How Bitcoin is Hacker Proof


#21

It would not, when someone has that private he has access to your funds on the blockchain. The advantage of a HW Wallet is that this key never leaves the device (to not let hackers access it) and you sign your transactions by pressing that physical button.

It is about “guessing” private keys by calculating them from pulbic addresses.


#22

So even a multisig wallet would not protect against a quantum computer guessing your private key then, correct?
I read somewhere that SVP encryption would protect against quantum computer hacking. Is SVP superior to elliptic curve encryption?


#23

Does that mean hacking a wallet’s private key or does it mean a 51% attack.
It seems to me that in either case, the damage done to the bitcoin blockchain/protocol would be minimal.

A 51% attack is much more critical than you might think.


#24

The math behind the Bitcoin is solid. However, since human and human interests are involved, the most effective threats are not directly against the math.

As I listed above: lazy software making and human conflict of interest could be deadly.

It is proven that bad code were written using public data as private key to generate public key (e.g. for an exchange wallet). By observing all transactions, a good analyst could get to a random wallet.

Similar threat is real to a hardware wallet, because the firmware is made by human, who can make similar mistakes (intentionally or otherwise).

E.g.If a hardware wallet generates 19 key pairs with the seed code correctly and ONLY generates the 20th based on the public key of the 19th key pair, there will be a great chance that a good analyst could get to the fund sent to the 20th key pair. Because both the private key and public key could show up randomly in the future in public. Zcash might be the answer for this threat.


#25

You may have heard of the term “51% attack”. This is when miners control over 50% of the network, allowing them to double spend. In layman’s terms, this means they can spend money twice by deleting transactions from the blockchain.

Quantum computers could give malicious miners the power they need to break this 50% threshold. This particular security worry is not an immediate concern. The projection is that it will be at least 10 years before quantum computers are capable of doing this. However, with the recently revealed engineering architecture for quantum computers, that timeline may be shortened.

The answer is then that you don’t have to panic. It may happen that quantum computing wins, but the preemptive efforts of cryptography and cryptocurrency experts look promising.


#26

This is why I don’t buy the argument that quantum computing will destroy bitcoin.

There are always counter measures being built just as fast as hackery happens.


#27

Just out of curiosity what happens to crypto payments if there is no electricity? Lol