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Author Topic: What do you think Bitcoins biggest vulnerability is?  (Read 363 times)
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October 05, 2019, 05:38:41 AM
 #1

What do you think Bitcoins biggest vulnerability is?
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October 05, 2019, 05:53:51 AM
 #2

What do you think Bitcoins biggest vulnerability is?

The social/political attack vector. The 2x fork attempt by major Bitcoin companies and Bitmain in 2017 may have been child's play compared to future attacks. Next time, it could be governments or Wall Street institutions that are trying to fork and co-opt the protocol.

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October 05, 2019, 06:03:04 AM
 #3

I think it's the restrictions put by the government , if it had been a open community it would have flourished in no time but unfortunately the banning and other rules and regulations put us at a disadvantage , there are countries mimicking other countries in banning Bitcoins and all.
 Then comes the factor of volatility because even right now people are afraid to invest in Bitcoins seeing the price chart , had it been a little straight , it would have made more people interested in it .



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October 05, 2019, 06:09:23 AM
 #4

Government protest against bitcoin, they see bitcoin as a big threat in the financial system issued by them so bitcoin is more likely to be attacked by the government sooner or later.
Then comes the factor of volatility because even right now people are afraid to invest in Bitcoins seeing the price chart , had it been a little straight , it would have made more people interested in it .
This is another weak spot of bitcoin this is the main reason why many new investors won't come in when they see how hard bitcoin falls after a pump and how quick it happen that they might lose millions in just seconds.

 
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October 05, 2019, 06:18:06 AM
 #5


Bitcoin is never perfect and expected it to be as such is just dreaming. As far as vulnerability or weakness can be concerned, I would like to zero in with its scalability issue which directly affect the speed and cost of doing transactions. This has been a major issue since I can remember dealing with Bitcoin and until now there remains to be no generally-accepted and implemented solutions though there seems to be no let up in finding ways and means for this big challenge. We are hoping that soon Bitcoin can already be comparable to other popular financial platforms in terms of speed of doing business so we can easily attract more and more merchants and entrepreneurs to the Bitcoin ecosystem. Without good solutions, Bitcoin adoption can have a big slowdown.

In the eyes of many merchants, the sometimes extreme volatility of Bitcoin is a big factor why they are shying away from joining the Bitcoin club. Though of course, there are now many ways (and platforms, as well) to ferret out remedies on this regard. However, volatility is something that many traders will not be afraid of as it can be an opportunity to them.

Just recently, there is a big buzz on the announcement by Google that they already developed the supremacy in the field of quantum computing so that a lot of us in the Bitcoin community expressed some big concerns on how this can be affecting Bitcoin and cryptocurrency. As of now, it remains not yet clear if the one possessed by Google can indeed fry Bitcoin and how it can change the dynamics of the whole thing. We are hoping that eventually Bitcoin can be able to withstand this possible threat and that developers can be able to counteract this technology effectively.

 
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October 05, 2019, 06:21:11 AM
 #6

What do you think Bitcoins biggest vulnerability is?

If you believe the headlines, quantum computing is a pretty big threat. Maybe not today, but in a decade or three.

I'm aware that we can switch to quantum-resistant cryptography like Lamport one-time signatures, but there is an equally large problem that's gone unaddressed: What do we do about the several million BTC that will remain vulnerable because they are still in ECDSA-secured pubkeys/pubkey hashes? Like the Satoshi coins......do we destroy them?

If not, millions of coins will get stolen and dumped on the markets for years and years. Being a HODLer sounds like a nightmare in that case!
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October 05, 2019, 06:44:28 AM
 #7

What do you think Bitcoins biggest vulnerability is?
Its volatility could be called as both a strength and a weakness. Cause people are afraid of how it changes so much in just days in the market and yet thats how most bitcoin owners profit, because it's close to unpredictable. There's also the factor that government refuses to accept it so the masses also adopt to the same policy. Those that are ignorant of the benefits of bitcoin or crypto that is.
I wouldn't really say security as a weakness since that's always a part of a system and the community are striving to improve it anyway so I wouldnt really count on itbas its weakness.

