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Author Topic: Has blockchain ever got "hacked"?  (Read 651 times)
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April 01, 2017, 05:18:32 AM
 #1

I do not only mean breaking the encryption but also slowing down the network with some type of stress-attack or attempt to influence it in the bad way. Who has ever tried this and what was the result? Obviously, I do NOT prepare to do such a thing, I am just writing a research about blockchain and its resistance against hacking.


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April 01, 2017, 06:02:17 AM
 #2

Yes, in Bitcoin's infancy (in 2010) a hacker created 92 184 billion Bitcoins using an exploit. This is the thread about this legendary event.

This is the only event I remember which was intentional and dangerous at the same time but Bitcoin wasn't worth (almost) anything then. Just 3 months earlier the legendary pizza transaction had taken place.

In 2016 and 2017 there were also "stress tests" that were probably simply spam attacks, but all they reached was a congestion of the network.

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April 01, 2017, 06:58:39 AM
 #3

Yes, in Bitcoin's infancy (in 2010) a hacker created 92 184 billion Bitcoins using an exploit. This is the thread about this legendary event.

This is the only event I remember which was intentional and dangerous at the same time but Bitcoin wasn't worth (almost) anything then. Just 3 months earlier the legendary pizza transaction had taken place.

In 2016 and 2017 there were also "stress tests" that were probably simply spam attacks, but all they reached was a congestion of the network.

Interesting story which I was unaware of. I thought that bitcoin is not hackable as I have been reading many different webpages outside of this forum that says bitcoin is protected by the laws of universe and math. I hope this never happens again especially now in our time as this would be very dangerous for the existence of bitcoin itself.

       


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April 01, 2017, 07:47:44 AM
 #4

Yes, in Bitcoin's infancy (in 2010) a hacker created 92 184 billion Bitcoins using an exploit. This is the thread about this legendary event.

This is the only event I remember which was intentional and dangerous at the same time but Bitcoin wasn't worth (almost) anything then. Just 3 months earlier the legendary pizza transaction had taken place.

In 2016 and 2017 there were also "stress tests" that were probably simply spam attacks, but all they reached was a congestion of the network.

Interesting story which I was unaware of. I thought that bitcoin is not hackable as I have been reading many different webpages outside of this forum that says bitcoin is protected by the laws of universe and math. I hope this never happens again especially now in our time as this would be very dangerous for the existence of bitcoin itself.

Bitcoin before was not having confirmation problems and every transaction was instant but the problem before was double spent bitcoins and of course the said hacking on blockchain. It is doable before but today blockchain can no longer be hacked due to upgrade on bitcoins protocol and security. What we had today are no longer considered hacks but spam attacks.

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April 01, 2017, 07:58:51 AM
 #5

I do not only mean breaking the encryption but also slowing down the network with some type of stress-attack or attempt to influence it in the bad way. Who has ever tried this and what was the result? Obviously, I do NOT prepare to do such a thing, I am just writing a research about blockchain and its resistance against hacking.
In my opinion it can't hacked ever Because the main reason is that we can't recover the password but still here is a chance to hack if a user have email.id with the same password that the blockchain wallet have then if anyone made fishing attack than he can try for the blockchain wallet and can excess all the data transaction of bitcoin .
Well just here I is a matter of thing if the user remain only small wise then his wallet can never be hacked by anyone because I myself from 3 years never get hacked .


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April 01, 2017, 08:02:02 AM
 #6

In my view it have never got hacked, but the network updation sometimes gives a slow down in the functioning during the test. Those were easily sortable issues. The temporary lags takes place which will be soon gets solved by the developers who act as the back bone for the complete success of the system.


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April 01, 2017, 08:18:13 AM
 #7

I do not only mean breaking the encryption but also slowing down the network with some type of stress-attack or attempt to influence it in the bad way. Who has ever tried this and what was the result? Obviously, I do NOT prepare to do such a thing, I am just writing a research about blockchain and its resistance against hacking.
In my opinion it can't hacked ever Because the main reason is that we can't recover the password but still here is a chance to hack if a user have email.id with the same password that the blockchain wallet have then if anyone made fishing attack than he can try for the blockchain wallet and can excess all the data transaction of bitcoin .
Well just here I is a matter of thing if the user remain only small wise then his wallet can never be hacked by anyone because I myself from 3 years never get hacked .

It looks like you're mixing up two things:
blockchain.info = wallet provider (amongst a couple of other things) = private company NOT owning the blockchain technology
the blockchain = technology of a decentral ledger, on which bitcoin has been built

The blockchain is pretty safe, sure there might have been some startup issues, but nowadays it looks like the technology is solid. Blockchain.info is a private company, using loads of different technology and languages to provide an online wallet. It wouldn't supprise me if they got hacked sooner or later...

