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Author Topic: Is it true that bitcoin immune from hacking & fraud ??  (Read 847 times)
BrentMack
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April 17, 2018, 08:40:52 PM
 #21

For now bitcoin can be said to be immune from hacking but in the future I bet someone will find a way to hack the entire network as nothing is unhackable, people just haven't tried hard enough yet to hack it. Your wallets on the other hand are very hackable now if you do not properly protect yourwallet.
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April 17, 2018, 08:44:48 PM
 #22

Its not impossible per se but the amount of computing power it would take is mind boggling and it would be more profitable to mine the currency its self. I suppose that wouldn't stop bad actors but the sheer cpu power needed makes it all but impossible...for now
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April 17, 2018, 08:59:18 PM
 #23

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..
Short answer on your question would be that nothing is impossible.
Just think, if pentagon was hacked, which I bet had the greatest security, then why isn't it possible for bitcoin too?
Imagine you have book closed with security and you can't open it by your hands alone but with tools you can.
Everything has it's weak point and there doesn't exist anything that can't be beaten by another different thing.

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April 17, 2018, 09:10:38 PM
 #24

Bitcoin is highly developerd and guarded, but nevertheless, as one famous hacker said - the most vulnerable chain in every system is a human
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April 17, 2018, 09:16:47 PM
 #25

Every technology has its vulnerability and that is normal if the team behind the exchanges or any blockchain core has doing nothing to improve the security of its system. That’s why the better the management and cooperation with the team of security experts and programmers the popular the site is.

99.9% safe as long as they’re is no lapses in security protocols and each member will participate in reporting bugs if experienced it.
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April 17, 2018, 11:07:08 PM
 #26

if you are talking  about the blockchain technology  then  yes it is so far immune    but if you are talking about the exchanges  well that is something else 

almost all the news about BTC  hacks  talk about  hackers stole the hot wallet in exchanges or simply hacked users accounts   and  that is not  the same as saying  hacking BTC 

since the last one will require a super powerful pc that is impossible to make  in order to hack  the btc block  and lets say for example  change a transaction   

that is why it is a great technology + many other great futures   

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April 18, 2018, 12:43:01 AM
 #27

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.
Yeah is not immune but maybe hackers do not have a way to be able to hack bitcoin yet. the risk of hacking someday will certainly exist because we are in the Internet network and based on coding but we know that bitcoin development is not running in place. ahead the security system of bitcoin of course will be the better

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April 18, 2018, 01:06:23 AM
 #28

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..

Exchanger always hacker prime target because sometimes they have vulnerable security could breach. Better safe storing our bitcoin on our bitcoin wallet and keep our private key safe. Beside that always aware on suspicious link that sent on our email because sometimes is phising link

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April 18, 2018, 02:38:36 AM
 #29

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 one of the risks of bitcoin and if you want to use this currency then you need to accept the fact that if you are hacked or scammed you will never see that money again, I know that people will need to get used to this new way of doing things, people are too used to be protected by banks if they screw up but in bitcoin there is no place for screw ups.

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April 18, 2018, 03:07:00 AM
 #30

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..

I think Bitcoin is not immune to hacking. online activities and websites is hackable.
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April 18, 2018, 03:29:49 AM
 #31

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 one of the risks of bitcoin and if you want to use this currency then you need to accept the fact that if you are hacked or scammed you will never see that money again, I know that people will need to get used to this new way of doing things, people are too used to be protected by banks if they screw up but in bitcoin there is no place for screw ups.
usually hack is due to our own carelessness. therefore we must be preventive to keep our funds from hackers. one example do not let us wrong web address even though one letter only, better at bookmark our wallet address

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April 18, 2018, 03:33:44 AM
 #32

I am not sure about this because bitcoin difficult to be hacked but if someone has a high-skills in programming maybe he can hack the account but of course, he needs to break the private keys. but if in the exchanges, I think it depends on how to secure the site to prevent the attackers and how good the support system and the IT team will protect their sites from the hacker. I guess that every exchange will secure their sites so their member can trade will safety.

