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re: Why bitcoin is worse than a Madoff-style Ponzi scheme
Posted on 12/24/21 at 12:55 am to TigerTatorTots
Posted on 12/24/21 at 12:55 am to TigerTatorTots
[quote]Can Bitcoin be hacked? No [/quote
LINK
“Once hailed as unhackable, blockchains are now getting hacked
More and more security holes are appearing in cryptocurrency and smart contract platforms, and some are fundamental to the way they were built.
by Mike Orcutt February 19, 2019”
“In total, hackers have stolen nearly $2 billion worth of cryptocurrency since the beginning of 2017, mostly from exchanges, and that’s just what has been revealed publicly. These are not just opportunistic lone attackers, either. Sophisticated cybercrime organizations are now doing it too: analytics firm Chainalysis recently said that just two groups, both of which are apparently still active, may have stolen a combined $1 billion from exchanges.”
“We shouldn’t be surprised. Blockchains are particularly attractive to thieves because fraudulent transactions can’t be reversed as they often can be in the traditional financial system. Besides that, we’ve long known that just as blockchains have unique security features, they have unique vulnerabilities. Marketing slogans and headlines that called the technology “unhackable” were dead wrong.
That’s been understood, at least in theory, since Bitcoin emerged a decade ago. But in the past year, amidst a Cambrian explosion of new cryptocurrency projects, we’ve started to see what this means in practice—and what these inherent weaknesses could mean for the future of blockchains and digital assets.”
LINK
“Once hailed as unhackable, blockchains are now getting hacked
More and more security holes are appearing in cryptocurrency and smart contract platforms, and some are fundamental to the way they were built.
by Mike Orcutt February 19, 2019”
“In total, hackers have stolen nearly $2 billion worth of cryptocurrency since the beginning of 2017, mostly from exchanges, and that’s just what has been revealed publicly. These are not just opportunistic lone attackers, either. Sophisticated cybercrime organizations are now doing it too: analytics firm Chainalysis recently said that just two groups, both of which are apparently still active, may have stolen a combined $1 billion from exchanges.”
“We shouldn’t be surprised. Blockchains are particularly attractive to thieves because fraudulent transactions can’t be reversed as they often can be in the traditional financial system. Besides that, we’ve long known that just as blockchains have unique security features, they have unique vulnerabilities. Marketing slogans and headlines that called the technology “unhackable” were dead wrong.
That’s been understood, at least in theory, since Bitcoin emerged a decade ago. But in the past year, amidst a Cambrian explosion of new cryptocurrency projects, we’ve started to see what this means in practice—and what these inherent weaknesses could mean for the future of blockchains and digital assets.”
This post was edited on 12/24/21 at 1:05 am
4
Posted on 12/24/21 at 6:41 am to EA6B
Bitcoin, as in the blockchain ledger, cannot be hacked with current computing power. Quantum computers may have that ability some day, but people are already working on ways to update the cryptography to be quantum proof.
The bitcoin network can theoretically be taken over with a 51% attack, but the odds of that happening are less and less with each passing day.
Personal bitcoins can be stolen through exchange exploits or phishing scams. Mt Gox being the most famous.
Other cryptocurrencies have vulnerabilities, through smart contract exploits, but those exploits are specific to those smart contracts and not the blockchain themselves.
The bitcoin network can theoretically be taken over with a 51% attack, but the odds of that happening are less and less with each passing day.
Personal bitcoins can be stolen through exchange exploits or phishing scams. Mt Gox being the most famous.
Other cryptocurrencies have vulnerabilities, through smart contract exploits, but those exploits are specific to those smart contracts and not the blockchain themselves.
Posted on 12/24/21 at 11:03 am to EA6B
stealing from an exchange doesn’t mean the Bitcoin network had any vulnerability at all. It means the exchange had a security issue. Nobody has ever had their BTC stolen from a cold wallet that didn’t expose their recovery seed to bad actors. People that equate theft from an exchange to the network somehow having a security issue often have no idea what they are talking about.
And I’d add if SHA256 did have a vulnerability that could be exploited to defraud the network, you might want to check that your bank account is still secure because the SHA2 class of hash functions form the basis of much of how we ensure secure connections on the internet today.
And I’d add if SHA256 did have a vulnerability that could be exploited to defraud the network, you might want to check that your bank account is still secure because the SHA2 class of hash functions form the basis of much of how we ensure secure connections on the internet today.
This post was edited on 12/24/21 at 11:09 am
Posted on 12/24/21 at 2:48 pm to EA6B
Bitcoin has never been hacked in its 12 year life. The question was about bitcoin. Your article says “blockchains”
Posted on 12/24/21 at 3:21 pm to EA6B
Centralized VC projects get hacked. Bitcoin does not.
To me that is the long term question. Does the original idealistic dream of bitcoin win or do we just chase fiat gains under the guise of “better technology”.
Super simplistic summary but that is the debate going on now from what I can tell. Jack and Bitcoin maximalists vs the VC crowd of the likes of Marc Andreessen. Perhaps both can coexist is Bitcoin is relegated to just a store of value. We’ll see. Going to be interesting that’s for sure.
To me that is the long term question. Does the original idealistic dream of bitcoin win or do we just chase fiat gains under the guise of “better technology”.
Super simplistic summary but that is the debate going on now from what I can tell. Jack and Bitcoin maximalists vs the VC crowd of the likes of Marc Andreessen. Perhaps both can coexist is Bitcoin is relegated to just a store of value. We’ll see. Going to be interesting that’s for sure.
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