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Author Topic: how strong is bitcoin really?  (Read 52092 times)
Mastsetad
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January 09, 2017, 07:20:49 AM
 #681

i think still online wallets  needs to be more stable so that people can use online wallet for investing their money without any doubt.
Even for online wallets, there were no frequent history of getting hacked. Only few bitcoin exchanges got hacked and people start thinking about web wallet's security due to this. Still, unlike desktop wallets, we cannot be sure with web wallets all the time as there are possibility of security breach in any web wallets services.

Exactly, though we never heard of any successful hacking of a web wallet in our bitcoin career but still people consider them unsafe, it is just because they are online and any online website or service has the possibility of getting cracked or hacked, but still they are not as unsafe as someone might think.
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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January 09, 2017, 01:18:23 PM
 #682

The biggest weakness isn't the technology itself, but the weakest point is always human.  Grin
A seed written in an unsecured word doc placed in a folder next to your desktop wallet, weak passwords for online wallets, a lot of trash programs with trojans installed on your computer on mobile phone.. There is a lot of security holes created by users themselves. Wink
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January 09, 2017, 01:22:02 PM
 #683

The biggest weakness isn't the technology itself, but the weakest point is always human.  Grin
A seed written in an unsecured word doc placed in a folder next to your desktop wallet, weak passwords for online wallets, a lot of trash programs with trojans installed on your computer on mobile phone.. There is a lot of security holes created by users themselves. Wink
A good point you got there. So many people are complaining that they have shit PC which has so many viruses inside it and the fact that they're actually inserting those viruses by their own mistake without even conscious of what they're doing and taking so many risks of something that could threaten their financial by installing pirated software which is provided by crackers in "purpose" but keep blaming on antivirus or whatever, such ironic.

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January 09, 2017, 01:23:57 PM
 #684

The biggest weakness isn't the technology itself, but the weakest point is always human.  Grin
A seed written in an unsecured word doc placed in a folder next to your desktop wallet, weak passwords for online wallets, a lot of trash programs with trojans installed on your computer on mobile phone.. There is a lot of security holes created by users themselves. Wink

Yup, technology can be (in theory) impenetrable...the weakest link is usually someone going full 'tard, laziness or what have you.

My previous statement should have stressed the importance of having multiple levels of protection. At least then you need multiple people to fail...still likely but less likely.

If you are storing your bitcoins on a PC then make sure you take every precaution available...including never letting anyone else use the computer.

I think it's actually pretty neat to use compute sticks for wallet storage/crypto management due to how portable they are.

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January 09, 2017, 01:32:23 PM
 #685

The biggest weakness isn't the technology itself, but the weakest point is always human.  Grin
A seed written in an unsecured word doc placed in a folder next to your desktop wallet, weak passwords for online wallets, a lot of trash programs with trojans installed on your computer on mobile phone.. There is a lot of security holes created by users themselves. Wink
A good point you got there. So many people are complaining that they have shit PC which has so many viruses inside it and the fact that they're actually inserting those viruses by their own mistake without even conscious of what they're doing and taking so many risks of something that could threaten their financial by installing pirated software which is provided by crackers in "purpose" but keep blaming on antivirus or whatever, such ironic.

But if you look at the picture very carefully, the strength of bitcoin is not with itself but it comes from the people believing in it. So if the people surrounding bitcoin is weak then its like saying bitcoin is also weak. But soon the strength of bitcoin will be tested when the first fiat digital currency will launch. Amidst the possible dump if bitcoin survives then that is when we say that bitcoin is really strong.

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January 09, 2017, 01:43:56 PM
 #686

The biggest weakness isn't the technology itself, but the weakest point is always human.  Grin
A seed written in an unsecured word doc placed in a folder next to your desktop wallet, weak passwords for online wallets, a lot of trash programs with trojans installed on your computer on mobile phone.. There is a lot of security holes created by users themselves. Wink
A good point you got there. So many people are complaining that they have shit PC which has so many viruses inside it and the fact that they're actually inserting those viruses by their own mistake without even conscious of what they're doing and taking so many risks of something that could threaten their financial by installing pirated software which is provided by crackers in "purpose" but keep blaming on antivirus or whatever, such ironic.

But if you look at the picture very carefully, the strength of bitcoin is not with itself but it comes from the people believing in it. So if the people surrounding bitcoin is weak then its like saying bitcoin is also weak. But soon the strength of bitcoin will be tested when the first fiat digital currency will launch. Amidst the possible dump if bitcoin survives then that is when we say that bitcoin is really strong.

