Topic: Will a bank being hacked boost adoption of bitcoin? (Read 6475 times)
i guess if it happens it might be only a particular bank would lose credibility and not the entire banking system in the world's
Short answer: no. Longer answer: Nooooo.
Banks are hacked, robbed, etc. all the time. The money is insured, and people don't lose their life savings due to such an attack. If a bank is hacked into and the news is publicized on national television, the Bitcoin price will most likely spike in response, but this is 100% due to pure speculation, no actual adoption takes place.
Banks are hacked, robbed, etc. all the time. The money is insured, and people don't lose their life savings due to such an attack. If a bank is hacked into and the news is publicized on national television, the Bitcoin price will most likely spike in response, but this is 100% due to pure speculation, no actual adoption takes place.
As for the comment on bitcoin spiking, I think it would only spike if there was a huge level of cyber break.
Like on the corporate level and having funds being split off multiple ways which they cant trace or the hacker has a level of skill they couldnt handle.
But even then, the bank will always insure your money is safe since they have so much of it.
yeah man, bitcoin market is very sensitive when the volatility of bitcoin does not advantage them, then bitcoin is really bad for them but when it boosts, they invest even more. If any bad news comes up, btc market shakes up and eventually crashes down causing panic but when things work in favor of bitcoin, 1/4th of the % of people who leave btc, join it.
I mean there is a reason behind this. A lot of Bitcoin traders use technical analysis- a strategy where you base your orders and transactions based off of actual factors (anticipating a price increase after Greece, and a decrease during XT debates, for example). In addition, you have everyone else who holds Bitcoin. Most people are hodling for years to come, but for weak-stomached investors, something bad could mean cashing out, at least partially.
and that is also quite understandable, bitcoin traders could really invest their time in determining price and making calculated decisions, afterall it is their investments, and being a little cautious is never too bad than being a little too risky
Despite the speculation regarding price increase after Eurozone vs Greece and questioning the future of bitcoin with Bitcoin core Vs BTC XT, I think we all pray that our investments perform better 
banks fuck up all the time and no one ever does anything about it
Short answer: no. Longer answer: Nooooo.
Banks are hacked, robbed, etc. all the time. The money is insured, and people don't lose their life savings due to such an attack. If a bank is hacked into and the news is publicized on national television, the Bitcoin price will most likely spike in response, but this is 100% due to pure speculation, no actual adoption takes place.
Banks are hacked, robbed, etc. all the time. The money is insured, and people don't lose their life savings due to such an attack. If a bank is hacked into and the news is publicized on national television, the Bitcoin price will most likely spike in response, but this is 100% due to pure speculation, no actual adoption takes place.
As for the comment on bitcoin spiking, I think it would only spike if there was a huge level of cyber break.
Like on the corporate level and having funds being split off multiple ways which they cant trace or the hacker has a level of skill they couldnt handle.
But even then, the bank will always insure your money is safe since they have so much of it.
yeah man, bitcoin market is very sensitive when the volatility of bitcoin does not advantage them, then bitcoin is really bad for them but when it boosts, they invest even more. If any bad news comes up, btc market shakes up and eventually crashes down causing panic but when things work in favor of bitcoin, 1/4th of the % of people who leave btc, join it.
I mean there is a reason behind this. A lot of Bitcoin traders use technical analysis- a strategy where you base your orders and transactions based off of actual factors (anticipating a price increase after Greece, and a decrease during XT debates, for example). In addition, you have everyone else who holds Bitcoin. Most people are hodling for years to come, but for weak-stomached investors, something bad could mean cashing out, at least partially.
No, It does not happen because banks are fully secured eg: central bank etc. So there is no need of adopting BTC..
Well technically the central bank supports almost all the largest banks, so in short we pay taxes to the private banks.
That money flows anytime through central banks and the central banks loan money to the actual private banks.
Short answer: no. Longer answer: Nooooo.
Banks are hacked, robbed, etc. all the time. The money is insured, and people don't lose their life savings due to such an attack. If a bank is hacked into and the news is publicized on national television, the Bitcoin price will most likely spike in response, but this is 100% due to pure speculation, no actual adoption takes place.
Banks are hacked, robbed, etc. all the time. The money is insured, and people don't lose their life savings due to such an attack. If a bank is hacked into and the news is publicized on national television, the Bitcoin price will most likely spike in response, but this is 100% due to pure speculation, no actual adoption takes place.
