What happens if someone was to generate an address with 1BTC in it?
I actually think this is the biggest flaw in bitcoin, and one of the few things that would crash the price to 0.
As i understand the walled uses elyptic curve algorithms starting from a set of "pseudorandom data" the most random of them is, mouse, certain computer stats and time.
Could it be possible that someone creates a program that generates millions of address and verify's them against the blockchain. ?
I think this already happens (mainly with brain wallets and using a dictionary attack but also deep space vagabond program), so far no reports of stolen bitcoins,
but it in theory could happen.
in the future there will be asics for alt-coins , maybe one of them is proved to be safe agains this kind of attack. then btc will just upgrade to it.
feel free to try for bitcoin riches:
https://bitcointalk.org/index.php?topic=107172.0Thank you for the read it was interesting. But my question still stands. What happens if someone was to generate an address with 1BTC in it? If that question is to hard for you to answer or out of your bitcoin understanding I would appreciate if you kept your presumptuous comments to your self.
That staff tag worries me.
Statistically unlikely but it is still possible.
I hope that people are not so short-sited that they fail to understand how devastating the wrong address getting randomly generated would be to the network. If the "generator" of the previously owned address gains full control of the wallet how can we go about securing against these attacks?
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