What if bitcoin got hacked

[TERA2]

Would you stop trying to debate the hypothetical premise and just draw the damn chart? This is about trading.

[omonuyak]

I will not pray for that to happen but, I think this is very possible, Bitcoin networks can be hacked and every body lose there hold. I have been trying to think that some person may be planning for this and once they lose they interest they will compromise they integrity and hack the system in other to destroy bitcoin.

[btc2mars]

I will not pray for that to happen but, I think this is very possible, Bitcoin networks can be hacked and every body lose there hold. I have been trying to think that some person may be planning for this and once they lose they interest they will compromise they integrity and hack the system in other to destroy bitcoin.

OK - the next question is - how likely is that happening in 1 year's time, 2 years time, 3,4,5?

[Hell-raiser]

I will not pray for that to happen but, I think this is very possible, Bitcoin networks can be hacked and every body lose there hold. I have been trying to think that some person may be planning for this and once they lose they interest they will compromise they integrity and hack the system in other to destroy bitcoin.

OK - the next question is - how likely is that happening in 1 year's time, 2 years time, 3,4,5?

Personally, I don't think it is so much about compromising the whole blockchain and the keys that allow access to the money stored on it as about some nasty bugs that could potentially cause a lot of headaches on their own. I refer, for example, to bugs which can be introduced via updates to Bitcoin. Obviously, the possibility of these bugs springing up would depend on how often Bitcoin is to be updated in the future. If there are no updates, there will be no such bugs, of course.

[spiderbrain]

Ooh, great question. My guess is you would have insider trading, rumour, then the fall of death, into negative because why not, a final bounce, and finally everyone says, "yay, why didn't we ditch this legacy code ages ago..?"

[beerlover]

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?

Apparently, that is some event that is most unlikely to ever occur. We already know that it is going to be hard to even crack bitcoin and the only thing that has been perceived that could do that job would be some super computers which we know is not really much in existence and we should not expect bitcoin to remain the same as a lot would have even changed to beef up the security by then. Exchanges for now or some who are just careless are the ones that can get hacked, but the network, which is some huge impossibility.

What if the dollar hyperinflates.....

I bet that will happen first

I really bet that would happen first as well. It is about time anyway and I am sure we will end up having the craziest up rise in cryptocurrency ever than we have had before. Bitcoin getting hacked on the other hand simply look more like something that may not really be possible for now, and even if happens, it could probably cause some panic, but not like we won't end up seeing some resolutions except for some damages of course.

[rickadone]

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?

We can never say for now until such a scenario really happens for real. I am not sure such a thing can happen because if it really was to happen, then the MtGox issue would have been the end of bitcoin by now even though it took years for it to recover back from where it even fell from.

Some may give up in the process, while some would just take it as an opportunity to continue with the moment. However, in the scenario of bitcoin getting hacked, you should expect the craziest moment ever.

[JimboToronto]

For Bitcoin to be hacked, the entire banking system could be hacked (not to mention the military). They use the same encryption.

Why would the hackers go after Bitcoin's billions and leave the banks' trillions alone?

If someone can figure out an exploit to hack either system, both will cease to have any meaning so it's a moot point.

[streazight]

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.   

Yeah, if it did happen, that would really be messy. The reason why a lot of wannabe investors are still scared is because they believe that one day such a thing could happen but so far, until we really get to the phase of the time when super computers would have become rampant, then this is something that we may not really expect to happen and by then I am sure even the devs would have worked on the protocol to be anti-hack able by super computers.

[btcone111]

For Bitcoin to be hacked, the entire banking system could be hacked (not to mention the military). They use the same encryption.

Why would the hackers go after Bitcoin's billions and leave the banks' trillions alone?

If someone can figure out an exploit to hack either system, both will cease to have any meaning so it's a moot point.

Good to know current banking systems also use SHA256.
Another question is, when would quantum computer be good enough to crack it.
Was reading news the other day where IBM aims to sell quantum computers in a few years time.

[xPPx]

I don't understand your statement. How could BTC get hacked?

[TERA2]

Moore's law - simple as that

[davidmike04]

Well i dont see a scenario where this happens but in everything impossible theres always a sloght possibilty of it been possible, so if Bitcoin really gets hacked that would surely cripple the cryptocurrency world because investors might stop investing in other crypto’s with the fear that if Bitcoin ( The strong hold of cryptocurrency ) could fall then others getting hacked wont be a problem

[sukamasoto]

I don't understand your statement. How could BTC get hacked?

If your computer got hacked by malware, your password will be got hack.
Usually it happen when you're using fake MEW wallet that give somekind of  phising link.
That's just an example since there will be more way to hacked bitcoin especially when bitcoin value keep increase from time to time.

Just make sure that your computer keep clean from any viruses , etc

[TERA2]

Theres still no chart here

[RyNinDaCleM]

Theres still no chart here

Here! You would be paying me to take your coins if sha2 was broken

[mobnepal]

If bitcoin codebase will be hacked or there will be invention of something that is capable to brute force bitcoin address and get its private key, bitcoin can remain alive with urgent hardfork which will be more secure and it will be supported by almost every bitcoin holder + supports and might get activated within next few days.

But during those days, yes market might crash hard because of huge panic.

[Gaaara]

If bitcoin codebase will be hacked or there will be invention of something that is capable to brute force bitcoin address and get its private key, bitcoin can remain alive with urgent hardfork which will be more secure and it will be supported by almost every bitcoin holder + supports and might get activated within next few days.

But during those days, yes market might crash hard because of huge panic.

Since there is alternative coins bitcoin will eventually vanish if it will be hacked successfully, an urgent hardfork is not a thing to consider, there is a lot of coins there so technically if it ever happens users will completely give up on bitcoin and trust another coins from alternatives.

[Blockfolioz]

What's been hacked is hacked forever. However hard we try we cannot get it back, until the hacker himself show grace upon us. Even with bitcoin we cannot go and complain somewhere for a legal support, because if being decentralized in its functioning.

[BitMaxz]

If bitcoin codebase will be hacked or there will be invention of something that is capable to brute force bitcoin address and get its private key, bitcoin can remain alive with urgent hardfork which will be more secure and it will be supported by almost every bitcoin holder + supports and might get activated within next few days.

But during those days, yes market might crash hard because of huge panic.

Since there is alternative coins bitcoin will eventually vanish if it will be hacked successfully, an urgent hardfork is not a thing to consider, there is a lot of coins there so technically if it ever happens users will completely give up on bitcoin and trust another coins from alternatives.

I think those hacker will not wasting their time to hack the bitcoin or whole blockchain since they use it when everytime they get their money from hacking atm as sample and they can use the bitcoin mixers to clean the money they got from hacking so if they are planning to hack bitcoin they will think that they wasted the opportunity to clean their money from stealing or hacking because of anonymity That is why bitcoin still alive.. Its just my own theory or maybe there  are other reason why bitcoin still alive.. If they made a computer which is can bruteforce faster than 10 super pc maybe they can brute force onl passwords or like the other said private keys or seeds..