the blockchain will be hacked

[H_H]

If bitcoin is used by billions of people the number nodes will grow in proportion to the people using it. And bitcoin can still handle the transactions.

Wrong

Miners are the nodes and wasn't nodes going down due to some states they were in are not node friendly.

Plus it doesn't matter how many nodes are writing to the public ledger as the stress test showed, the transaction volume choked it, there's plenty of nodes but the system wasn't designed to handle millions and millions of transactions in a day.

The type of OS and software and hardware you need to do mega million transactions a day are not the type of hardward most nodes run on.

The visa/mc system uses super computers and miners are not using super computers.

You want to play in the big leagues and handle MILLIONS of transactions, you need high end software and hardware, and the stress test showed it.

Try to download the public ledger now, it's huge and it's not even a busy day for visa or mc

Just see what happened when some minor volume in small transaction did to the whole node network by researching bitcoin stress test.

The only reason btc had huge potential was it was viewed by some to have global currency potential, it can't, nodes on minor league software and hardware all reporting to the same single public ledger cannot do MILLIONS of daily transactions, the stress tests proved that.

So btc as is, cannot grow into a global anything, it is now going to be a quaint footnote in history as the first attempt to use a public ledger and mass node network, but due to limitations of the design, it became obsolete.

The next crypto that might have a shot at global use, will have to have maybe a dozen regional super computers managed by a neutral group operating in literally a net above the net using a new type of crypto designed by AI level computers.

I've seen some proposals for this type of new crypto and it's all based on neutral super computers in a UN type of approved regions where 12 super AI level computers can track a global currency unit, it's gonna come from a centralized body like the UN not from some group with a fake name and no one to publicly present to the world why a global new currency unit is needed.

I've got years into btc, been taking it for years, I still take it today, only now I don't hold any of it, no long term growth IMO.

Opinions are like you know what, but my opinion comes with a .2% EXPERT RATING on Social Media.

Here's my credentials, I'm expert on quite a few things and bitcoin is one of them.

So it's been HACKED and the nodes can't handle a global demand, period, bitcoin is over but for now it can still be turned into fiat until a UN backed global crypto comes along with a global group managing it.

http://www.1growthhacker.com/images/bitcoinklout.jpg

[DannyHamilton]

how can you know that "tomorrow" everyone will start to mine montero insted of bitcoins? you cant know this...

the current price is OVERRATED for sure, because people only BUYS it!!!!!

the fact that everybody can see how much i earn, how much i spend, what is my salary, if i earned a lot this year or not... this is the big problem of bitcoin.

something is wrong, this is too suspicious... EVERYBODYYYYY sell sell sell selll selllll before it is too late!!!!

i m worried that my neighbor knows everything about me! it is dangerous! people are envious. bitcoin don't protect me of my neighbor. banks do.

when bitcoin skyrocket to prices like 1 btc = 100000$, the fees will be huge in fiat value!! People, for a transaction of 10USD (0,0001BTC) would pay 10USD in fees too!!!

you cant do nothing with bitcoin that you cant already do with fiat currency. this is the real and hard true.

Here we go to the criminal scene... Illegal things, is that what bitcoin is?

the hard reality... while bitcoin doesnt come with a killer app that will turn it simpler in every way than fiat-c, it will stay 'zombie'.

Blockchain size is growing exponentially, so in the near future only big companies will be mining it! How to fix this problem in the future?

Eventually, the blockchain will be hacked.

I'm getting a bit tired of your alarmist and ridiculous claims.

Perhaps consider learning a bit about how bitcoin actually works before you make grand statements that are clearly silly.

Here's a hint.  If you think your sentence needs multiple exclamation marks (!!!!), then you probably haven't taken enough time to learn about what you are saying.  It makes it sound like you think you just thought of a problem that nobody else has ever though of or discussed in the past 7 years of bitcoin's existence. A small amount of time with a decent internet search site (such as Google) will quickly allow you to read up on the thousands of conversations that have already occured on these topics.  That way you can make your own decisions based on knowledge rather than spouting off alarmist nonsense and waiting for someone to waste their time repeating old conversations in order to educate you.

[Bitcoininspace]

I like how you chose the word "eventually" for something that could never happen.

[jonald_fyookball]

In my opinion the stress tests that resulted in the nodes coming to a crawl was a HACK, it showed the problem with a public ledger and minor volume.

You look at the big picture, Visa and Mastercard doing hundreds of millions of transactions a day.

A small amount of transactions compared to global CC transactions choked nodes so the system came to a crawl.

