Is Bitcoin as safe as its believers say?

[Roy Asher]

Does the U.S. Department of Justice's recovery of the Bitcoin ransom mean that Bitcoin and even blockchain security have fallen off the altar?

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[NeuroticFish]

Does the U.S. Department of Justice's recovery of the Bitcoin ransom mean that Bitcoin and even blockchain security have fallen off the altar?

No, but it can be a nice FUD indeed.
Probably DoJ have intercepted communications and found the private key(s) there.
And BTW, that "altar" is constituted of math, well written code and peer review. Just FYI.

[OmegaStarScream]

I don't understand why is everyone is panicking over this. From what I read, no information was given on how the authorities got access to the funds so are many possibilities, centralized services, weak passwords, etc.

And if you think that the code is not that safe, don't you think that someone would've found that out by now?

[BlackHatCoiner]

Does the U.S. Department of Justice's recovery of the Bitcoin ransom mean that Bitcoin and even blockchain security have fallen off the altar?

Does the U.S Department of Justice have a proof that the block chain technology is weak in terms of security? Lots of authorities want to spread FUD right now to create temporary dips, including DoJ. I won't be surprised if this summer they'll all get into Bitcoin strongly.

Even if these weren't lies, the person who lost the bitcoins could have simply not managed them properly.

[Dave1]

Does the U.S. Department of Justice's recovery of the Bitcoin ransom mean that Bitcoin and even blockchain security have fallen off the altar?

No, but it can be a nice FUD indeed.
Probably DoJ have intercepted communications and found the private key(s) there.
And BTW, that "altar" is constituted of math, well written code and peer review. Just FYI.

Exactly, and this is what I assume happened in the last 24 hours. After the news has been released to the public, the price suddenly plummeted to $32k. And maybe some anti-bitcoin or people with narratives behind spread FUD.

And I don't think that blockchain has been broken, DoJ may have find ways on the group of hackers, hence they were able to extract the private keys.

[AicecreaME]

What do you pertain by the word "safe" in your question? That word has so many meaning in bitcoin community. I suggest you clarify so the readers can answer directly on what you are trying to ask. But to answer it, generally speaking, yes, bitcoin is safe as long as you know what you are doing.

In terms of privacy, bitcoin provides anonymity that secures the identity of the person having a transaction. It doesn't require a KYC (unless you are using a platform that requires it) that stores your personal data and is prone to hacking that leads to identity theft and such. This is a plus because it provides a safety net to the users.

In terms of having it as a storage of funds, it is safe as long as you secured your device as well as the pin you used. They can't just open your wallet and steal because it is secured with unique cryptography.

In terms of having it as an investment vehicle, it is safe as long as you are knowledgeable enough about its nature. Bitcoin is volatile so you should manage your expectations. It is risky especially if you are just following the hype. So you should really know the basics and fundamentals before risking.

I hope I managed to answer your question. You can also research to verify and to gain more knowledge about it.

[Bitstar_coin]

Everyone just looking at btc from different angle and trying to find loopholes where there isn't, btc will be safe if you keep it safe or as long as you don't indulge in any illegal way of getting it, the government will always want to portray a different picture but it all depends on the user, btc provide privacy unlike fiat that requires kyc but still people don't get scared of using fiat, then why would you think btc is not safe.

[hatshepsut93]

Does the U.S. Department of Justice's recovery of the Bitcoin ransom mean that Bitcoin and even blockchain security have fallen off the altar?

They didn't edit the blockchain. They didn't crack the public key cryptography. They just hacked their servers and found private keys there, which means that Bitcoin security as strong as ever. This is why people oppose altcoins, a lot of altcoins are centralized and would allow government to seize funds without private keys. Tether is known to freeze balances on demand from law enforcement, because it's not a decentralized cryptocurrency, it's a company.

[pinggoki]

Does the U.S. Department of Justice's recovery of the Bitcoin ransom mean that Bitcoin and even blockchain security have fallen off the altar?

Bitcoin and its blockchain technology is a way far from what you've been expected meaning, the security and safety of the bitcoin is very high in which a normal person cannot walk in to this kind of security. The thing is that we need to be more careful on our private keys and assets so that our funds on our wallet or in our ledger will be more safe, aside from the security that we have we must also double or even triple our own security by not given to anyone our private keys and etc.

[buwaytress]

There is no safer alternative, in terms of technical ability or pure brute force attacking power, which really now is the only way to crack any kind of network like this. There is no safer alternative in terms of having the financial might to 51% attack the network either (which, even if somehow achieved, would be ignored as the good actors reorg).

Seizing private keys is really not overcoming the security.

[bekti3]

The security of Bitcoin is relatively dependent on the holder of the private key, because the negligence of the user itself makes it insecure. This returns to the user, because then the ownership is already in the hands of the user without any intervention from any party.

about loss and so on, regardless of how the user saves it.
not saying that blockchain has failed and such. what needs to be tracked is the holder of the private key itself.

[NotATether]

Everyone worrying about this FBI private key FUD needs to read this topic: https://bitcointalk.org/index.php?topic=5342645.0

It's ridiculous that investors are selling on news like this. This just proves how clueless they are about Bitcoin's fundamentals.

