Peter Schiff, gold optimist: „Is Twitter hacking an omen for Bitcoin?“



Peter Schiff, a well-known gold optimist and critic of crypto currencies, wonders if the recent hacking of verified Twitter profiles is „an omen that they are hacking Bitcoin“.

In a July 16 tweet, Schiff mentioned yesterday’s massive hacking of verified Twitter profiles that were used to promote a Bitcoin scam, further suggesting that it could be a prelude to a hack of the cryptomone currency itself.

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Twitter hacking has nothing to do with Bitcoin security
Pavel Luptak – founder of the Czech crypto community center Parallel Polis and Hackers Congress Prague – told Cointelegraph that Twitter hacking and the possibility of Bitcoin’s network being compromised have no connection:

„It’s a Twitter hack, not a Bitcoin hack. Bitcoin was just a way of scamming people for money. Of course, it can be a reputation problem for Bitcoin (I hope some cryptoexchanges start blacklisting these stolen Bitcoins). But it’s mainly a big reputation problem for Twitter, since it’s not able to protect its users‘ accounts.

As Luptak pointed out, Bitcoin was just a means of transferring value with which hackers tricked their victims. In fact, as some community members pointed out in the Twitter thread, the scammer’s decision to use Bitcoin was likely motivated by the authorities‘ inability to censor and reverse Bitcoin transactions.

The irreversibility of the transaction is a highly valued feature of Bitcoin Evolution, and many believe it is the basis for its value. It should also be noted that, although this feature of Bitcoin is appreciated by fraudsters, other systems have also been used in the past.

Luptak said, „You need to know that most con artists in history have used trust money. …] This is not a Bitcoin problem; any currency can be used for scams.

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Hacking Bitcoin is difficult
In addition, Luptak explained that „Bitcoin has a decentralized protocol, thousands of nodes, everything is transparent and auditable. All those features make the network much harder to hack than Twitter.

Although attacks on Bitcoin’s network – such as a 51% attack – are theoretically possible, it is widely believed that they would be incredibly difficult, so much so that they would prevent any potential hacker from even trying.

Bitcoin was launched in 2009, and so far no hacker has ever stolen any money from the network. Luptak recommends:

„Be on the lookout for social engineering scams, and of course, [note that] no one gives you anything for free.“