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What I don’t understand is what happens when someone can crack wallets and just start transferring money anywhere they want? Why is this something that can’t h
by ed_elliott_asc 4y ago
What I don’t understand is what happens when someone can crack wallets and just start transferring money anywhere they want?
Why is this something that can’t happen?
- sph 4y agoLiteral cracking of that kind of encryption is still some time away, people are already losing their crypto money through theft and lacks of backups anyway.
- mr_mitm 4y agoYou'd need to break ECDSA, which is assumed to be hard, and not without reason. Basically the entirety of online privacy is built on this or similar assumptions.
- edf13 4y agoSame reason people aren't cracking other encrypted data, hacking banks, breaking TLS etc. It uses strong encryption (Not all the same encryption, but strong all the same).
- shakow 4y ago> Why is this something that can’t happen? Because if you crack wallets, you are either (i) cracking it through social means, i.e. stealing login/password, and it's nothing extraordinary; or (ii) you just broke EC crypto, and the world has a much worse problem at hand than you stealing something-coins.
- smcl 4y agoI thought there was an other scenario which is biting people more commonly: (iii) smart contracts that are clumsily or maliciously constructed to either transfer assets out of a "wallet" or lock them up for eternity