Every Cryptocurrency Can Be Hacked in Just a Few Seconds

[minersday]

There is no computer program on this earth which can not be hacked. But blockchain based cryptocurrencies are only vulnerable to hacking when users of these cryptocurrencies make it easier by sharing their private keys and other personal details of their wallet with other people.  Most of the people who are highly vulnerable to hacking are those who just log in into any websites without first analysing the website before inputting in their account details.

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[lyks15]

Yes I believe that every cryptocurrency can be hacked in just few seconds or in just blink of your eye. Remember that we are in the digital world and nothing is impossible to do. So we need to be careful on we are browsing because most of hacking strategies are find you in ever unknown site. Make sure that you did not share your private keys.

[DrDoctor1234]

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".

Haha yeah, if the worst thing someone with a quantum computer could do is hack Satoshi's wallet for a million plus bitcoin in a few seconds, then the owner isn't being very creative!

It would be terrible for crypto, but that quantum computer could do a lot more damage elsewhere.

[pooya87]

that is not how quantum computers work and i am starting to wonder where do all these so called "experts" come from these days. it still wouldn't be a matter of seconds even if a much more powerful computer was invented and on top of that a much faster algorithm to solve the elliptic curve problem. not to mention that we are decades away from such computers!

[pushups44]

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/

If he's going to talk the talk, he should walk it. It's much easier saying that a project is hackable than to actually hack it. Of course, all kinds of theoretical vulnerabilities may exist, such as quantum computing. But if it was so easy to hack bitcoin and other blockchains, it would already be done.

[figmentofmyass]

that is not how quantum computers work and i am starting to wonder where do all these so called "experts" come from these days. it still wouldn't be a matter of seconds even if a much more powerful computer was invented and on top of that a much faster algorithm to solve the elliptic curve problem. not to mention that we are decades away from such computers!

it might be closer to a decade (singular) than multiple decades, if moore's law is any indication. according to this paper, bitcoin's signature algorithm could be broken within 8 years: https://arxiv.org/pdf/1710.10377.pdf

On the other hand, the elliptic curve signature scheme used by Bitcoin is much more at risk, and could be completely broken by a quantum computer as early as 2027, by the most optimistic estimates.

needless to say, we should probably start planning for this.

[traderethereum]

I believe that every human's made have vulnerability although they say that one product cannot be hacked but the truth, it will always have the potential to have a bug. But not all people can find that bug if he doesn't have skills to search or scan the bug. That is why we already saw that many exchanges had been hacked so far, but it doesn't mean that we cannot fix the issues because there will be many more people who have a high-skills that could fix the problems.
The quantum computer might be not too popular right now but since it still on the develop, I think in the future, we will going to use the quantum computer because I believe that the better technology will always be invented in every year.

[pooya87]

that is not how quantum computers work and i am starting to wonder where do all these so called "experts" come from these days. it still wouldn't be a matter of seconds even if a much more powerful computer was invented and on top of that a much faster algorithm to solve the elliptic curve problem. not to mention that we are decades away from such computers!

it might be closer to a decade (singular) than multiple decades, if moore's law is any indication. according to this paper, bitcoin's signature algorithm could be broken within 8 years: https://arxiv.org/pdf/1710.10377.pdf

On the other hand, the elliptic curve signature scheme used by Bitcoin is much more at risk, and could be completely broken by a quantum computer as early as 2027, by the most optimistic estimates.

needless to say, we should probably start planning for this.

that still wouldn't be a matter of seconds but days. not to mention that it will work only on one public key at a time not the whole system.
i never liked articles that are purely based on data extrapolation though because it makes a ton of assumptions. but i agree that we need to start planning for it. so far the alternative solutions i have seen have never been taken seriously because they weren't as strong and there has never been any serious threat to rush it.

[vit05]

By the time Bitcoin can be hacked, other passwords and logins will have been hacked much earlier. That is, if one day is possible, all the internet and the system of logins in websites, emails, banks etc would have been changed.

And we would have several other implications on thousands of systems. But the advantage of bitcoin is that it is an open source project with thousands of contributors and stakeholders. It is not a closed company. Then an innovative change will be created when there is, in fact, such a risk.

[Yakamoto]

that is not how quantum computers work and i am starting to wonder where do all these so called "experts" come from these days. it still wouldn't be a matter of seconds even if a much more powerful computer was invented and on top of that a much faster algorithm to solve the elliptic curve problem. not to mention that we are decades away from such computers!

You know, it'll be kind of interesting to see quantum computers follow a similar progression to what we had with the first CPUs. Going from room-sized computing labs to small, box-sized computers with even smaller processors, it'd be cool to see if that'll happen. Maybe we'll find a new branch of computing where quantum processors are run alongside our "standard" CPUs. That'd be cool.