As for the comment on bitcoin spiking, I think it would only spike if there was a huge level of cyber break.
Like on the corporate level and having funds being split off multiple ways which they cant trace or the hacker has a level of skill they couldnt handle.
But even then, the bank will always insure your money is safe since they have so much of it.
yeah man, bitcoin market is very sensitive when the volatility of bitcoin does not advantage them, then bitcoin is really bad for them but when it boosts, they invest even more. If any bad news comes up, btc market shakes up and eventually crashes down causing panic but when things work in favor of bitcoin, 1/4th of the % of people who leave btc, join it.
Short answer: no. Longer answer: Nooooo.
Banks are hacked, robbed, etc. all the time. The money is insured, and people don't lose their life savings due to such an attack. If a bank is hacked into and the news is publicized on national television, the Bitcoin price will most likely spike in response, but this is 100% due to pure speculation, no actual adoption takes place.
Banks are hacked, robbed, etc. all the time. The money is insured, and people don't lose their life savings due to such an attack. If a bank is hacked into and the news is publicized on national television, the Bitcoin price will most likely spike in response, but this is 100% due to pure speculation, no actual adoption takes place.
As for the comment on bitcoin spiking, I think it would only spike if there was a huge level of cyber break.
Like on the corporate level and having funds being split off multiple ways which they cant trace or the hacker has a level of skill they couldnt handle.
But even then, the bank will always insure your money is safe since they have so much of it.
Short answer: no. Longer answer: Nooooo.
Banks are hacked, robbed, etc. all the time. The money is insured, and people don't lose their life savings due to such an attack. If a bank is hacked into and the news is publicized on national television, the Bitcoin price will most likely spike in response, but this is 100% due to pure speculation, no actual adoption takes place.
Banks are hacked, robbed, etc. all the time. The money is insured, and people don't lose their life savings due to such an attack. If a bank is hacked into and the news is publicized on national television, the Bitcoin price will most likely spike in response, but this is 100% due to pure speculation, no actual adoption takes place.
Yes, definitely it will shake people's confidence in banks and they will withdraw their money from banks if any left after the hacks.
But on the other hand, Bitcoin is also feared of the 51% attack. So they will probably not buy Bitcoins.
But on the other hand, Bitcoin is also feared of the 51% attack. So they will probably not buy Bitcoins.
bitcoin does not aim to rescue people when fiat fails, it only seems to offer a better alternative, its goal is not to replace the fiat currency, though a lot of bitcoin fanatics day dream about such an event. But speaking strictly in terms of hacks, there has never been a hack with the bitcoin core technology, only with scammers and hackers attacking peoples' wallets personally, so technically bitcoin has never been hacked
Bitcoin has never been hacked, but neither has fiat.
It is just companies and wallets which get hacked. You can't say that Bitcoin has an advantage in this regard.
And if your argument would be based only limited to 'fiats have not been hacked', I hope you do know that electronic fiat exists too? Your debit and credit has been attacked a potential million times, and often successful.
That is what the OP is about - an attack on a bank (electronic fiat). My point is that even if it does happen, you can't say that Bitcoin has an advantage because bitcoin wallets / companies are susceptible to attacks too. MtGox going down didn't mean the end of Bitcoin. A bank being hacked doesn't mean that people will start switching overnight to Bitcoin.
Yes, definitely it will shake people's confidence in banks and they will withdraw their money from banks if any left after the hacks.
But on the other hand, Bitcoin is also feared of the 51% attack. So they will probably not buy Bitcoins.
But on the other hand, Bitcoin is also feared of the 51% attack. So they will probably not buy Bitcoins.
bitcoin does not aim to rescue people when fiat fails, it only seems to offer a better alternative, its goal is not to replace the fiat currency, though a lot of bitcoin fanatics day dream about such an event. But speaking strictly in terms of hacks, there has never been a hack with the bitcoin core technology, only with scammers and hackers attacking peoples' wallets personally, so technically bitcoin has never been hacked
Bitcoin has never been hacked, but neither has fiat.
It is just companies and wallets which get hacked. You can't say that Bitcoin has an advantage in this regard.
Bitcoin has an advantage over fiat being limited in supply and not controlled by a central authority
Oh, and also, they are not debt based, remember? And if your argument would be based only limited to 'fiats have not been hacked', I hope you do know that electronic fiat exists too? Your debit and credit has been attacked a potential million times, and often successful. Bitcoin has an advantage over fiat by being freeze-proof, cheaper and faster to transfer and well, potentially anonymous Yes, definitely it will shake people's confidence in banks and they will withdraw their money from banks if any left after the hacks.
