Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: JusticeDeGreat on January 08, 2025, 05:38:35 PM
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
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Bitcoin network cannot be hacked because a lot of people are the ones controlling the not and that makes it difficult due to mining. Some people said super computer will be out in time to come that can be used to hack bitcoin network, but it will be impossible because before such super computer would be evented, the devs will also know over to overcome such threat. Bitcoin is decentralized and open source for all to work on its security.
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Since Bitcoin is completely decentralised so the only way to stop the network is to shutdown the internet so the nodes can't able to communicate will lead to a stall but once the network back online everything will be back on the track.
Well, it impossible to takedown the internet world wide, it would collapse the governments, banks, hospitalsand many more important stuffs.
Bitcoins are hacked in multiple ways and it only happens at the user end not possible on the network level.
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
Bitcoin network cannot be shut down because it is decentralized and that means it is being ran by numerous nodes situated in different places in all the regions so if network won't be working in USA it does not mean the network will be down because other nodes will be supporting the network.
It cannot be destroyed never because of it's blockchain structure instead it might be stopped but when the nodes will join and start processing again then new blocks will be made and network will start functioning again. It can never be hacked.
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No it cannot - in fact Bitcoin is quite distributed across thousands of nodes in dozens of countries that you'd have to go to all of those countries and shut down each node yourself, if you want to destroy it. Some of these nodes are ran by corporations and even government to get an idea on what it would take to ban Bitcoin (which is impossible).
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
People who understand Bitcoin, blockchain technology and cryptocurrency grasped well why this beast is beyond shutting down in normal times and that makes Bitcoin really resilient but then again maybe you are talking of a worldwide catastrophe when all economic activities will come to a halt so there is no electricity powering computers and mining and maybe even billions of people dead...maybe that can be the time when Bitcoin may stop temporality to function but can be revived anytime. Now, if there will be End of the World scenario factor, Bitcoin will be hard to be stopped or hacked maybe even if the quantum supercomputer will come on the scene. This is one reason why Bitcoin is really valuable and will continue to be a very important asset into the future.
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No it cannot - in fact Bitcoin is quite distributed across thousands of nodes in dozens of countries that you'd have to go to all of those countries and shut down each node yourself, if you want to destroy it. Some of these nodes are ran by corporations and even government to get an idea on what it would take to ban Bitcoin (which is impossible).
Even though there are fewer nodes than in the past (now it's 11k of them or so!), I agree - it's just impossible to do that currently.
Especially knowing that some of them are the ones that are in the custody of big companies.
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Well, it impossible to takedown the internet world wide, it would collapse the governments, banks, hospitalsand many more important stuffs.
Bitcoins are hacked in multiple ways and it only happens at the user end not possible on the network level.
It's a bit more dramatic, because this world was once in an era without the internet, yes, more precisely before the internet was discovered as ARPANET using TCP/IP in 1982... it's a bit ticklish because in the years before that, both governments, banks, large companies and hospitals were actually already operating... but it's true that it wasn't optimal... the internet is not the heart of this world, but without the internet life is really very hard..
Some articles that I read, say that Bitcoin can be transacted without using the internet... but I also think about miners, can they mine without the internet? I think the answer is no... the Bitcoin network can only be turned off when all miners are dead... and to kill all miners, just turn off the internet... meaning Bitcoin can be shut down in a very cruel way, namely eliminating global internet services...
As for hacking, it is very difficult... a 51% attack is quite a possibility to hack the Bitcoin network, but it sounds very unlikely considering the large base of miners around the world today.
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe.
And why will the government want to take down the internet or electricity, considering its importance to the world economy. You take down the internet, boom!!, So many things goes down with it which I don't think the government will be prepared for, and want to see happen.
Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
I'm not sure if using the phrase "Bitcoin hack" is proper here because they don't actually hack Bitcoin, but hackers target the wallets that acts as a store house for the keys. If there is any vulnerability like leaked seeds or PKeys, then that wallet will definitely be compromised, and it literally doesn't have anything to do with the Bitcoin network.
