I'm a long time programmer but in no way a blockchain expert. Gary is right. Almost any system can be hacked including blockchain. The government is working with at least one major university, Stanford, to develop a blockchain that cannot be hacked. But since the government is funding it, guaranteed it will still have a back door of some sort. The good news is, there are very few individuals that can do it. However, I suspect the nation state baddies are fully up to the task. If you're curious, you can learn a lot with a google search like "can blockchains be hacked"
The only way Bitcoin was 'hacked' was a political group calling itself 'Core' somehow took over the narrative (before it was hugely popular) and worked to introduce controversial arguably unnecessary features (like Segwit) and limitations (like limiting blocksize to 1mb) and eventually kick out any of the original developers. Much of the community sided with the blockchain fork that happened before Segwit was introduced and that resulted in BCH. BCH, since then, has been attacked more than any other crypto and still stands as a protocol that most closely follows the original Bitcoin Whitepaper.
Much of the vulnerabilities in crypto stem from poor understanding of the protocols and procedures and/or poor implementation in features without extensive due diligence. No one has had their BTC or BCH stolen by merely hacking the protocol directly.
I would argue that blockchains implemented correctly cannot be hacked - unless new physics were discovered that allowed infinite combinations to a lock to be tried at the same time.
Greeting fellow nerd. I only personally know one person that truly understands this and her take is that the blockchain used by bitcoin specifically is super secure and isn't hack-able in the sense that we usually use the word. She says bringing bitcoin down would require a widespread, probably worldwide, EMP type event that destroys devices. I don't think that would work simply because surely there are people who keep their wallets in Faraday bags or cages of some sort.
Being a programmer myself, I think that she's wrong even though she is truly brilliant and WAY smarter than me. I suspect that the mining process itself contains the vulnerability. It seems to me that it might be possible to pull-off a kind of "Man in the middle" attack at transfer/exchange. This is all way above my capabilities and understanding, but when you consider that nation state actors with unlimited resources are involved, I think it's prudent to be careful here.
Remember, some of these hackers can defeat a cyclical redundancy check. The math that I was taught says this is impossible without making the data unusable, but it has been done and I suspect all they needed was code running on both sides of the transmission so they could undo the manipulation on the other side. Like I said, this is all outside of my personal capabilities, but these people are MUCH smarter than I am.
My dad taught me to never gamble with anything that I can't afford to lose. For that reason, I'm gonna stick with silver and other tangible assets even though it means I may miss out on a once in a lifetime financial gain. However, I truly hope that you get rich beyond your wildest dreams fren. Fortune does indeed favor the bold.
I suspected someone here would have more knowledge on this than me. Thanks!
If you have the skills and want to use them for good, there is a group of volunteers that work together to stop scammers. They are called "Scammer Payback" and when the hackers join them, they are able to bring those call centers in India down.
Do you realize how difficult it would be to take over 51% of the validators that are operating independently all over the world and continues to grow? Its never happening.
I've been a professional programmer for over 40 years working for some of the largest companies in the US. My experience has taught me that no computer system is un-hackable given enough time and resources.
Its not that its unhackable its that the requirements to hack it are virtually impossible due to the consensus mechanism and the shear number of validators out there that continues to grow and having to be able to gain access to and control 51% of those spread out across the world.
It already has been. 2016ish. - no different than today. The major bank meeting ever year. 12-13 largest banks were condemning BTC, was a huge Public spectacle. During the same time, users watching the chain, figured out jPmorgan bought nearly a trillion worth.
Then, 6 months later all the banks announced they were buying. Was game over already.
BTC is an one world govt currency. If you don't see it that way there is something wrong with you
Not to mention white hats also proved how to control the system with nodes. Control 51% of nodes control Bitcoin. (WAS PROVEN IN LAB REPEATEDLY)
Yes, It was able to be manipulated when his buddies created a futures market for it. If they can create gold out of thin air what makes you think they can't do the same with Bitcoin.
Cathy wood is in the midst of making the Bitcoin ETF's as I gather from early in this interview. She is calling Gary Gensler essentially corrupt, because Gary thinks Bitcoin can be manipulated. They all laugh at him. "Pshhh its a ledger, you see every transaction!! How is it manipulated?!?" as they tout the notion that Bitcoin is money in the future. They think Gary Gensler just wants to be in the Treasurer's role so he is protecting the Fiat Currency.
Forbes article: More than half of all BTC trades are fake.
I'm a long time programmer but in no way a blockchain expert. Gary is right. Almost any system can be hacked including blockchain. The government is working with at least one major university, Stanford, to develop a blockchain that cannot be hacked. But since the government is funding it, guaranteed it will still have a back door of some sort. The good news is, there are very few individuals that can do it. However, I suspect the nation state baddies are fully up to the task. If you're curious, you can learn a lot with a google search like "can blockchains be hacked"
The only way Bitcoin was 'hacked' was a political group calling itself 'Core' somehow took over the narrative (before it was hugely popular) and worked to introduce controversial arguably unnecessary features (like Segwit) and limitations (like limiting blocksize to 1mb) and eventually kick out any of the original developers. Much of the community sided with the blockchain fork that happened before Segwit was introduced and that resulted in BCH. BCH, since then, has been attacked more than any other crypto and still stands as a protocol that most closely follows the original Bitcoin Whitepaper.
