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Author Topic: how strong is bitcoin really?  (Read 52048 times)
Przemax
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January 25, 2017, 09:04:08 PM
 #761

Bitcoin from a security standpoint is as strong and as weak as you will make it. It can be both ways. Its just a tool.


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There are several different types of Bitcoin clients. Server-assisted clients like blockchain.info rely on centralized servers to do their network verification for them. Although the server can't steal the client's bitcoins directly, it can easily execute double-spending-style attacks against the client.
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January 26, 2017, 04:31:45 AM
 #762

Bitcoin from a security standpoint is as strong and as weak as you will make it. It can be both ways. Its just a tool.
We are only one that is making it weak, our negligence in protecting our bitcoins makes us weak but in general it is strong in terms of security and it's economy. Further, this risky currency is the trend now for both investment and currency and we shall continue to see the success as we continue to support it. That is necessary since we are also be ripping the profit in the end due to our effort.

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January 26, 2017, 04:54:48 AM
 #763

In all perspective bitcoin seems to be very strong, starting from the ease of use to the security level. If its weaker technology it could have got vanished without getting popularity and increased use from people from different parts of the world. The strength it holds has made it popular even without any media use.

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January 26, 2017, 05:03:07 AM
 #764

I guests Bitcoin is pretty strong as soon as it is considered an universal currency.. I mean if I wanted to create it and I knew programming, I couldn't this easy. It is pretty hard to create an innovation, you have to think a lot about it before proceeding with creating it. Bitcoin is the idea of a genius. What is unbelievable is that it has absolutely no bugs found yet.
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January 26, 2017, 06:54:14 AM
 #765

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

I think if Bitcoin is not strong, why many of the advertising company are accepted bitcoin, together in some other countries they accepted bitcoin as payments in the tuition fee, some are merchants in other countries, also some are for services through online, and others etc. On this things I can considered it as strong one.

                                 
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January 26, 2017, 03:50:29 PM
 #766

An experimental software is what BTC is and there is no need for strength in a software but plenty need for functionality, and BTC has been engineered for years to be functional.
I'd deposit 1 coin in each address if I had more than 10BTC and wanted to hold a long time because if one address is compromised I could move other coins before losing them not mentioning that brute forcing private keys is almost impossible and even if QCs could do it they'd need to spend 10x more time to access my 10 bitcoins.
We can all agree that bitcoin is a kind of software that needs functionality but how strong the bitcoin system is what makes it strong, in order to it to be functional it has to resist to the hacks and cyber-attacks otherwise it is no different from the banking system and like you said brute forcing private keys is impossible when it comes to bitcoin and that what makes it strong.

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January 26, 2017, 05:58:35 PM
 #767

Creating a quantum computer is a massive scientific and engineering challenge. As of 2016, the largest general-purpose quantum computers have fewer than 10 qubits. Attacking Bitcoin keys would require around 1500 qubits. Humanity currently does not have the technology necessary to create a quantum computer large enough to attack Bitcoin keys. It is not known how quickly this technology will advance; however, cryptography standards such as ECRYPT II tend to say that Bitcoin's 256-bit ECDSA keys are secure until at least 2030-2040.
From the bitcoin wiki.

I wonder when Moore's will kick in for the quantum computer development. 1500 qubits might not be that far away with the current developments in nanotechnology.
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January 27, 2017, 07:37:04 AM
 #768

Creating a quantum computer is a massive scientific and engineering challenge. As of 2016, the largest general-purpose quantum computers have fewer than 10 qubits. Attacking Bitcoin keys would require around 1500 qubits. Humanity currently does not have the technology necessary to create a quantum computer large enough to attack Bitcoin keys. It is not known how quickly this technology will advance; however, cryptography standards such as ECRYPT II tend to say that Bitcoin's 256-bit ECDSA keys are secure until at least 2030-2040.
From the bitcoin wiki.

I wonder when Moore's will kick in for the quantum computer development. 1500 qubits might not be that far away with the current developments in nanotechnology.

I don't know what Moore's law has to do with QC

The law basically says that the number of transistors have been doubling every year since their invention (per unit of area). Obviously, you draw an analogy between qubits and transistors. But qubits are not transistors, and they wouldn't necessarily follow this law at all. In other words, today we may have only 10 qubits while in a year we might have 100 (or the same 10 qubits). Further, this field of research is heavily classified so we don't really know how many qubits the most advanced countries and research centers are already operating

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January 27, 2017, 11:29:08 AM
 #769

In all perspective bitcoin seems to be very strong, starting from the ease of use to the security level. If its weaker technology it could have got vanished without getting popularity and increased use from people from different parts of the world. The strength it holds has made it popular even without any media use.

