Was it due to Ransomware? | Bitcointalksearch.org

Wind_FURY

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Quote from: eternalgloom on May 31, 2017, 09:53:36 AM

Quote from: Wind_FURY on May 30, 2017, 10:02:35 PM

Quote from: BitcoinzB on May 30, 2017, 05:02:26 AM

I think that ransomware attacks are just a drop in the ocean of bitcoin; the recent attacks have little to nothing to do with the price boost we experienced recently.
I would be more prone to consider the growing interest into the crypto currencies of more people from all around the world as the main cause of the spike we witnessed.

I agree. But what kind of "growing interest" is there in cryptocurrencies? Real interest for utility and usage that will benefit ordinary people like us or interest in making a lot of money, doing speculation and getting rich quick?

It's probably a combination of interests, I hear that Bitcoin is actually getting pretty popular in Japan for it's use as a currency, so I don't think it's all speculation.

I disagree with this because there are no solid numbers and facts to back up this claim. I believe it is all speculative interest that is driving the market right now.

Quote

But if you see a sudden price spike of 500 dollars in a day, that's most definitely fueled by pure speculation.

I wonder what the price will do if Australia regulates Bitcoin.

Regulation is overall bad for Bitcoin. It limits its use. Just use fiat if you all want a regulated currency.

eternalgloom

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Quote from: Wind_FURY on May 30, 2017, 10:02:35 PM

Quote from: BitcoinzB on May 30, 2017, 05:02:26 AM

I think that ransomware attacks are just a drop in the ocean of bitcoin; the recent attacks have little to nothing to do with the price boost we experienced recently.
I would be more prone to consider the growing interest into the crypto currencies of more people from all around the world as the main cause of the spike we witnessed.

I agree. But what kind of "growing interest" is there in cryptocurrencies? Real interest for utility and usage that will benefit ordinary people like us or interest in making a lot of money, doing speculation and getting rich quick?

It's probably a combination of interests, I hear that Bitcoin is actually getting pretty popular in Japan for it's use as a currency, so I don't think it's all speculation.
But if you see a sudden price spike of 500 dollars in a day, that's most definitely fueled by pure speculation.

I wonder what the price will do if Australia regulates Bitcoin.

Gotottack

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Quote from: Qunenin on May 31, 2017, 09:41:57 AM

Quote from: virasog on May 30, 2017, 11:52:50 AM

Quote from: foxbat on May 30, 2017, 05:16:29 AM

Quote from: BitcoinzB on May 30, 2017, 05:02:26 AM

I think that ransomware attacks are just a drop in the ocean of bitcoin; the recent attacks have little to nothing to do with the price boost we experienced recently.
I would be more prone to consider the growing interest into the crypto currencies of more people from all around the world as the main cause of the spike we witnessed.

Ransomware is no longer a new thing, it has appeared many times before, and it has survived so far. There are many hacker groups in the world, although their software is different, but they have all the same features, and they use bitcoin to get paid. It can be said that bitcoin has helped hackers steal money from others, but bitcoin is not the cause.

Ransomware is nowhere near as successful as people make it out to be. The main thing that hurt this virus set of programs was the leak of the code. When there was a smaller group deploying the virus, there was a higher percentage of people paying out. The widespread ability to release your own ransomware ruined that virus for those that were using it.

The increased publicity, and the fact that most people knew that there was a fifty percent chance that your virus was deployed by an amateur, meaning that paying the fee was not likely to get anything fixed. If the ransoms asked for are small, then the effect on the price of Bitcoin is negligible. If the ransom is too high, then Bitcoin was never touched as the ransom was never paid.

I don't think the ransom ware was the cause of any increase in price lately. It has really a small effect on bitcoin prices even if there was a mass attack that happened all over the world. Though, the positive effect of what happened was that bitcoins gain a bit of popularity because of this even it was in a bad light.

Qunenin

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Quote from: virasog on May 30, 2017, 11:52:50 AM

Quote from: foxbat on May 30, 2017, 05:16:29 AM

Quote from: BitcoinzB on May 30, 2017, 05:02:26 AM

I think that ransomware attacks are just a drop in the ocean of bitcoin; the recent attacks have little to nothing to do with the price boost we experienced recently.
I would be more prone to consider the growing interest into the crypto currencies of more people from all around the world as the main cause of the spike we witnessed.

Ransomware is no longer a new thing, it has appeared many times before, and it has survived so far. There are many hacker groups in the world, although their software is different, but they have all the same features, and they use bitcoin to get paid. It can be said that bitcoin has helped hackers steal money from others, but bitcoin is not the cause.

