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Author Topic: Is it too late to "break" bitcoin?  (Read 977 times)
dothebeats
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July 10, 2015, 09:16:42 PM
 #21

I've wondered if the attacks on this site/ the blockchain and coming from gvt's/central banks who are scared of btc cutting into their monopolies on currency/payments.

Is there any possible way they could successfully "break" bitcoin or the blockchain with so many users now?  (Besides a 51% attack)

Improbable at this moment, unless there will be a flaw in the code in which the attackers could exploit for their own purposes. I couldn't think of any attacks that could be made to disable the network, though this spam isn't that causing severe problems to the network, it is causing the network to slow down and in turn, create a massive backlog which I think is annoying for the users.
omahapoker
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July 17, 2015, 10:25:00 PM
 #22

How would they do that on the first place , for this website is for Bitcoiners and even if Bitcointalk goes down there is some other places like Reddit and if there isn't people will create them . and for what comes to the 51% attack isn't that impossible now since Mining farms have to sign contracts  that they will never do it ? beside that I don't see how they could do anything to Bitcoin to break it

Contracts would be useless. Miners are greedy and they will do what they can to earn more. They show it each day.

But they won't do an >50% attack since that would mean trust in bitcoin is lost and they would be hurt the most from it. A dropping price means less income to them so they will never do this. On top it will be hard to scam someone with such an attack.
d4n13
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July 17, 2015, 10:42:37 PM
Last edit: July 18, 2015, 10:12:02 AM by d4n13
 #23

Is there any possible way they could successfully "break" bitcoin or the blockchain with so many users now?  (Besides a 51% attack)
If there is ever a quantum shift in processing power (like 20 orders of magnitude) then weird things could happen.  If I was to write the sci-fi thriller detailing the death of bitcoin it would start with a student coming up with some radically different new way to do computation, then eventually using that computation power to reduce the amount of time required to crack ECDSA from a billion years, to 5.  Then he/she spends the rest of her graduate carrier cracking the signature for the largest UTXO on the blockchain.

The moment people realized that someone had successfully performed a brute force ECDSA attack, BTC becomes worthless.

There will come a time.... many eons from now, when ECDSA is not as hard to crack as it is in this century.  When that day comes, all the UTXOs that are locked with ECDSA will need to be swiped to stronger lock.  May be centuries away, but for those that feel BTC will replace fiat, this is day that needs to be accounted for.

knowhow
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July 17, 2015, 10:57:45 PM
 #24

It would be better for everyone partnered with bitcoin community instead of attacking and trying to destroy the best invention of all time after the internet , instead of devoting themselves to destroy can devote to keep as safe as possible , banks were improving their defenses over the years , although it still has some loopholes that some exploit .
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