We can confidently say that because of its security and nothing more or less we need to say about bitcoin. This is just a real thing in bitcoin that it is truly strong enough and I don't know if there are people who are attempting to disrupt the blockchain network or the whole bitcoin society but so far I don't see these type of incidents.

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January 27, 2017, 11:40:28 AM
 #770

In all perspective bitcoin seems to be very strong, starting from the ease of use to the security level. If its weaker technology it could have got vanished without getting popularity and increased use from people from different parts of the world. The strength it holds has made it popular even without any media use.

We can confidently say that because of its security and nothing more or less we need to say about bitcoin. This is just a real thing in bitcoin that it is truly strong enough and I don't know if there are people who are attempting to disrupt the blockchain network or the whole bitcoin society but so far I don't see these type of incidents.

Read this and see if you still fell that way.  Wink
More than 50,000 unconfirmed transactions
https://bitcointalk.org/index.php?topic=1762690.0


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January 28, 2017, 04:01:12 AM
 #771

In all perspective bitcoin seems to be very strong, starting from the ease of use to the security level. If its weaker technology it could have got vanished without getting popularity and increased use from people from different parts of the world. The strength it holds has made it popular even without any media use.

We can confidently say that because of its security and nothing more or less we need to say about bitcoin. This is just a real thing in bitcoin that it is truly strong enough and I don't know if there are people who are attempting to disrupt the blockchain network or the whole bitcoin society but so far I don't see these type of incidents.

Read this and see if you still fell that way.  Wink
More than 50,000 unconfirmed transactions
https://bitcointalk.org/index.php?topic=1762690.0


 Cool


It is really terrible and I do not know what the miners are doing with their mining farm. It is insane, more than 50000 transaction stuck in several days ago and they have caused many problems to the people. I have to paid some Bitcoin to my friend but due to this issue, my transaction took more than 24 hours to be confirmed in my friends' wallet. Bitcoin is not as strong as we think, though

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January 28, 2017, 04:07:10 AM
 #772

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

I think if Bitcoin is not strong, why many of the advertising company are accepted bitcoin, together in some other countries they accepted bitcoin as payments in the tuition fee, some are merchants in other countries, also some are for services through online, and others etc. On this things I can considered it as strong one.
Well, if not strong bitcoin, bitcoin probably will not survive until today. no one knows the potential of bitcoin, but I believe, bitcoin is really strong in every respect. bitcoin able to change the economic situation of a country, even bitcoin capable of changing a country for the better. only, this time bitcoin is not used to the maximum, but I'm sure, someday bitcoin will show something that attracted worldwide attention.

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January 28, 2017, 07:40:07 AM
 #773


It is really terrible and I do not know what the miners are doing with their mining farm. It is insane, more than 50000 transaction stuck in several days ago and they have caused many problems to the people. I have to paid some Bitcoin to my friend but due to this issue, my transaction took more than 24 hours to be confirmed in my friends' wallet. Bitcoin is not as strong as we think, though


My view on this position is clear and confirmation time has nothing to do with the strength of bitcoin. Four days ago the network was under attack.  Spammers sent "dust" and the result was the delay of transactions. Would be really helpful if Blitzboy could post the fees/kb paid for this transaction given these circumstances.  Many members for their purposes try to promote some altcoins. Can anyone of them give us some evidence about the resistance of these coins under a spamming attack? Do you know how many times bitcoin has "died" according some people predictions?  https://99bitcoins.com/bitcoinobituaries/ but is alive again?

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January 28, 2017, 01:51:19 PM
 #774

In all perspective bitcoin seems to be very strong, starting from the ease of use to the security level. If its weaker technology it could have got vanished without getting popularity and increased use from people from different parts of the world. The strength it holds has made it popular even without any media use.

We can confidently say that because of its security and nothing more or less we need to say about bitcoin. This is just a real thing in bitcoin that it is truly strong enough and I don't know if there are people who are attempting to disrupt the blockchain network or the whole bitcoin society but so far I don't see these type of incidents.

Read this and see if you still fell that way.  Wink
More than 50,000 unconfirmed transactions
https://bitcointalk.org/index.php?topic=1762690.0


 Cool


It is really terrible and I do not know what the miners are doing with their mining farm. It is insane, more than 50000 transaction stuck in several days ago and they have caused many problems to the people. I have to paid some Bitcoin to my friend but due to this issue, my transaction took more than 24 hours to be confirmed in my friends' wallet. Bitcoin is not as strong as we think, though

Oh now I know and I witnessed it because I guess I'm also included on that unconfirmed transactions. But it doesn't has something to do with security, it's all about the delay of the miners upon confirmation of transactions. And this is more of a problem rather than thinking if bitcoin is really strong.