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It cannot be taken down unless there's an apocalypse and the entire internet connection globally and even in space has been turned down as well. Being hacked is almost unlikely, you're probably hearing about supercomputers and quantum computers, they're all just plain buzz and have been said for so many years ago and the bitcoin network remains complete intact and safe.
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It's a bit more dramatic, because this world was once in an era without the internet, yes, more precisely before the internet was discovered as ARPANET using TCP/IP in 1982... it's a bit ticklish because in the years before that, both governments, banks, large companies and hospitals were actually already operating... but it's true that it wasn't optimal... the internet is not the heart of this world, but without the internet life is really very hard..
Some articles that I read, say that Bitcoin can be transacted without using the internet... but I also think about miners, can they mine without the internet? I think the answer is no... the Bitcoin network can only be turned off when all miners are dead... and to kill all miners, just turn off the internet... meaning Bitcoin can be shut down in a very cruel way, namely eliminating global internet services...
As for hacking, it is very difficult... a 51% attack is quite a possibility to hack the Bitcoin network, but it sounds very unlikely considering the large base of miners around the world today.
Well in those time we didn't have this much population, we didn't have this kind of communication precisely it will take atleast days to connect with people and not only that now we digitised everything let's say bank, so all the data must transfer via the internet or no one knows how much money and individual have/had in their bank so shutting down will take away the poverty to some extent.
There are some ways but it definitely needs internet to sign in the TX or else it won't be moved.
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
The world has advanced to the point where I think nobody can do anything Bitcoin network, if they are planning to take over the hash power so they can control the mining, they will only be spending half of the country national budge, no government will ways their time doing such. As for the internet, we have private internet right now and electricity is the least problem because there are private ways electricity can be generated.
As much as Bitcoin is concerned right now, it has caught alot of high influencial people interest, everyone want it. The incoming US government want it so much and there are some other people underground want it to but are not saying it, such people can't sit and allow Bitcoin be destroyed, it will not happen.
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~ What effect does it also have on the value of bitcoin network that connects people together today?
If people would doubt bitcoin's main selling point which is decentralization, the value would significantly drop or maybe just drop to zero. I cannot remember when but some companies immediately sold their BTC after some rumors/news of double spend surfaced. Just imagine what would they do if someone actually hacked the entire network.
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Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers;
What chip manufacturer are you referring to? ASIC miners? I also think most "hacking" cases are related to malware, user errors, etc. I never saw a hacking case where someone brute-forced a wallet address with little to no effort. I don't think ASIC manufacturers get affected by those cases at all.
If you're referring to something like a quantum computer, then there are solutions to address that. I think we're far from quantum computers breaking algorithms left and right too. CMIIW.
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The definition of hacking does not apply to decentralized networks, so describing the Bitcoin network as hacked would be incorrect. Shutdown (all the nodes&miners are down) could happen (single bitcoin node could be down) if a very major flaw occurs or the value of Bitcoin becomes so low that no one cares about its initiatives. In fact, Bitcoin network has a Downtime Event in 2013, but since then we have been working with 100% uptime.
read more about CVE-2010-5139 and CVE-2013-322 ---> https://www.cvedetails.com/cve/CVE-2013-3220/
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~ What effect does it also have on the value of bitcoin network that connects people together today?
If people would doubt bitcoin's main selling point which is decentralization, the value would significantly drop or maybe just drop to zero. I cannot remember when but some companies immediately sold their BTC after some rumors/news of double spend surfaced. Just imagine what would they do if someone actually hacked the entire network.
Won't happen, but fuzz about it will sprinkle here and there every year or so.
Especially during the bearish phase of the market, people love flashy news like that.
Devices that use quantums wouldn't be able to do that too since they won't be that widespread in the coming years.
