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mcplums (OP)
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May 26, 2015, 04:09:29 PM |
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Or any other hack which requires a rewind of the blockchain.
My thoughts are: yes. Of course, it would be terrible for bitcoin's PR. There would be potentially hundreds of thousands of people out of pocket (everyone who made a transaction after the rewind point), most of them with little chance of getting their money back. Bitcoin's price would surely plummet. But would it go all the way to zero? I think not. Unlike last time this happened (2011 I think?) there are literally millions of people out there with a vested interest in bitcoin's continued success. We wouldn't be so quick to throw in the towel. If this happened tomorrow, and after the patch and blockchain rewind the price dropped to say $50, would I be trying to sell the coins I currently own? Certainly not, I'd be buying more.
And furthermore, following a successful patch, the system would be stronger than ever before. In this sense bitcoin is 'antifragile'- everytime it breaks, instead of getting destroyed, it actually gets stronger and more resilient.
Would you rather place your trust in a system that had never been hacked, or a system that had been hacked X times and recovered every single time?
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spazzdla
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May 26, 2015, 07:55:56 PM |
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Bitcoin has never been hacked.
Would I trust all my BTC to someone else? GOD NO. That is how you get goxed.
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Pab
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May 26, 2015, 08:36:18 PM |
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Agree b;ockchain never has been hacked,only btc services have been hacked
the only one what can disturbe bitcoin is bitcoin itself,high mining diff and problems with nodes
and that have to be improved
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superlegitaccount
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May 26, 2015, 08:41:44 PM |
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The only times Bitcoin had actual problems was when it was a couple of months old, nowadays whenever you hear about a hack it is a hack to a specific service.
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R2D221
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May 26, 2015, 09:25:30 PM |
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Bitcoin has never been hacked.
That's not the point. The 90 billion coins was not a hack, but an exploit of a bug. Although unlikely, we can't rule out another bug like that from happening again. |
An economy based on endless growth is unsustainable.
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Meuh6879
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May 26, 2015, 09:51:24 PM |
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Agree b;ockchain never has been hacked,only btc services have been hacked
and kacker love recycling stolen bitcoins. so Bitcoin is even more valuable than paper money that cost a hell of production (and trees). |
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Beefcake
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May 26, 2015, 10:33:42 PM |
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I think that such a hack is unlikely except by a government. A hacker would not want to do such a thing, it would drop coin price and many would lose faith. If the blockchain could be restored, and protected from future hacks, then bitcoin would not fail all the way however I believe that it would be many years until faith and value were restored. If this happened an altcoin with better security would likely take over.
OTOH a government who does not want currency to become decentralized (all of them?) might do this to destroy bitcoin. I just hope that it doesn't happen!
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teukon
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May 26, 2015, 11:00:19 PM |
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Unlike last time this happened (2011 I think?)
August, 2010. The only times Bitcoin had actual problems was when it was a couple of months old, nowadays whenever you hear about a hack it is a hack to a specific service.
Bitcoin was 4 years old (March, 2013) when a hard-fork panicked the core devs. The fork grew to a length of 31 blocks before being abandoned. |
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melody82
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May 27, 2015, 02:22:24 AM |
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I think that if the blockchain, not an exchange, but the actual bitcoin was hacked then it would be over. Sure maybe an alt coin could take over but even that would not happen for a long time. All faith would be lost, and the damaged reputation would never recover. I think that hackers will go after exchanges and private accounts. Why kill the golden goose?
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EternalWingsofGod
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May 27, 2015, 02:59:24 AM |
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It would be fine the blockchain would require a hardfork to before the hack
At least that is what occured when the chain split and I believe also when that hack was discovered.
(Now if it made all transactions invalid and no one found out about that bug for years and it became unrecoverable that would be something else entirely)
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tokeweed
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May 27, 2015, 05:09:01 AM |
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If smething big happens that could "break" Bitcoin, transfer to Litecoin, the safe haven coin.
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louise123
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May 27, 2015, 07:40:41 AM |
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If smething big happens that could "break" Bitcoin, transfer to Litecoin, the safe haven coin.
