Blockchain hackable now ~

[Vishnu.Reang]

It was not a new exploit, some guy got access to over 51% of the mining capacity, and used it to double spend.

Nothing new about that , all crypto coins face it, including btc.

It's called a 51% Attack and Satoshi warned about them.

The really stupid thing is ETC is now worth $2 more than before it was attacked.
So investors really don't pay attention.  

In that case, a similar threat to Bitcoin is very insignificant. No single mining pool is having more than 20% hash-power and it is near impossible to get to 51% with BTC. But it may be possible to do that with some of the smaller coins, such as Litecoin and Novacoin.

TOP 3 btc Mining pools are over 51%.  
So there would have to be collusion or coercion of those 3 pool operators to 51% attack btc.
It would most likely be short lived, but very possible for any military power to accomplish.
In comparison, 4 LTC pool operators would have to be compromised, so not much difference between the two.

Kind of sobering actually, that only 3 individuals (pool operators) are all that stands between a successful short term 51% btc attack.

Why would they do that? In case they manage a 51% attack against Bitcoin, then the currency will become worthless in a matter of few minutes. What they will do then? All their investment in to the mining rigs will be gone and everyone will be bankrupt.

[jackblacksparrow]

Maybe now it is difficult to organize it and maybe there are no such powerful specialists and computers. But I think that in the future it will be possible.

[pawanjain]

so our long said *non hackable cryptocurrencies*

nobody has ever said that.
the correct statement is "bitcoin is not hackable" not all cryptocurrencies.

and just because some shitcoin that has had lots of exploits as small as broken wallets to as big as broken multi signature design and lack of immutability and roll backs and exploitable smart contracts,..... gets exploited every now and then, you can't conclude that bitcoin is also the same!

Completely agree with you.
Don't you think it's like comparing a normal pizza with double cheese margherita. OP is like why doesn't the normal pizza(shitcoins) taste like double cheese margherita(bitcoin).
Dude, that's because the recipe(code) for both is totally different.

Bitcoin's developer was Satoshi(a genius). Today's developers don't even think of the possible flaws they might encounter in future and start developing the product.
So the exploits are inevitable.

[Bonsaiav]

So far cryptocurrency and blockchain are technologies that have the highest level of security because it's impossible for hackers to turn off all computers connected to the blockchain network can be turned off at the same time. As technology grows increasingly modern, hackers continue to try and try to exploit and explore the blockchain gaps, shortcomings and weaknesses as proof that they still exist and don't remain silent to see the system weaknesses that the blockchain has. But that's the reality we must accept, that they will continue to exist forever. Hopefully, the crypto developer can fix the existing gap, so that the worries that hit the users, can be muted.

[r1a2y3m4]

Blockchain hackable now? No, bitcoin wallets that is part of blockchain, is hackable. And it is not just now, it is for the first time it was implemented. There were a lot of wallets got hacked.

[Ains_sama]

I think blockchain can't be cracked but, and indeed we know for ourselves that hackers are very disturbing and make you nervous, we have to be more careful in managing crypto coins.

[NeuroticFish]

There is confusion out there , that the only way to accomplish a 51% attack is by buying mining equipment,
using force to coerce the people that already have greater that 51% dominance is a much easier and cheaper solution,
and one that any small government or corporation would have the resources to pull off.

The 51% attack can be pulled if one can prove hash rate. I don't expect to be acquired by exploits found in the code, but can be acquired in many other ways:
* flaws in pools / pool software
* viruses/malware containing mining software
* coalition of poos owners (but this would be bad business, so the chance is slim)
* simply buy hash rate - this has happened already, I think

So you are right, it's not necessary to buy equipment for that. No sane people would invest in equipment for an attack that should not last long, else it has no effect - the longer the 51% lasts, the easier it's spotted that something is wrong, leaving the attacker without options to monetize his attack.

[r1s2g3]

So lot of non reader in this thread that are saying Ethereum. It was not about Ethereum but about Ethereum Classic.
Ethereum calssic do not have much hashpower and at one point of time even ETH miners threatened that they will perform 51% attack on it.

Pow is not suitable for coins that have small hashpower.

[carlisle1]

Nothings impossible for hackers because they are skilled in this criminal activities thats why what we need to do is be secure,make every move safely and never trust sites or persons that is not familiar to you

Sometimes all we need is never entertain strangers as same about those sites here in which mostly being use for phishing activities

[eaLiTy]

I think that everyone already knows about the recent problem etherum had, when some hackers tried hacking into the blockchain system of etherum and actually succeed, they did overwrite the transaction history and one should remember that the hackers since 2017 have stolen 2 billion dollars worth of cryptocurrency now , so our long said *non hackable cryptocurrencies* are now getting hacked and to all those people out there who really thought that the classic Bitcoin was good enough , I think we should reach a common point now , Bitcoin needs to reevaluate it's shortcomings and then work forward to make enough advancements so that it becomes stronger day by day.
Also no matter how complicated the problem is the solution is always logical, no matter what we do today 10 years later there will be logical shortcomings noticed by some.
It's time for advancements now.
 

