dain-k (OP)
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January 21, 2015, 03:20:04 AM |
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let's say we're 20 years in the future and the world has adopted bitcoin as a global currency. We develop very sophisticated processing technology, and a bunch of nerds hack all the secret keys of the bitcoin network. That is a bad future.
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R2D221
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January 21, 2015, 03:25:50 AM |
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and a bunch of nerds hack all the secret keys of the bitcoin network
What secret keys, exactly? |
An economy based on endless growth is unsustainable.
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bitcoin_bagholder
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January 21, 2015, 03:32:55 AM |
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and a bunch of nerds hack all the secret keys of the bitcoin network
What secret keys, exactly? Surely he means private keys. |
Bitmixer sucks
Bit-X sucks
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grendel25
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Activity: 2296
Merit: 1031
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January 21, 2015, 03:38:03 AM |
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The implementation of various bitcoin storage media means various types of keys. Electrum has their own rendition. Ease of use and security haven't quite married up for bitcoin users in my opinion. This necessity of currency is a huge road block at the moment. I hear people talk about vault, cold storage, electrum, various electronic devices that go for over $100. Who the hell wants to pay $100 for a wallet? I don't pay my bank that much.
This is a huge problem. There won't be a "future" for bitcoin if this simple ease of use and security thing can't be worked out.
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R2D221
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January 21, 2015, 03:42:25 AM |
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and a bunch of nerds hack all the secret keys of the bitcoin network
What secret keys, exactly? Surely he means private keys. Yes, but private keys are not of the bitcoin network. They are for individual accounts. Whatever they're referring to doesn't seem to make sense. |
An economy based on endless growth is unsustainable.
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waaat?
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January 21, 2015, 03:48:39 AM |
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let's say we're 20 years in the future and the world has adopted bitcoin as a global currency. We develop very sophisticated processing technology, and a bunch of nerds hack all the secret keys of the bitcoin network. That is a bad future.
If sha256 is broken it'll have to hardfork to a better algo. It's working for now. When it stops working you'll notice from the monster-dump on the market. So now that i think about it: in case Sha is broken it will be too late to fork already because markets will be crashed down before people become aware. |
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Ingatqhvq
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January 21, 2015, 04:10:10 AM |
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let's say we're 20 years in the future and the world has adopted bitcoin as a global currency. We develop very sophisticated processing technology, and a bunch of nerds hack all the secret keys of the bitcoin network. That is a bad future.
If sha256 was hacked, then we update to sha512. |
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waaat?
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January 21, 2015, 04:17:41 AM |
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let's say we're 20 years in the future and the world has adopted bitcoin as a global currency. We develop very sophisticated processing technology, and a bunch of nerds hack all the secret keys of the bitcoin network. That is a bad future.
If sha256 was hacked, then we update to sha512. Sure but AFTER it was hacked and the market crashed with the satoshi-coins from his premine. |
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R2D221
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January 21, 2015, 04:21:17 AM |
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let's say we're 20 years in the future and the world has adopted bitcoin as a global currency. We develop very sophisticated processing technology, and a bunch of nerds hack all the secret keys of the bitcoin network. That is a bad future.
If sha256 was hacked, then we update to sha512. If SHA256 was hacked, Bitcooin would be the least of your worries. |
An economy based on endless growth is unsustainable.
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hmmkay
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January 21, 2015, 04:29:52 AM |
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When it reaches the status of global currency, there will be huge budgets to keep bitcoin future-proof.
That's the beauty of bitcoin, it's adaptable!
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kolloh
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Activity: 1736
Merit: 1023
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January 21, 2015, 04:46:59 AM |
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let's say we're 20 years in the future and the world has adopted bitcoin as a global currency. We develop very sophisticated processing technology, and a bunch of nerds hack all the secret keys of the bitcoin network. That is a bad future.
If sha256 was hacked, then we update to sha512. If SHA256 was hacked, Bitcooin would be the least of your worries. Yeah for sure, we would have a lot of other security issues to worry about if sha256 was broken. There will definitely be a fork to upgrade to better hashing if needed. |
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silversurfer1958
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January 21, 2015, 05:13:11 AM |
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One way to mitigate against that is to introduce a slower hash function into the mix, eg, instead of Sha256(Pwd) use Sha256(BCrypt(Pwd)) so Private keys cannot be as easily premined into rainbow tables.
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innocent93
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Merit: 1000
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January 21, 2015, 06:18:52 AM |
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Think about 30 years ago, we would not have believed we have such powerful processor today, we have fast SSD driver today. So, 30 years later Bitcoin might be breaked by powerful calculating machines.
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R2D221
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January 21, 2015, 06:55:48 AM |
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Where's that image of the sun, again?
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An economy based on endless growth is unsustainable.
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R2D221
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January 21, 2015, 06:56:08 AM |
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Oh, right.  |
An economy based on endless growth is unsustainable.
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Buffer Overflow
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Activity: 1652
Merit: 1016
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January 21, 2015, 07:17:44 AM |
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If quantum computers were developed that could run Shor's algorithm, then ecdsa keys would be broken, but that wouldn't be any good for breaking cryptographic hashes such as sha256.
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Q7
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January 21, 2015, 07:18:44 AM |
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Yeah you could say processing power and technology would have increased tremendously within that span of time, but don't forget similar bitcoin security would also have developed as well when we might have moved towards 512
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Dread Pirate Roberts
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January 21, 2015, 07:23:19 AM |
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thats illegal . when get caught . police and fbi will come hehe
im on singapore .
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silversurfer1958
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July 15, 2016, 01:28:28 AM |
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We could always switch to ROT 13, that'll fool em.  |
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GreenBits
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Activity: 1148
Merit: 1048
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July 15, 2016, 02:01:34 AM |
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thats illegal . when get caught . police and fbi will come hehe
im on singapore .
Technically, this won't be illegal. If you use a non intrusive method to obtain the keys (say a quantum brute force), once you obtain said keys they are technically yours. Remember, whoever controls the keys controls the coins. Wallets are like glass public lockboxes. It's cool to keep stuff in there as long as only you have the key, but once someone else has the key, you guys are essentially sharing a box. |
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