 
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October 05, 2019, 07:20:31 AM
 #8

FUDs people are easily affected by fake news that cause them to lose their trust on bitcoin also when people outside this industry after hearing a fake news they just talk too much without knowing what it really is.

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October 05, 2019, 07:32:00 AM
 #9

What do you think Bitcoins biggest vulnerability is?

The social/political attack vector. The 2x fork attempt by major Bitcoin companies and Bitmain in 2017 may have been child's play compared to future attacks. Next time, it could be governments or Wall Street institutions that are trying to fork and co-opt the protocol.

and on the other side the
The social/political attack vector. The 1mb base stagnation apartheid by major Bitcoin companies and devs in 2017. it was Wall Street institutions that are trying to stagnate and segregate the community and co-opt the protocol.

(1mb=controlling the protocol.. aparthied/segregation= throwing the non COREperate opposition off the network)

yes Barry silberts company that owns most major exchanges of influence and put millions into the dev teams pockets to try innovating a corporate orientated network of hubs and group management which doesnt even use blockchains and requires people to lock funds into custodian co-managed scripts. thus not only avoid using the bitcoin networks security for payments but also reduces peoples self control and sol ownership of funds.

thus making bitcoin appear to be by their actions, not useful and not something that will innovate into something the world can use because those BScartel people want people to use their other networks instead. thus strangling bitcoin.

just remember how bank notes turned out once banks started messing with the 'gold backed promissory notes' that replaced actually using gold. yes even tether recently shown the futur of what can happen once people are STUCK using millisats(altnet(LN) token) instead of real btc

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October 05, 2019, 07:34:29 AM
 #10

What do you think Bitcoins biggest vulnerability is?

If you believe the headlines, quantum computing is a pretty big threat. Maybe not today, but in a decade or three.

I'm aware that we can switch to quantum-resistant cryptography like Lamport one-time signatures, but there is an equally large problem that's gone unaddressed: What do we do about the several million BTC that will remain vulnerable because they are still in ECDSA-secured pubkeys/pubkey hashes? Like the Satoshi coins......do we destroy them?

If not, millions of coins will get stolen and dumped on the markets for years and years. Being a HODLer sounds like a nightmare in that case!

no it is not. because we are many decades away from quantum computers becoming a threat to be able to solve ECDLP. but so far the media (specially the bullshit bitcoin related news sites that are desperate for articles) are making it into a big deal and trying to spread misinformation.

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October 05, 2019, 07:48:57 AM
 #11

Bitcoin’s biggest vulnerability for me is  security. Given that this is used as source of income or even source of payment for sure there are a lot of ambitious people who will hack and get something from our funds. Hackers and amscammers are known here so for me security isthe biggest vulnerability on bitcoin.

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October 05, 2019, 07:59:45 AM
 #12

What do you think Bitcoins biggest vulnerability is?
Government restrictions is the only thing I can think of that can possibly stop or make bitcoin transactions made hidden/underground. Speaking of security and anonimity, bitcoin and other cryptocurrencies solves almost all issues. The problem lies to that main advantage, anonimity, since there are no one to have your back when someone stole your bitcoin or no one would be able to trace payments made for illegal activites such as crimes.

 
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October 05, 2019, 08:02:11 AM
 #13

Bitcoin’s biggest vulnerability for me is  security. Given that this is used as source of income or even source of payment for sure there are a lot of ambitious people who will hack and get something from our funds. Hackers and amscammers are known here so for me security isthe biggest vulnerability on bitcoin.
We cannot question the security of bitcoin, security is coming from its own owner. even in fiat, security depends on how you take care of your own money, even if storing in banks, there are some cases that you might lose it if a scammer will find a way to get your money by getting information of you account.

I might consider the possible lost of private keys, which you wont be able to recover once you have lost it. There is no private institution that will give you an assistance or an account which you can easily forget your password and reset it to a new one.

