Why hasn't there been a single hacker who has just hacked

How exactly do you envision this happening? If someone could breach it and people found out, the value would drop like a rock.

>>1984997
Something tells me you don't know how Cryptocurrency works...you can't just "hack" the blockchain. Usually, it's someone getting into a big wallet and then sending the funds to other wallets then dumping it. If you encrypt your wallet, only you have the private key. Literally only you can say that you are you

>>1985016
The very idea of encryption implies that it could feasibly be cracked no?

>>1984999
That would funny as heck to see all shitcoiners getting btfo'd
>>1985016
Idk. I mean why can't you just hack in to some server to have the data read that you own $1000 btc, and send that information to every comp in the world that your wallet has that amount .

I'm viewing it the same way you hack into an online first person shooter or game genie.

>>1985018
Into your wallet, yeah probably. But private keys are literally 11/10 difficult to crack. So the idea is to keep your wallet safe.

>>1985018
>The very idea of encryption implies that it could feasibly be cracked
Technically wrong as an absolute statement, an OTP can't be cracked.

>>1985024
No that is not how it works. The code within these coins (such as sha256) makes it so that it can make a very specific and unique hash that can't be decrypted. So no, get that idea out of your head

>>1985032
Are btc being created to this day or is there a finite amount? What is stopping people from getting to untapped coins?

Exchanges are far softer targets than trying to hack an actual blockchain and they have been hacked several times.

>>1984997
Exchanges got hacked pretty routinely.

>>1985049
>they have been hacked several times.
Have people made big banks from this?

>>1985042
BTC is PoW. Which means there are people mining with hardware to get BTC. However, it's really fucking hard since people have server rooms dedicated to it. BTC is being created but in small amounts. do you realize the processing power that is needed to even mine bitcoins? You could mine forever on your laptop and not get a block. In 2009, you could get a few but not now. It's too centralized

>>1985024
>Idk. I mean why can't you just hack in to some server to have the data read that you own $1000 btc, and send that information to every comp in the world that your wallet has that amount .
>I'm viewing it the same way you hack into an online first person shooter or game genie.
Because there is no centralized server. For you to actually hack the blockchain or some shit, you'd have to hack the vast majority of every single device that is mining to secure the blockchain and have them show the same thing. Its not going to happen.
>>1985042
Yes, coins are still being mined and will always be being mined though the growth is logarithmic in nature and it will never hit a point where there is more than 21 million bitcoins.

>>1985052
Yes, tens if not hundreds of millions. It will happen again at some point and you'll see people here completely lose their shit as soon as it happens on bittrex or yolo as they're too dumb to keep their coins in private wallets.

There has, DAO hack. Also mt gox.

>>1985018
>>1985024
>>1985032
>>1985042
ITT people with no understanding of crypto or coin.

>>1985059
So this is why people do bitcoin mining. How does someone become a miner?
>>1985071
Wow! I'll keep my eyes out to see when it happens.

>>1984997
whats stopping me from buying every bitcoin and destroying them

>>1985024
>ScUUa2HA
>I have no idea how this works but let me say this anyways

>>1985079
I'll read up on those, thanks

>>1985088
Mining isn't really profitable at this point unless you have free electricity.

>>1985097
Explain how it works then, senpai

>>1985024
Weak bait, nobody on biz knows that little about how blockchain works.

>>1985102
I'm neet and live off parents. So technically it's free

>>1985092
Not being a multibillionaire who wants to burn his own wealth.

>>1985106
>>>/g/oogle

>>1985113
I have no idea how block chain works because I never really cared. I just like meme stock traiding.

But crypto coin has been interesting me recently

>>1985106
Bitcoin isn't stored on a server it uses a decentralized peer-to-peer ledger called the blockchain.

>>1985117
all we need is a suicidal billionare to come along and buy up everything and the market is done. thats a risk im not willing to take my friend

>>1985132
Surely that would just inflate the price of bitcoin massively making all holders very rich.

>>1985132
>buy up everything
>price goes way up
No one to sell to so you just dump it back to where you got it.
Yeah makes sense guy

>>1984997
It's already happened

>>1985016
Wrong.

http://www.coindesk.com/understanding-dao-hack-journalists/

ETH literally had to fork to refund money, the hack is the main reason ethereum classic even exists.

>>1985212
Reading the article, my point still has merit. The DAO guys held the funds in a single address which is something you shouldn't really do

>>1985199
>>1985192
dont say i didnt warn you when coins arnt all burnt

>>1985212
The hack had nothing to do with ETH. It was DAO who fucked up. People blamed ETH because people are retarded.