Bitcoin Forum

Well, sort of. 

Bitcoin Gold was 51% attacked - apparently successfully.  This is very important.  While not exactly Bitcoin, it is a kind of Bitcoin.  And it was hacked. 

We can no longer argue Bitcoin is unhackable.  51% attacks are real and possible.   $18 million stolen.  It can be done. 

The US government could probably put into place enough hashpower very quickly.  The new 7nm process could be bought by someone and get a shitload of competitve hashing up and running.  It is possible.   

My conclusion: Bitcoin can be hacked.

It appears Bitcoin Gold (BTG) has been double spend attacked over and over again, totalling something in the neighborhood of $18 million at current prices. BTG forums seem to have been tracking the hack, going as far back as last week, monitoring the controversial coin’s hashrate, ultimately determining a 51% attack was under way.

https://news.bitcoin.com/bitcoin-gold-hacked-for-18-million/

We all know that bitcoin can also be a target of such an attack--it's not even far-fetched as of this moment if all big miners collaborated and replicate what happened to Bitcoin Gold. However, due to Bitcoin Gold being a relatively smaller coin compared to its giant brother. such attacks are easy to perpetrate knowing that there isn't much hashing power directed in mining the coin. Also, why would the miners do such knowing that the mines they'll coin might lose value tragically overnight once people found out about the double-spends?

This is a very sad news. I thought being a decentralized cryptocurrency meant it was almost impossible for a coin to get hacked. This news can cause a real FUD and meltdown on prices as investors will begin to panic.

Nothing surprising. No one said that Bitcoin can't suffer a 51% attack. In fact, its just outright listed as one of the possible attacks that Bitcoin can suffer. It doesn't constitutes to a hack, by definition. It doesn't involve someone else gaining access to any unauthorised system.

The criteria for someone to execute a 51% attack is to obviously have at least 51% of the hashrate. With Bitcoin Gold, their hashrate is still relatively small.  Just because some other coin has a similar name to Bitcoin, it doesn't mean that it is Bitcoin. 51% attacks are still far too expensive to execute for Bitcoin as compared to altcoin. This post is just spreading FUD.

And what is actually new? And before that it was known. It will not provoke anything. Although bitkoyn and so it is at the bottom and seemingly does not plan to get out)

I posted a topic about this in the altcoin section

https://bitcointalk.org/index.php?topic=4197414.msg38342295#msg38342295

Whoever it is went after exchanges prompting them to increase the amount of confirmations they require.

If Bitcoin can be hacked they would have go for it instead of BCG, I'm not saying that it can't be have but i'd rather i can be hack but almost impossible. what about inside job? maybe someone in the team got carried away.

I think it is quite impossible that bitcoin can be hacked, because the technology that bitcoin has is very tested for security. I do not know what kind of system or technology that bitcoin has but I know to get to the point where finding the right bitcoin algorithm is very tiring.
unlike the case with Bitcoin Gold, which I know Bitcoin Gold technology is lower than Bitcoin. but this is a very shocking event.

In other news, we know people can pick locks, therefore all bank vaults are no longer safe.

Just because it is possible doesn't mean anything. It's possible the world could explode tomorrow.

What I know where bitcoin storage and "protected" can be hacked by malicious forces. Although there are guarantees from bitcoin storage companies and currency developers, bitcoin exchanges can and have been hacked.
Maybe bitcoin can be rented.

Well it can be hacked only if somebody would owe 51% of all Bitcoins in the world. As you see that's almost impossible and the "hacker" would loose much more than he might get

I think that bitcoin can not be hacked and bitcoin can only be mine and maybe you mean hacked it is mined, and that's very different.

Forget about 'all big miners', what if Jihan Wu and maybe just one other guy set out to do this?  They'd probably be successful.  

God I love the level of fucking stupidity in this forum!!!  lol

Surely, anything of value can be attacked

They would be succesful and in fact there was a moment in early BTC history when they had over 51% of BTC hashpower in hands of one farm but its counterproductive to attack assets that your business relays on.

Computing power rises quickly, there are possibilities to do it. BTC is not bulletproof. Although its not worth to target it and make fuss about it. Because it will loose value as soon as people will find out that there is someone who can rewrite wallet balances.

stop spreading bullshit

bitcoin was NOT hacked.
bitcoin gold was NOT hacked either.
what happened was that they changed bitcoin and created a new altcoin, this change made an existing attack surface to take place much easier in BTG. this attack surface is a 51% attack which is double spending. that still has nothing to do with "being hacked".

conclusion? bitcoin is designed this way and strong because its design is good. don't try introducing dumb changes into it.

