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Author Topic: Will Bitcoin be 'hacked' by September 2015?  (Read 3235 times)
btcpokerface
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September 17, 2014, 09:20:57 PM
 #21

FUD, FUD everywhere, but it's funny to see how it will end.

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R2D221
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September 17, 2014, 09:27:44 PM
 #22

How can somebody even predict a cryptographic algorithm will be broken? It's either broken or it's not. You can't predict something with no proof, but that proof would mean the algorithm is broken already.

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September 17, 2014, 09:37:01 PM
 #23

There was a cryptographer (http://insidebitcoins.co.uk/london2014/speakers/#p2887 ) presenting and he claimed Bitcoin's encryption will be hacked by September 2015.
Bitcoin doesn't use "encryption", unless you are talking about wallet encryption.
I think this mis-quotation alone is more or less proof as to how credible this prediction is.
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September 18, 2014, 12:11:07 AM
 #24

the advanced progress in hacking the protocol and encryption is one of the reasons that bitcoin will completely colapse within a years time

we are selling the complete details and research for 0.5 btc, after signing the non disclosure agreement and send payment you receive the personalized information to help your investment.=
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September 18, 2014, 01:39:41 AM
 #25

the advanced progress in hacking the protocol and encryption is one of the reasons that bitcoin will completely colapse within a years time

we are selling the complete details and research for 0.5 btc, after signing the non disclosure agreement and send payment you receive the personalized information to help your investment.=

LOL. Mr Anti bitcoin wants bitcoin for his delusional blockchain hacking information.
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September 18, 2014, 02:33:10 AM
 #26

interesting FUD Smiley

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September 18, 2014, 03:01:00 AM
 #27

like doomsday prophecy of bitcoin. No one will believe him!

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September 18, 2014, 03:36:08 AM
 #28

Those links are dead now, so I have no idea what FUDD it was all about.
But as far as i know SHA and the ECSA are two completely different things! ECDSA is used to generate public and private key pairs (sure, the hash it a few times to generate the address but it's not used to make the key pairs). And SHA is a hashing algorithm that is used for blockchain data integrity. I'm not sure how they can both be "cracked".  Does anyone have another link to the video / article?

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September 18, 2014, 03:39:59 AM
 #29

Those links are dead now, so I have no idea what FUDD it was all about.
But as far as i know SHA and the ECSA are two completely different things! ECDSA is used to generate public and private key pairs (sure, the hash it a few times to generate the address but it's not used to make the key pairs). And SHA is a hashing algorithm that is used for blockchain data integrity. I'm not sure how they can both be "cracked".  Does anyone have another link to the video / article?

it's all nonsense.  the big challenge to bitcoin right now is regulatory.

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September 18, 2014, 05:08:06 AM
 #30

I think it wont be until long after all BTC has been mined completely that the standards its based upon may become obsolete, but quantum could change all that instantly.

But, then again, aliens could invade, zombies, WWIII/nuclear war, global economic collapse, you could be hit by a bus tomorrow or slip on the stairs and be paralyzed.

Personally I would rather spend my brainpower on driving safely and not slipping down stairs rather than on guestimating the lifespan of cryptographic standards.

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September 18, 2014, 05:18:19 AM
 #31


This page has a great comment:

"Who bet on yes is pretty dumb, because if the bitcoin break will not win anything anyway."

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September 18, 2014, 06:24:14 AM
 #32

the advanced progress in hacking the protocol and encryption is one of the reasons that bitcoin will completely colapse within a years time

we are selling the complete details and research for 0.5 btc, after signing the non disclosure agreement and send payment you receive the personalized information to help your investment.=

The bitcoin protocal is open source, so there is nothing to hack there and the only encryption are the keys to your wallet address.

Someone else has already done the math on that:

A private key is a 256-bit value, meaning there are approximately 1.1579e77 possible keys (There are about 1.2288e66 invalid values, but subtracting them from the full

The issue is calculating the private key from the public key or Bitcoin address using a mathematical formula by breaking the algorithm.  It seems unlikely someone would break the digital signing algorithm all in one swoop, it would most likely be broken in pieces.  In order to go from the Bitcoin address to the public key you have to break an additional, different algorithm.

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September 18, 2014, 06:55:57 AM
 #33

^ Its a speed, time, space and energy problem. They will have to hack all those things first.

That is brute force.  The thread is about using research and mathematics to break the algorithm without brute force or at least reduce the brute force portion to a manageable amount so it can be broken with current computers. 

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September 18, 2014, 07:10:15 AM
 #34

Will Bitcoin be 'hacked' by September 2015?
As long as the BTC price stays above ~$25/BTC (for example) you know that "the market" still has confidence in Bitcoin functioning properly and securely. As soon as it is proven (if ever) that BTC can be 'hacked', then the price will be virtually worthless. I hope the FUD never comes true and someday we will see prices much higher than today. 

sooo it's ok for it to go down from 450 to 50 by next month?  Grin

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September 18, 2014, 07:13:07 AM
 #35

Sorry if I mis misunderstood. I still see a download/storage/time issue even if they found a way to break the algorithm without brute force. We are talking about a lot of addresses and keys. I guess I'll leave it alone.

If it was completely broken you can go through and see the addresses that have a balance and then calculate the private keys of just those addresses.  But I would not worry about it.  I couldn't find the paper where this claim was made but if was that much of a concern it would be big news.  Ask Gregory Maxwell, he would know.

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September 18, 2014, 08:18:47 AM
 #36

Maybe by 2050

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September 18, 2014, 08:20:01 AM
 #37

Not too sure how something like this could be predicted to be honest, I mean I am not saying it couldn't happen because anything can happen  but to predict it is not always something that can give full truth. Can't see it happening by next year though.
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September 18, 2014, 11:22:23 AM
 #38

i guess Prof. Bitcorn meant the year 2115

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September 18, 2014, 11:53:47 AM
 #39

Meh, it appears the speaker is fishing for attention.

Why mention sha256 and secp256k1 ECDSA together?
Either you find a weakness in sha256 that increases your chances of finding collisions or you find a weakness in the distribution of ECDSA keys.
It would be a real surprise to me if the combination of both had an adverse effect
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September 18, 2014, 11:55:40 AM
 #40

I highly doubt that this will happen in 2015, or even before 2020.
Anyways a hard fork (hard to do, but possible) could be done, and encryption changed to something that remains secure by then.


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