HomeBlogCan Bitcoin Be Hacked? Get Hacked and Find Out!

Can Bitcoin Be Hacked? Get Hacked and Find Out!

Bitcoin

Can Bitcoin Be Hacked? Get Hacked and Find Out!

Author: WILTON THORNBURG

 

Can Bitcoin be hacked? Any software can be hacked, but that isn’t necessarily a bad thing. Hacks make cryptocurrency more secure. After all, anything that doesn’t kill you makes you stronger, right?

 

Bitcoin Security: Bubble Boy and the Sewer Rat

Andreas Antonopoulos presents a lecture called “Bitcoin Security: Bubble Boy and the Sewer Rat.” In this lecture, he explores centralized systems as a “bubble boy”–a system created to be secure by isolating it from external forces. Eventually, the bubble bursts, exposing the system, and living in isolation prevented that system from building an immunity to attacks.

On the other hand, Andreas argues that open blockchains like Bitcoin are “sewer rats.” They live in the wild subject to untold hostile forces. Consequently, they build immune systems by necessity. Hacks happen, but the solutions serve to harden the system against future attacks. As Andreas says at the end of the talk:

 

All forms of cryptography can be broken. All forms of cryptography are eventually broken. That is a truism… including that currently behind Bitcoin, yes. The question again is time scale… We expect cryptography to be broken. We expect every system and subsystem within Bitcoin eventually to be weakened. What we need to do is 1) make sure that any such weaknesses are not systemic and complete. Then [2)] identify the weaknesses early enough to start addressing them so they don’t become systemic. The best way you do that is by existing in an open, collaborative environment where you learn about those weaknesses.”

 

On the other hand, Andreas argues that open blockchains like Bitcoin are “sewer rats.” They live in the wild subject to untold hostile forces. Consequently, they build immune systems by necessity. Hacks happen, but the solutions serve to harden the system against future attacks. As Andreas says at the end of the talk:

 

All forms of cryptography can be broken. All forms of cryptography are eventually broken. That is a truism… including that currently behind Bitcoin, yes. The question again is time scale… We expect cryptography to be broken. We expect every system and subsystem within Bitcoin eventually to be weakened. What we need to do is 1) make sure that any such weaknesses are not systemic and complete. Then [2)] identify the weaknesses early enough to start addressing them so they don’t become systemic. The best way you do that is by existing in an open, collaborative environment where you learn about those weaknesses.”

 

For more, read the original article at Coin Central.

Share With: