Editorial 2 years agoCoinGeek
Segwit/Lightning vulnerable NOT Bitcoin Itself
The headline blares out at you and draws you in: “Research Shows How Bitcoin Can Be Attacked Via Internet Routing Infrastructure.” Ah, ‘research’; so often like statistics i.e best summed up by British comedian Vic Reeves: “88.2% of statistics are made up on the spot.”
Of course, not all research is so flawed but this particular piece needs addressing because it’s not accurate. While the war between Bitcoin Unlimited, Bitcoin Core/Segwit et al may be an irritant, and furthermore, may be a deliberate attempt by the banks to undermine the progress of Bitcoin, it is important to point out that Bitcoin itself is not, in fact, vulnerable in this way. Segwit, however, is, as is Lightning, a protocol designed to speed up the process of Bitcoin transactions.
But not Bitcoin itself.
Oh yeah, explain yourself, geek? OK: A Bitcoin transaction can be sent and propagated without an online wallet. A user can sign from a machine that is not connected to the Internet, copy it to a USB and send this transaction to the network.
The settlement is what the blockchain does.
The techy bit in two sentences: A network with any back channel link defeats this so called attack. That is, if you have a simple DSL backup line and a VPN you bypass all of the attack. The idea that “encrypting all node traffic” shows a real lack of understanding. Bitcoin over 8333 does not need to be encrypted.
Conversely, Lightning, does require users to be online. Techies can check details here.
You can make payments in Bitcoin to people who are not connected to the internet. Lightning and Segwit alter this to require online trades.
In essence, they are adding vulnerabilities that do not exist in Bitcoin per say unless Segwit and Lightning are activated.
That’s all, as you were.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Editorial 2 days ago
Growing pains of a new technology
The recent hash war seemed vaguely familiar. What does all this remind you of? - A new technology with the potential to change the world - Rival groups fighting over protocols they each see as ...
Editorial 5 days ago
Exchanges need to delist ABC Coin immediately!
In light of the mess made of the November 15 Bitcoin Cash upgrade and the billions of dollars knocked out of the overall cryptomarket as a result of Bitcoin ABC's reckless behaviour, we're asking cryptocurrency ...
Editorial 1 week ago
Crypto crash creating credibility, not chaos
The cryptocurrency sell-off has a number of investors singing the blues. More than a handful of individuals bought into crypto following Bitcoin Core’s (BTC) massive price gains last year, expecting to see the same explosive ...