Sunday, 24 February 2019

Once hailed as unhackable, blockchains are now getting hacked

quote [ Blockchains are particularly attractive to thieves because fraudulent transactions can’t be reversed as they often can be in the traditional financial system. Besides that, we’ve long known that just as blockchains have unique security features, they have unique vulnerabilities. ]

A bit sad that an elegant idea is dissolving in greed. Good, that the "unhackable" thing gets demystified, though.
[SFW] [business] [+7 Informative]
[by Paracetamol@1:57pmGMT]

Comments

JWWargo said @ 11:34pm GMT on 24th Feb [Score:1 Underrated]
I've never heard anyone credible call the blockchain unhackable. 51% attacks are nothing new, there was plenty of info on it and other potential threats to the security of these networks back in 2016 when I bought a few Bitcoins. That's all I keep, I don't mess with any other coins. I keep them in cold storage, offline on a hardware wallet with additional security measures built in so if it's ever stolen, the would-be thief will end up with a paperweight and I'll be able to recover my coins with my seed (24 random word password). No one, not one government or bank, has access to my money but me.

Likely, we're seeing something akin to the Red Queen Effect. These hacks will serve to push new security implementations and strengthen the networks overall. Virtual currency is still in its infancy, Bitcoin is just an example of what blockchains are capable of and it's not the end all be all of currency, just another option that has interesting properties. No doubt there are many more hurdles to overcome, but compared to cash this new monetary market is already a helluva lot more secure.
Hugh E. said @ 6:10pm GMT on 24th Feb
A titanic innovation in unhackable technology has been hacked. This could be just the tip of the iceberg.
moriati said @ 7:30pm GMT on 24th Feb
Lettuce hope not.

[unwilling to let go of the vegetable pun thread i'd hoped to start a few posts down]
Headlessfriar said @ 7:44pm GMT on 24th Feb
Ugh, most of us know better than to beet a dead horse.
lilmookieesquire said @ 8:36pm GMT on 24th Feb
I just want to be able to buy a graphics card without mortgaging my avacado toast.
Am I doing this right?
moriati said @ 8:49pm GMT on 24th Feb
I've seen wort attempts.
hellboy said @ 9:40pm GMT on 24th Feb
I don't know, that might be the wurst.
snowfox said @ 1:07am GMT on 25th Feb
That's not even a vegetable or vegetable dish, we need to hash this out and get to the root of the problem.
JWWargo said @ 1:28am GMT on 25th Feb
I think the problem stems from the idea that vegetables don't exist. What a stew we've found ourselves in.
snowfox said @ 2:30am GMT on 25th Feb
Then why do we even carrot all about an-celery pun threads?? Whatever, I'll just dill with it and try to mallow out.
JWWargo said @ 2:57am GMT on 25th Feb
No need to yammer on about it, it's all bean done before anyhow. Can't we just have some peas and quiet for once?
arrowhen said @ 6:48am GMT on 25th Feb
These puns aren't totally rad, but they're radish.
Hugh E. said @ 9:08pm GMT on 24th Feb
It was fruitless, and that ship has sailed. Now that the seed has been planted, get on board, and let's not make some sort of pun salad. But if you embarked on a thread jack and rose to sprout some good one liners, let it sail, bud.
JWWargo said @ 1:26am GMT on 25th Feb
I went back and looked at your comment from my veggie post and honestly didn't catch it. Well hidden, sir.
snagUber said @ 9:42pm GMT on 24th Feb
France baise ouais!

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