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
- Have you heard anything about Bitcoin being hacked? Or have you heard that other hackers have hacked an exchange where users who have large holdings of bitcoin or other crypto assets were stolen by these hackers? Which one is it?
That is, since bitcoin is decentralized, the bitcoins that hackers steal come from those who have invested in bitcoin and hold it,
not the bitcoin itself that they hack.
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe.
no the bitcoin network can't be destroyed or shutdown simply from shutting down all internet access everywhere what it will only do is not allow anyone to have access to the bitcoin network they won't be able to buy or sell any of their coins and the market will not be operating since miners would not be able to mine bitcoin without the internet
but this is all hypothetical because who would shut down all internet access without thinking of the consequences? it would all have massive consequences to plenty different industries
Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
i do not know what effect it will have on global chip manufacturers because i believe it is on the platform sometimes on the user why they get hacked the bitcoin network in itself cant be hacked or at least right now nothing can do that yet the only way to get bitcoins from hacking is if you hack someone who is holding their bitcoin in an exchange or a wallet
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
- Have you heard anything about Bitcoin being hacked? Or have you heard that other hackers have hacked an exchange where users who have large holdings of bitcoin or other crypto assets were stolen by these hackers? Which one is it?
That is, since bitcoin is decentralized, the bitcoins that hackers steal come from those who have invested in bitcoin and hold it,
not the bitcoin itself that they hack.
Indeed, in the crypto space, the question of hacking usually regards deficiencies in the storage platform or an exchange through which we hold digital assets, not in Bitcoin. The Bitcoin blockchain is generally very robust and hard to break and although it is still relatively immature, key less safe wallets, or exchanges instead get cracked. This is a wakeup call to all of us to be very wise while selecting a location for storing and securing and our properties. Some of these risks include, Full control over its wallet through personal wallet that uses private keys, and not storing most of the assets on the exchange platforms. Therefore, this means that that we can still protect our Investments whilst utilizing the potential benefits of Bitcoin and other crypto currencies.
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What chip manufacturer are you referring to? ASIC miners? I also think most "hacking" cases are related to malware, user errors, etc. I never saw a hacking case where someone brute-forced a wallet address with little to no effort. I don't think ASIC manufacturers get affected by those cases at all.
If you're referring to something like a quantum computer, then there are solutions to address that. I think we're far from quantum computers breaking algorithms left and right too. CMIIW.
Yeah, quantum computers are still just a FUD in the market to manipulate investor psychology, it still cannot achieve the power to hack the BTC blockchain. Meanwhile, quantum-resistant algorithms are being built to be ready for application when needed.
To hack the current BTC system, hackers need to have computing power exceeding 51% of the current BTC hash rate, and this seems to be impossible. The only risk lies in the unknown vulnerabilities in the BTC algorithm, however, I believe that thousands of BTC programmers worldwide can ensure that such vulnerabilities do not exist in source code.
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
Bitcoin network cannot be shutdown because its not centralized, it cannot be hacked because it does not have any loophole to render it security and privacy vulnerable, take a look at the network, it bitcoin nodes, the blockchain and everything that surrounds it, all are for privacy and security and they are unaltered, immutability and other strong characteristics that made the bitcoin network not to be hacked or centralized.
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I think the only way to shutdown Bitcoin is to end the humankind though the possibility is high due to the threats from asteroids just like had happened to the theories of dinosaurs being wiped out by the cosmic event. I have read an article some years ago that an EMP can also shutdown since electronic systems and devices were all disabled depending on the intensity of such attack if it was only detonated in one specific area then it was maybe partial same with nuclear winter. About hacking I am not sure since I don't have any idea how much power of a computer and skill of the hacker to take the Bitcoin system down.
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe.
And why will the government want to take down the internet or electricity, considering its importance to the world economy. You take down the internet, boom!!, So many things goes down with it which I don't think the government will be prepared for, and want to see happen.
Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
I'm not sure if using the phrase "Bitcoin hack" is proper here because they don't actually hack Bitcoin, but hackers target the wallets that acts as a store house for the keys. If there is any vulnerability like leaked seeds or PKeys, then that wallet will definitely be compromised, and it literally doesn't have anything to do with the Bitcoin network.
It is absolutely impossible to shutdown Bitcoin or the internet in this current computer age. As it stands, most available means to help the sources of leaving on the earth has been tied or liked to the internet, and without this new technology, life would have been more difficult, though many people may argue that people were leaving and doing well before the internet and Bitcoin. However, there is time for everything, this is actually the time that the internet and Bitcoin has made great differences and it is good to embrace them.
Again, It is a fact that knowledge is bound to increase, but there seem to be no alternative to the use of Internet on humans daily leaving. it is therefore unprofitable to shutdown the internet or Bitcoin because these inventions work together to make life better.
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Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers;
What chip manufacturer are you referring to? ASIC miners? I also think most "hacking" cases are related to malware, user errors, etc. I never saw a hacking case where someone brute-forced a wallet address with little to no effort. I don't think ASIC manufacturers get affected by those cases at all.
If you're referring to something like a quantum computer, then there are solutions to address that. I think we're far from quantum computers breaking algorithms left and right too. CMIIW.
ASIC miners am referring to. Because for quantum computers, though they are produced and used, but they can not yet make the large scale calculations that are expected to happen in the future.
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
Shutting down electricity has no effect on Bitcoin. The shut down cannot be in all countries at same time, as Bitcoin miners are all around the world in different locations.
Shutting down the internet is the only thing that will happen that can affect Bitcoin. Funny enough, Bitcoin is too little to be the reason for the internet to be shut down. Most people's lives depend on the internet these days, and majority of man's activities solely and highly depends on the internet as well.
I think when people say their Bitcoin is being hacked, it simply means their Bitcoins are missing from their wallet, which could either be, they have disclosed their passcodes, mnemonics, keys etc. Hacking Bitcoin is not really in these days possible. It's decentralized nature makes it off trace. A centralized location can give a point of attack, but when there's no central point to attack, that's what makes it more difficult to attack.
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~ What effect does it also have on the value of bitcoin network that connects people together today?
If people would doubt bitcoin's main selling point which is decentralization, the value would significantly drop or maybe just drop to zero. I cannot remember when but some companies immediately sold their BTC after some rumors/news of double spend surfaced. Just imagine what would they do if someone actually hacked the entire network.
Won't happen, but fuzz about it will sprinkle here and there every year or so.
Especially during the bearish phase of the market, people love flashy news like that.
Devices that use quantums wouldn't be able to do that too since they won't be that widespread in the coming years.
Yeah, the FUD about quantum devices taking over the Bitcoin network has subsided already. There was also a good argument I read that when they become widespread, BTC is probably the last of Government and institution's concern because whoever possess these devices would probably attack them first.
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
You are right, we can only stop BTC nodes and the whole network if there would be node running on internet as power supply thourght the world if goes out then that's not a problem because we have other sources but if internet goes out then we have a serious problem because then we can't access our BTC and other funds as well.
How can you relate their BTC getting hack because the chip in their devices were rigged! I mean that's possible but it will affect the reputation of big companies making such chips from a long time, as people won't trust them never ever. So this can't be a problem, but in my small IOTs these chips can cause such problems so buy such IoTs from trusted sources.
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Yeah, the FUD about quantum devices taking over the Bitcoin network has subsided already. There was also a good argument I read that when they become widespread, BTC is probably the last of Government and institution's concern because whoever possess these devices would probably attack them first.
Indeed, FUD will always be blown to weaken Bitcoin. Although the possibility of hacking does exist, it does not mean that Bitcoin will be immediately destroyed and cause fear everywhere. There will definitely be something counter, it is impossible for Whales to imagine that happening. We can also be more vigilant with anything that might endanger our assets. Then what we can also do is anticipate losses from other dangers, especially phishing links which have actually become increasingly rampant so far.
