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Posted on 12/23/21 at 9:41 pm to Dawgfanman
quote:You watch too much television and have already forfeited your right to independent thinking. The government loves you. Keep up the good work…
You severely underestimate the ability of govts to impose their will on you
Posted on 12/23/21 at 10:35 pm to tigerpawl
quote:
You watch too much television and have already forfeited your right to independent thinking. The government loves you. Keep up the good work
What? Recognizing the power of the leviathan doesn’t mean bowing to it..the federal govt is evil and can crush you at will. Nothing is safe or out of their reach except your thoughts and soul
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
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 7:28 am to tigerpawl
quote:
Huh? They could make it illegal
How?
New law:
2022 Spring: a mass shooting event happens. Turns out the shooter was paid to kill people with Bitcoin.
2022 Summer: Media runs 24/7 stories about murderers and drug dealers using cryptocurrency to circumvent the law
2022 Fall: Congress passes a law to ban all cryptocurrency with minimum years long jail sentence for anyone caught possessing Bitcoin and even heavier fines for trading it.
2022 winter: President creates a new executive agency dedicated only to cracking down on cryptocurrency. A few strategic people are targeted and very publicly arrested and thrown in federal prison.
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 11:11 am to Nguyener
I think it’s more likely the US adds BTC to its treasury reserves strategically than they are to ever entertain a ban. With the rate of adoption crypto is seeing, a ban would not be politically viable and would prove about as fruitless as the “War on ____”.
Posted on 12/24/21 at 11:20 am to Nguyener
quote:
Turns out the shooter was paid to kill people with Bitcoin.
why would you pay to kill someone over a trackable public ledger?
Posted on 12/24/21 at 11:21 am to Ross
reading this thread is a good case study that we are still early. half the people on the money board still don't even understand what it is 
This post was edited on 12/24/21 at 11:22 am
Posted on 12/24/21 at 11:34 am to rocket31
quote:
reading this thread is a good case study that we are still early. half the people on the money board still don't even understand what it is
True. I was one of those for a while but lurked a long time. Anyone ever have nightmares about losing recovery codes?
Posted on 12/24/21 at 11:36 am to Billy Blanks
yea i lost keys in 2017. so dont do that.
This post was edited on 12/24/21 at 11:37 am
Posted on 12/24/21 at 11:44 am to Ross
quote:
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 at 11:09 am
The security of my bank’s internal communications are not my concern. Federal banking regulations, insurance, and the reputation of the institution provide protection of my assets.
Posted on 12/24/21 at 11:47 am to Ross
quote:
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.
They know they no longer have their assets, and there is little recourse, everything else is jut semantics.
Posted on 12/24/21 at 11:48 am to Nguyener
quote:
2022 Spring: a mass shooting event happens. Turns out the shooter was paid to kill people with Bitcoin.
silk road was their big shot at this - founder rots in jail while crypto rages on
quote:
2022 Summer: Media runs 24/7 stories about murderers and drug dealers using cryptocurrency to circumvent the law
some outlets may do this as fear porn - sure
quote:
2022 Fall: Congress passes a law to ban all cryptocurrency with minimum years long jail sentence for anyone caught possessing Bitcoin and even heavier fines for trading it.
Considering the SEC just approved Bitcoin futures ETF, and trading competitors as close as Canada even have Bitcoin spot ETFs - this is basically impossible at this point
quote:
2022 winter: President creates a new executive agency dedicated only to cracking down on cryptocurrency. A few strategic people are targeted and very publicly arrested and thrown in federal prison.
you see - this part could/would happen without the law. we have allowed Presidents to rule by decree/executive order so I could actually see this happening - even though it would NOT have the power of law behind it. They can accuse you - right now - of basically anything using words like "conspiracy to" and "wire fraud" - and freeze your bank accounts and all access to capital. So you're right on the button here, they will HAVE to physically lock you up AND deny you of all basic human rights to deprive you of blockchain assets given the nature of their existence.
Oh, and this is the IRS defined.
Final Thought: They cannot control it, they can only try and regulate/tax it/fearmonger it into oblivion. Then, the exodus from citizens to other more free and democratic countries will CONTINUE to accelerate. The fall of Rome, baby.
This post was edited on 12/24/21 at 11:52 am
Posted on 12/24/21 at 11:55 am to Ross
quote:
I think it’s more likely the US adds BTC to its treasury reserves strategically than they are to ever entertain a ban.
Only by civil asset forfeiture, or hacking the exchanges, would this happen in the US.
Their big master plan is the Digital Dollar - which boomers will think can "compete" with crypto but ultimately all it will do is allow dollars to compete on the blockchain rails being built by the revolutionaries now --- and the PLAN is to basically take the banks out of the equation and build this digital dollar relationship directly with you the "citizen" (dystopian nightmare - but look at the appointees to key currency/treasury positions)
Posted on 12/24/21 at 12:37 pm to EA6B
quote:
They know they no longer have their assets, and there is little recourse, everything else is jut semantics.
where you choose to host your Bitcoin is not just semantics. You thinking it is tells me you are either being deliberately obtuse or don’t know much about this space.
If you trust a third party to host your assets and that third party fails you, that doesn’t mean anything is wrong with the asset, or for a digital asset on crypto rails it doesn’t mean there is any fault with it’s underlying network; it means you chose poorly with the the third party. The failure of a third party assuredly doesn’t mean the network itself has a fault.
If you self-custody and protect your recovery seed, you can be as absolutely guaranteed as with anything else on Earth your assets will never be confiscated. This is because the Bitcoin network is the most secure network humanity has ever created.
This post was edited on 12/24/21 at 12:47 pm
Posted on 12/24/21 at 12:55 pm to rocket31
quote:
reading this thread is a good case study that we are still early. half the people on the money board still don't even understand what it is
100%
If a significant number of people are this far behind on Bitcoin I think investing in Web3 protocols might be the closest thing to a moonshot right now.
This post was edited on 12/24/21 at 12:56 pm
Posted on 12/24/21 at 2:38 pm to Ross
quote:
This is because the Bitcoin network is the most secure network humanity has ever created.
Similar claims were made about RSA encryption.
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”
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