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January 28, 2017, 01:56:31 PM
 #775

In my opinion it is very stong while people belive in it. If the community is convinced thet BTC is not valuable anymore (maby because it gets prohibited, completely controlled by china, ... idk just suggestions) then it wont be strong anymore. But if nothing really happens it will be strong and grow stronger, because the community gets bigger.

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January 28, 2017, 04:51:15 PM
 #776

In all perspective bitcoin seems to be very strong, starting from the ease of use to the security level. If its weaker technology it could have got vanished without getting popularity and increased use from people from different parts of the world. The strength it holds has made it popular even without any media use.

We can confidently say that because of its security and nothing more or less we need to say about bitcoin. This is just a real thing in bitcoin that it is truly strong enough and I don't know if there are people who are attempting to disrupt the blockchain network or the whole bitcoin society but so far I don't see these type of incidents.

Read this and see if you still fell that way.  Wink
More than 50,000 unconfirmed transactions
https://bitcointalk.org/index.php?topic=1762690.0

Is there a chart anywhere which traces the number of unconfirmed transactions over time?

It would be interesting to see how regular (or should I rather say chronic) such situations have become recently, or, in other words, how late we are on implementing the updates which are assumed to fix this issue. Maybe, you are a little bit exaggerating the problem? Though this doesn't mean, of course, that Bitcoin should not switch to using SW (and later LN) the sooner the better (and that might push the price in the right direction)

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January 28, 2017, 04:54:50 PM
 #777

Bitcoin is pretty strong but as expected over time other crypto-currencies have been able to improve upon some of the "weaker" areas of bitcoin. It's nearly impossible to break currently but as the years go by, maybe even around the time the last bitcoin is mined, computers will more than likely be powerful enough for breaking bitcoin to actually be feasible. Granted this is many many years down the road and lots of things could happen before then. Honestly I think some other form of crypto-currency will directly compete with or exceed bitcoin in the coming years as far as usefulness and value go.

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January 29, 2017, 06:52:30 AM
 #778

In all perspective bitcoin seems to be very strong, starting from the ease of use to the security level. If its weaker technology it could have got vanished without getting popularity and increased use from people from different parts of the world. The strength it holds has made it popular even without any media use.

We can confidently say that because of its security and nothing more or less we need to say about bitcoin. This is just a real thing in bitcoin that it is truly strong enough and I don't know if there are people who are attempting to disrupt the blockchain network or the whole bitcoin society but so far I don't see these type of incidents.

Read this and see if you still fell that way.  Wink
More than 50,000 unconfirmed transactions
https://bitcointalk.org/index.php?topic=1762690.0

Is there a chart anywhere which traces the number of unconfirmed transactions over time?

It would be interesting to see how regular (or should I rather say chronic) such situations have become recently, or, in other words, how late we are on implementing the updates which are assumed to fix this issue. Maybe, you are a little bit exaggerating the problem? Though this doesn't mean, of course, that Bitcoin should not switch to using SW (and later LN) the sooner the better (and that might push the price in the right direction)

Closest I could find is
https://blockchain.info/charts/avg-confirmation-time?timespan=1year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

You can clearly see the increase in time required for confirmations since Oct 2016.

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January 29, 2017, 07:01:36 AM
 #779

In all perspective bitcoin seems to be very strong, starting from the ease of use to the security level. If its weaker technology it could have got vanished without getting popularity and increased use from people from different parts of the world. The strength it holds has made it popular even without any media use.

Yes, bitcoin is strong and the proof is the market value and demand of bitcoin. Its easy to setup, easy to use and easy to make worldwide transactions, favorable for traders , tax free and lot of other benefits.

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January 29, 2017, 07:06:47 AM
 #780

In all perspective bitcoin seems to be very strong, starting from the ease of use to the security level. If its weaker technology it could have got vanished without getting popularity and increased use from people from different parts of the world. The strength it holds has made it popular even without any media use.

Yes, bitcoin is strong and the proof is the market value and demand of bitcoin. Its easy to setup, easy to use and easy to make worldwide transactions, favorable for traders , tax free and lot of other benefits.

Tax free. That is why many will like it. Just transaction fees wont hurt that much. But the side effect would be the government eyeing at how  it really looks illegal because of evading this tax. Well that is what many people like a transaction without that because they dont feel where their tax is going. It is like it all just go in wallets of the corrupted officials.

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