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
Bitcoin network is going to be extremely difficult to be hacked by the people. because it is decentralized, it is not controlled by a single entity, neither it is controlled by the government and it Utilizes powerful security tools to ensure safe and secure transactions. Concerning shutting down of global connection like internet, electricity and so on, will cause a lot of damages to the humanity because they are use to it. And electricity and internet have great impact on the society.
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
Hmmm.
I havent showed alot of thought on this acctually but could that really be possible?
I actually think in the part of the bitcoin network getting hacked;it is quite almost impossible.Why i say this is cause the bitcoin netqork has been in existence for almost 16 years now and we've not had any situation of it been entirely hacked.I doubt if there would be any future occurences too as it has proven to be mechanically strong and reliable.
On the part of it being shutdown now;i quite doubt if that is entirely possible too.I don't really think it could altgough circumstances might make it to shake;could it actually be entirely shutdown? It won't be quite possible since the network has accumulated alot of investors who have laid down alot of capitals on bitcoin.Seeing that it would affect we the investors entirely as well as the government itself in some aspects;it won't be possible i think.
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I havent showed alot of thought on this acctually but could that really be possible?
I actually think in the part of the bitcoin network getting hacked;it is quite almost impossible.Why i say this is cause the bitcoin netqork has been in existence for almost 16 years now and we've not had any situation of it been entirely hacked.I doubt if there would be any future occurences too as it has proven to be mechanically strong and reliable.
well technology has been developing better and better these years i trust the bitcoin network but we can't deny the possibility of something being able to at least threaten the network it doesn't mean though that it could shut down bitcoin easily because this is where developers come in place they will continue to improve the bitcoin network and would make sure it still functions as efficiently or even more now
It won't be quite possible since the network has accumulated alot of investors who have laid down alot of capitals on bitcoin.Seeing that it would affect we the investors entirely as well as the government itself in some aspects;it won't be possible i think.
the entire network can't be shut down or at least it is hard to because it does not have one single point of vulnerability however a government can definitely ban bitcoin and make sure that their citizens are not able to make use of bitcoin the network will still continue to stand tho
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however a government can definitely ban bitcoin and make sure that their citizens are not able to make use of bitcoin the network will still continue to stand tho
Yeah, they will go after exchanges and so on but it's impossible to control what people do in their bedroom. If anything it will probably foster more P2P activity instead. I don't think my government will go that far since they enjoy tax money from us. It would be stupid to let that go unless it makes international relations harder. Judging from how the US treats crypto I don't think that day is coming soon. CMIIW. Better be prepared for the worst though.
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Yeah, they will go after exchanges and so on but it's impossible to control what people do in their bedroom. If anything it will probably foster more P2P activity instead. I don't think my government will go that far since they enjoy tax money from us. It would be stupid to let that go unless it makes international relations harder. Judging from how the US treats crypto I don't think that day is coming soon. CMIIW. Better be prepared for the worst though.
The question we should be asking is Bitcoin illegal for to be thinking this way. Bitcoin doesn't harm anyone's life, Bitcoin has never threatened the existence of mankind, Bitcoin has never been anti government in any country, some people has use it as political in stability but it never work, even some government has tried to push bad agenda for it but it didn't work, that's why I believe that Bitcoin will always be Bitcoin.
Bitcoin will not get shut down, it will not break down, it will not collapse, it will remain the only digital currency everyone is running for it's supply, that's more reason why it can't be shut down before our own eyes.
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...the entire network can't be shut down or at least it is hard to because it does not have one single point of vulnerability however a government can definitely ban bitcoin and make sure that their citizens are not able to make use of bitcoin the network will still continue to stand...