Of course, if they have a combined hashpower of 51% of the network. Jihan Wu isn't that stupid. He wouldn't just go and attack Bitcoin if he feels like it. The cost for attacking Bitcoin is way higher than the gain that he can get from it. Remember, he is the co-founder of Bitmain, an ASIC producer. If he decides to do this, every crypto in the world would be under loads of scrutiny. He can't go undetected with Bitcoin's community.
Lmao. That's just outright rubbish.

So even with 51% attack possible, what prevents the rest 49% from forking into a legit chain and screwing the attacker? ???

They can, though it wouldn't screw the attacker over. This is possible though it probably wouldn't happen. 51% attacks are usually unexpected and people would likely not have time to react (especially with exchanges with automated deposits). Forking the chain wouldn't help either. Clients would follow the chain with the longest POW and the community doesn't have time to react to it, usually.

The attacker could also very simply just switch his hashpower over to the honest chain. Either way, after its discovered, the damage to merchants/users isn't that big anymore.

Bitcoin can't be hacked.  If you'll say Bitcoin Wallet yes it is vulnerable to theft.  That's why we need a secured wallet or use 2 factor authenticator.  We can avoid that by doing something that will help our bitcoin wallet safe.

Some altcoin got 51 percented and now bitcoin is at danger?  ::)
Nothing has changed, bitcoin has always been vulnerable to it in theory.

Thanks for clearing this out for me, I didn't think about the transactions that happen after attack and before the fork. So the defense strategy for this type of attack requires immediate recognizing and instant reaction from the community at least.

I do not think it's real for BTC, show me a man who can buy as much power for an attack of 51%, it's impossible. Bitcoin Gold always has some problems and this is not the last. And why, then I'm not surprised that this is exactly what happened with this coin.

Everyone try to hack bitcoin but it's not possible hack bitcoin because their technology is  strong

Technically, I think you are correct that a 51% attack could occur with any decentralized cryptocurrency. However, I think Bitcoin is at a very low risk of that now that the mining is spread out and the coin ownership is so widespread. The higher risk is with new coins that could more easily be controlled because fewer people own them and they are worth less.

Yes, but the risk is FAR greater now that we've seen it done successfully on a close cousin of Bitcoin.  If the guy who owns that 7nm fab spends about $20M - I think he'd have enough to pull it off. 

Until this week, 51% attack was just a fun theory.  Today it is a very real thing that could be done with Bitcoin. 

The only obvious similarity that Bitcoin Gold and Bitcoin has is the name. Bitcoin Gold has a completely different mining algorithm and that could make a huge difference. For a fair comparison, ZCash which has the same algorithm has 20 times the hashrate of Bitcoin Gold. This makes it much easier to attack BTG than ZCash. ZCash is still a very small altcoin as compared to Bitcoin.
51% attack has never been a fun theory. It is a very real attack. They are viable for smaller altcoins like Bitcoin Gold, not bigger coins like Bitcoin.

What the fuck are you doing in this forum?  They don't let intelligent answers in here.  I think you are in the wrong place. 

What is a "bitcoin gold?"

Bitcoin user - Unaffected.   ;)

As it is used by technology, it could be a hack.And its main reason is not to work safely and carefully.Bitcoin hack can be prevented when working with caution.That's why we have to use our secure bitcoin wallet.And keep the passwords and personal images in a secret place.

bitcoin is so bad lately

It's always been pretty obvious that 51% attacks are possible? logically.
that's why decentralization and a large network is very important.

however, unless someone can maintain 51% of the network forever, can't it be solved by just 'dropping the blocks' that were mined during the 51% attack?
I imagine it could get problematic with payments disappearing for products that has been shipped.

We'll have to keep working for a larger and more decentralized network.

It's just another shitcoin that isn't made to give, but take. It's made to piggyback BTC and use its name to gain some interest and confidence, and while some idiots are buying, the dev team is selling. In the end we have rich dev teams sipping drinks on the beach and bag holders hoping that it will one day steal some of the bitcoin's value again and follows it to the moon. As far as I remember BTG was worth almost 10 times more at some point. That's what we call a crash ladies and gentlemen.

Too funny reading posts/replies that's obviously not reading the OP, just only the headline ::)

Anyway... Its bitcoin gold, not bitcoin so not much affected~

While this is a funny news piece to speculate about, but in all honestly this seems like it can't happen. I can't math too well but the hash rate for Bitcoin Gold is over 100x less than Bitcoin's I believe. If this is true a hacker would have had to spend a lot of money to hack the Bitcoin network and I don't think it would be in the millions. And even then, wouldn't Bitcoin re-route the network as soon as they realized something was up? I am no technical person fwiw and if I got this supremely incorrect I apologize, but I have heard this train of thought from several well respected members of the Bitcoin community.

