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Author Topic: How secure and strong are the tools cryptocurrency use?  (Read 274 times)
isabella01
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May 18, 2017, 10:18:50 AM
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Cyber attacks are on the rise worldwide lately, more so now more than ever , and we know that the more technology increases, the better cyber attackers become as well. What happens if a cryptocurrency gets hacked? Everyones fortunes GONE!?  Shocked Cry
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Tyrantt
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May 18, 2017, 10:46:26 AM
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Cyber attacks are on the rise worldwide lately, more so now more than ever , and we know that the more technology increases, the better cyber attackers become as well. What happens if a cryptocurrency gets hacked? Everyones fortunes GONE!?  Shocked Cry

I believe there's a bigger chance of some exchange getting hacked or they just run away with everyone's money, something similar what happened with mt.gox. But if someone hacks some alt-coin, it's price would drop and it will become worthless in a pretty short time.
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May 18, 2017, 10:55:54 AM
 #3

Cyber attacks are on the rise worldwide lately, more so now more than ever , and we know that the more technology increases, the better cyber attackers become as well. What happens if a cryptocurrency gets hacked? Everyones fortunes GONE!?  Shocked Cry

I believe there's a bigger chance of some exchange getting hacked or they just run away with everyone's money, something similar what happened with mt.gox. But if someone hacks some alt-coin, it's price would drop and it will become worthless in a pretty short time.

It depends on who's account will going to hack. Because the majority of altcoins today are product of ICO and it means that the devs are not holding huge part of it unless the project has premine. The total supply of coins are scattered through all investor so it very hard to hack altcoin directly rather than attacking an exchange site. Smiley


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Emoclaw
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May 18, 2017, 11:00:34 AM
 #4

A cryptocurrency itself cannot be hacked.
Accounts, wallets and exchanged get hacked commonly though, but so do banks.
talkbitcoin
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May 18, 2017, 12:04:44 PM
 #5

Cyber attacks are on the rise worldwide lately, more so now more than ever , and we know that the more technology increases, the better cyber attackers become as well. What happens if a cryptocurrency gets hacked? Everyones fortunes GONE!?  Shocked Cry

a cryptocurrency in general meaning the altcoins can get hacked because they usually don't have any decent developers and they are full of exploitable bugs, even those altcoins that are staying on top in the 2, 3, 4... ranks and they have already been exploits or hacks if you want to call it.

but if you mean something huge as bitcoin as a cryptocurrency then no it is  highly unlikely because for 8+ years they have been trying to hack it and failed. for 8+ years good developers have been working on it and thousands of developers have gone through the code and fixed any possible bugs in early days and they still peer review bitcoin.














 

 

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NUFCrichard
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May 18, 2017, 12:56:30 PM
 #6

Do you mean that the crpyto code itself could get hacked? If someone sets up a coin with a stupidly weak encryption, then it could happen, but there is no reason for someone to do that.
If crypto encrption is cracked, then it would be far bigger than one altcoin, it would effect Bitcoin and the big alts too.

51% attacks are a risk in small alt coins, as is poor coding. Even Ether has been messed with a few times, even though lots of people are working full time on the coding for that.
realistic1
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May 18, 2017, 01:41:58 PM
 #7

XtraBytes has claimed it has solved the security flaws in the blockchain 100%, not hard but actually impossible to hack....just saying.
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