The scenario presented is when all the world will have no more power and all places will be a no-internet zone...but then again I think that would be not possible unless there will be a global nuclear war to erupt where all nations would be taking sides and all will be hit. Therefore the impossibility of such an idea can make Bitcoin resist any attempt to shut it down...a country can ban it though and its people ordered not to get involved just like what happened in China but then again am sure there are still many Chinese who are into Bitcoin and they still account for a big portion of mining power. Now, another thing that may disrupt Bitcoin is quantum computing and it would be something to look forward to and if it would still not able to stop Bitcoin then there is really nothing that will maybe except if the whole Earth is blown up and all of us sent to the kingdom come.
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
My opinion on this matter is that perhaps for the Bitcoin Network it can be said that it is impossible to shut down because it is decentralized—nodes are spread all over the world. Even if there is a discourse to turn off the global internet or electricity simultaneously, it is also considered unrealistic if that is the only goal and for hacking itself usually occurs to individuals for example, unsafe wallets, not to the network itself and lastly for chip production disruptions can affect mining, but not directly destroy Bitcoin as I think for now.
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Fortunately, the network, the bitcoin blockchain, cannot be hacked or influenced, and in reality its strength as long as there is even just one computer on which it runs will always be online and cannot be turned off by anyone
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
My opinion on this matter is that perhaps for the Bitcoin Network it can be said that it is impossible to shut down because it is decentralized—nodes are spread all over the world. Even if there is a discourse to turn off the global internet or electricity simultaneously, it is also considered unrealistic if that is the only goal and for hacking itself usually occurs to individuals for example, unsafe wallets, not to the network itself and lastly for chip production disruptions can affect mining, but not directly destroy Bitcoin as I think for now.
Because of its nature, it is very unlikely that someone can stop the network. Besides, it is like there is a plan to turn off the internet or any way, but the action is not rational and is very unlikely to occur without an element of intent that is aimed at doing sabotage.
If the aim is for hacking, it is not possible. The most can be hacking in individuals because the wallet cannot be maintained safely and known to others so that something unwanted can happen.
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Bitcoin network cannot be hacked, it will be extremely difficult to hacked bitcoin network or shut it down, because it is decentralized and it is not own by any single entity or governments, it is well designed and the transactions are secure, and it also contains or have security threats that will be use to safeguard the Bitcoin network to prevent the attackers from getting access to the network.
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The Bitcoin network is very hard to shut down or hack because it is decentralized and doesn't rely on a single server. Even if part of the network goes down, the rest will keep working.
The network itself is tough to hack because it's secured with cryptography. But users must take care of their wallet security.
Overall, the Bitcoin network is safe, but it's important to protect your data.
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
All that we read about Quantum computers hacking Bitcoin wallets and disrupting the blockchain were just rumors and will remain rumors that keep resurfacing because mainstream financial services do not want Bitcoin to gain adoption, so they resort to these rumors and speculations. Unless there is concrete evidence that there is a supercomputer that can possibly hack Bitcoin, then that's the time that we should be worrying.
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
All that we read about Quantum computers hacking Bitcoin wallets and disrupting the blockchain were just rumors and will remain rumors that keep resurfacing because mainstream financial services do not want Bitcoin to gain adoption, so they resort to these rumors and speculations. Unless there is concrete evidence that there is a supercomputer that can possibly hack Bitcoin, then that's the time that we should be worrying.
For now it's still rumor although QC is making far advances in the last couple of years so there could be possibility that it can break but they have to know the public key first and then uses it to try to hack the private key.
But still, QC is going into the hands of only few probably government and it's not for everyone to used. And if such cases, Bitcoin will be then ahead of the game and could used a different algo already.
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Bitcoin network to my knowledge can not be hacked but a personal wallet can also be hacked, thus, this could be as a result of exposure your seed phrase to theft and if such happens they swipe off your wallet by sending out the Bitcoin Inside the wallet. Again, Bitcoin network can't be hacked but it's configured on an open network where other people can tap to the network by building their projects on the Bitcoin network, this cause network congestion or high transactions fees because there is now a competitions on the network on whom is to be given a higher priority and at the process of this you see people increasing their transaction for them to include as the higher priority. And of course, the Internet can not be shutdown for any reason or for even a day as lot could happen including affect human life.
