Is there a situation where we woke up one day and found out all our bitcoins vanished? Blockchain or DLT has a simple definition where it is designed to solve double spending problem which represent a unique transaction that are solve through the computers in the network (Kamiya,2019; Kshemkalyani and Sighal, 2008). Satoshi Nakamoto define Blockchain as a collection of transactions in a block that is store in a peer to peer basis and each of its block is linked with the SHA-256 algorithm, timestamp network to solve the double-spending problem (2008). This principle also introduced the reality of immutable transaction feature to the computing world. So, having understand such definition, is our believed that this would be immutable as it claims or anyone has proven that such immutable resistance is exist as of today ?
Dear Yu 余 Zhixiong 志 雄
I mostly agree with Anatol Badach : Your Bitcoin will typically stay in your wallet and they will not vanish.
However, in the case that there are efficient quantum computers, the security of the Bitcoin protocol is not longer guaranteed (as the protocol, more specifically the used signature scheme as far as I read) is not post-quantum secure. There are ways to solve this, but the current version of Bitcoin does not include these "fixes".
On the other hand, as already happened to many other currencies: at some point in the future, your Bitcoin may not be worth a dime if people lost their interest or trust in (the value) of Bitcoin.
There are many (formal) analysis of the security properties of Bitcoin available and published, e.g.:
https://eprint.iacr.org/2014/765.pdf
https://eprint.iacr.org/2016/454.pdf
https://eprint.iacr.org/2017/149.pdf
Best regards,
Mike Graf
Dear Yu 余 Zhixiong 志 雄,
our Bitcoins won't go away in a day - but they may not be accessible for a long time. I would like to briefly explain the reason for this.
Access to the Internet can be "cut off" almost instantaneously in one country or in several countries at the same time (for example for political reasons, through sabotage or a terrorist attack, ...). Therefore, the Internet can simply be "blocked" and an Internet Lockdown may happen.
The security procedures on which the Bitcoin concept is based can only guarantee security in the traditional sense. Bitcoin security solutions have no effect when the Internet is blocked. The blocking of the Internet may take some time. What can "Bitcoin People" do in this situation?
My picture is meant to show how easy it is to block the Internet. See also:
Alberto Dainotti, Claudio Squarcella, Emile Aben, et al.: „Analysis of Country-Wide Internet Outages Caused by Censorship“; IEEE/ACM Transactions on Networking 22(6); Nov 2011; DOI: 10.1145/2068816.2068818
https://www.researchgate.net/publication/229062342
https://www.bbc.com/future/article/20150310-how-to-break-the-internet
My illustration added here shows that the internet can be viewed as a virtual world full of trees and those trees can be easily sawed off with the killer attacks shown here.
An attack on root DNS is the next category of internet killer.
Best regards
Anatol Badach
Dear Yu 余 Zhixiong 志 雄
I mostly agree with Anatol Badach : Your Bitcoin will typically stay in your wallet and they will not vanish.
However, in the case that there are efficient quantum computers, the security of the Bitcoin protocol is not longer guaranteed (as the protocol, more specifically the used signature scheme as far as I read) is not post-quantum secure. There are ways to solve this, but the current version of Bitcoin does not include these "fixes".
On the other hand, as already happened to many other currencies: at some point in the future, your Bitcoin may not be worth a dime if people lost their interest or trust in (the value) of Bitcoin.
There are many (formal) analysis of the security properties of Bitcoin available and published, e.g.:
https://eprint.iacr.org/2014/765.pdf
https://eprint.iacr.org/2016/454.pdf
https://eprint.iacr.org/2017/149.pdf
Best regards,
Mike Graf
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