Can Bitcoin Network Be Shutdown Or Hacked?

[dave_strider]

~ 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.

[Mr. Magkaisa]

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.

[bitterguy28]

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

[enwi]

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.

[MrSpasybo]

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.

[Aanuoluwatofunmi]

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.

[0t3p0t]

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.

[Bobcrypto]

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.

[JusticeDeGreat]

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.

[Stuart]

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.

[Zed0X]

~

[Zed0X]

~ 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.

[Faisal2202]

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.

[debra]

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.

[Chilwell]

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.