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a personal wallet can also be hacked, thus, this could be as a result of exposure your seed phrase to theft and if such happens they swipe off your wallet by sending out the Bitcoin Inside the wallet.
To be fair, most open-source & popular wallets have decent security. If the users fall for phishing or malware attacks I don't think we can put the blame solely on wallet developers. If we're talking about seeds being exposed because the user put it on the cloud or something similar, I don't think you can call that hacked either. CMIIW.
But still, QC is going into the hands of only few probably government and it's not for everyone to used. And if such cases, Bitcoin will be then ahead of the game and could used a different algo already.
Yeah, I'm also a bit worried that the government or anyone with access to a quantum computer or any advanced tech will use it to attack Bitcoin, but I agree that we can prevent or fix it quickly as long as we're prepared.
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Yeah, I'm also a bit worried that the government or anyone with access to a quantum computer or any advanced tech will use it to attack Bitcoin, but I agree that we can prevent or fix it quickly as long as we're prepared.
If that would be the case, BTC wouldn't be the first target on the list, so we should be chill about it, imo.
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Bitcoin network to my knowledge can not be hacked but a personal wallet can also be hacked, thus, this could be as a result of exposure your seed phrase to theft and if such happens they swipe off your wallet by sending out the Bitcoin Inside the wallet. Again, Bitcoin network can't be hacked but it's configured on an open network where other people can tap to the network by building their projects on the Bitcoin network, this cause network congestion or high transactions fees because there is now a competitions on the network on whom is to be given a higher priority and at the process of this you see people increasing their transaction for them to include as the higher priority. And of course, the Internet can not be shutdown for any reason or for even a day as lot could happen including affect human life.
Security within the digital environment is indeed something that must be addressed and considered a priority when in possession of cryptocurrencies. The Bitcoin network itself is actually very reliable; however, individual wallets or external applications have extra safety meant to be ensured and protected solely by the individual themselves. It is essential to secure seed phrases and other valuable information that would not make the wallet an avenue hackers would prefer to attack. Besides, there are also effects of such a use of the network where competition arises in transactions thus increasing the costs. In this kind of environment, it is thus advantageous to be in a position to understand how it works to be able to better manage the assets. It is also important to take into account the fact that the unimpeded functioning of the internet also plays a critical role in ensuring the functioning of various activities in general and, in particular, in the context of the functioning of the digital ecosystem .
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Yeah, I'm also a bit worried that the government or anyone with access to a quantum computer or any advanced tech will use it to attack Bitcoin, but I agree that we can prevent or fix it quickly as long as we're prepared.
If that would be the case, BTC wouldn't be the first target on the list, so we should be chill about it, imo.
Before the internet became a public, it was private for military for years undergoing rigorous research and improvement. If there is super computers tomorrow, Bitcoin wouldn't even be the first threat they will look into, there more sophisticated things build and own but government they will try first before they allow public to even have access to it.
Even if there is an update about super computers to tomorrow, things about it will be limited unless they know it's safe for public use to avoid abuse because not only other things will be put at risk, even the governments things might be under some risks too.
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Bitcoin network to my knowledge can not be hacked but a personal wallet can also be hacked, thus, this could be as a result of exposure your seed phrase to theft and if such happens they swipe off your wallet by sending out the Bitcoin Inside the wallet. A
So far, yes. However, we will not know what the future will be like if there is indeed technology that can do it and there are people who do not like BTC and want to destroy the network. However, it seems that it will not be that easy, it is more complicated than just hacking and destroying the system or blockchain. Bitcoin has been owned by many parties around the world, and we do not know who the people behind it all are. And I think they will not let that happen. Because after all, this is all related to various interests and benefits
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Bitcoin network to my knowledge can not be hacked but a personal wallet can also be hacked, thus, this could be as a result of exposure your seed phrase to theft and if such happens they swipe off your wallet by sending out the Bitcoin Inside the wallet. Again, Bitcoin network can't be hacked but it's configured on an open network where other people can tap to the network by building their projects on the Bitcoin network, this cause network congestion or high transactions fees because there is now a competitions on the network on whom is to be given a higher priority and at the process of this you see people increasing their transaction for them to include as the higher priority. And of course, the Internet can not be shutdown for any reason or for even a day as lot could happen including affect human life.
