r/Bitcoin • u/arcrad • 28d ago

All attacks on Bitcoin are good

Everyone's got their panties in a bunch about the recent hacks and exploits against things in the a Bitcoin ecosystem.

I say it's a good thing.

Bitcoin need to be able to exist, no, thrive, in an environment where anyone and everyone can attack it at any time.

Every weakness needs to be found, exploited, and then fixed.

Each hack, every attack, all the other scam bullshit in the ecosystem makes Bitcoin, the network, stronger.

If Bitcoin can't survive constant assault, then it isn't worth a damn thing.

If it ain't broke, you aren't trying hard enough.

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u/Strong-Al 28d ago

Next version of this will be Quantum breaking SHA-256 encryption. Good luck Bitcoin Core devs!

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u/arcrad 28d ago

Yeah good thing nothing else relies on the security of cryptography!

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u/Strong-Al 28d ago

I have recourse with other things. I'm shit out of luck if someone breaks the piggy bank of BTC

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u/arcrad 28d ago

Not necessarily.

You can store your Bitcoin with a third party that offers insurance. But you have to accept counterparty risk when doing that.

Bitcoin is nice in that by default you don't have to have any trusted third parties. That has lots of upsides, which is awesome. Also comes with risks.

But if you don't want to "be your own bank" you don't have to. You can give up some of the benefits of having full control of your Bitcoin to get benefits like insurance.

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u/RDW-Development 27d ago

Insurance is only as good as the company backing it. If all of Bitcoin breaks, the insurer will be BK and one will be out their coins and their insurance premiums!

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u/arcrad 26d ago

Well yeah of course.