Well bitcoin has always being a point of attack by hackers but the fact still remains that since bitcoin is highly decentralized and it software not in the hand of any third party it will be almost impossible to hack into bitcoin system, not the same with bitcoin gold or bitcoin cash who's software can be handle by a third party e.g the developer's and some other team members due to it fairly centralized nature.

it happens could be due to negligence of the owner of BTG itself.
how safely you keep your assets on your computer , it's a personal error or the owner of the miner is not from the side of the BTG system.

 hahahahaha  
 its fake news and newer posibal to hack bitcoin

By the way. A 51% attack is not a hack. It is a consensus decision. If you can garner 51% then you should have rights to the network because you are the majority of the network.

Bitcoin is huckable. plz don't share your pin/password to anybody. Now bitcoin rate is very high. so be careful.

I agree with you because still there are some countries who are trying to hack bitcoin and apically china is totally against bitcoin but I think there is no chance of it that someone can hack bitcoin because bitcoin is very strong and stable in market and a lot of countries are supporting bitcoin and day by day its users are going to increased and I wish that bitcoin will still remain same strong for its user’s so there is no need to worry about anything,.

for who?

Bitcoin virtual wallet security system is considered almost perfect, but that does not mean it has no gaps. When opening an account, users will get a special line of code as a secret key. This code can be stored in a digital wallet that can be accessed via smartphone, PC, or laptop. But if this digital wallet is lost, hacked, or hit by a malware attack, all the bitcoins you have will be lost forever, without allowing restoration.

It is an uneasy news that Bitcoin Gold has been hacked. Although Bitcoin has never been hacking itself since the acquisition of Bitcoin Yet I think Bitcoin's security should be more difficult. But I hope hacking bitcoin is not possible.

May 2018 A sophisticated miner successfully launched a double-attack on Bitcoin Gold last week, making BTG the third coin victim of a network attack. that time. If we are very easy to be stolen by hackers

I think bitcoin is not attacked. Bitcoin is highly secure. The bitcoin market operates globally. Bitcoin operates independently and the bar is simple. So it is very hard for thieves to attack bitcoins.

To avoid your bitcoin in hacker take a hardest password and keep it to the safer places and don't tell your password to anyone mostly to people you don't know.

Yes, hacking bitcoin or any decentralized crypto currency is possible. However there should be more than 50% of computational power to manipulate the original blockchain and to create false blockchain. This is some what difficult task when considering the distributed blockchain community (miners) all over the world.

It is awful that people would read bitcoin and you mean bitcoin gold! I think that you should correct it and write it the way it is. Because it is just the trick which would deceive people and you are contributing into the fall of Bitcoin price because people would lose their trust because of past like this.

I don’t think that it is that easy to hack bitcoin, bitcoin is very secure and confidential crypto currency and moreover its transactions are very much secured and confidential and they are even challenge that their transactions could not be hacked ever because its transactions provides user anonymity and because of its peer to peer transactions , it is very hard and like next to impossible to hack the bitcoin and then most important you need to be very secured with your block chain wallet keys.

sometimes, we can say that bitcoin is one of the target of the hackers because it comes with a huge amount of money invested in it. when we talk about the amount, i guess, 50 million dollars to 100 million dollars. i don't know the exact amount but its just an estimation. that is the reason why hacker want to hack bitcoin. but i am sure that system of bitcoin is very secure that no one can hack it because there are many investors in bitcoin.

Thanks for providing a link. The OP is very sensational (as always for that Member :) ) but I wanted to read the real news behind it.

I tend to agree with people who think that the situation is not really changed for Bitcoin: in the past such an attack was a theoretical possibility, too. Even this successful execution for BTG doesn't make it really more than theoretical threat for Bitcoin, either.

We cannot say that bitcoin can’t be hacked eventhough it has never been hacked for now but hackers always finds way to hack bitcoin. In this recent news some of crypto are being invaded by the hackers and get millions of USD from it, for now everything is possible to happen but if bitcoin will upgrade their security features every now and then to make it difficult to decode it, then it will remain unhackable. For now investors and holders should be vigilant with their bitcoins and cryptos because everything is possible, don’t be too confident or else regret is always in the end.

Hackers are trying to hack bitcoin day by day by attack to exchanger or stealing hashes. The developer team are trying to improve the system, make it become safer.
It often happen to new coin which have low security system.

We all know nowadays many hackers that want your account to be with him/her, your account is most important to the part of cryptocurrency because in your money was put there so keep your wallet in secure place, choose a wallet that really good keeper and make a password that very difficult to identify and don't trust to anyone.