 
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October 05, 2019, 10:03:22 AM
Last edit: October 05, 2019, 12:55:46 PM by lobat999
 #14

What do you think Bitcoins biggest vulnerability is?

The social/political attack vector. The 2x fork attempt by major Bitcoin companies and Bitmain in 2017 may have been child's play compared to future attacks. Next time, it could be governments or Wall Street institutions that are trying to fork and co-opt the protocol.

I guess I share this idea too and must give emphasis to it. Bitcoin being open sourced was one of its strengths and at the same time also one of its weakness - thus the possibility of being forked by anyone with enough computing resources and in effect leaving the main network less secure!

Also, we must  consider one of its vulnerability as what SN had anticipated - a 51 percent attack at which point could become scary and a possibility once Governments try to intervene and dedicate their resources to it and take over the network.
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October 05, 2019, 10:15:40 AM
 #15

What do you think Bitcoins biggest vulnerability is?
Researchers recently identified vulnerabilities in cryptographic signatures for Bitcoin, Ethereum, and Ripple, that allowed attackers to calculate private keys and, consequently, steal any crypto in that wallet.  Vulnerabilities only occur in edge cases where code is not implemented by developers properly, or likely occurred because of faulty multi-signature hardware. The research emphasizes the resiliency of the cryptographic schemes used by cryptocurrencies, as well as highlights the importance of proper implementation (Mitchell Moos, 2019).

 
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October 05, 2019, 11:04:52 AM
 #16

For now, I'd say the government is still Bitcoin's biggest vulnerability, whether through heavier regulation of on and off ramps, or through straight up investing billions in mining to ruin the whole infrastructure.

If bitcoin keeps growing at the same pace, in a few years not even the governments will be a risk for bitcoin

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October 05, 2019, 12:02:57 PM
 #17

I am going to say that the investors is the bieggest vulnerability when it comes to Bitcoins and when i am talking about the investors, I am going to be very specific and say that the newbie investors and those that are very quick to sell their cryptos whenever they see any negative rumor regarding bitcoins and they proceed to sell their butcoins and this in turn leads to the price crumbling down.

 
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October 05, 2019, 12:16:06 PM
 #18

it probably is price and the related dramas that it brings. otherwise every other aspect of bitcoin that you think about is very strong. it is decentralized, boarderless and it has been resisting all kinds of attacks for 10 yeasr without faulter.
but when it comes to price we see a lot of drama mainly because the market is small and filled with a lot of newbies weak hands that could easily be manipulated to make irrational moves.

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October 05, 2019, 12:28:12 PM
 #19

For now, I'd say the government is still Bitcoin's biggest vulnerability, whether through heavier regulation of on and off ramps, or through straight up investing billions in mining to ruin the whole infrastructure.

If bitcoin keeps growing at the same pace, in a few years not even the governments will be a risk for bitcoin
I may agree with this on some points because there are some countries right now that banned cryptocurrency in their own country for some reason which is a bit frustrating because they don't know what Bitcoin can do and how it can help them but... there are more countries who accepted it compare to those who banned it.

Maybe the FUD's that are spreading in the internet and the ability of the whales to manipulate it are its biggest vulnerability. Bitcoin can be easily manipulated by different whales if they want to. They can sell if they want and buy if they want. I'm predicting that in the next years, more and more people will be using not only Bitcoin but other cryptocurrencies and the chances of it to be manipulated will decrease slowly.

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October 05, 2019, 12:38:47 PM
 #20

it probably is price and the related dramas that it brings. otherwise every other aspect of bitcoin that you think about is very strong. it is decentralized, boarderless and it has been resisting all kinds of attacks for 10 yeasr without faulter.
but when it comes to price we see a lot of drama mainly because the market is small and filled with a lot of newbies weak hands that could easily be manipulated to make irrational moves.

I agree. Price movements can hurt Bitcoin, I think. Anyone who does not believe in the future of Bitcoin puts risks at the forefront of any price fluctuation. I think the price is more effective than the real vision of Bitcoin. For this reason, many countries are far from making legal arrangements on this issue. However, this price activity may also be reduced by legal regulations.
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