What if bitcoin got hacked

[TERA2]

There's beed a lot of FUD and fun trading opportunities whenever something regarding the underlying bitcoin protocol occurs. We can always count on a nice bounce to trade or rescue us whenever this happens - because, well, nothing was really wrong. But what if it happened for real: Bitcoin stopped working compeltely and wasn't coming back up, or someone cracked EC and all the keys were compromised, etc. What would the trading chart look like? How fast would it go down? Would be there be any bounces? Where would the final bottom be? Draw a chart. Even if you made a good trade would the exchanges even let you withdraw fiat? Would they even be operating?

[davis196]

There's beed a lot of FUD and fun trading opportunities whenever something regarding the underlying bitcoin protocol occurs. We can always count on a nice bounce to trade or rescue us whenever this happens - because, well, nothing was really wrong. But what if it happened for real: Bitcoin stopped working compeltely and wasn't coming back up, or someone cracked EC and all the keys were compromised, etc. What would the trading chart look like? How fast would it go down? Would be there be any bounces? Where would the final bottom be? Draw a chart. Even if you made a good trade would the exchanges even let you withdraw fiat? Would they even be operating?

If your scenario really happens,the largest panic selling wave in the cryptocurrency history will start.
I`m not that tech savvy and i don`t know is it possible to hack the bitcoin protocol.I thought that only exchange platforms and wallets can be hacked/cracked.Anyway,this question is asked here many times,so your thread is kinda pointless.Just read the old topics about it.   

[Wilhelm]

What if the dollar hyperinflates.....

I bet that will happen first

[Conquerogue32]

If Bitcoin gets hacked, then all Bitcoiners are done for. It's not like their money is covered under insurance since Bitcoin is unregulated in the first place.

[Hell-raiser]

There's beed a lot of FUD and fun trading opportunities whenever something regarding the underlying bitcoin protocol occurs. We can always count on a nice bounce to trade or rescue us whenever this happens - because, well, nothing was really wrong. But what if it happened for real: Bitcoin stopped working compeltely and wasn't coming back up, or someone cracked EC and all the keys were compromised, etc. What would the trading chart look like? How fast would it go down? Would be there be any bounces? Where would the final bottom be? Draw a chart. Even if you made a good trade would the exchanges even let you withdraw fiat? Would they even be operating?

I think there are quite a few other more likely outcomes that might severely affect Bitcoin rather than someone cracking up private keys due to imaginary protocol vulnerabilities. This is what you should talk about, not some remote events that most likely will never happen at all. In other words, many have tried, none succeeded so far. Obviously, if the keys are compromised, Bitcoin won't be usable and the price will tank immediately unless urgent measures are undertaken to avoid theft of the coins.

[Stooked]

how bitcoin hack ?? your wallet ? most of wallet can’t access to your security data so hacker can’t know your login information’s.

they can hack exchange site only.

[kaysersoze]

Bitcoin would never be hacked, maybe you are talking about the wallets, they can easily be hacked if you are a dumb who is always sharing your private key.
If you are not one of those, then why are you worried about that?
The only thing that could never be hacked are the paper wallets or the hardware ones.

[European Central Bank]

everything would be toast. there would be no coming back from it. even if they migrated across to a new protocol you'd still need old private keys to redeem and they may be stolen, useless or compromised.

there wouldn't really be a market. exchanges would probably have to freeze trading and everyone without fiat wouldn't be covered for anything. technical annihilation must be in their terms and conditions somewhere.

[RyNinDaCleM]

The protocol itself cannot be hacked. If a hacker infiltrates a single or even a group of bitcoin clients and changes the protocol on those computers, it would be seen by the network as a fork and not accepted by the rest of the network.
Wallets on the other hand, can be hacked, or at least brute forced "collisions" can happen. No need to get someone's passwords or physical wallet.dat. You can simply type in any acceptable combination of chars and gain access to any coins in the address (if any exist) that corresponds to that private key. Now, on that note, the likelihood of someone randomly guessing yours or anyone else's private key, is so astronomically low that it is virtually a non-issue. It would take a lot of time and computer resources to even find a private key that contains coins.

This is a good discussion on this.
https://steemit.com/bitcoin/@orionsbelt/how-many-bitcoin-addresses-are-there

Let's see, 9x10⁵⁹ combinations, If I guess 100,000,000 combinations per sec ( = 10⁸ combinations per sec) it would only take about 9x10⁵¹ seconds.

Hmmm... 60 sec per minute x 60 min per hr x 24 hr per day x 365 days per year = 31,536,000 seconds per year. ( = approx 3x10⁷ sec/yr)

9x10⁵¹ seconds / (3x10⁷ seconds per year) = 3x10⁴⁴ years.

uh oh, I'll need to speed thing up a bit.

To try all combinations in 30 years, I need to check 9x10⁵⁹ / (30 years x 3x10⁷ sec/yr) = 10⁵¹ combinations per sec for 30 years.

Yikes!

edit, yes, if this became trivial to process, then Bitcoin ded. D. E. D. dead

[minersday]

Bitcoin could never be hacked, maybe you meant that what could happen if a wallet gets hacked?

