Bitcoin is really crazy, i suspect it's still a great time to buy it - page 2
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Bitcoin is different from traditional banks please study the cryptography involved and you will find that you can download the blockchain and attack it offline which differs a lot from trying to hack into some online traditional banking portal.
Luckily the numbers are so large that it won't happen overnight, if it will ever happen because the math involved is close to as much possibilities as there are atoms in the visible universe.
The only possible attack is a 51%+ but still it didn't happened, open source is the key to all this security, anyone who uses linux knows what i'm talking about, regarding to safety, the only problem with bitcoin is competition, there are other cryptos coming up, with more adaptability to new changes, like zchash, dash, etc. Because people will always use the better coin, it's Gresham's law
The only possible attack is a 51%+ but still it didn't happened, open source is the key to all this security, anyone who uses linux knows what i'm talking about, regarding to safety, the only problem with bitcoin is competition, there are other cryptos coming up, with more adaptability to new changes, like zchash, dash, etc. Because people will always use the better coin, it's Gresham's law
No that is not true.
I just told you that it's possible to attack the blockchain offline, this has got nothing to do with a 51% online attack.
There are many ways to attack Bitcoin, and it is being done as we speak.
Only time will tell if it was designed properly or not.
The main problem of the Cryptos is not the technology! The blockchain technology will remain as it allows two partner that do not know each other to make a deal. And this will make certain financial institutions superfluous!
And it is even not the hacker: Why trying robbing a bank when you can found a bank (keyword Mt.Gox!), Dürrenmatt?
The problem is what Thomas Peterffy founder of Interactive Brokers said.
Well i'm not sure how you can say it isn't the hacker...
When your funds are stolen and the system proves to be insecure, then it will lose all of it's value instantly.
So, of course it is the hacker.
Yes it is easy to steal coins from victims that take too much risk like trusting third parties, but this is not the same thing as a hacker that is cracking the cryptography involved, which has been said to be impossible to crack, many times by many people.
Bitcoin is different from traditional banks please study the cryptography involved and you will find that you can download the blockchain and attack it offline which differs a lot from trying to hack into some online traditional banking portal.
Luckily the numbers are so large that it won't happen overnight, if it will ever happen because the math involved is close to as much possibilities as there are atoms in the visible universe.
attack the blockchain offline? you do understand that blockchain is a distributed ledger and attacking it will involve not just your local copy but millions of it's copies running on different nodes everywhere in the world, yes?
Again the problem is not the hacker of the blockchain, as jasdeep89 said, but either that tokens can be stolen or can be lost e.g. by a bug in the system! Ethereum losts 300 Million thisa way. (Let Google translate this article)
Again the problem is the hacker of the blockchain.
As soon as the cryptography involved is cracked, no bitcoin in the world will be safe.
And when that happens, it will lose all of it's value.
attack the blockchain offline? you do understand that blockchain is a distributed ledger and attacking it will involve not just your local copy but millions of it's copies running on different nodes everywhere in the world, yes?
Do you understand that you can have a local copy of the blockchain with every transaction ever involved and that you can attack this copy offline ?
Is it hard to understand that everything you need is in there ?
It's like when i give you a physical lock, and you have all the time in the world to play with it and see if you can open it somehow.
The problem is the hackers.
There are always things, that the designer had not taken into account...As long the majority of the blockchain-users do not want to hack it at the same time and in the same way, this system should be safe. (As I understand this system...)
The encryption refers to the wallets. Maybe therefore it makes sense to change the wallet from time to time?!...
Here is an interesting link (sorry - in German): https://www.heise.de/ct/artikel/So-funktioniert-die-Kryptowaehrung-Bitcoin-3742304.html?seite=1
"Ein Angreifer, der das System manipulieren wollte, müsste mehr Rechenleistung aufbringen als alle ehrlichen Teilnehmer des Systems zusammen."
Translation:
"Somebody who wants to manipulate the system would need more computing power than all the honest participants in the system."
As long the majority of the blockchain-users do not want to hack it at the same time and in the same way, this system should be safe. (As I understand this system...)
The encryption refers to the wallets. Maybe therefore it makes sense to change the wallet from time to time?!...
Here is an interesting link (sorry - in German): https://www.heise.de/ct/artikel/So-funktioniert-die-Kryptowaehrung-Bitcoin-3742304.html?seite=1
"Ein Angreifer, der das System manipulieren wollte, müsste mehr Rechenleistung aufbringen als alle ehrlichen Teilnehmer des Systems zusammen."
Translation:
"Somebody who wants to manipulate the system would need more computing power than all the honest participants in the system."
Yes that is when they want to take the coin hostage by taking over 'almost' the entire network.
But there can be others ways too, it seems many people will realize that they hadn't thought about these, when it finally goes down.
There is a difference between reading about and understanding how the technology works, and approaching it hands on from a command line...
Or a Python shell for that matter.Yes that is when they want to take the coin hostage by taking over 'almost' the entire network.
But there can be others ways too, it seems many people will realize that they hadn't thought about these, when it finally goes down.
There is a difference between reading about and understanding how the technology works, and approaching it hands on from a command line...
Or a Python shell for that matter.
So - you know a way to hack it? ;-)