If something big happens and breaks Bitcoin, then Litecoin will follow. Besides, how do you transfer broken Bitcoins to Litecoins? |
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jl2012
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May 27, 2015, 07:45:15 AM |
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Bitcoin has never been hacked.
That's not the point. The 90 billion coins was not a hack, but an exploit of a bug. Although unlikely, we can't rule out another bug like that from happening again. It's a bug of MtGox, not a bug of Bitcoin. |
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e1ghtSpace
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May 27, 2015, 07:46:38 AM |
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If smething big happens that could "break" Bitcoin, transfer to Litecoin, the safe haven coin.
If something big happens and breaks Bitcoin, then Litecoin will follow. Besides, how do you transfer broken Bitcoins to Litecoins? Exactly, unless it is an exploit in SHA256. Which in that case, Litecoin, a scrypt mining algo based coin would be safe. But this would never happen as SHA256 is considered to be VERY secure. If it was broken, then many other services (not related to bitcoin) will also break. |
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Amph
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May 27, 2015, 07:48:07 AM |
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If smething big happens that could "break" Bitcoin, transfer to Litecoin, the safe haven coin.
If something big happens and breaks Bitcoin, then Litecoin will follow. Besides, how do you transfer broken Bitcoins to Litecoins? the only way is by dumping them before the bug occur, or if you can catch the news about it, you just dump your stash, but if then bitcoin recover you might lose more in the end... better to dump for fiat in that case, or a better coin than litecoin.... Bitcoin has never been hacked.
That's not the point. The 90 billion coins was not a hack, but an exploit of a bug. Although unlikely, we can't rule out another bug like that from happening again. It's a bug of MtGox, not a bug of Bitcoin. are you sure, we are talking about this https://en.bitcoin.it/wiki/Value_overflow_incident |
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jl2012
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May 27, 2015, 08:37:01 AM |
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If smething big happens that could "break" Bitcoin, transfer to Litecoin, the safe haven coin.
If something big happens and breaks Bitcoin, then Litecoin will follow. Besides, how do you transfer broken Bitcoins to Litecoins? the only way is by dumping them before the bug occur, or if you can catch the news about it, you just dump your stash, but if then bitcoin recover you might lose more in the end... better to dump for fiat in that case, or a better coin than litecoin.... Bitcoin has never been hacked.
That's not the point. The 90 billion coins was not a hack, but an exploit of a bug. Although unlikely, we can't rule out another bug like that from happening again. It's a bug of MtGox, not a bug of Bitcoin. are you sure, we are talking about this https://en.bitcoin.it/wiki/Value_overflow_incidentThanks, no one explicitly mentioned this in this thread. A similar incident happened in 2013 but Bitcoin has survived: https://github.com/bitcoin/bips/blob/master/bip-0050.mediawikiIf fork like this happens again in the future, care should be taken to ensure all legitimate transactions in the buggy chain are moved to the repaired chain. |
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Net5kY
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May 27, 2015, 08:46:28 AM |
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I think bitcoin is relatively safe money, many peoples want hack it but like you see nothing really happens.
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mcplums (OP)
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May 27, 2015, 10:52:03 AM |
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If fork like this happens again in the future, care should be taken to ensure all legitimate transactions in the buggy chain are moved to the repaired chain.
Would this be possible, without the consent of people who had sent money in the buggy chain? They would of course have a financial incentive to NOT have the transactions moved. |
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jl2012
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May 27, 2015, 10:54:12 AM |
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If fork like this happens again in the future, care should be taken to ensure all legitimate transactions in the buggy chain are moved to the repaired chain.
Would this be possible, without the consent of people who had sent money in the buggy chain? They would of course have a financial incentive to NOT have the transactions moved. You only need miners' consent |
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mcplums (OP)
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May 27, 2015, 10:59:06 AM |
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If fork like this happens again in the future, care should be taken to ensure all legitimate transactions in the buggy chain are moved to the repaired chain.
Would this be possible, without the consent of people who had sent money in the buggy chain? They would of course have a financial incentive to NOT have the transactions moved. You only need miners' consent Good point, I did not realise this. I suppose it would be a bit like a 51% attack but for good reasons. |
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