Security within the digital environment is indeed something that must be addressed and considered a priority when in possession of cryptocurrencies. The Bitcoin network itself is actually very reliable; however, individual wallets or external applications have extra safety meant to be ensured and protected solely by the individual themselves. It is essential to secure seed phrases and other valuable information that would not make the wallet an avenue hackers would prefer to attack. Besides, there are also effects of such a use of the network where competition arises in transactions thus increasing the costs. In this kind of environment, it is thus advantageous to be in a position to understand how it works to be able to better manage the assets. It is also important to take into account the fact that the unimpeded functioning of the internet also plays a critical role in ensuring the functioning of various activities in general and, in particular, in the context of the functioning of the digital ecosystem .
This is correct and I agreed with you that our wallet security solely rely on every individuals.depending on how careful they could be with their seed phrase and information, most of the common hack we do experience doesn't come that so easily without them being compromised or exposed to hackers before they could get hacked, that is why every individual most take precautions of their wallets.
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Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.
When people say their bitcoins were stolen as a result of hacks, they are not referring to the entire Bitcoin network being compromised. what was hacked were their individual wallets, which store the private keys controlling their bitcoin holdings. Apart from the fact that bitcoin is built on the blockchain technology and uses a very strong cryptography protection, Bitcoin is decentralized and controlled by lots of people all over the world. Hacking the Bitcoin network is impossible, anyone who wishes to steal the entire bitcoins will have to hack into the wallets of everyone who own bitcoins.
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Bitcoin network cannot be hacked, it will be extremely difficult to hacked bitcoin network or shut it down, because it is decentralized and it is not own by any single entity or governments, it is well designed and the transactions are secure, and it also contains or have security threats that will be use to safeguard the Bitcoin network to prevent the attackers from getting access to the network.
Network surely cannot be hacked, but the people who use the network can be decreasing due to many reasons. If there is bad news on the network, people can be afraid to use the network. They can change to another network and they forget the previous network. Luckily, Bitcoin network has been used by too many people around the world. And many of them believe at all with Bitcoin network. So, it seems like no chance for the people to leave Bitcoin network.
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Bitcoin can't be easily to shut down or hacked because it is decentralized and secured by thousands of nodes worldwide. Even if some nodes go offline, the network keeps running. Hacking it would require impossible computing power making it the most secure financial system I trust.
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Bitcoin can't be easily to shut down or hacked because it is decentralized and secured by thousands of nodes worldwide. Even if some nodes go offline, the network keeps running. Hacking it would require impossible computing power making it the most secure financial system I trust.
Only if the whole infrastructure (the Internet) goes down, then BTC would be dead, and even then, there would be alternatives to keep it alive.
It's an apocalyptic scenario, but still.
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Bitcoin can't be easily to shut down or hacked because it is decentralized and secured by thousands of nodes worldwide. Even if some nodes go offline, the network keeps running. Hacking it would require impossible computing power making it the most secure financial system I trust.
Only if the whole infrastructure (the Internet) goes down, then BTC would be dead, and even then, there would be alternatives to keep it alive.
It's an apocalyptic scenario, but still.
That's a good point. Even if the internet went down, alternative methods like mesh networks, satellite connections or offline transactions could keep bitcoin alive. While it would be a major challenge, the decentralized nature of bitcoin means it is designed to be resilient.