Post
Topic
Board Bitcoin Discussion
Re: the blockchain will be hacked
by
biggus dickus
on 26/07/2015, 23:03:46 UTC
Here is my take on it.  If I hack the blockchain, and do something nefarious (double spends, steal coins, or whatever), then the security flaw will be noticed pretty quickly.  So what happens?  I think that bitcoins quickly become worthless.  So there is no point to hack it, because there is no financial incentive.  This is why I think hackers are more likely to focus on hacking exchanges or individual's wallets in stead of trying to hack the blockchain itself. 

There was a bug in the early days that someone exploited to generate ridiculous amounts of Bitcoins. It was fixed very quickly and Bitcoin's still here. If a similar bug is found and exploited in the future it will do more damage because more people rely on Bitcoin today, but I expect it will be fixed very quickly and Bitcoin will survive it.