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April 18, 2018, 03:43:27 AM
 #33

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 true where the money lost can not be recovered, so hacking is very small chance, I mean I think if you lose your money it is because your mistake like login in phishing site or give private key to other people, that should only you know and it's hard at hacking or being hacked.

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April 18, 2018, 03:44:00 AM
 #34

Every technology has a flaw that can be exploited from it, Bitcoin technology is not exempted from this, For many years bitcoin hacking attempt is always present but the team behind bitcoin is always fixing every loophole that can be found in this technology. Bitcoin has proof of work which cannot easy to hack or exploit but we don't know yet if one-day bitcoin hacking attempt will be a success. Hacking will occur if the private key is stolen from individuals and fraud will be present if there is a pyramiding scheme that uses bitcoin.
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April 18, 2018, 03:47:51 AM
 #35

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's why you should never ever store your coins on an exchange.

Bitcoin itself is extremely safe, but if you are entrusting other people to keep your funds like on an exchange, it's no different to traditional banking anymore. All you need to do is to keep your private keys safe, and your coins are safe.

And again, fraud can be easily mitigated by common sense. The irreversible nature of BTC definitely makes BTC payments the payment of choice for scammers to receive.

But apart from these risks which are really not even related to bitcoin itself, bitcoin is backed by numbers, and it's extremely improbable that anyone will find a private key collision, as long as you keep your wallet secure.

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April 18, 2018, 03:58:57 AM
 #36

Since we cannot control these fraudulent activities and all these hackers, it would be best for us as traders to not store our coins in some exchanges or if ever you store them make it sure that you place like a 2fa authenticator so no one would be able to access them but you yourself only. There are no technologies that are perfect as of this point and one way or another, these hackers will find a way to get some sort of reward for themselves so let's just think a couple of steps forward before these guys and be very careful too.
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April 18, 2018, 06:37:57 AM
 #37

I am not sure about this because bitcoin difficult to be hacked but if someone has a high-skills in programming maybe he can hack the account but of course, he needs to break the private keys. but if in the exchanges, I think it depends on how to secure the site to prevent the attackers and how good the support system and the IT team will protect their sites from the hacker. I guess that every exchange will secure their sites so their member can trade will safety.
I will say 50% safe and 50% unsafe, the internet world is just us that will make our secret system happen. We will be safe if we keep all our assets, passwords and more carefully. But if not careful and keep secret documents not carefully then we will lose our assets easily.

Cryptocurrency is an asset for hackers, they will be more flexible to find targets and get targets. Our security system is just self, there is no law governing that hackers who stealing cryptocurrency assets will be criminalized. Because during this time the government (which prohibits bitcoin) will be off hand against the losses suffered by the community.

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April 18, 2018, 07:42:48 AM
 #38

If you're talking about breaking the "chain" or editing it, it's almost impossible. Unless you happen know how to infiltrate the majority of the nodes then yes. Hacking in btc comes from hacking private companies that exchange btc. They're much easier targets than the actual blockchain.

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April 18, 2018, 08:23:19 AM
 #39

No matter how safe it is, as long as there are people, it can be revealed that all technology is invented by man, and human nature is unpredictable.

Anyone can open a wallet with a secret key.

You don't keep your keys, and the scammers get your keys through a centralized platform or a simple trick.

The exchange was stolen by hackers for various reasons.
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April 18, 2018, 10:17:35 AM
 #40

Bitcoin security from hackers and frauds will not happen if we as the holder are more careful and use all the existing security facilities in each of the wallets used. The internet can not guarantee the security of an asset let alone crypto. there is always a gap for the hackers on the internet but it can be minimized with us do not store a username and password in the cloud, we better store the data offline and before we enter the data to access the wallet used for assets we make sure the web is not web phishing.

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