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You are comparing apples to oranges. Plenty (all?) bitcoin exchanges have been hacked and their coins never recovered. You do not need to 'hack' the blockcha
by fooker 9y ago
You are comparing apples to oranges.
Plenty (all?) bitcoin exchanges have been hacked and their coins never recovered.
You do not need to 'hack' the blockchain to steal bitcoins.
- coralreef 9y agoA bitcoin exchange is not a decentralized system. It is a centralized one. We are discussing the security of decentralized systems, aka the blockchain.
- fooker 9y agoIf only such decentralized systems could exist in vacuum! The thing about security is that you just need to exploit one weak link in the chain.
- coralreef 9y agoIsn't that the exciting thing about Bitcoin/blockchain? In the future, it is theoretically possible to live life and to conduct all commerce through cryptocurrencies. The thing about security is that you just need to exploit one weak link in the chain. Again, we're talking about decentralized systems as a whole. Individuals can be targetted/phished/scammed in any system. What is the weak systematic link in Bitcoin that can be exploited?
- fastdev 9y agoHacking a crypto exchange is not the only way to steal coins. Decentralized applications/smart contracts on a blockchain can be attacked as well.