Every Cryptocurrency Can Be Hacked in Just a Few Seconds

[PTCSuccessBlog]

Is it possible that all current blockchain-based cryptocurrencies (like Bitcoin) can be hacked in just a matter of seconds? It indeed seems possible, based on the statements made by Dr. Joseph Liu, Associate Professor at Monash University.

Dr. Liu’s qualifications add allot of weight to his statements. He is the Head Researcher at Monash Blockchain Research Lab, the Chief Scientist of HCash and he is also the co-creator of the Moreno cryptocurrency. In other words, his statements about cryptocurrency development should be taken seriously...

https://www.bitcrypt.co/every-cryptocurrency-hacked-in-seconds/

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[asayoyaasa]

Yeah, it's true. If only we have a quantum computer laying around that capable to be used to hack those cryptocurrencies lol. Anyway you can read this article too just so you can have another point of view for this matter

If there were a powerful enough quantum computer suddenly appear somewhere in the world, many cryptocurrencies already develop and deploy a mitigation mechanism. For example, by using only one-time addresses, the quantum computer can never even have a shot at cracking the encryption key of the user.

[avikz]

It's a pretty old debate! No one really knows what exactly will happens if quantum computing becomes a reality (IBM already implemented one but with restricted usage), these are just assumptions! Even if I consider that quantum computer will hack into any crypto algorithms, there will be new kind of algorithms available to prevent such mishaps. There are several theoretical ways to do that and Dr. Liu himself suggested one of those, dual chain system!

Google it and you will find different articles on the same topic. I can recomment at least one for you,

https://hackernoon.com/quantum-computing-can-blockchain-be-hacked-19c2ec7bac85

[zenhu]

I just type "do quantum computers a threat to bitcoin" and there like About 854,000 results show up. So this just like @avikz says, it's an old debate and we should not repeat it over and over again. We never know what quantum computer capable of cause we don't have one. it's not like a regular computer you can buy of the store right?

But you not really care about all that don't you? Cause you just want to gain more traffic to your website and gain that sweet ad revenue, can't even look at the article without turn my adblock of.

[NeuroticFish]

1. Today's quantum computers are so unstable that even the tiniest vibration can make the results invalid.
2. If quantum computing will ever become usable for real, many other fields are in big trouble, including the banking (a small example is internet banking).

It's true, with coins like Monero, a hacker would not know which address should hack for more money.
On the other hand, on Bitcoin network nobody stops the owners of the fattest wallets split their content into 1000s of small wallets. What then?

[joshy23]

Is it possible that all current blockchain-based cryptocurrencies (like Bitcoin) can be hacked in just a matter of seconds? It indeed seems possible, based on the statements made by Dr. Joseph Liu, Associate Professor at Monash University.

Dr. Liu’s qualifications add allot of weight to his statements. He is the Head Researcher at Monash Blockchain Research Lab, the Chief Scientist of HCash and he is also the co-creator of the Moreno cryptocurrency. In other words, his statements about cryptocurrency development should be taken seriously...

https://www.bitcrypt.co/every-cryptocurrency-hacked-in-seconds/

Not because someone stupid tells you means it is truthful
If that article is true.then maybe all of our cryptos are gone by now?are you using commonsense?or you are just believing in hearsay?
Even CIA can’t hack crypto just like that so better find some truthful storys than this old debate

[alisafidel58]

Dr. Joseph Liu is thinking way far ahead of our time when he said those statement. In our current time, it is impossible to hack any cryptocurrency or even its wallet. Even in the next 50 years or so, it will still be impossible to do the task.

[mk4]

Jeebus. If we already have stable and reliable quantum computer that could constantly attack and potentially crack bitcoin, then mate, we have far bigger problems than bitcoin being "hacked".

[Genemind]

Everything on the internet is hackable now that we're on the generation of advanced technology. Exchanges and wallets are hackable so losing our cryptocurrency is possible. That's why we have to do something to protect our holdings a funds. I think securing it in a hard wallet would be an advantage.

[Bitinity]

I have no ideas how quantum computer will be able to hack any cryptos in a matter of seconds only. If this will be truth then there will be no more people using the internet and computer for something that related to money including e-commerce but I believe if it will be true then there will be someone or group of people who create something to fight against this possibility.

[Yakamoto]

Is it possible that all current blockchain-based cryptocurrencies (like Bitcoin) can be hacked in just a matter of seconds? It indeed seems possible, based on the statements made by Dr. Joseph Liu, Associate Professor at Monash University.

Dr. Liu’s qualifications add allot of weight to his statements. He is the Head Researcher at Monash Blockchain Research Lab, the Chief Scientist of HCash and he is also the co-creator of the Moreno cryptocurrency. In other words, his statements about cryptocurrency development should be taken seriously...

https://www.bitcrypt.co/every-cryptocurrency-hacked-in-seconds/

Quantum computing could arguable do something like that, but right now we don't know how to use it effectively for normal computing, let alone cryptographic cracking. Quantum computing would basically be breaking any kind of encryption anyway, so there are much more concerning aspects to it than what would happen to Bitcoin and cryptos.

