Yes and do you ever wonder why you don't hear of any recent crypto hackings from Binance or Coinbase?
It's because they don't happen
AscendEX Crypto Exchange Hacked for $77 mln
- Thread starter mlawson71
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Yes and do you ever wonder why you don't hear of any recent crypto hackings from Binance or Coinbase?
It's because they don't happen
deaddog, you seem to be interested in the architectural design and complexities of Bitcoin and cryptos, I still recommend for you to seek knowledge from detailed sources per my previous post to you on another thread...
It's a basic question but a good thought exercise for someone trying to understand the process of bitcoin and cryptos transfers of coins and tokens
The bitcoins and any crypto assets are on the blockchain (public ledger). They never leave. If you're in Japan and you hack someone in Canada and get his bitcoins, the bitcoins never moved from Canada to Japan, they were always where they were, on the blockchain
So if the guy you hacked for 1 bitcoin and you transfer to 100 different addresses 0.01 btc each, you no longer own the 1 bitcoin
Those 100 addresses could send to 100 different addresses 0.001 btc each and so on and so on
What good will following the money do per your original question?
[There's a caveat, if the hacker is stupid and after hacking the bitcoins/cryptos immediately send them to an exchange to cash out, they can get frozen in his account and if he registered his name and address, he'll get caught, but that is not very likely if he was smart enough to hack in the first place. The hacker could be a team operating out of North Korea, by the way]
So at this point we don't actually know who owns the coin.
If there is no record of who owns the coin it won't do any good.
And John I'm studying as fast as I can. Looking at both pro and con material. Still trying to figure out the alchemy involved. How you can make something out of nothing is still a mystery.
Yes, bitcoin and crypto addresses do not have a name, they are just a bunch of numbers and letters (but the letters are actually numbers not denominated in base 10/decimal, go figure
)There are a lot of videos on YouTube, deaddog
I would suggest to focus your learning on Bitcoin, first, as pretty much all cryptos, Ethereum, Solana, and others, function in a similar way, but those other coins will add more complexities with smart contract which you may not be ready to dig into in the beginning
The bitcoins and cryptos are not created out of nothing, they are mined, so you can search youtube on bitcoin mining to understand that process
You asked about nodes (honest and dishonest) and in a decentralized, distributed bitcoin network, a node is any computer that has a copy of the blockchain and communicate with other nodes to propagate and broadcast transactions on this p2p network, similar to downloading a torrent file
I like this video below if you want to understand the security of storing your wealth in Bitcoin. There are bitcoin addresses out there that hold a large amount of $ value in bitcoin and this is how it's secured
Here's an excellent interview on the technical fundamentals of the Bitcoin network!
Don't pay attention to the title, this covers so much more and if you remember from your reading of the Bitcoin Whitepaper when you asked me about "honest" and "dishonest" nodes, it's covered here in detail
Bitcoin's solution to The Byzantine General's problem is a classic topic and also discussed in the video
@RedDuke this is good for your blockchain project
Welcome to crypto?
This is business as usual.
You are talking about a 3rd tier exchange that is non-KYC.
You also assume it was not in some way, shape or form, an inside job.
That's because I said recent. And since then Binance has refunded the hacked users accounts, so sorry bud, that doesn't apply here