Digital fiat currencies have been around for ages, figuratively speaking

It seems to be properly called non-cash money circulation (if I'm not mistaken), and that had existed long before when Internet took off. Most likely, you meant to say that some government is allegedly going to launch their own decentralized fiat (a government altcoin of sorts), but this inevitably raises a host of questions. Not the last among which would be who is going to be mining this currency if it is to be made decentralized? 

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January 09, 2017, 02:06:38 PM
 #687

The biggest weakness isn't the technology itself, but the weakest point is always human.  Grin
A seed written in an unsecured word doc placed in a folder next to your desktop wallet, weak passwords for online wallets, a lot of trash programs with trojans installed on your computer on mobile phone.. There is a lot of security holes created by users themselves. Wink
A good point you got there. So many people are complaining that they have shit PC which has so many viruses inside it and the fact that they're actually inserting those viruses by their own mistake without even conscious of what they're doing and taking so many risks of something that could threaten their financial by installing pirated software which is provided by crackers in "purpose" but keep blaming on antivirus or whatever, such ironic.

And the sad thing is, that then they blame the technology and not themselves for their loses. Tongue

But if you look at the picture very carefully, the strength of bitcoin is not with itself but it comes from the people believing in it. So if the people surrounding bitcoin is weak then its like saying bitcoin is also weak. But soon the strength of bitcoin will be tested when the first fiat digital currency will launch. Amidst the possible dump if bitcoin survives then that is when we say that bitcoin is really strong.

You are right, that strong currency comes from a strong community. But honestly, I'm not very afraid of any new digital fiat currencies (if you mean some altcoins launched by a government), because the biggest advantage of bitcoin lies in its decentralization and these fiat currencies cannot compete with it. Smiley
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January 09, 2017, 02:16:58 PM
 #688

The biggest weakness isn't the technology itself, but the weakest point is always human.  Grin
A seed written in an unsecured word doc placed in a folder next to your desktop wallet, weak passwords for online wallets, a lot of trash programs with trojans installed on your computer on mobile phone.. There is a lot of security holes created by users themselves. Wink
A good point you got there. So many people are complaining that they have shit PC which has so many viruses inside it and the fact that they're actually inserting those viruses by their own mistake without even conscious of what they're doing and taking so many risks of something that could threaten their financial by installing pirated software which is provided by crackers in "purpose" but keep blaming on antivirus or whatever, such ironic.
the thing is the crackers or hackers are only able to steal bitcoins through wallet. they cannot hack bitcoin itself. so the real problem is the security of bitcoins owners. and it is not related to bitcoin. so I think OP's friend did not really understand this case.
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January 09, 2017, 02:33:03 PM
 #689

The hash is the big wall between hackers and bitcoin, all knows to attack bitcoin they will need 51% the total hash bitcoin does have, making this almost impossible at the moment. Bitcoin has huge investment, and even with hackers trying to steal and explore the bugs they find at each websites its up to you to protect your bitcoins against those people. Bitcoin were traded 8 years ago fur funny as the mining process, the people made bitcoin reach where it is nowadays main currencie and with high value, as long community keeps using bitcoin no one can hit or kill it.

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January 09, 2017, 02:48:48 PM
 #690

i think still online wallets  needs to be more stable so that people can use online wallet for investing their money without any doubt.
Even for online wallets, there were no frequent history of getting hacked. Only few bitcoin exchanges got hacked and people start thinking about web wallet's security due to this. Still, unlike desktop wallets, we cannot be sure with web wallets all the time as there are possibility of security breach in any web wallets services.

Exactly, though we never heard of any successful hacking of a web wallet in our bitcoin career but still people consider them unsafe, it is just because they are online and any online website or service has the possibility of getting cracked or hacked, but still they are not as unsafe as someone might think.


The technology itself is as solid as it gets, we are already 8 years intact (well except at the very begining when there was an error that could generate tons of coins) but that has been fixed and right now bitcoin is too mature to ever suffer any fatal glitches that would destroy the project. Devs study the code a million times before releasing it.

What worries me is the price being too prone too rumors. We just saw what the PBOC rumor did the other day... what happens when an actual chinese ban happens?

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January 09, 2017, 02:56:58 PM
 #691

If it becomes harder to get something, the cost/value usually goes up.

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January 09, 2017, 07:02:16 PM
 #692

Bitcoin already become cyber space gold. It is the de facto standard for cyber cash. It has large adoptions and is going to all domains. I'd expect bitcoin to hit $2000 in a year or two.
As the economy of bitcoin is becoming stronger, we must also ensure that our wallets are very secure so the moment we will decide to cash out with a big profit, we will be able to realize our dreams. We cannot stop what is happening now, it seems like people are really coming in and they are creating demand which dictates the price go to up consistently.
security would be one thing that should be kept. by guaranteeing security wallet then we can make bitcoin be the strength of the world economy. The world community wants a convenient way of payment and also have a high level of security.
although  bitcoins wallets have mostly strong security procedure, but still as your fiat banks are not 100 % secure as there are so many cases of bank . so i think still online wallets  needs to be more stable so that people can use online wallet for investing their money without any doubt.
yes that is a fact we have so many examples of wallets hacking, even the whole exchange hacking. so these problems should be solve and it much be make more stronger than its previous position. the securities of online wallets should be more secure.



