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Author Topic: Is it true that bitcoin immune from hacking & fraud ??  (Read 8613 times)
Izalcomax
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March 25, 2018, 03:23:44 PM
 #1

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative..
I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..
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March 25, 2018, 03:39:45 PM
 #2

I believe you are wrong in here, and that is because while the hacks can happen, it doesn't reveal the identify of the people who got hacked at all. At best you may know what city they are in because of an IP address, but how are you supposed to ascertain their physical location? Only the exchange would know that, and unless they hacked your account and you were verified this simply can't happen.
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March 25, 2018, 04:33:16 PM
 #3

Hacking an exchange account should not affect a personal account of investors with the exchange. I'm thinking the exchange would still have the record of amount of coins owned by an investor, except they also want to be fraudulent because in actual sense, it is money that was stolen and not record.

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March 25, 2018, 04:53:49 PM
 #4

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative..
I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..

It doesn't feel like that! Its still hackable no matter what you do. I mean what if you are storing the private keys somewhere on your hardware and one day you go online with public internet and someone just grabs the private keys from your hardware stuff, then it becomes vulnerable to hacking. Its simple fact that anything that is digital it can be hacked.

I mean there is also theory which says that bitcoin wallet hacking with the help of supercomputer will take almost 35 years to get hacked but it is still hackable right? Its all about how you judge the hacking concept. With some time and efforts anything can be intruded into.

Also with some careless attitude we can compromise our hardware wallet and software wallets too. Thats what I think if considered all the facts.
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March 25, 2018, 05:29:01 PM
 #5

Nothing basically is safe from being hacked. And bitcoin is no exception to it. Actually its popularity and the value it holds makes it more prone to hacking and hijacking.
Lots of bitcoins worth huge money gets hacked time and again.
In August 2016, bitfinix announced that bitcoins worth $77 million was hacked. Similar hacks have  happened   in the past. The only thing different with bitcoin is that who was hacked and who hacked is not known here. All that we get to know is the adress from where the btc vanishes, unless one willingly admits of being hacked.

Certainly the security levels have gone up in recent times but individual secirity should be taken credible in assuring a secure wallet or a system. We cannot simply depend on the blockchain to secure our holdings.



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March 25, 2018, 06:41:19 PM
 #6

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative..
I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..

the question you put in the subject has nothing to do with what you are saying here! when an exchange is getting hacked it just means the exchange security was not good enough. it is the same as you walking in the street and getting mugged, that doesn't mean the whole world is an unsafe place, it just means you walked into an unsafe neighborhood and were careless.

as for bitcoin itself, nothing is 100% immune ever. but it is enough to know that for 9 years thousands of hackers from around the world have been trying to hack bitcoin and probably even more people have been working on the same cryptography that bitcoin uses and also more have been working on bitcoin itself.

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March 25, 2018, 07:02:34 PM
 #7

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative..
I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..

Bitcoin is not immune to hacking. We should keep in mind that all online activities or websites are hackable. This also applies to your bank account if you have enabled net banking. In fact a friend of mine( who is a security researcher) found a way to transfer money from one bank account to another using the official website of a leading bank in my country. The bank officials simply got the bug patched and told my friend not to mention this anywhere. Same way there are security loopholes on all bitcoin exchanges as well.

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March 25, 2018, 07:25:03 PM
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 #8

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative..
I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..

It's far easier to hack an exchange or business that holds bitcoin than it is to hack a private key. When you say "is bitcoin immune from hacking" but then you talk about exchanges being targets, you're not talking about the same thing. Bitcoin is considered virtually impossible to hack with current technology (future technology is another question) because the private keys are secure enough that current resources couldn't be mustered to crack the cipher that makes it secure. Hacking an exchange is something else, and it probably far easier because there are multiple fail points and the bitcoins held inside an exchange are only as the weakest fail point. But that's not compromising bitcoin itself, just a central point where there happens to be a lot of bitcoins.
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March 25, 2018, 07:25:24 PM
 #9

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative..
I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..

That is not true. In fact, since the blockchain is public, you should be able to track stolen coins. I've even heard that the US is planning on doing something even more serious. The same way there is a list sanctions stating the name of people and organizations (normally criminals) that it's illegal to make transactions with, they are apparently planning on adding addresses there, and then track those addresses and it would be illegal to make transactions with those addresses.

I agree with you, centralized exchanges are definitely the main target for hackers these days, but what I'm trying to say is that bitcoin is not that anonymous, and it's not that easy to spend stolen coins.

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March 25, 2018, 07:44:45 PM
 #10

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative..
I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..

Well bitcoin is unhackable atleast till today's date but who news in future with quantum computers coming it might not be unhackable as its is now.

The other thing is users/exchanges gets attacked and hacked due to their loopholes in the security. And bitcoin being anonymous you can't track the user that is right.
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March 25, 2018, 07:47:46 PM
 #11

Generally if the hacks on the exchange platform is mainly to gain tokens the hacker might not see the names associated with the accounts and therefore not be able to trace it to you.
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March 25, 2018, 07:49:08 PM
 #12

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative..
I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..