Ransomware is nowhere near as successful as people make it out to be. The main thing that hurt this virus set of programs was the leak of the code. When there was a smaller group deploying the virus, there was a higher percentage of people paying out. The widespread ability to release your own ransomware ruined that virus for those that were using it.

The increased publicity, and the fact that most people knew that there was a fifty percent chance that your virus was deployed by an amateur, meaning that paying the fee was not likely to get anything fixed. If the ransoms asked for are small, then the effect on the price of Bitcoin is negligible. If the ransom is too high, then Bitcoin was never touched as the ransom was never paid.

Wind_FURY

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Quote from: BitcoinzB on May 30, 2017, 05:02:26 AM

I think that ransomware attacks are just a drop in the ocean of bitcoin; the recent attacks have little to nothing to do with the price boost we experienced recently.
I would be more prone to consider the growing interest into the crypto currencies of more people from all around the world as the main cause of the spike we witnessed.

I agree. But what kind of "growing interest" is there in cryptocurrencies? Real interest for utility and usage that will benefit ordinary people like us or interest in making a lot of money, doing speculation and getting rich quick?

alexsamudra

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Who holds their coins for a long time is the best time to get them to cash into cash.Bitcoin prices can go down because many old coins circulating in the market due to the demand more and more resulting in prices to fall.

davidmccoy

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If you are talking about WannaCry ransomware, then it I don't think the ransomware is the reason of increase and drop. As other people have mentioned, the ransomware did not succeed much to collect Bitcoin payments. The kill switch in ransomware stopped the attack to stop the destruction. Otherwise, it could have gone more severe and then Bitcoin prices could have come into play.

eXpl0sive

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Quote from: shamzblueworld on May 27, 2017, 02:27:35 AM

So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack. And after the recent drop, it makes sense too, I mean the price went up considerably as the demand of bitcoin went up, and now probably they are cashing in their rewards and hence the value is going down.
What do you think?

No.

Two arguments:
1. Ransomware hackers received only about $80,000 in total
2. They used only 3 different bitcoin addresses in total and all of them are being watched. No coins have moved, so they haven't started cashing out yet

virasog

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Quote from: foxbat on May 30, 2017, 05:16:29 AM

Quote from: BitcoinzB on May 30, 2017, 05:02:26 AM

I think that ransomware attacks are just a drop in the ocean of bitcoin; the recent attacks have little to nothing to do with the price boost we experienced recently.
I would be more prone to consider the growing interest into the crypto currencies of more people from all around the world as the main cause of the spike we witnessed.

Ransomware is no longer a new thing, it has appeared many times before, and it has survived so far. There are many hacker groups in the world, although their software is different, but they have all the same features, and they use bitcoin to get paid. It can be said that bitcoin has helped hackers steal money from others, but bitcoin is not the cause.

Ransomware is nowhere near as successful as people make it out to be. The main thing that hurt this virus set of programs was the leak of the code. When there was a smaller group deploying the virus, there was a higher percentage of people paying out. The widespread ability to release your own ransomware ruined that virus for those that were using it.

Visin

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Quote from: shamzblueworld on May 27, 2017, 02:27:35 AM

So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack. And after the recent drop, it makes sense too, I mean the price went up considerably as the demand of bitcoin went up, and now probably they are cashing in their rewards and hence the value is going down.
What do you think?

It might’ve been due to a Ransomware victim purchasing or multiple Ransomware victims that purchased Bitcoin and that lead the price of Bitcoin to increase much faster than people thought it would. Though around $2,000 is not that much for Bitcoin, there could be more people that will use Bitcoin and cause the price to get higher, the whole fact that there is not many people holding at least a single Bitcoin is kind of weird to me.

tosmartak

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Quote from: shamzblueworld on May 27, 2017, 02:27:35 AM

So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack. And after the recent drop, it makes sense too, I mean the price went up considerably as the demand of bitcoin went up, and now probably they are cashing in their rewards and hence the value is going down.
What do you think?

I don't think so. Sure! Ransomware apparently must have had great impact on the increase in value of bitcoin cause it opened the eyes of public to it and most people who had no idea what bitcoin was started checking it out which increased its popularity as well as the demand. Nevertheless, the surge in bitcoin price has happened before which usually follows with a quick drop in price after a while. This drop in price makes some newbies to quickly want to cash out as well so they can have more profit hence, leading to more drop in price (DUMP AS IT IS SO CALLED). It is just how the market is and I don't think ransomware had anything to do with that.

