#8 – Bitcoin’s Value Is Derived From The Premise That It Is Un-Hackable - Similar To Boasting That A Boat Is Unsinkable Or Bunker Is Impenetrable. That Is A Dangerous Way Of Thinking As At Some Point Someone Is Going To Find A Way

in #bitcoin • 6 years ago (edited)

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This post is part of a larger series of post titled
The Top 10 Cryptocurrency & Bitcoin Misconceptions | Misunderstandings | Concerns | Perceptions | Criticisms in 2017

There are many people that believe that nothing created by humanity is un-hackable under the right conditions, and blockchain is no different.

This is true. The theoretical “51% Attack” where a group of miners controlling more than 50 percent of the network’s mining hashrate, or computing power, will be able to manipulate the blockchain at will is a possibility – just not a very probable one. Especially when cryptocurrencies are built to withstand this threat.

The beauty of a distributed ledger model is that it IS tamper-proof. Once data is entered into a blockchain and authenticated it cannot be altered. Any attempt to change a previous entry is detected and rejected by the other nodes across the network. It is like being in a room with a bunch of people all staring at an elephant and one dude is trying to convince the others that it is actually a tiger.

The usual response I get is “well then smarty-pants, what about all the stories I’ve read in the past year about stolen cryptocurrencies? If cryptocurrencies are so secure then why are there so many of these stories in the news?”

My answer to that is in #3 on my ranking list 😊

Traversing the Cryptosphere,
Kryptonaut

#cryptocurrency #blockchain #crypto #technology
6 years ago in #bitcoin by
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     6 years ago 

    The mathematical algorithm on which bitcoin is based-SHA256, doesn't have a proof that the only way to decrypt it is bruteforce. So if someone some how finds an algorithm which reduces the number of operations required to guess the key to something exponentially smaller, the bitcoin economy would collapse.

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       6 years ago 

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