in

Bitcoin Network Holds Over $1 TRILLION In Value… but has NEVER Been Hacked! Satoshi Knew Attacks Would Come – Here’s How He Prepared…

Bitcoin Network Holds Over $1 TRILLION In Value… but has NEVER Been Hacked! Satoshi Knew Attacks Would Come – Here’s How He Prepared…



View Reddit by Negatiesign80View Source

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

5 Comments

  1. Wrong. It was successfully hacked on August 15th of 2010 and the fix required a fork.

    https://en.bitcoin.it/wiki/Value_overflow_incident

    “Two addresses received 92.2 billion bitcoins each, and whoever solved the block got an extra 0.01 BTC that did not exist prior to the transaction. This was possible because the code used for checking transactions before including them in a block didn’t account for the case of outputs so large that they overflowed when summed.”

  2. >experts estimate a hacker wanting to manipulate Bitcoin’s network would need around 1 MILLION miners running modified code to even attempt it

    This is SO wrong and keeps propagating nonsense about Bitcoin’s working. In particular, this claim assumes that miners have some kind of control over Bitcoin, which is false. If that was true, we’d have S2X garbage today instead of Bitcoin.

    Very simply, full nodes **enforce** the network rules and reject invalid ones. What does that mean in practice? Even if a majority of miners were to start mining a different set of rules, say with 50BTC/block in perpetuity, full nodes would simply reject the new blocks. The result? The Bitcoin network would slow down as there would only be a minority of miners still mining it, but the situation would restore itself after some time when the difficulty adjustment algo kicked in. What about the other miners? Very simple, they’d be mining a shitcoin, not Bitcoin. A shitcoin which might of might not be listed on exchanges and with a dubious value. In other words, lose a fuckton of money.

    BTW, miners know this, which is why they won’t defect to begin with and simply shut up an mine. Provide a valuable service, get paid for it, and shut up.

  3. tldr; Bitcoin’s security is designed to keep as many copies of the transaction history as possible so that no one can change them, or all the computers on the network agree on the time and size of a transaction. A hacker wanting to manipulate Bitcoin’s network would need around 1 million miners running modified code to even attempt it. It would require the most modern, powerful ASIC mining rigs.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  4. Attacking Bitcoin is like challenging Bruce Lee to a fight in 1972.

    If you are a lowly thief, there are 1000 easier marks out there to steal from, that easily hacked, like banks (JP Morgan was hacked) and retail stores (Home Depot and Target were famously hacked)

What do you think?

CME Group to go live with Micro Ether (ETH) futures on December 6th

CME Group to go live with Micro Ether (ETH) futures on Dec 6 » CryptoNinjas

Analyst's Views on SOL Price Prediction, Will it Continue its Bull Run?

Analyst’s Views on SOL Price Prediction, Will it Continue its Bull Run?