It can easily be done if someone exposes his private key on the internet, or just the encrypted private key, i have seen that a lot of times the newbies are confused and they post their private key instead of their address.

This creates a chaos, maybe they are not aware but in a near future they could be hacked too.


It does not make any sense with the real question of this thread

What if the dollar hyperinflates..... I bet that will happen first

[TERA2]

It's hypothetical. I know it probably wont happen.

I just want someone to draw what the chart would like.

Like are there bounces? Does it look like the mtgox chart in 2014? Or is just one straight candle down to nothing? Is there a certain level where someone keeps buying no matter what?

[btcone111]

It could happen.
When that happens, BTC price would go to practically zero because its a decentralised market. Without a centralised organisational effort, it would be difficult to switch things back on and there would be absolute chaos. Maybe after a while, BTC could trade again but maybe its value would only be 0.1% of what it used to be.

[Wilhelm]

If ECDSA is hacked most encryption in the world is hacked.
Bitcoin would be worthless and so would all internet security.

If such a hack would be possible it would probably not be mainstream usable.

[Faxmate]

There's beed a lot of FUD and fun trading opportunities whenever something regarding the underlying bitcoin protocol occurs. We can always count on a nice bounce to trade or rescue us whenever this happens - because, well, nothing was really wrong. But what if it happened for real: Bitcoin stopped working compeltely and wasn't coming back up, or someone cracked EC and all the keys were compromised, etc. What would the trading chart look like? How fast would it go down? Would be there be any bounces? Where would the final bottom be? Draw a chart. Even if you made a good trade would the exchanges even let you withdraw fiat? Would they even be operating?

There is no possibility for bitcoin to be hacked because bitcoin is a digital currency and its very strong and secure then before it’s also a fact that bitcoin is decentralized but I believe that bitcoin have its own office where a lot of people are running this network so I think it’s very hard to hack bitcoin know very well all its forks and challenges in past bitcoin beat a lot of forks so this time aging if something goes wrong so they will not be success.

[Syke]

The hack would be investigated, then a fix would be implemented, and the miners would rollback the chain to right before the hack and continue on from that point. Bitcoin would recover. How do I know? It's basically happened twice before.

[Hell-raiser]

The hack would be investigated, then a fix would be implemented, and the miners would rollback the chain to right before the hack and continue on from that point. Bitcoin would recover. How do I know? It's basically happened twice before.

But when was it the last when Bitcoin's blockchain got rolled back? If my memory serves me right, the last time it happened was as back as in 2012 when Bitcoin was still in its early days and virtually no one knew anything about it apart from a few enthusiasts. If a rollback happens today and it is will be a few days rollback, it will wreak total havoc in the Bitcoin ecosystem. Fortunes will be made and lost in less than no time, and Bitcoin may not be able to recover after all.

[AjithBtc]

Lot of FUD gets spread around based on the security issues with bitcoin as well other altcoins that are available. Bitcoin gets hacked, because something associated with internet connectivity always has such risk. Overcoming the same is possible depending upon our own interest of making it more secure with different features available.

[Virtual miner]

There's beed a lot of FUD and fun trading opportunities whenever something regarding the underlying bitcoin protocol occurs. We can always count on a nice bounce to trade or rescue us whenever this happens - because, well, nothing was really wrong. But what if it happened for real: Bitcoin stopped working compeltely and wasn't coming back up, or someone cracked EC and all the keys were compromised, etc. What would the trading chart look like? How fast would it go down? Would be there be any bounces? Where would the final bottom be? Draw a chart. Even if you made a good trade would the exchanges even let you withdraw fiat? Would they even be operating?

I think your basic assumption is wrong. It is certainly impossible to hack up a whole 144 GB of Bitcoin core and even if we think of such a situation all the private keys are stored in a single database like any other website. Its stored over thousands of different blocks. There is nothing like an ID and password to access all the keys present there. Even the miners don't know your private key. Then comes the second risk of cracking its also impossible as cracking even a single key is too difficult.

Imagining such a situation is purely hypothetical however if any such thing happens You will see the biggest crash ever.

What if the dollar hyperinflates.....

I bet that will happen first

Haha thats a good answer to such a hypothetical question hyperinflation of dollar is much easier than this as its actually controlled by just a few.

[kaysersoze]

What do you mean by hacked? If there is another hack just like Mt Gox, it would be impossible for bitcoin to decrease by more than 10%.

When mtgox got hacked, it was almost the only exchange that was selling bitcoins, now there are more than thousands of exchanges who have bitcoin distributed.

[bitbunnny]

Bitcoin system or network can't be hacked, private keys can't be compromised. Either you don't understand how it's functioning or you just put the wrong question.
What can be hacked is your personal wallet or exchanger or other services where you keep your coins. But there are precausions which you can take to secure your coins. Like never to use exchangers as wallets, to pick hard wallet like Tresor, to use antimalware and similar.
Regarding security Bitcoin is one of the most secure systems that exist.