Now some want to point to the stress tests and say, we survived, others that understand it shake their head and say btc was exposed how fragile it is to just transaction volume, not total amount of coins but just minor transactions volume, who cares if it was cyber dust amounts being sent, etc, they sent minor transaction loads and the nodes took forever to process all those tiny transactions.

Now scale it up, a billion people with btc and they try to use the coins, and they put millions of transactions into the public ledger in an hour, choke, choke, choke, DIE.

Nodes can't handle global volume for a global currency, the stress tests proved that IMO.

Yet btc is still a quaint little internet currency type of thing, it has value, people use it, people support it, will it ever replace CC's? Nope the stress tests proved that.

The entire life of btc, the ledger hasn't done the transactions in number of actual transactions the big CC networks do in a day.

As soon as a group LEANED on it, it came almost to a halt, stress test was the HACK and btc failed.

What do I know? Let's see an expert top .2% ranking on #bitcoin on twitter, yeah I know nothing about bitcoin, yet in SM I'm top .2% of anyone talking about bitcoin. We covered the stress test lightly, didn't trash btc too much, but if you had a brain and read our articles on the stress test you understood it was a HACK and showed the Achilles heel to btc, the public ledger and high volume of actual transaction requests.

So in regards to the topic, will be hacked? WRONG

It was hacked by the stress tests and the volume problem with btc was fully exposed.

Couple of years ago I read a book outlining the stress test and the author explained the public ledger and volume transactions with independent nodes would be the way the system fails.

So the things that made btc, ends up being why it can't become a global type of currency that replaces stuff like CC's.

My 2 cents on if btc can be hacked is IT WAS when the stress test slowed the nodes down to quicksand speeds.

Sollog aka sol adoni troll, is that you?

[ransomer]

This is not interesting.

To the best of our understanding it will not, baring 51 or technology we do not have yet. And these have been discussed a million times already.

[pooya87]

Eventually, the blockchain will be hacked.
I know it is decentralized and the hacker needed to have control over 51% of the network to 'hack' it! BUT, like any other hack, maybe there is a way we don't know about YET! Everything is 'hackable' from the moment it is online!

What do you think about this?

the same thing is true about getting hit by a meteor

Here is my take on it.  If I hack the blockchain, and do something nefarious (double spends, steal coins, or whatever), then the security flaw will be noticed pretty quickly.  So what happens?  I think that bitcoins quickly become worthless.  So there is no point to hack it, because there is no financial incentive.  This is why I think hackers are more likely to focus on hacking exchanges or individual's wallets in stead of trying to hack the blockchain itself. 

There was a bug in the early days that someone exploited to generate ridiculous amounts of Bitcoins. It was fixed very quickly and Bitcoin's still here. If a similar bug is found and exploited in the future it will do more damage because more people rely on Bitcoin today, but I expect it will be fixed very quickly and Bitcoin will survive it.

what bug are you talking about?
the only problem that i can recall was because of SPV mining which didn't generate any bitcoin out of standard for anybody!

[AGD]

OP. you obv. have only superficial knowledge about Bitcoin. You shouldn't start such topics until you have understand at least the basics:

https://en.bitcoin.it/wiki/Main_Page
This here is interesting, not only to understand Bitcoin:
https://www.youtube.com/watch?v=ZloHVKk7DHk

[Kprawn]

OP. you obv. have only superficial knowledge about Bitcoin. You shouldn't start such topics until you have understand at least the basics:

https://en.bitcoin.it/wiki/Main_Page
This here is interesting, not only to understand Bitcoin:
https://www.youtube.com/watch?v=ZloHVKk7DHk

Let, who ever is in doubt, ask the questions in the Newbie corner and it would be answered... If you have a theory and it's backed by facts, state it here and it would get discussed.

Let's not forget what this section is all about... discussions based on Bitcoin. It seems as though the OP of this thread, have a little bit of background on how things work, and let's give him the opportunity to

state his case... then we discuss that and get to some agreement on what is, and what is not possible.
 

From my experience, this community pick up on "strange" things very quickly... so if something like this should happen, the engineers would react very quickly and alerts would be send out.

No payment system is 100% fail safe... PayPal gets hacked... Credit cards are frauded and fiat get counterfeited... It's just the nature of things.. let's just accept that.   

[sipredrica]

I Think blockchain hacking wouldn't be happened because they has highly securities. But even through any one day earth need's to collapse don't know maybe blockchain will be If it happens lot of Blockchain customers will see very huge lose.

[S4VV4S]

Eventually, the blockchain will be hacked.
I know it is decentralized and the hacker needed to have control over 51% of the network to 'hack' it! BUT, like any other hack, maybe there is a way we don't know about YET! Everything is 'hackable' from the moment it is online!

What do you think about this?