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January 09, 2017, 07:13:27 PM
 #693

In my opinion every possibility can be occured in the technology world.Even we have good protection to came out that unneccsary happended though it surely we have more aleart every moment.As many unusually incidents we have been tested so we didn't fogotten that.
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January 10, 2017, 02:46:18 PM
 #694

i think still online wallets  needs to be more stable so that people can use online wallet for investing their money without any doubt.
Even for online wallets, there were no frequent history of getting hacked. Only few bitcoin exchanges got hacked and people start thinking about web wallet's security due to this. Still, unlike desktop wallets, we cannot be sure with web wallets all the time as there are possibility of security breach in any web wallets services.

But, despite of this circumstances bitcoin is still leading from all crypto currencies all over the web 
It is not easily hacked by people unlike other money matter transactions, bitcoin is not that easy.
 
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January 10, 2017, 03:30:56 PM
 #695

We know that bitcoin is strong and all the wallets have milletry grade security but one of my stupid friend today said that maybe someone can hack it with just a calculater because with math and correct formulas we can even predict gambling bets if that is possible then maybe there is any chance of this

Bitcoin is bullet proof......  Grin Unbreakable



Yes I agree.

Bitcoin is not just big or huge its a giant. Basically 1 Bitcoin is made of 100000000 Satoshi. This is remarkable amount which can be identified independently. And as considering current price inflation of bitcoin in future there might be each satoshi will also be receive certain value.

And at that time we have to consider how big bitcoin is !

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January 10, 2017, 06:05:25 PM
 #696

How big is an dream? Can thoughts be weighed?...what is the average mass of a tuesday?

Some sizes aren't calculable using standard interpretation.

Bitcoin is strong enough to accomplish what I need it for...And I guess that's all that really matters.

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January 10, 2017, 09:30:22 PM
 #697

How big is an dream? Can thoughts be weighed?...what is the average mass of a tuesday?

Some sizes aren't calculable using standard interpretation.

Bitcoin is strong enough to accomplish what I need it for...And I guess that's all that really matters.
I really like your concept and I think it's applicable to BTC as well-BTC is as strong as it's goal and the place it wants to reach eventually.And that's just to show that as long as you are striving for better,you can become stronger and continue on the journey.BTC is strong as it has shown already that it can recover and rise up and I think that a good example for that is it's last rise to a new price record

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January 15, 2017, 12:59:16 AM
 #698

We know that bitcoin is strong and all the wallets have milletry grade security but one of my stupid friend today said that maybe someone can hack it with just a calculater because with math and correct formulas we can even predict gambling bets if that is possible then maybe there is any chance of this

Bitcoin is bullet proof......  Grin Unbreakable


That's a nice chart. People who understand technology, and who know the importance of a platform backed by math and cryptography, will surely be able to see the potential in Bitcoin. Some users fear that Bitcoin may suffer attacks with the arrival of quantum computers, but the fact is that Bitcoin may also receive quantum encryption, that can protect the network aginst attacks.

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January 15, 2017, 06:39:12 AM
 #699

We know that bitcoin is strong and all the wallets have milletry grade security but one of my stupid friend today said that maybe someone can hack it with just a calculater because with math and correct formulas we can even predict gambling bets if that is possible then maybe there is any chance of this
Bitcoin is getting more strong and securely because of it's getting popularity in the whole world and everyday they increased users that want to earn in bitcoins because it is the best of all jobs in the internet and the price of it is getting higher and higher  Grin

aubert
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January 15, 2017, 06:56:33 AM
 #700

We know that bitcoin is strong and all the wallets have milletry grade security but one of my stupid friend today said that maybe someone can hack it with just a calculater because with math and correct formulas we can even predict gambling bets if that is possible then maybe there is any chance of this
Bitcoin is getting more strong and securely because of it's getting popularity in the whole world and everyday they increased users that want to earn in bitcoins because it is the best of all jobs in the internet and the price of it is getting higher and higher  Grin
The security of bitcoin have nothing to do with its popularity which is now increasing rapidly due to the recent price increase which could make bitcoin reached above $1000 and keep in mind that bitcoin is just a cryptocurrency, not a job provider so you can't say "because it's the best of all jobs in internet"
Hacking with calculator have been discussed in this forum in the past and it's near to impossible.

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