full member
Activity: 700
Merit: 182
January 12, 2021, 08:04:38 AM
#1
A common mistake that new cryptocurrency investors make is to confuse the hacking of a blockchain with that of a digital exchange. Whereas unfortunately centralized digital exchanges get hacked more than they should, decentralized blockchain hacks are very rare, as they are hard to achieve and provide little incentive to carry out.

In this post, we look at what makes blockchains — as applied in the cryptocurrency sector — impervious to security breaches.


Source by coinmarketcap :
https://coinmarketcap.com/alexandria/article/why-nobody-can-hack-a-blockchain

 
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