U2

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I used to be indecisive, but now I'm not sure...

None of this was because of the ransomware. Do you realize how little they got compared to the huge market bitcoins have? There's millions and millions flowing in and out of bitcoins so a few tens of thousands won't make any difference.

paul gatt

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Quote from: YuginKadoya on May 30, 2017, 06:42:23 AM

Quote from: shamzblueworld on May 27, 2017, 02:27:35 AM

So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack. And after the recent drop, it makes sense too, I mean the price went up considerably as the demand of bitcoin went up, and now probably they are cashing in their rewards and hence the value is going down.
What do you think?

Ransomware is a malicious software designed to block access to a computer system until a sum of money is paid. But I guess Ransomware got nothing to do with the drop of the price there are just many users that are selling or converting their bitcoin and out of emotion they are carelessly doing that, but now that the dropping is over and the sea is calm once more there is now a chance that we will see the $3000 value anytime soon.

Sure, it does not relate to the bitcoin value drop, I think you should get more thorough information, there have been many articles announcing the reason for the bitcoin discount, but it looks like the You do not care about it, the discount of bitcoin is purely an adjustment, and it is necessary.

BitcoinHunt3r

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only ransomware i think wouldn't made the price too much because their only a little part on market and it wouldn't affect for global price of bitcoin, will be different if an exchanger be scam and steal user's money

YuginKadoya

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Quote from: shamzblueworld on May 27, 2017, 02:27:35 AM

So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack. And after the recent drop, it makes sense too, I mean the price went up considerably as the demand of bitcoin went up, and now probably they are cashing in their rewards and hence the value is going down.
What do you think?

Ransomware is a malicious software designed to block access to a computer system until a sum of money is paid. But I guess Ransomware got nothing to do with the drop of the price there are just many users that are selling or converting their bitcoin and out of emotion they are carelessly doing that, but now that the dropping is over and the sea is calm once more there is now a chance that we will see the $3000 value anytime soon.

orpel

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The crazy soaring price of BitCoin is only due to media coverage and the fact that many people just want to join this party.

deadsilent

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Maybe theres an impact on the price surge of bitcoin. Because ransomware spreaded on 150 countries worldwide. The demand of bitcoin will increase. But i don't think its the main cause of price surge. I think its because of massive adoption of bitcoin in Japan which cause price surge. Now South Korea will jump in to bitcoin. Expect price pump in the following days.

giveen

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Of course Sherlock the biggest reason why we saw such an increase is because of ransomeware as people were very curious to know what bitcoin is and then tjey found out it's previous price and stuff and because of this people decided to invest and we saw a really high increase. Now obviously people didn't expect anything like this would happen so they sold it thus the price crashed

markjamrobin

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Quote from: mike1183 on May 28, 2017, 10:22:54 PM

Nah, the movement was just too big to be due to that and also the fallen price recovered easily, and the countries the new demand is coming from is mostly South Korea, which wasn't affected that much with the Wannacry malware, although it may have provided some form of "publicity?"

All of you have the wrong idea, the bitcoin value is completely unrelated to ransonware, which is the adjustment of the developers, although the bitcoin price increase is a good thing, but if it Raising too fast, it can cause many consequences.

soul-impact

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Quote from: Xester on May 27, 2017, 02:40:10 AM

Quote from: shamzblueworld on May 27, 2017, 02:27:35 AM

So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack. And after the recent drop, it makes sense too, I mean the price went up considerably as the demand of bitcoin went up, and now probably they are cashing in their rewards and hence the value is going down.
What do you think?

There is a huge possibility that the cause of the falling value was the ransomware group who sold all their bitcoins. But let be realistic and be true to ourselves that the cause of the price meltdown was the dumping of coins by many bitcoin holders who wanted profit from it. This is now the trend in the market the bitcoin holders will buy and hold their coins and finally if they find an opportunity they will sell it thus causing others to panic and sell their bitcoins and it will end up to a massive corrosion of bitcoins value. But there is a wall or limit for these dumps and that is the 2000$ value. The fall will not go down 2000$.

No, the value of bitcoin reduction does not relate to hackers who own large amounts of bitcoin in wanacry. Bitcoin discount is a necessity, developers have adjusted the value of bitcoin to control its outbreak. At present, bitcoin has entered a stable period, we can rest assured.

Topic: Was it due to Ransomware? (Read 2428 times)