SECURITY OF BITCOIN

[LUKYLUCK]

Hi,

I am a beginner in using bitcoin but the event is worrying.

What do you think of what happened with this bitstamp and MtGox?

Thank you for your help

[Kazimir]

What happened with Bitstamp and MtGox had absolutely nothing to do with the security of Bitcoin. But merely with the security of random independent 3rd party websites, which offer some services, which just so happen to be Bitcoin and Fiat related.

Furthermore, the issue with Bitstamp and the fundamental problems with MtGox are worlds apart. You can't compare these two situations.

Note: exchanges like Bitstamp and MtGox deal with Dollars just as much as Bitcoin. Essentially they offer a market place to trade between eachother. Do you worry about the Dollar's security because Bitstamp or MtGox got hacked?

When a bank gets robbed, does that make the Dollar or Euro insecure?

In fact: Bitcoin is MORE secure. By the way the Dollar and Euro work, you can't do without 3rd party service providers (banks) that you have to trust with your money, and who control the payment infrastructure. With Bitcoin on the other hand, you need no 3rd party whatsoever. You maintain FULL control of your money and transactions. No need for Bitstamp or MtGox whatsoever to use, spend, receive, or store Bitcoin.

[Rannasha]

What happened at MtGox and Bitstamp has nothing to do with the security of Bitcoin itself and everything to do with the security of the individual companies. Bitcoin itself is very secure, but whether persons and organizations dealing with Bitcoin provide the same level of security varies greatly.

[bitfilliates]

As others have said these are third party problems and not based on the actual security of bitcoin itself.

[Q7]

The only thing you will ever need to know is never to trust anybody with your bitcoin. Keep it in your own wallet which you have control over it.

[Jace]

If you put a bar of gold in a cheap crappy vault with a $5 padlock, and somebody breaks it and the gold gets stolen. Does that make gold insecure, or the vault?

Now here's the good part: with Bitcoin, to store them 100% secure, you don't even need a vault (or bank, or exchange).

[LUKYLUCK]

We really know how hackers have made? you have links to the websites of analysis procedures that hackers were used for attacks?

[LUKYLUCK]

Do you know the technique of the hook?
it is sufficient that the hacker modify a bitcoin while leaving the valid string to introduce what he want. If you cash the hacked bitcoin it could empty the wallet when which it is located.

[kpitti]

Security of Bitcoin is great and proved.
Personal security of your asset is your responsibility and you need to take care of it.
Third party security is their task - and this was a issue on these cases.

We really know how hackers have made? you have links to the websites of analysis procedures that hackers were used for attacks?

I am not aware about any result of analysis which proved what happen in exact way.
Let me ask you? Do you know who is an arbiter if any?

[LUKYLUCK]

Security of Bitcoin is great and proved.
Personal security of your asset is your responsibility and you need to take care of it.
Third party security is their task - and this was a issue on these cases.

[quota]
We really know how hackers have made? you have links to the websites of analysis procedures that hackers were used for attacks?
[/quota]

I am not aware about any result of analysis which proved what happen in exact way.
Let me ask you? Do you know who is an arbiter if any?

How we can affirm bitcoin security if we do not know what it was?

[LUKYLUCK]

people who appeared to be hacked Receipts of btc have miraculously and then have to empty their wallet.

Everything leads to believe that the haker send modified bitcoin  to walet interested  and the person can not refuse them.User is forced to be scam.

[DannyHamilton]

How we can affirm bitcoin security if we do not know what it was?

The mathematics and cryptography of bitcoin is well understood.  If the bitcoin protocol was hacked it would be very obvious.

Since the bitcoin blockchain is a public ledger, it is possible to look at the blockchain and see that every transaction that has ever existed has been properly validated and that there aren't any invalid transactions.  If it was possible to create a valid ECDSA signature without access to the private key, then there are MUCH more valuable targets than the MtGox and Bitstamp wallets which the thief would be much more motivated to steal from.

[DannyHamilton]

people who appeared to be hacked Receipts of btc have miraculously and then have to empty their wallet.

Everything leads to believe that the haker send modified bitcoin  to walet interested  and the person can not refuse them.User is forced to be scam.

All of those words are English words, but you didn't put them together in a way that creates a coherent thought.

[Kazimir]

How we can affirm bitcoin security if we do not know what it was?

We know exactly what Bitcoin is, and how it works, thus we can affirm its security.

Obviously, this applies to Bitcoin itself, not to random 3rd party websites like mtgox.com, but why would you use crap like that. Bitcoin doesn't need MtGox at all.

[itsAj]

Bitcoin has not yet been cracked, the security system it uses is SHA256 this is to secure the network. All these threats come from outside where you place your Bitcoin into other peoples wallets. To date there have been reasonable cracking attempts towards Bitcoin.

[ufo78]

I just want to clarify what is possible or not.

Which can prevent an hacker to modify these bitcoins and introduce a hook?

The haker can send its bitcoin to anyone and you are forced to the cashed.

We know what the bitcoin, but we do not know what change the haker can made in the code.

[itsAj]

I just want to clarify what is possible or not.

Which can prevent an hacker to modify these bitcoins and introduce a hook?

The haker can send its bitcoin to anyone and you are forced to the cashed.

We know what the bitcoin, but we do not know what change the haker can made in the code.

The code cannot be changed, all code has to be accepted by the network in general. This is what is called a "fork". Yes people can spam fake bitcoin wallets but they will be viruses. The miners make sure that all coins are confirmed or verified. So no this cannot happen.

[nextblast]

Hi,

I am a beginner in using bitcoin but the event is worrying.

What do you think of what happened with this bitstamp and MtGox?

Thank you for your help

Welcome to the Bitcoin world.
Compared with fiat world, what happend to bitstamp is like bank robery.
What happend to mtgox is like the bank owner is the thief.

[ufo78]

I just want to clarify what is possible or not.

Which can prevent an hacker to modify these bitcoins and introduce a hook?

The haker can send its bitcoin to anyone and you are forced to the cashed.

We know what the bitcoin, but we do not know what change the haker can made in the code.

The code cannot be changed, all code has to be accepted by the network in general. This is what is called a "fork". Yes people can spam fake bitcoin wallets but they will be viruses. The miners make sure that all coins are confirmed or verified. So no this cannot happen.

I'll be frankly with you, I have set up a owner altcoin , and 1 month just before bitstamp be stole,  I saw my wallet empty after received  10 magic coins,

How have explained?

[DannyHamilton]

I just want to clarify what is possible or not.

Which can prevent an hacker to modify these bitcoins and introduce a hook?

The haker can send its bitcoin to anyone and you are forced to the cashed.

We know what the bitcoin, but we do not know what change the haker can made in the code.

You're English isn't much better than LUKYLUCK, I'm not certain that I've properly understood whatever it is that you are trying to say.

However, most wallets severely limit which scripts in a bitcoin transaction are accepted.  Therefore, it is well understood what those scripts can and cannot do.  Beyond that, the sender cannot control anything about the software that the receiver is running.  They would need to convince their target to download and run some new software.