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ETH · 1w

Bitcoin Unhackable? It Happened (twice). Not Blowing Smoke.

Bitcoin Unhackable? It Happened (twice). Not Blowing Smoke.

This may come as a shocking surprise to those who have more recently become familiar with Bitcoin (BTC): There are 2 specific times Bitcoin’s source code has been dangerously exploitable, allowing someone to mint infinite free BTC for themselves.

The 2 Bitcoin inflation bugs we are aware of:

🔴 The CVE-2010–5139 bug on August 15th, 2010 resulted in 184-Billion BTC being minted. On the heels of this event core developers Gavin Andresen and Satoshi Nakamoto had to roll back the blockchain in order to purge this transaction from block 74638.

🔴 More recently, on September 17th, 2018, the CVE-2018–17144 bug was discovered by a Bitcoin Cash (BCH) developer who selflessly took action before it could be similarly exploited by anyone else who may also discover it.

Bitcoin’s spaghetti code and hackable past may be one of the largest factors as to why we see nothing substantial being built on top of it, nor any imminent plans to. Why hasn’t Bitcoin’s source code undergone a full, formalized security audit? Security is paramount and one of highest utilities a cryptocurrency can have.

Something to bear in mind, and as one might expect, what we have seen — and continue to — is more of the Top 10 cryptocurrencies today were originally built on top of Ethereum (ETH). With the launch of Ethereum 2.0 approaching, it is highly anticipatory what growth and capabilities may likely transpire.

References:

https://news.bitcoin.com/bitcoin-history-part-10-the-184-billion-btc-bug/

https://bitcoincore.org/en/2018/09/20/notice/

https://en.wikipedia.org/wiki/History_of_bitcoin

https://www.theblockcrypto.com/post/60517/github-is-backing-up-the-codebases-for-bitcoin-core-and-ethereum-under-the-arctic-ice-in-svalbard

https://nomics.com/

https://coinpaprika.com/

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