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RawDog
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May 25, 2018, 08:28:01 AM
 #1

Well, sort of. 

Bitcoin Gold was 51% attacked - apparently successfully.  This is very important.  While not exactly Bitcoin, it is a kind of Bitcoin.  And it was hacked. 

We can no longer argue Bitcoin is unhackable.  51% attacks are real and possible.   $18 million stolen.  It can be done. 

The US government could probably put into place enough hashpower very quickly.  The new 7nm process could be bought by someone and get a shitload of competitve hashing up and running.  It is possible.   

My conclusion: Bitcoin can be hacked.

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May 25, 2018, 08:39:21 AM
 #2

It appears Bitcoin Gold (BTG) has been double spend attacked over and over again, totalling something in the neighborhood of $18 million at current prices. BTG forums seem to have been tracking the hack, going as far back as last week, monitoring the controversial coin’s hashrate, ultimately determining a 51% attack was under way.

https://news.bitcoin.com/bitcoin-gold-hacked-for-18-million/
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May 25, 2018, 09:01:48 AM
 #3

We all know that bitcoin can also be a target of such an attack--it's not even far-fetched as of this moment if all big miners collaborated and replicate what happened to Bitcoin Gold. However, due to Bitcoin Gold being a relatively smaller coin compared to its giant brother. such attacks are easy to perpetrate knowing that there isn't much hashing power directed in mining the coin. Also, why would the miners do such knowing that the mines they'll coin might lose value tragically overnight once people found out about the double-spends?

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May 25, 2018, 09:08:37 AM
 #4

This is a very sad news. I thought being a decentralized cryptocurrency meant it was almost impossible for a coin to get hacked. This news can cause a real FUD and meltdown on prices as investors will begin to panic.
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May 25, 2018, 09:14:07 AM
 #5

Nothing surprising. No one said that Bitcoin can't suffer a 51% attack. In fact, its just outright listed as one of the possible attacks that Bitcoin can suffer. It doesn't constitutes to a hack, by definition. It doesn't involve someone else gaining access to any unauthorised system.

The criteria for someone to execute a 51% attack is to obviously have at least 51% of the hashrate. With Bitcoin Gold, their hashrate is still relatively small.  Just because some other coin has a similar name to Bitcoin, it doesn't mean that it is Bitcoin. 51% attacks are still far too expensive to execute for Bitcoin as compared to altcoin. This post is just spreading FUD.

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May 25, 2018, 09:17:14 AM
 #6

And what is actually new? And before that it was known. It will not provoke anything. Although bitkoyn and so it is at the bottom and seemingly does not plan to get out)

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May 25, 2018, 09:18:40 AM
 #7

I posted a topic about this in the altcoin section

https://bitcointalk.org/index.php?topic=4197414.msg38342295#msg38342295

Whoever it is went after exchanges prompting them to increase the amount of confirmations they require.

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May 25, 2018, 09:18:59 AM
 #8

If Bitcoin can be hacked they would have go for it instead of BCG, I'm not saying that it can't be have but i'd rather i can be hack but almost impossible. what about inside job? maybe someone in the team got carried away.

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May 25, 2018, 09:25:08 AM
 #9

I think it is quite impossible that bitcoin can be hacked, because the technology that bitcoin has is very tested for security. I do not know what kind of system or technology that bitcoin has but I know to get to the point where finding the right bitcoin algorithm is very tiring.
unlike the case with Bitcoin Gold, which I know Bitcoin Gold technology is lower than Bitcoin. but this is a very shocking event.

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May 25, 2018, 09:28:07 AM
 #10

In other news, we know people can pick locks, therefore all bank vaults are no longer safe.

Just because it is possible doesn't mean anything. It's possible the world could explode tomorrow.

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May 25, 2018, 09:30:58 AM
 #11

What I know where bitcoin storage and "protected" can be hacked by malicious forces. Although there are guarantees from bitcoin storage companies and currency developers, bitcoin exchanges can and have been hacked.
Maybe bitcoin can be rented.
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May 25, 2018, 10:04:00 AM
 #12

Well, sort of. 