The above said ETC blockchain was hacked by taking over the computing hash power and nothing else, it cannot be said about bitcoin as of now it is impossible for anyone to take control over the network hash rate. The billions of dollars that you are talking about is from exchanges around the globe and it is because of their inability to secure their system and nothing else and that does not mean that the blockchain is hackable. It is a really misleading information, yes the hacks happened but it is not because of the blockchain system.

[Sultanar484]

Hey everyone ,
I think that everyone already knows about the recent problem etherum had, when some hackers tried hacking into the blockchain system of etherum and actually succeed, they did overwrite the transaction history and one should remember that the hackers since 2017 have stolen 2 billion dollars worth of cryptocurrency now , so our long said *non hackable cryptocurrencies* are now getting hacked and to all those people out there who really thought that the classic Bitcoin was good enough , I think we should reach a common point now , Bitcoin needs to reevaluate it's shortcomings and then work forward to make enough advancements so that it becomes stronger day by day.
Also no matter how complicated the problem is the solution is always logical, no matter what we do today 10 years later there will be logical shortcomings noticed by some.
It's time for advancements now.

Feel free to check out the link for more information on the hacked etherum classic'

https://www.technologyreview.com/s/612974/once-hailed-as-unhackable-blockchains-are-now-getting-hacked/

No system is free from hack in online. Hackers are always trying to find out new ways of hacking, they are sophisticated in technology. Blockchain are now hackable. Recenlty my blockchain has been hacked for my lack of knowledge. So blockchain wallet needs to reevaluate now its security.

[posi]

Hey everyone ,
I think that everyone already knows about the recent problem etherum had, when some hackers tried hacking into the blockchain system of etherum and actually succeed, they did overwrite the transaction history and one should remember that the hackers since 2017 have stolen 2 billion dollars worth of cryptocurrency now , so our long said *non hackable cryptocurrencies* are now getting hacked and to all those people out there who really thought that the classic Bitcoin was good enough , I think we should reach a common point now , Bitcoin needs to reevaluate it's shortcomings and then work forward to make enough advancements so that it becomes stronger day by day.
Also no matter how complicated the problem is the solution is always logical, no matter what we do today 10 years later there will be logical shortcomings noticed by some.
It's time for advancements now.

Feel free to check out the link for more information on the hacked etherum classic'

https://www.technologyreview.com/s/612974/once-hailed-as-unhackable-blockchains-are-now-getting-hacked/

No system is free from hack in online. Hackers are always trying to find out new ways of hacking, they are sophisticated in technology. Blockchain are now hackable. Recenlty my blockchain has been hacked for my lack of knowledge. So blockchain wallet needs to reevaluate now its security.

Block chain is not hackable buddy cause thats the reason why we have the miners (to execute transaction and to secure the network) and like you said you're hacked for your lack of knowledge which I believed you're talking about your wallet been hack not blockchain
 However, you avoid human error you won't be hack in the first place.

[Thirdspace]

if OP, the article's writer and some people want to call a 51% attack as hacking, then let them
but this 51% attack is an unavoidable vulnerability to achieve decentralization system
later on that article explains that the problem lies within the protocols, softwares and smart contracts
and blockchain itself is just a distributed ledger used to store all crypto transactions

[CBANX Ltd.]

Blockchain is crucial to hack easily but we can't say that it is unhackable; as the arena of technology increases with the demanding flaws for which the previous one gets hacked and something innovative come in the picture and cycle continues. In the case of Bitcoin blockchain precarious are taken care and attacks that happened are on wallets and not on Blockchain due to the noticeable loopholes. So, the precaution is in our hand besides of being the safest one!

[shesheboy]

I mean Blockchain system will never hackable. This system is Causing stir system of the world. This creation is unic and naver hacked.  

How you can be sure about that? The creations is unic but that dasn't means hakers could not breack the rules, give it a time and you will see!

Time ?  Its been a long time ever since blockchain discovered and if im not mistaken ,  the blockchain tech is more older than bitcoin and other cryptos  but most of us didnt know it until we started using the first crypto which was bitcoin   . to cut the story short , what im trying to say here is that blockchain is too old but until now there is no verified report that blockchain have been hacked by hackers  . blockchain.com ( wallet ) and other crypto wallets as well as online exchanges maybe  because they are the ones that holds funds  .

[minersday]

Blockchain technology is just a system which provide a peer to peer ecosystem. It providing a peer to peer system thus not mean that this system can't be hackable.  There are always back doors in any program or software developed in this world. This back doors are usually explored by hackers if users don't protect their login details very well.

[kingpin4321]

Nothing is un-hackable And so it the blockchain technology it can only be difficult to hack.
Well my best guess is that there were some lapses in areas that left them vulnerable to hack attack.
I also think this post can create unwanted FUD in the cryptocurrency world

[33bitcoin]

Electrum has been a minefield lately with all of those fake updates.  I've moved on to other wallets at this point, Electrum devs like Thomas are good guys but a vulnerability that big just isn't acceptable in my book.