You dont worry about the future of Bitcoin even if some users get hacked/scammed due several reasons about weak wallet securities and other careless activities, because those Bitcoins/alts will still be included in the circulation after the hackers sold them to several users and exchange. So, Bitcoin and other alts won't be affected in terms of it's value.
Fiat currency can be stolen too, are we asking the same questions like you do?
Did the government stopped printing paper money because there are the risks of thieves?
No matter how thick the layer of security is, If a certain user doesn't educate himself from possible phishing and other fraudulent attacks, then he'll still end up lossing his money.
And another important lesson about exchanges that was prone to hacks; don't store your Bitcoin in any exchange or custodial wallet. Instead, store it in an offline wallet.
Topic: Bitcoin Future Prediction Because of Hacking/Scamming - page 2. (Read 635 times)
1.Can you mention some detailed research or some exact number,when you say that "a lot" of Bitcoins get hacked or scammed?How much BTC?1000?1 million?I think that the amount of stolen bitcoins via hacks and scams are less than 5% of all Bitcoins in circulation(this is just an assumption).Is this a big number?Sure,but it doesn't change the market or the price volatility of Bitcoin.
2.Scams are different than hacks.Most of the scams are about manipulating naive people to send their BTC to the scammer.We can reduce the number of scams by educating more people to be more cautious.
3.Usually the crypto exchange platforms with the weakest defense get hacked.It's a never ending war.
2.Scams are different than hacks.Most of the scams are about manipulating naive people to send their BTC to the scammer.We can reduce the number of scams by educating more people to be more cautious.
3.Usually the crypto exchange platforms with the weakest defense get hacked.It's a never ending war.
Users are trying to be as cautious as hacking is happening. Just as a few years ago, different wallet users were hacked in different ways, the incidence is now relatively low.
In the same way that exchangers continue to correct their weaknesses, it is hoped that these will be addressed very soon. Lastly, hacked bitcoins have not been used for a long time. They come back to the market and when the bitcoins come back to the market, the price goes down. In my opinion, even though a huge amount of bitcoin is in the hands of hackers they can only reduce its value for a while at the time of sale, They can't do more than that.
In the same way that exchangers continue to correct their weaknesses, it is hoped that these will be addressed very soon. Lastly, hacked bitcoins have not been used for a long time. They come back to the market and when the bitcoins come back to the market, the price goes down. In my opinion, even though a huge amount of bitcoin is in the hands of hackers they can only reduce its value for a while at the time of sale, They can't do more than that.
Can't really do anything about hacking. There ain't no perfect defense system out there, and in all honesty, hackers ain't gonna benefit hoarding BTC. They'd most likely sell them one way or another because what's the point if they don't? Their hacking schemes involve hacking exchanges, scamming others, selling what they god, and rinse and repeat, easy as that. Really, the problem here is that people don't understand how NOT to get scammed. Hacked is quite different since it depends on the exchange to defend the coins but there's also a good counter to that, DON'T store your coins in exchanges. Hardware wallets were made for a reason you know.
It can though. Just imagine a huge number of BTC were suddenly dumped because of a hacker selling all his stock. The market price would naturally go down because of the increased supply that returned to the circulating supply.
IMO, I don't think that bitcoin hacking or scamming will affect btc price because the coin is not really lost but ownership changed especially if the security code is known. It can only have back emotional effect on the person losing it to scammer.
It can though. Just imagine a huge number of BTC were suddenly dumped because of a hacker selling all his stock. The market price would naturally go down because of the increased supply that returned to the circulating supply.
There is also a good thread here, Hacked Exchanges since 2011.
Lessons learned?
1. Don't store all your bitcoins in an exchange, in an event of a hack, most likely you will lost everything
2. Get custodial wallet, a type of wallet that you have total control, "not your keys, not your coins".
But I don't think that we can fully stop those criminals, it's like they are always one step of the game. So we really need to be very careful as to where we leave our bitcoins.
Lessons learned?
1. Don't store all your bitcoins in an exchange, in an event of a hack, most likely you will lost everything
2. Get custodial wallet, a type of wallet that you have total control, "not your keys, not your coins".
But I don't think that we can fully stop those criminals, it's like they are always one step of the game. So we really need to be very careful as to where we leave our bitcoins.
IMO, I don't think that bitcoin hacking or scamming will affect btc price because the coin is not really lost but ownership changed especially if the security code is known. It can only have back emotional effect on the person losing it to scammer.
That's what dothebeats had stated, the hacked coins will just go back to the market. So yes, it is not considered lost but changed its ownership only so more or less, it doesn't affect the market's price. Unless, those hackers will dump it once but it will recover fast afterwards.
Those coins that were hacked only comes back to the market in the market after the trail has been washed into different fronts. Over a million coins have been hacked and so far, nothing changes in bitcoin, and if anything it only gets stronger and people are still coming into it albeit the looming dangers of hacking. It also forces platforms to enhance their security to ensure that no hacks would ever happen again in their doorstep, or if there ever is one, the damage would be minimal that their customers and services won't be affected.