[TangentC]

I don't understand why is everyone is panicking over this. From what I read,
no information was given on how the authorities got access to the funds
so are many possibilities, centralized services, weak passwords, etc.

And if you think that the code is not that safe, don't you think that someone would've found that out by now?

No definite answer is why they are panicking.
Fear is a powerful catalyst and so called diamond hands are very very few out of the total.

[Hamphser]

Does the U.S. Department of Justice's recovery of the Bitcoin ransom mean that Bitcoin and even blockchain security have fallen off the altar?

They didn't edit the blockchain. They didn't crack the public key cryptography. They just hacked their servers and found private keys there, which means that Bitcoin security as strong as ever. This is why people oppose altcoins, a lot of altcoins are centralized and would allow government to seize funds without private keys. Tether is known to freeze balances on demand from law enforcement, because it's not a decentralized cryptocurrency, it's a company.

And yet people havent realized these things and instead they do freak out whenever they do see these kind of headlines without even realizing on whats had been done.Bitcoin cant be cracked nor cant really make out some alterations on code and this is where it do get that main support throughout the community because of this aspect.

People should learn on to read up headlines on whats the real story. There's no bypass that do happen on here in talks about recovery and as stated

it was just basically the retrieval of those keys via bypassing those common databases and stuffs.

[TangentC]

Does the U.S. Department of Justice's recovery of the Bitcoin ransom mean that Bitcoin and even blockchain security have fallen off the altar?

They didn't edit the blockchain. They didn't crack the public key cryptography. They just hacked their servers and found private keys there, which means that Bitcoin security as strong as ever. This is why people oppose altcoins, a lot of altcoins are centralized and would allow government to seize funds without private keys. Tether is known to freeze balances on demand from law enforcement, because it's not a decentralized cryptocurrency, it's a company.

And yet people havent realized these things and instead they do freak out whenever they do see these kind of headlines without even realizing on whats had been done.Bitcoin cant be cracked nor cant really make out some alterations on code and this is where it do get that main support throughout the community because of this aspect.

People should learn on to read up headlines on whats the real story. There's no bypass that do happen on here in talks about recovery and as stated

it was just basically the retrieval of those keys via bypassing those common databases and stuffs.

Actually if you are right, it means bitcoin password security is not as strong as ever.
IF FBI , got access to the actual wallet on a VPS, only a moron does not encrypt their wallet password,
meaning the FBI broke the encryption to get the password, meaning any wallet, they get physical access to becomes accessible, and that is not supposed to happen.
What should have happen is they find the encrypted wallet and should be unable to hack the password within our lifetimes, but that is not the story they are putting out there, so somebody is lying.

[acener]

Does the U.S. Department of Justice's recovery of the Bitcoin ransom mean that Bitcoin and even blockchain security have fallen off the altar?

How did they recover it?
How about the wallet maybe it isn't the blockchain that have a problem but the wallet where it was been sent?
And maybe it could just be FUD or another publicity for them to gain people's trust.

[Viscore]

The security of Bitcoin is relatively dependent on the holder of the private key, because the negligence of the user itself makes it insecure. This returns to the user, because then the ownership is already in the hands of the user without any intervention from any party.
 
about loss and so on, regardless of how the user saves it.
not saying that blockchain has failed and such. what needs to be tracked is the holder of the private key itself.

Bitcoin is safe if the user knows how to secure his private keys so that no one can have the chances to steal or hack it. Blockchain has nothing to do with it since its a great innovation itself.

The only time where bitcoin becomes unsafe is the user itself is not responsible to secure his private keys due to his carelessness and irresponsible user.

[Hypnosis00]

Does the U.S. Department of Justice's recovery of the Bitcoin ransom mean that Bitcoin and even blockchain security have fallen off the altar?

How did they recover it?
How about the wallet maybe it isn't the blockchain that have a problem but the wallet where it was been sent?
And maybe it could just be FUD or another publicity for them to gain people's trust.

They hack the server and found those private keys. This is usually will happen when we are too careless with our keys and we don't blame the blockchain because it is our fault.

Maybe we could say it was just a FUD but we can't deny that this has already happened several times. We are prone to hacking incidents and the DoJ or the government are also using their people to do this. But it doesn't mean that this was a sign of an end, we're not.

[Smartvirus]

If there is one thing your thread pointed out is about its believers. If you don't believe, you still won't until you've found a way to convince yourself otherwise. Of course bitcoin is enjoying the dividends that comes with being a pioneer cryptocurrency and not just a pioneer, it's a perfected coin and has a genus strategy about it. So, every crypto enthusiast has got yo recognise it. The only reason why some persons may not invest in BTC is because, they feel its too late with the price way up to thousands of dollars. So, many seek opportunities with the altcoins but I still think, bitcoin is the best and safest of all.

[quez]

"The FBI Secretly Ran the Anom Messaging Platform, Yielding Hundreds of Arrests in Global Sting
Monitoring of encrypted communications yielded over 800 arrests in 16 countries of suspected members of crime networks" - WSJ

Maybe related?