Can Hackers and Bugs Stop Bitcoin? Ripple’s CEO and CTO Announces
Ripple’s chief technology officer (CTO) David Schwartz says Bitcoin is basically bulletproof against a long-term hack or bug threat in the system.
David Schwartz: Bitcoin is basically bulletproof against a hack or bug threat
Ripple’s chief technology officer David Schwartz says that Bitcoin is fundamentally robust against a hack attack or bug threat in the system. In a new post on Quora, Ripple CTO David Schwartz says miners who power the network can fix things in either case. David Schwartz points to a moment in August 2010 when a hacker was able to generate 184 billion BTC due to a flaw in the system.
This bug was fixed by Bitcoin inventor Satoshi Nakamoto, and soon a soft fork was made to get everything back to normal. David Schwartz says this incident sets a standard for how similar disruptions can be addressed in the future. According to the Ripple CTO, the error will be fixed or the hash protocol will be migrated and Bitcoin will continue. David Schwartz adds to his comments on the subject:
THIS IS PRECISELY WHAT HAPPENED DURING THE OVERRUN EVENT IN 2010 AND THE ACCIDENTAL FORKING CRISIS OF 2013. THERE IS A POSSIBILITY THAT SUCH AN EVENT WILL RESULT IN BLOCKCAHIN ‘REWINDING’ TO A POINT BEFORE THE ERROR WAS EXPLOITED. PEOPLE WHO RELY ON PAYMENTS DURING THE INCIDENT MAY LOSE MONEY AS PAYMENTS MAY BE REVERSED.
Ripple CEO: Bitcoin’s mining capacity is not spread evenly
Meanwhile, Ripple CEO Brad Garlinghouse is questioning whether the Chinese Communist Party could pose a long-term problem for Bitcoin. In a new interview with Bitcoin bull and Morgan Creek Digital co-founder Anthony Pompliano, Brad Garlinghouse notes that Bitcoin’s mining capacity is not evenly spread around the world enough to prevent China from using the network at its will. Brad Garlinghouse adds the following to his comments on the subject:
FOUR MINERS IN CHINA HAVE OVER 50% TOTAL CONTROL… IF YOU CONTROL THE MAJORITY OF THE HASH RATE… WE SAW 51% ATTACKS ON OTHER BLOCKCHAINS.
Anthony Pompliano says he believes China can shut down these miners, but cannot force these miners to manipulate the network. According to the latest data, 65% of Bitcoin’s global hash rate comes from China, according to the Cambridge Bitcoin Electricity Consumption Index.