Yes.. but it is impossible to get hacked if you really protect your private keys.

Most of the exchanges who get hacked, are those who get "artificially" hacked, if you know what i mean with all this..

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March 25, 2018, 07:59:08 PM
 #13

It is possible to hack an exchange. its possible that traders accounts can be hacked. Its highly possible that an exchange can loss a lot of coins and money to scammers, no matter how secured they are. This fraudster are always on the way for new exchanges and try every possible means to steal coins. They are always on the look out for new technology that will break exchange websites by any means so don't think that they can't. Secure your coins.
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March 25, 2018, 08:37:53 PM
Last edit: March 25, 2018, 08:48:47 PM by Hydrogen
 #14

Suffice it to say, its very common for people to cite how credit card networks utilize about 10% of the electrical consumption of bitcoin miners, globally. While credit cards utilize less electricity, they are also compromised millions of times more often than bitcoin, with millions of accounts and numbers bought and sold on illegal carding forums.

There are certain trade offs involved. Bitcoin for the most part is secure. It functions effectively and safely as a trust less financial system. Although the security measures utilized on the trust end of the spectrum have been known to fail at times. We see this with Mt. Gox and other exchanges not being able to properly secure things. Likewise with a high percentage of ICOs claiming breaches via phishing. Statistically, its been said that more than 80% of all business with an internet presence will be compromised at one time or another. And so the numbers and statistics are definitely in favor of electronic attackers rather than those whose job it is to secure things.   Smiley

For the most part bitcoin has proved itself solid against hacking and fraud but with trust based systems the human element tends to creep into the equation which often results in system misconfigurations, zero day attacks and a crop of other issues which can cause even stable and uncompromisable systems to be breached.

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March 25, 2018, 09:06:14 PM
 #15

in the thread title you are actually asking 2 questions and they have 2 answers!

Is it true that bitcoin immune from hacking & fraud ??
Yes it is true that BTC immune from being hacked. You have to understand
the basics of the Bitcoin Blockchain, here are some snippets from the whitepaper

"4. Proof-of-Work
-snip-
For our timestamp network, we implement the proof-of-work by incrementing a nonce in the
block until a value is found that gives the block's hash the required zero bits.   Once the CPU
effort   has   been   expended   to   make   it   satisfy   the   proof-of-work,   the   block   cannot   be   changed
without  redoing  the   work.    As   later   blocks   are  chained   after  it,   the  work  to  change  the  block
would include redoing all the blocks after it.
"


This is virtually impossible at the moment and may always remain impossible
because as the hacker is trying to hack a particular block the chain is moving
forward, so the hacker has to enter at a block, change it and try and overtake
the correct chain, that would take more computing power than all the "honest nodes"

"5. Network
-snip-
Nodes   always   consider   the   longest   chain   to   be   the   correct   one   and   will   keep   working   on
extending it.   -snip-"


Is it true that bitcoin immune from hacking & fraud ??
Yes and no, fraud comes about from insecure wallets and is a result of human error.
it is also from scams people exact on others.
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March 25, 2018, 10:22:10 PM
 #16

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative..
I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..

It is not every time Exchange got hacked but also sometimes exchanges stole all the BTC and declare it a hacking act. It can be a fraud also so better to be beware. Keep your funds only on well-reputated exchanges. Also, don't keep big amounts on one single exchange. Either keep it in a private key wallet or distribute it to various exchanges.
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March 25, 2018, 10:56:19 PM
 #17

The operation of BTC cannot be reversed, as long as it is turned out, it will be difficult to find it!

But you can find the transfer record through the record of blockchain!

The police are looking for the block chain technology to lock the criminal behavior on the Internet!
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March 25, 2018, 10:56:53 PM
 #18

I guess bitcoin is called immune to fraud because every transaction is public so that everyone can see where a bitcoin is going after it was mined. The same things happen when bitcoins are stolen, you can track every single transaction but still you cannot find the person who did that because the transactions are anonymous.

Speaking of hacking bitcoin,that's not true because we saw a lot of incidents where big exchangers were hacked and thousands of bitcoins were stolen from their wallets so it is obviously that bitcoin can actually be hacked, not directly though the blockchain but through different wallets that people are using.

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March 26, 2018, 12:21:03 AM
 #19

I don't think its free from hacked and fraud, I must saidntgat for now the security of the bitcoin wallet is pretty solid, but the hackers also get smarter and there are a lot of way to hack something, so far there  are still no case of hacking from the wallet but there are cases of hackers attacking exchanges, so I don't think bitcoin is immune from hacking but it certainly difficult to hack bitcoin for now

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March 26, 2018, 12:34:53 AM
 #20

It's not that it's immune to hacking and fraud, it's that no one has been able to hack into bitcoin yet. The keyword in that entire sentence is YET, there could be a time where a fatal flaw is found and it could screw the entire marketplace (given it would probably have a fix with a soft fork put out quickly and wouldn't hurt people) but this is the risk that we all take in using a currency which is backed by coding.

So it's not immune, just no problems yet.




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