Quote from: elda34b on August 11, 2021, 02:06:51 PM

Quote from: dzonikg28 on August 11, 2021, 09:24:31 AM

The risk of advancements in technology to crack cryptography is probably another one. I don't know how severe that problem is and people say the algorithm could quickly be adapted, but if somebody cracks the algorithm I doubt that will ever become public knowledge until the harm done is really extraordinarily big.

If that does happen, crypto is probably the last that will get affected. The algorithm is used by others such as banking etc, and cracking crypto might not be as profitable as social engineering, doing ransomware, etc. Which is why most attack happens through spam e-mail, phishing link, etc.

Didn't quite think about that but that's a valid point for sure. So the interconnectedness between different sectors through the "interface" of using the same or similar hash algorithm is actually another safety barrier for cryptocurrencies in general or Bitcoin in specific. If someone cracks Bitcoin, we'll have a global problem anyway and that person or entity who cracked the algorithm would most likely not abuse that knowledge because it would certainly lead to unstoppable global riots. I guess if someone were to crack it, the best that entity could do is ask for a couple of billion dollars and hand over the information to a safe organization or institution.