AFAIK having 51% of the network hashrate does not guarantee control of the network.
It simply implies that one has greater chance of solving a block instead of the rest 49%.
The other 49% though still has great chances of solving the blocks themselves.

As you can see here 21 Inc. has only 4% of the network hashrate yet they solve blocks too

Now, if an entity or group was to accumulate more than 51% of the network hashrate it would be in their best interest to actually use that power to solve most blocks and get the reward.
Remember, that they cannot control Bitcoins they don't own already, so, think about it, what would you do?

[Amph]

the only thing that can put a real threat to bitcoin would be a thing that will force to change its algo thus making the whole mining network useless until all machine will adopt, which isn't a thign that you can do in few hours

this can compromise bitcoin irreversibly

[Kazimir]

let's be a little bit crazy here: imagine a virus that propagates through mining software and eventually reach 51% of the network silently! By that time, the 'hacker' in control, would change/manipulate the transactions...

No, he wouldn't.

People seem to have the strangest fantasies about what someone could do with 51% network power. They can avoid transactions to be included in the blockchain (thus effectively blocking some transactions), that's about it. They can NOT change/manipulate transactions, or spend bitcoins they don't have, or create more bitcoins out of thin air, or create illegal / invalid transactions, or anything else.

[amaclin]

Eventually, the blockchain will be hacked.

Definitely.

I know it is decentralized and the hacker needed to have control over 51% of the network

Not a big deal. I expect it will happen less in a year.

[Kazimir]

the only thing that can put a real threat to bitcoin would be a thing that will force to change its algo thus making the whole mining network useless until all machine will adopt, which isn't a thign that you can do in few hours

this can compromise bitcoin irreversibly

What 

If a theoretical weakness in SHA256 or ECDSA is ever discovered, it's initially no more than a glitch in the distant future, and it'll still be years or even decades before it can actually be put to practical (ab)use. Gives us all plenty of time to switch to a different hashing and signing algorithm (like SHA3 hashes and M-383 or E-521 curves). We can adjust the Bitcoin protocol and software to use a new hashing or signing algorithm starting at some block number in the future.

No problem whatsoever.

[AtheistAKASaneBrain]

It's impossible to hack the blockchain NOW, imagine in the future when intel and the rest get on the mining game. To make any substantial change for the past 10 minutes you would need tons of power, its nonsense.

[amaclin]

It's impossible to hack the blockchain NOW, imagine in the future when intel and the rest get on the mining game.

Imagine the future when half of current asics will be switched off 

[Amph]

the only thing that can put a real threat to bitcoin would be a thing that will force to change its algo thus making the whole mining network useless until all machine will adopt, which isn't a thign that you can do in few hours

this can compromise bitcoin irreversibly

What  

If a theoretical weakness in SHA256 or ECDSA is ever discovered, it's initially no more than a glitch in the distant future, and it'll still be years or even decades before it can actually be put to practical (ab)use. Gives us all plenty of time to switch to a different hashing and signing algorithm (like SHA3 hashes and M-383 or E-521 curves). We can adjust the Bitcoin protocol and software to use a new hashing or signing algorithm starting at some block number in the future.

No problem whatsoever.

this if we assume that such thing will be made public, but what if they will work on something to break sha256 secretely, as they knew of the bug about the ssl bug many years before it happened

you need plenty of time to change all those asic machine to a new algo and since i'm talking about a distant future where the network will be even more bigger(much more) than today, it would be surely a big waste of money to change all the machien with new one

[n2004al]

Eventually, the blockchain will be hacked.
I know it is decentralized and the hacker needed to have control over 51% of the network to 'hack' it! BUT, like any other hack, maybe there is a way we don't know about YET! Everything is 'hackable' from the moment it is online!

What do you think about this?

I think that everything is possible in this world but that the community of bitcoin will be able to not leave that this thing happen. there are to much time that it is spoken about the famous 51% but until now nothing was happen. I don't see the reason why this will happen in the future.

[aakashsangwan]

Nah I don't think that the block chain is hackable.
And also that the 51% attack cannot take place.
I know there was an incidence when a pool reached about 47% of network  hashing power, but still I don't think that it can happen.

[g1974ak]

Eventually, the blockchain will be hacked.
I know it is decentralized and the hacker needed to have control over 51% of the network to 'hack' it! BUT, like any other hack, maybe there is a way we don't know about YET! Everything is 'hackable' from the moment it is online!

What do you think about this?

Nostradamus will be amazed by your ability to predict such important things. I think that the negativity and the alarmism don't help no one and don't serve for anything. I think that this event has to many few probability to happen and the bitcoin community must do their normal life without worrying about this catastrophe.