cuddaloreappu (OP)
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June 13, 2014, 04:37:14 PM Last edit: June 13, 2014, 05:38:42 PM by cuddaloreappu |
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If a 51% attack actually happens, could one lose bitcoins in cold storage or in hot wallet..
what can a normal non technical user do to save himself from this danger?
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joshraban76
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June 13, 2014, 04:41:15 PM |
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Always expect the worst case scenario, so yes, it could happen.
Maybe you could wait to see how we are going to pass this issue, as it's for the first time ever to happen.
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ljudotina
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June 13, 2014, 04:42:18 PM |
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If 51% attack happens, noone will steal your BTC. They will just be worth 0$....so no...you can not protect em...noone can except miners turning away their mining machines away from ghash. I hope devs are watching this and planning how to stop this from happening again.
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madmat
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June 13, 2014, 04:44:19 PM |
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If a 51% attack actually happens, could one lose bitcoins in cold storage or in hot wallet..
what can a normal non technical user do to save himself from this danger?
As far as i understand, no one can take your bitcoins without the private keys. So you are safe with cold storage. Why could happen is double spending.
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Melbustus
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June 13, 2014, 04:44:27 PM |
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If a 51% attack actually happens, could one lose bitcoins in cold storage or in hot wallet..
No!! A 51% could theoretically allow the attacker to double-spend coins that *they* already have. YOUR coins are safe. No one can sign transactions for your coins, unless you've given them your private keys.
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Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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david123
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June 13, 2014, 04:46:20 PM |
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No, this cannot happen. Only he who has the private key can initiate transactions. What *can* happen is that a past transaction gets reversed. E.g. if you put your coins on your cold wallet just yesterday and there is someone with almost 100% hashing power and seriously determined to do so, he could fork and orphane all blocks from this transaction on. Then the coins will be there where they used to be before they ended up in your cold wallet.
I'd say this is a purely theoretical threat, though. If you are the only one who has the private key, you are the only one who has control over your coins.
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Melbustus
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June 13, 2014, 04:46:36 PM |
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Always expect the worst case scenario, so yes, it could happen.
No! See my post above. ...as it's for the first time ever to happen.
Also no. Deepbit had around 50% a couple years ago. Miners switched pools. It passed.
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Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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Beliathon
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June 13, 2014, 04:50:46 PM |
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Take a deep breath, your money is safer in crypto cold storage than anywhere else in this solar system.
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coinmaster222
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June 13, 2014, 04:57:06 PM |
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Always expect the worst case scenario, so yes, it could happen.
Maybe you could wait to see how we are going to pass this issue, as it's for the first time ever to happen.
Better to remain silent and be thought a fool than to speak out and remove all doubt. You guys should have a look at the wiki. The information is out there for you to access. Coming here to ask won't help much.
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megashira1
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June 13, 2014, 04:58:57 PM |
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Why is it so hard to solve this issue?
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david123
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June 13, 2014, 05:00:41 PM |
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What issue? Nothing needs to be resolved here.. Everything is fine. We should be happy about this opportunity to grab some cheap coins ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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joshraban76
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June 13, 2014, 05:01:42 PM |
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If a 51% attack actually happens, could one lose bitcoins in cold storage or in hot wallet..
No!! A 51% could theoretically allow the attacker to double-spend coins that *they* already have. YOUR coins are safe. No one can sign transactions for your coins, unless you've given them your private keys. Are you sure about this ?
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BitCoinDream
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The revolution will be digital
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June 13, 2014, 05:16:56 PM |
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If a 51% attack actually happens, could one lose bitcoins in cold storage or in hot wallet..
No!! A 51% could theoretically allow the attacker to double-spend coins that *they* already have. YOUR coins are safe. No one can sign transactions for your coins, unless you've given them your private keys. Are you sure about this ? Yep, unless they reverse the Tx from where u got your coins ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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david123
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June 13, 2014, 05:17:17 PM |
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Are you sure about this ?
You just have to read how bitcoin works.. In order to initiate a new transaction, you need the private key. Otherwise you cannot sign that transaction. Technically you could build on blocks containing wrongly signed transactions if you own the majority of the hashing speed, but then it's no longer Bitcoin but someones private coin^^ You can fork and thus reverse transactions without knowing a private key. This would be bad news for someone of course, but it has nothing to do with collecting coins belonging to someone else.
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Robert Paulson
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June 13, 2014, 05:25:55 PM |
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If a 51% attack actually happens, could one lose bitcoins in cold storage or in hot wallet..
what can a normal non technical user do to save himself from this danger?
yes, in a worst case scenario a 51% attack can erase all transactions since the last checkpoint, unless you got your bitcoins before that then you will lose them. nothing can be done against this except hoping that ghash.io will stop controlling most of the hashing power in the network.
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shorena
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No I dont escrow anymore.
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June 13, 2014, 05:26:53 PM |
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If a 51% attack actually happens, could one lose bitcoins in cold storage or in hot wallet..
what can a normal non technical user do to save himself from this danger?
yes, in a worst case scenario a 51% attack can erase all transactions since the last checkpoint, unless you got your bitcoins before that then you will lose them. nothing can be done against this except hoping that ghash.io will stop controlling most of the hashing power in the network. Huh? When was the last checkpoint?
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Im not really here, its just your imagination.
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Robert Paulson
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June 13, 2014, 05:30:00 PM |
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If a 51% attack actually happens, could one lose bitcoins in cold storage or in hot wallet..
what can a normal non technical user do to save himself from this danger?
yes, in a worst case scenario a 51% attack can erase all transactions since the last checkpoint, unless you got your bitcoins before that then you will lose them. nothing can be done against this except hoping that ghash.io will stop controlling most of the hashing power in the network. Huh? When was the last checkpoint? the last checkpoint in the source code is of block #279000 ( https://github.com/bitcoin/bitcoin/blob/master/src/checkpoints.cpp) which was mined on 7th of January 2014. so any bitcoins anyone got after that date are in danger in a worst case scenario.
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dooglus
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June 13, 2014, 05:37:25 PM |
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If a 51% attack actually happens, could one lose bitcoins in cold storage or in hot wallet..
No!! A 51% could theoretically allow the attacker to double-spend coins that *they* already have. YOUR coins are safe. No one can sign transactions for your coins, unless you've given them your private keys. Not strictly true. If the attacker *ever* owned your coins in the past, they can start their attack from before they sold them and rewrite history from that point forward. Then you never bought them and your cold wallet is empty.
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david123
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June 13, 2014, 05:38:16 PM |
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I doubt if this repository has much authority. If someone with say almost 100% hashing power would initiate a fork building on a block mined back in 2013, I don't see how a reversed bitcoin from jan. 8 is safer than a reversed one from Jan. 6...
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juju
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June 13, 2014, 05:39:22 PM |
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If a 51% attack actually happens, could one lose bitcoins in cold storage or in hot wallet..
No!! A 51% could theoretically allow the attacker to double-spend coins that *they* already have. YOUR coins are safe. No one can sign transactions for your coins, unless you've given them your private keys. Not strictly true. If the attacker *ever* owned your coins in the past, they can start their attack from before they sold them and rewrite history from that point forward. Then you never bought them and your cold wallet is empty. So what your telling me is I need to divest and gamble all my coins away? ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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