BDMD = Bitcoin deniers myths debunked
This is a series of short posts about Bitcoin myths and nocoiner fallacies, debunked or explained.
Bitcoin was hacked / will be hackedBitcoin was hacked / will be hacked
(says the Bitcoin denier)
In the history of Bitcoin, there has never been a blockchain attack that results in money being stolen from a confirmed exit. There has also been no reported theft as a direct result of a vulnerability in the original Bitcoin client or a vulnerability in the protocol. Bitcoin is protected by standard cryptographic functions. These features have been reviewed by cryptography experts and are considered unlikely to be broken in the foreseeable future.
It's safe to say that the currency itself has never been 'hacked'. However, several major websites using the currency have been hacked, often resulting in high-profile Bitcoin thefts. Some media outlets erroneously report these heists as hacks of Bitcoin itself. An analogy: just because someone has stolen US dollars from a supermarket does not mean that the US dollar as currency has been "hacked."
Most bitcoin thefts are the result of inadequate wallet security. In response to the wave of thefts in 2011 and 2012, the community has developed risk mitigation measures, such as wallet encryption, multi-signature support, offline wallets, paper wallets, and hardware wallets. As these measures gain adoption by merchants and users, the number of thefts decreases.
Bitcoin security can be compared with the power of a Sun...
And to close, I leave here a song (the second) about the "obituary" of Bitcoin, has died so many times that the bastard still does not want to die ...
Read more FUD articles on: https://endthefud.org/
March 2013,
BitcoinTalk user MacBookAir double spent a transaction that had six or more confirmations. The transaction double spent was a deposit to an exchange.
Though the KYC'd customer eventually was convinced to return the Bitcoin funds, the on chain double spend did occur.
That occurred following the chain split intentionally "flipped" by the miners after learning about the cause for there to be the two competing chain tips.
Thanks for this
Source? Link?
https://bitcointalk.org/index.php?topic=152348.0;all
https://github.com/bitcoin/bips/blob/master/bip-0050.mediawiki
"Can Bitcoin be hacked?" A beginner's question.
Answer by Darth, "Bitcoin is the Sun of Money, can't rise from the west."
Excellent! Showing the kids how it's done. (Nice song too)
Absolutely true.
The blockchain has never been hacked.
Where you keep your coins have.
But if you never keep your coins on an exchange, you would have been fine.
It all depends on everyones comfort level of security.
The value overflow incident is probably the only time someone "hacked" Bitcoin.
Between blocks 74638 and 74691 the largest blockchain contained these fake bitcoins.
No, its never been hacked.
Someone used the protocol in a way not intended to create a large amount of bitcoins for themselves.
That's the definition of hacking.
Was more like an exploit of bug. Not a real hacking.
But yes, is a very good example, you mentioned.
This is common pre-coiner and no-coiner FUD. I was guilty of this myself prior to owning Bitcoin and even after I first owned Bitcoin I didn't own much, because I assumed it would get hacked or "shut down by the government".
Great song I love Galantis! I need a series like this with all the normie friends that i have constantly calling out basic fud.
It will come more, no worry.
https://m.stacker.news/37458
Would be nice to see BDMD about current mining pools centralisation
Well I mean, majority of pools getting their block templates from the same source. Not sure how that is FUD. Sounds like a serious concern.
So would be read a serious take on it.
Nice song!!
Thanks Darth!
Always learning from your posts. Thanks 🙏
“An analogy: just because someone has stolen US dollars from a supermarket does not mean that the US dollar as currency has been "hacked."”. This is great I’m gonna use this example!
Agree.
👍
I think there is what you call 51% attack