As for what can be done about it, well, we need to find a way to get consumer quantum processors so that we can see what it is capable of. Then we think about what it can't do and exploit that as the basis for a new form of cryptography, and, if necessary, apply it to Bitcoin.

[alyssa85]

Is it possible that all current blockchain-based cryptocurrencies (like Bitcoin) can be hacked in just a matter of seconds? It indeed seems possible, based on the statements made by Dr. Joseph Liu, Associate Professor at Monash University.

Dr. Liu’s qualifications add allot of weight to his statements. He is the Head Researcher at Monash Blockchain Research Lab, the Chief Scientist of HCash and he is also the co-creator of the Moreno cryptocurrency. In other words, his statements about cryptocurrency development should be taken seriously...

https://www.bitcrypt.co/every-cryptocurrency-hacked-in-seconds/

None have been hacked yet. The weak point has always been the exchanges, or people being phished.

[TIDOVEE]

there is nothing that is impossible, is it not man that invented all this? what if the all come together and decide to freeze it. but i believe it wont just happen like that for no reason.since it is not a ponzi scheme, there should be a signal across atleast for the sake of integrity.

[enhu]

If its possible the banks that can spend billions to create quantum computers would probably spend billions to crack all these cryptocurrencies. Unfortunately they might not be able to successful do it. Blockchain is almost impossible to hack. There are literally millions of wallet running which everyone had downloaded the blockchain on their computer. Do they mean to hack each?

[dothebeats]

We may have created a single prototype for a quantum computer but we are millions of miles away from a working one that can break the algorithms involved in cryptocurrencies. 'Hacked in seconds' is an overstatement, and we know that we would need to employ a large computing power just to satisfy that phrase and for it to come into realization. Until then, that phrase claimed by Dr. Liu holds no weight until a working model is crafted, or is observed by people who knows what the capacity of the blockchains and cryptocurrencies are.

[kryptqnick]

The answer to the question is not really obvious. Firstly, as stated in this article,

If Bitcoin and cryptocurrencies are in their teenage years, then any viable quantum computers are still learning how to crawl.

The progress might seem fast for now, just like people in the late 60x were pretty sure about us traveling casually to nearby planets from time to time at the beginning of the 21st century, and yet here we are, still as far away from the goal as ever. There might be something similar awaiting in the future of quantum computers. Moreover, as the article also rightfully mentions, some cryptos are already quantum resistant while others have some interesting methods of preventing being cracked (using addresses only once).

[rdbase]

As the saying goes anything can be hackable and security is only as tight as one can possibly make it.
If it was made by human creativity then it can be undone by another human who wants to take it apart.
The only thing which can be a saving force would be current updates being applied to those blockchains sustaining the security from them of being disrupted.

[Yakamoto]

We may have created a single prototype for a quantum computer but we are millions of miles away from a working one that can break the algorithms involved in cryptocurrencies. 'Hacked in seconds' is an overstatement, and we know that we would need to employ a large computing power just to satisfy that phrase and for it to come into realization. Until then, that phrase claimed by Dr. Liu holds no weight until a working model is crafted, or is observed by people who knows what the capacity of the blockchains and cryptocurrencies are.

Actually, there are currently quantum computers that are available for military and academic purposes, now that I think about it. They are pretty expensive, however, and the amount of time you can spend on a quantum computer, in seconds, has a price which is measured in dollars. It's impressive that they have some semi-working models right now, but as you say, they're a long ways away from being an effective means of breaking the cryptography used in cryptocurrencies. It's good news for us, since we don't have to be worried about crypto being broken anytime soon. Ideally, anyway. I think there are less than a dozen quantum processors that currently exist, and at least one of them is very prototypical (which was a google processor from a few years back). Anything for common use should be at least a decade away.

[Haunebu]

Everything on the internet is hackable now that we're on the generation of advanced technology. Exchanges and wallets are hackable so losing our cryptocurrency is possible. That's why we have to do something to protect our holdings a funds. I think securing it in a hard wallet would be an advantage.

Everything? I don't think so. Quantum computers in their current state(Prototypes) cannot cause any sort of damage to crypto while powerful fully functional quantum computers could do something, but the crypto algorithms would be updated by then to ensure high security in such situations.

Saying everything on the Internet is hackable is a dumb statement. Some things are hackable while some stuff is impossible to hack.

[Vaskiy]

Everything on the internet is hackable now that we're on the generation of advanced technology. Exchanges and wallets are hackable so losing our cryptocurrency is possible. That's why we have to do something to protect our holdings a funds. I think securing it in a hard wallet would be an advantage.

Everything? I don't think so. Quantum computers in their current state(Prototypes) cannot cause any sort of damage to crypto while powerful fully functional quantum computers could do something, but the crypto algorithms would be updated by then to ensure high security in such situations.

Saying everything on the Internet is hackable is a dumb statement. Some things are hackable while some stuff is impossible to hack.

Same time you cannot assure with this statement. Hack is same as a learning to evade cracking the ways. I believe everything is hackable, however a small error can make a big change. One such took place recently when a large sum of ethereum funds got frozen. It wasn't able to read, but later a small boy released the entire funds with his knowledge into reverse engineering.