Bitcoin hacking problems lie not into bitcoin's own protocol but rather the centralized systems that deal with it. As BrewMaster pointed out, if more decentralized solutions are to be adapted by exchanges and users, perhaps we will soon see a time where hacking becomes a non-problem.
Bitcoin hacking problems lie not into bitcoin's own protocol but rather the centralized systems that deal with it. As BrewMaster pointed out, if more decentralized solutions are to be adapted by exchanges and users, perhaps we will soon see a time where hacking becomes a non-problem.
I think it is hard to have all decentralized systems as there are some factors that the exchange needs to be centralized especially those which are dealing with fiat currencies.
IMO, I don't think that bitcoin hacking or scamming will affect btc price because the coin is not really lost but ownership changed especially if the security code is known. It can only have back emotional effect on the person losing it to scammer.
You aren't wrong and your prediction is also important because day by day crypto hacking and scamming increasing.
Most of the users loosing their coins by falling in trap from them.We also saw Cryptopia exchange shut down because of stealing crypto currency and users lost all of he had.
So it's really a matter of worry
Most of the users loosing their coins by falling in trap from them.We also saw Cryptopia exchange shut down because of stealing crypto currency and users lost all of he had.
So it's really a matter of worry
I've seen it a little too many times... I keep telling my friends to always contact me before making bitcoin investments with 3rd parties, because many times these people are looking to rip them off and do not let them know the risks, it's a bit of a reality check that I think it's important to keep present specially for novice members in the area.
Those coins that were hacked only comes back to the market in the market after the trail has been washed into different fronts. Over a million coins have been hacked and so far, nothing changes in bitcoin, and if anything it only gets stronger and people are still coming into it albeit the looming dangers of hacking. It also forces platforms to enhance their security to ensure that no hacks would ever happen again in their doorstep, or if there ever is one, the damage would be minimal that their customers and services won't be affected.
Bitcoin hacking problems lie not into bitcoin's own protocol but rather the centralized systems that deal with it. As BrewMaster pointed out, if more decentralized solutions are to be adapted by exchanges and users, perhaps we will soon see a time where hacking becomes a non-problem.
Bitcoin hacking problems lie not into bitcoin's own protocol but rather the centralized systems that deal with it. As BrewMaster pointed out, if more decentralized solutions are to be adapted by exchanges and users, perhaps we will soon see a time where hacking becomes a non-problem.
there has been lots of "huge" hacks over the years each in multi million dollar value ranges and nothing bad has ever happened to the crypto market because it is some of the exchanges and people are already used to seeing weak security from their exchanges anyways and the values may seem high but the market is, believe or not, bigger than these amounts to be affected by them.
the only thing we can do is to stop using centralized exchanges and move towards more decentralized options. even if a weakness is found in DEX it will only affect a small number of users for a small sum of money.
the only thing we can do is to stop using centralized exchanges and move towards more decentralized options. even if a weakness is found in DEX it will only affect a small number of users for a small sum of money.
You aren't wrong and your prediction is also important because day by day crypto hacking and scamming increasing.
Most of the users loosing their coins by falling in trap from them.We also saw Cryptopia exchange shut down because of stealing crypto currency and users lost all of he had.
So it's really a matter of worry
Most of the users loosing their coins by falling in trap from them.We also saw Cryptopia exchange shut down because of stealing crypto currency and users lost all of he had.
So it's really a matter of worry
Here we all are Bitcoin lover and we all are earning Bitcoins by trading or other ways.I am also Bitcoin holder and I have sweet dreams about it.And I think Guys you all are also very much optimistic with you btc portfolio.But Have you ever thought If a lot of Bitcoins get hacked by Hackers? If Hackers steal most of the Bitcoins ? Then what we can predict about the future of Bitcoin?
Like all others I am also hopping best for Bitcoin in future.We all are excited about the next highest price of it.But if we look before almost a lot of Bitcoins and other Crypto coins were hacked or scammed.But we have not seen any effective activities for those hacking.So I am a little bit confused about the future of Bitcoin.Actually no one can predict about it surely.
Let's take a look about the crypto exchange hacking where user lost a huge amount of Crypto
List of cryptocurrency exchange hacks
So if a huge amount of Bitcoin get hacked or scammed then we obviously can see crypto market in a danger. We must do something effective against those crypto threats. Then we can assure about the delightful future for Bitcoin.
Like all others I am also hopping best for Bitcoin in future.We all are excited about the next highest price of it.But if we look before almost a lot of Bitcoins and other Crypto coins were hacked or scammed.But we have not seen any effective activities for those hacking.So I am a little bit confused about the future of Bitcoin.Actually no one can predict about it surely.
Let's take a look about the crypto exchange hacking where user lost a huge amount of Crypto
List of cryptocurrency exchange hacks
So if a huge amount of Bitcoin get hacked or scammed then we obviously can see crypto market in a danger. We must do something effective against those crypto threats. Then we can assure about the delightful future for Bitcoin.
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