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Fair point. No way a hacker could extract anything close to $1 trillion USD without crashing the price. I would argue that they could extract many millions, po
by lowkey 5y ago
Fair point. No way a hacker could extract anything close to $1 trillion USD without crashing the price.
I would argue that they could extract many millions, possibly billions before the community caught on though.
Wouldn’t that be sufficient incentive to hack it? Why hasn’t anyone done it?
- ryan_lane 5y agoWhy would you kill the golden goose? The people who are willing to steal money from each other are busy doing rug pulls, smart contract attacks, and pump and dumps. As long as people are putting money into the system, they can continue extracting it.
- usednet 5y agoYou’re seriously saying hackers capable of exploiting Bitcoin’s blockchain aren’t doing so currently? A successful double spend or wallet hack would make unfathomably more money than any rug pull or pump and dump ever could.
- lowkey 5y agoNone of those things are happening to on-chain Bitcoin. You seem to be confusing Bitcoin with cryptocurrencies in general. A bit of research will show you that the two are not the same. The beauty of the Bitcoin system is that any participant can easily and continuously audit the available supply of Bitcoin for the price of a Raspberry Pi and an SSD. You can also accurately predict the inflation rate and supply for any point in time in the next hundred years. Try doing the same with fiat, gold, stocks, or real estate. You will quickly discover it is much harder if not outright impossible.