Bitcoin Gold was 51% attacked - apparently successfully.  This is very important.  While not exactly Bitcoin, it is a kind of Bitcoin.  And it was hacked. 

We can no longer argue Bitcoin is unhackable.  51% attacks are real and possible.   $18 million stolen.  It can be done. 

The US government could probably put into place enough hashpower very quickly.  The new 7nm process could be bought by someone and get a shitload of competitve hashing up and running.  It is possible.   

My conclusion: Bitcoin can be hacked.

Well it can be hacked only if somebody would owe 51% of all Bitcoins in the world. As you see that's almost impossible and the "hacker" would loose much more than he might get
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May 25, 2018, 10:10:31 AM
 #13

I think that bitcoin can not be hacked and bitcoin can only be mine and maybe you mean hacked it is mined, and that's very different.

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May 25, 2018, 10:12:29 AM
 #14

if all big miners collaborated and replicate what happened to Bitcoin Gold.

Forget about 'all big miners', what if Jihan Wu and maybe just one other guy set out to do this?  They'd probably be successful.  

Well it can be hacked only if somebody would owe 51% of all Bitcoins in the world.
God I love the level of fucking stupidity in this forum!!!  lol

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May 25, 2018, 10:23:13 AM
 #15

Surely, anything of value can be attacked
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May 25, 2018, 10:30:06 AM
 #16

if all big miners collaborated and replicate what happened to Bitcoin Gold.

Forget about 'all big miners', what if Jihan Wu and maybe just one other guy set out to do this?  They'd probably be successful.  

Well it can be hacked only if somebody would owe 51% of all Bitcoins in the world.
God I love the level of fucking stupidity in this forum!!!  lol

They would be succesful and in fact there was a moment in early BTC history when they had over 51% of BTC hashpower in hands of one farm but its counterproductive to attack assets that your business relays on.

Computing power rises quickly, there are possibilities to do it. BTC is not bulletproof. Although its not worth to target it and make fuss about it. Because it will loose value as soon as people will find out that there is someone who can rewrite wallet balances.
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May 25, 2018, 10:30:51 AM
 #17

stop spreading bullshit

bitcoin was NOT hacked.
bitcoin gold was NOT hacked either.
what happened was that they changed bitcoin and created a new altcoin, this change made an existing attack surface to take place much easier in BTG. this attack surface is a 51% attack which is double spending. that still has nothing to do with "being hacked".

conclusion? bitcoin is designed this way and strong because its design is good. don't try introducing dumb changes into it.

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May 25, 2018, 10:33:22 AM
 #18

if all big miners collaborated and replicate what happened to Bitcoin Gold.

Forget about 'all big miners', what if Jihan Wu and maybe just one other guy set out to do this?  They'd probably be successful.  
Of course, if they have a combined hashpower of 51% of the network. Jihan Wu isn't that stupid. He wouldn't just go and attack Bitcoin if he feels like it. The cost for attacking Bitcoin is way higher than the gain that he can get from it. Remember, he is the co-founder of Bitmain, an ASIC producer. If he decides to do this, every crypto in the world would be under loads of scrutiny. He can't go undetected with Bitcoin's community.
Well it can be hacked only if somebody would owe 51% of all Bitcoins in the world.
God I love the level of fucking stupidity in this forum!!!  lol
Lmao. That's just outright rubbish.

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May 25, 2018, 10:40:30 AM
 #19

So even with 51% attack possible, what prevents the rest 49% from forking into a legit chain and screwing the attacker? Huh

I'm part of a movement to make the forums better.
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May 25, 2018, 11:13:59 AM
 #20

So even with 51% attack possible, what prevents the rest 49% from forking into a legit chain and screwing the attacker? Huh
They can, though it wouldn't screw the attacker over. This is possible though it probably wouldn't happen. 51% attacks are usually unexpected and people would likely not have time to react (especially with exchanges with automated deposits). Forking the chain wouldn't help either. Clients would follow the chain with the longest POW and the community doesn't have time to react to it, usually.

The attacker could also very simply just switch his hashpower over to the honest chain. Either way, after its discovered, the damage to merchants/users isn't that big anymore.

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