$1 Million Bounty For Anyone That Can Hack Litecoin's SegWit Transactions!

in money •  2 years ago  (edited)


A reddit user has challenged hackers to test Litecoin's new SegWit technology with a bounty of $1 million dollars!

10 days ago, on may 10, Litecoin activated segregated witness (SegWit) transactions on their network.

Originally, SegWit is a feature that was supposed to be added to Bitcoin - but the bitcoin community couldn't agree on whether they wanted to implement it or not (they still haven't come to a conclusion until this day.)
The Bitcoin network is so overloaded that transactions take too long to confirm - and that's where SegWit comes in as an alternative.
SegWit is a process which reduces the size of blocks on a blockchain, by removing signature data from the transactions.
Therefore, there is additional capacity on the blockchain for more transactions.


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SegWit is very controversial - some people believe that this feature makes the network more unsafe, while others are strong supporters.

Since Bitcoin didn't agree on implementing SegWit yet, Litecoin agreed to use the new technology instead - making its value skyrocket from around $4 to just below $30.
Apart from the functions explained above, SegWit also offers the opportunity for lightning transactions - transactions that are fulfilled nearly in real time, without having to wait for confirmations.

So now, since so many people are arguing that SegWit is unsafe, a reddit user has challenged the critics to try to hack one of the transactions.

But not just any transaction - he put an unbelievable bounty of $1 Million on the line.

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This is what the reddit user posted:

“A lot of people have been saying that segwit is unsafe because segwit coins are ‘anyone-can-spend’ and can be stolen. So lets put this to the test. I put up $1MM of LTC into a segwit address. You can see it’s a segwit address because I sent and spent 1 LTC first to reveal the redeemscript. Let’s see if segwit really is ‘anyone-can-spend’ or not. Good luck.”

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The main accusation is that “anyone can spend” coins on a SegWit network.

In a regular cryptocurrency network, a block consists of data from the sender and receiver, as well as a witness (= signature).
But in Segwit, witness data is counted seperately from the transaction itself.
The witness data is only counted for one quarter of its current size - increasing the number of transactions within a block.

Until now, 10 days after the bounty hunt began, no one managed to hack the SegWit transaction yet.
Although countless critics were always bashing the technology for its lack of security, no one was actually able to prove their theory yet.


What do you think - is SegWit a feature with positive or negative consequences? Is the network hackeable? And shout Bitcoin implement it or not?






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  ·  2 years ago (edited)

Resteemed to all of my followers. That is a lot of confidence to have in something to reward them 1 mill

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Thank you for the support!
Exactly, someone must be very sure of the outcome, and also wants to prove a point with this..

That'll surely test out their platform while giving all cryptos an extra kick upwards! ;) Thanks a bunch for sharing this incredible news. Our crypto world is reaching for global consciousness. All for one and one for all! Namaste :)

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That's exactly right! Proving that segwit is not hackable that easily would give ltc a big push, as well as convince segwit critics to implement it into bitcoin as well.

Congratulations @sirwinchester!
Your post was mentioned in my hit parade in the following category:

  • Upvotes - Ranked 9 with 468 upvotes

I dont really thing Bitcoin should implement, but im some what of a conservative.
On the security side, well I have no idea, some days I am surprised I can still tie my own shoes! The lightning network could add a great deal of use ability to bitcoin, without having to active segwit I believe. Its doing a great job storing value, should we mess with that?

But Im not a programmer, im just some random guy who talks to plants and animals, occasionally humans

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I agree, lightning transactions would surely benefit the user experience of bitcoin and make it much more attractive. But if it really decreases security standards, should we compromise that ?!

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Not at all.. better to leave robust and secure. Still beats SWIFT ..... at everything haha

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for many, that's actually much more difficult than "talking to computers", especially if you can get the plants and animals to talk back! lol

But Im not a programmer, im just some random guy who talks to plants and animals, occasionally humans

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They are always talking, trick is learning how to listen to them ;)

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next you gotta learn to talk to stingrays and maybe sea urchins and jellyfish too - glad you made it through okay on that one! :) reminded me a bit when I stepped on a sea urchin as a kid, can't quite compare, but it was NOT pleasant either, to say the least!

anyway, back to trying to crack this segwit thing! lol

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Yeah! Thanks brother, Saw the doctor today, I got it easy. Sometimes that whole tail will go through the calf and get logged in there needing lengthy anti biotics ect.... I read the sea urchin has a similar neuro toxin. The mind and pain! I got bit by a dog once and saw my bone and tendon! I went into shock mostly from seeing that part haha. Anyways! Segwit, lets see. Im on the side of bitcoin doesnt have to get faster. I dont think it needs that function. We can use another block chain technology for an instant transfer, bitcoin is doing a great job as a store of wealth....so far at least!

Now the hardcore testing will occur on SegWit. Need to see if it passes the storms or vanishes for ever. A true enthusiast i must say the bounty raiser is!

In my opinion it does make Litecoin more open to attacks... however... what I'm not sure on is does this make it easier so much that it can be attacked. I will look more into this later and run some numbers.

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Very informative graphic, thank you for sharing!
And yes I'd be interested to know the answer to that as well - is it really that much more vulnerable?

'SegWit is very controversial - some people believe that this feature makes the network more safe, while others are strong supporters.'

So everyone likes it. ;)

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*unsafe of course! Thanks for pointing it out ;)

wonderful chance for hackers........if they think the mission is possible.

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So far no one managed to show any results yet, let's see how this ends!

Wooow this guy is a renegade, it would be interesting the denouement!

Wow! This could be a game changer, if it remains unhacked, maybe the Bitcoin community will take it on, and the coin will shoot up even further!

Cg

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Exactly my thoughts - if it remains unhacked, it will be a push for both LTC and BTC

Interesting, segwit test will shape bitcoin's future then. Resteemed!

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A tremendous challenge, great info

I WOULD LEARN HACKING JUST TO WIN THIS ONE MILLION BUCKS!