Regardless, the cryptography is still sound. There is nothing close to proof that quantum computing is going to break what we have now. While it's something to think about, it's not a serious issue.

[AntoineCjp]

I think we are fine even with the current computing power.
Also why does Dr. Joseph Liu look angry?

[Erickan]

I have heard a lot about quantum computers, it is theoretically a threat to bitcoin. But that is only a theory, in fact, to hack crypto systems in seconds is an unbelievable thing, not to mention quantum computing is still a paper-based theory. 

I think the current blockchain is still a very secure system for at least next twenty years. If the quantum computer was born then the blockchain technology would have changed a lot, so it was hard to hack crypto.

[figmentofmyass]

it might be closer to a decade (singular) than multiple decades, if moore's law is any indication. according to this paper, bitcoin's signature algorithm could be broken within 8 years: https://arxiv.org/pdf/1710.10377.pdf

On the other hand, the elliptic curve signature scheme used by Bitcoin is much more at risk, and could be completely broken by a quantum computer as early as 2027, by the most optimistic estimates.

needless to say, we should probably start planning for this.

that still wouldn't be a matter of seconds but days. not to mention that it will work only on one public key at a time not the whole system.
i never liked articles that are purely based on data extrapolation though because it makes a ton of assumptions. but i agree that we need to start planning for it. so far the alternative solutions i have seen have never been taken seriously because they weren't as strong and there has never been any serious threat to rush it.

do you know if the bitcoin devs have discussed it at all? quantum resistant/one time use signature schemes etc? i don't think it needs to be rushed but it would be good to know what the consensus is among developers.

i'm not too worried personally as i agree, it's still years off by the most optimistic estimates. and we can protect ourselves by storing coins in addresses that have never been used to sign transactions.

it's interesting to think about though. for instance, lots of the early satoshi coins are held on p2pk addresses. those will be stolen eventually. i wonder how much the market will panic when that happens!

[leea-1334]

I think OP means like what Einstein or some other smart guy said,,, that nothing is impossible, given the correct time and resources. But let us face it, if you give someone 10 million years and all the supercomputers in the world, he maybe can crack a few Bitcoin private keys. But in 5 years for sure Bitcoin security will be upgraded, the hashpower higher, everything. You think it will be easy?

[pooya87]

~
do you know if the bitcoin devs have discussed it at all? quantum resistant/one time use signature schemes etc? i don't think it needs to be rushed but it would be good to know what the consensus is among developers.

i'm not too worried personally as i agree, it's still years off by the most optimistic estimates. and we can protect ourselves by storing coins in addresses that have never been used to sign transactions.

it's interesting to think about though. for instance, lots of the early satoshi coins are held on p2pk addresses. those will be stolen eventually. i wonder how much the market will panic when that happens!

not that much, although i am not really following these things so it doesn't count. i have seen some talks about it on the mailing list.
there was a recent topic in development discussion board with some links in the replies but as others also say, there seems to be no serious discussion about this yet.

[Yamifoud]

I think OP means like what Einstein or some other smart guy said,,, that nothing is impossible, given the correct time and resources. But let us face it, if you give someone 10 million years and all the supercomputers in the world, he maybe can crack a few Bitcoin private keys. But in 5 years for sure Bitcoin security will be upgraded, the hashpower higher, everything. You think it will be easy?

It surely not to be easy for them and it takes years to finally crack down Bitcoin keys. I will really get amaze when hackers spend millions just for this, maybe not for sure. Hackers are just around us, they are just waiting for anyone who could be their victim. If we have to be careful of our keys, definitely we are safe( but not a hundred 100%).

[gilangIDR]

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/

When someone hacker has access to the wallet, it is very possible to be able to do hacking against the wallet. So basically that as long as we can keep the wallets we have safely we will get a sense of security too. Take care of all information relating to the wallet and when we use web-based wallets such as exchange, then choose an exchange that does have the best reputation.

[asayoyaasa]

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

Couldn't agree more mate, at this moment we don't need to afraid about some quantum computer that hasn't invented yet. The weakest point of cryptocurrency is the user itself.

[Kemarit]

LOL, This is just pure rubbish, can be hacked in matter of seconds? And yes this has been put into debates years ago and no one can really tell us if quantum can really break blockchain technology. This article is just for click-bait and promote Ray Ram Thanni Hcash.

[fndsr]

everything can happen, but in my opinion the blockchain cannot be cracked by anyone unless people make the chain itself.  So now only the market can be hacked, secure your assets in the hardware wallet