The OP and all other posters were talking about the blockchain technology, not the wallet Wink

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April 01, 2017, 08:23:02 AM
 #8

Yes, in Bitcoin's infancy (in 2010) a hacker created 92 184 billion Bitcoins using an exploit. This is the thread about this legendary event.

This is the only event I remember which was intentional and dangerous at the same time but Bitcoin wasn't worth (almost) anything then. Just 3 months earlier the legendary pizza transaction had taken place.

In 2016 and 2017 there were also "stress tests" that were probably simply spam attacks, but all they reached was a congestion of the network.


Interesting didn't know some of this happened in the past years. Well, i recently joined bitcointalk so thats why. I thought satoshi's virtual currency was bullet proof.
But i do know that some small spam attack occured this year then probably stop because of the high transaction fee.
The effect of it was delayed transactions some users complaining that their transactions not going through.

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April 01, 2017, 08:33:04 AM
 #9

I do not only mean breaking the encryption but also slowing down the network with some type of stress-attack or attempt to influence it in the bad way. Who has ever tried this and what was the result? Obviously, I do NOT prepare to do such a thing, I am just writing a research about blockchain and its resistance against hacking.
I don't think that there is any chance to hack the the Wallet of the blockchain Because here no forgot password option and Secondly if anyone got the password then what he will do with that password if he can approve the login in the wallet through his mobile phone through the email verification link .
so I don't think here is anything possible .
Since there is also a double encryption password system in the bitcoin blockchain wallet so that security is also not easy to break if the user encrypted with second password .


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Yanisumin
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April 01, 2017, 08:34:52 AM
 #10

I do not only mean breaking the encryption but also slowing down the network with some type of stress-attack or attempt to influence it in the bad way. Who has ever tried this and what was the result? Obviously, I do NOT prepare to do such a thing, I am just writing a research about blockchain and its resistance against hacking.

There are many articles online that maybe can help you on your research. Surf the Internet and browse lot of sites. Brainstorm what you have read and you will came up with a good research write up.
This site can help you too:
https://blockgeeks.com/guides/what-is-blockchain-technology/

Yes, in Bitcoin's infancy (in 2010) a hacker created 92 184 billion Bitcoins using an exploit. This is the thread about this legendary event.

This is the only event I remember which was intentional and dangerous at the same time but Bitcoin wasn't worth (almost) anything then. Just 3 months earlier the legendary pizza transaction had taken place.

In 2016 and 2017 there were also "stress tests" that were probably simply spam attacks, but all they reached was a congestion of the network.

Interesting story which I was unaware of. I thought that bitcoin is not hackable as I have been reading many different webpages outside of this forum that says bitcoin is protected by the laws of universe and math. I hope this never happens again especially now in our time as this would be very dangerous for the existence of bitcoin itself.


Yup Bitcoin is protected by mathematics and state of the art technology. To the science of the digital world is protecting the what we bitcoin. In theory, it is possible to break but in reality it will require a great amount of computing power and it might be impossible for human. Unless a much higher technology evolve now. Of course through time it will break but that won't mean the block chain technology will be the same in the future. It might shiver sometimes in some attacks but breaking it right now? The probability is low.


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April 01, 2017, 08:48:34 AM
 #11

Blockchain is by no means, perfect. Bitcoin Blockchain can have vulnerabilities discovered in the future, for example, generating more than 25BTC of coins and everyone considering it as valid. The main feature of Blockchain is that its public. Things like this can be VERY easily detected by the community and we can work out the solution ASAP.














 

 

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BitHodler
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April 01, 2017, 10:19:34 AM
 #12

Bitcoin before was not having confirmation problems and every transaction was instant but the problem before was double spent bitcoins and of course the said hacking on blockchain. It is doable before but today blockchain can no longer be hacked due to upgrade on bitcoins protocol and security. What we had today are no longer considered hacks but spam attacks.
Bitcoin right now doesn't have any problems related to confirmations either. It's just that transactions take longer to confirm due to the lower general fees that people include.

But still, transactions post in a near instant speed. Only form of hindrance may be that nodes can choose to 'ignore' your transaction due to a poor fee-byte ratio.

In current times double spending still forms a huge point of attention. It's a price of cake to initiate one where you can take advantage of those that aren't aware of how things work.

That's why it's important to wait for that 1 confirmation before you agree to finalize a deal. Even when you're in a hurry. Better safe than sorry, right?

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April 01, 2017, 12:32:23 PM
 #13

So, we had this case when blockchain was young. You mentioned that some security improvements were built. How did the exploit get fixed at the end? What was the exact security improvement that got it done?

UPDATE: OK. Found it. Ironically, it was a simple bug, not even some master-scheme. But master-schemes usually use simple bugs, don't they? I am glad because BTC bears the advantage of open-source projects = as it is growing, it becoming more secure as more and more people overview the code.


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