Much of the vulnerabilities in crypto stem from poor understanding of the protocols and procedures and/or poor implementation in features without extensive due diligence. No one has had their BTC or BCH stolen by merely hacking the protocol directly.
I would argue that blockchains implemented correctly cannot be hacked - unless new physics were discovered that allowed infinite combinations to a lock to be tried at the same time.
Greeting fellow nerd. I only personally know one person that truly understands this and her take is that the blockchain used by bitcoin specifically is super secure and isn't hack-able in the sense that we usually use the word. She says bringing bitcoin down would require a widespread, probably worldwide, EMP type event that destroys devices. I don't think that would work simply because surely there are people who keep their wallets in Faraday bags or cages of some sort.
Being a programmer myself, I think that she's wrong even though she is truly brilliant and WAY smarter than me. I suspect that the mining process itself contains the vulnerability. It seems to me that it might be possible to pull-off a kind of "Man in the middle" attack at transfer/exchange. This is all way above my capabilities and understanding, but when you consider that nation state actors with unlimited resources are involved, I think it's prudent to be careful here.
Remember, some of these hackers can defeat a cyclical redundancy check. The math that I was taught says this is impossible without making the data unusable, but it has been done and I suspect all they needed was code running on both sides of the transmission so they could undo the manipulation on the other side. Like I said, this is all outside of my personal capabilities, but these people are MUCH smarter than I am.
My dad taught me to never gamble with anything that I can't afford to lose. For that reason, I'm gonna stick with silver and other tangible assets even though it means I may miss out on a once in a lifetime financial gain. However, I truly hope that you get rich beyond your wildest dreams fren. Fortune does indeed favor the bold.
51% attack wpuld work. Also sha256 is nsa designed, so buyer beware.
I suspected someone here would have more knowledge on this than me. Thanks!
If you have the skills and want to use them for good, there is a group of volunteers that work together to stop scammers. They are called "Scammer Payback" and when the hackers join them, they are able to bring those call centers in India down.
You can find Scammer Payback on youtube. https://www.youtube.com/@ScammerPayback/videos
She's an idiot. Was proven to be hackable 7+years ago.
Well documented how to drop bitcoin. 51% attack. Also, why trust nsa tech?
Do you realize how difficult it would be to take over 51% of the validators that are operating independently all over the world and continues to grow? Its never happening.
Us mil coould in a flip of a switch.
No.
AND you have brought out the "fox in the hen house"...."TIME"--->
"___unless new physics were discovered that allowed infinite combinations to a lock to be tried at the same time."
IT is ALWAYS about "TIME" and no matter what people say it ALWAYS comes down to that...f(t) is a PITA to get around...
And thank you for bring this out!!!!!
Gary is wrong and so are you. Trust me never side with Gary, hes wrong on almost eveything crypto
I've been a professional programmer for over 40 years working for some of the largest companies in the US. My experience has taught me that no computer system is un-hackable given enough time and resources.
Its not that its unhackable its that the requirements to hack it are virtually impossible due to the consensus mechanism and the shear number of validators out there that continues to grow and having to be able to gain access to and control 51% of those spread out across the world.
It already has been. 2016ish. - no different than today. The major bank meeting ever year. 12-13 largest banks were condemning BTC, was a huge Public spectacle. During the same time, users watching the chain, figured out jPmorgan bought nearly a trillion worth. Then, 6 months later all the banks announced they were buying. Was game over already. BTC is an one world govt currency. If you don't see it that way there is something wrong with you
Not to mention white hats also proved how to control the system with nodes. Control 51% of nodes control Bitcoin. (WAS PROVEN IN LAB REPEATEDLY)
Yes, It was able to be manipulated when his buddies created a futures market for it. If they can create gold out of thin air what makes you think they can't do the same with Bitcoin.
Yes, futures market is another manipulation as well as 51% attack and the fact nsa creates the tech behind sha256.
Blockchain is love. Blockchain is life 😑
Cathy wood is in the midst of making the Bitcoin ETF's as I gather from early in this interview. She is calling Gary Gensler essentially corrupt, because Gary thinks Bitcoin can be manipulated. They all laugh at him. "Pshhh its a ledger, you see every transaction!! How is it manipulated?!?" as they tout the notion that Bitcoin is money in the future. They think Gary Gensler just wants to be in the Treasurer's role so he is protecting the Fiat Currency.
Forbes article: More than half of all BTC trades are fake.
https://www.forbes.com/sites/javierpaz/2022/08/26/more-than-half-of-all-bitcoin-trades-are-fake/?sh=518097c06681