But on the other hand, Bitcoin is also feared of the 51% attack. So they will probably not buy Bitcoins.
But on the other hand, Bitcoin is also feared of the 51% attack. So they will probably not buy Bitcoins.
bitcoin does not aim to rescue people when fiat fails, it only seems to offer a better alternative, its goal is not to replace the fiat currency, though a lot of bitcoin fanatics day dream about such an event. But speaking strictly in terms of hacks, there has never been a hack with the bitcoin core technology, only with scammers and hackers attacking peoples' wallets personally, so technically bitcoin has never been hacked
Bitcoin has never been hacked, but neither has fiat.
It is just companies and wallets which get hacked. You can't say that Bitcoin has an advantage in this regard.
Yes, definitely it will shake people's confidence in banks and they will withdraw their money from banks if any left after the hacks.
But on the other hand, Bitcoin is also feared of the 51% attack. So they will probably not buy Bitcoins.
But on the other hand, Bitcoin is also feared of the 51% attack. So they will probably not buy Bitcoins.
bitcoin does not aim to rescue people when fiat fails, it only seems to offer a better alternative, its goal is not to replace the fiat currency, though a lot of bitcoin fanatics day dream about such an event. But speaking strictly in terms of hacks, there has never been a hack with the bitcoin core technology, only with scammers and hackers attacking peoples' wallets personally, so technically bitcoin has never been hacked
Yes, definitely it will shake people's confidence in banks and they will withdraw their money from banks if any left after the hacks.
But on the other hand, Bitcoin is also feared of the 51% attack. So they will probably not buy Bitcoins.
But on the other hand, Bitcoin is also feared of the 51% attack. So they will probably not buy Bitcoins.
No, It does not happen because banks are fully secured eg: central bank etc. So there is no need of adopting BTC..
From an economic sandpoint, I don't think there should have a difference between money being stolen because of a hacker, and being stolen because of a hair cut/capital control/inflation. (insurance does not protect against this)You can ask to an argentina guy whether he prefers peso to BTC.
The only difference is that stealing btc by hacking can't happen on a global scale.
No, It does not happen because banks are fully secured eg: central bank etc. So there is no need of adopting BTC..
nobody is adopting btc because of they expect bank backs will boost btc, yes it might tarnish the amount of trust people invest in it, especially affecting the market negatively causing panic. Its volatile nature already scares people and knowing how sensitive the crypto market is, I don't know how things work out but I hope they will
if this happens world wide it would be more of the panic and drama that might just get too violent just because people would want to cash out their accounts and we all know the banks never have the real amount of money they use to lend or move around.
the panic and drama would likely cause the economy to come to a halt as the banks would no longer have capital to move around as well, nothing good can come of a situation like that.
No, It does not happen because banks are fully secured eg: central bank etc. So there is no need of adopting BTC..
Isn't it sure to happen, sooner or later, that some country's central bank, or banking system, gets hacked? If that happened it'd shake peoples' confidence in the banking system, which most think is more robust than the likes of the blockchain, simply because banks are centralised systems. I guess some people would then look at the likes of bitcoin, but even it's not invulnerable - or is it?
I do not think it would make any difference for bitcoin because it is more likely of BTC getting hacked than the whole banks getting robbed or hacked or whatever. How would this raise the trust of people for bitcoin. The security issue of bitcoin is a major issue which is yet to be fixed. If that does happen, the people wouldn't stop trusting banks . They would probably stop depositing their money in that bank's name which has been hacked.
Actually its not, banks are much bigger targets at the moment, just look at political hacking, when china hacks us banks and vice versa.
I`m sure bitcoin is not a target yet, however these strange forum ddos-es could very well come from political zones.
But as of chance, its probably easier to hack a bank because you can infiltrate insiders there, while in bitcoin there is no central plant which to attack.
Isn't it sure to happen, sooner or later, that some country's central bank, or banking system, gets hacked? If that happened it'd shake peoples' confidence in the banking system, which most think is more robust than the likes of the blockchain, simply because banks are centralised systems. I guess some people would then look at the likes of bitcoin, but even it's not invulnerable - or is it?
I do not think it would make any difference for bitcoin because it is more likely of BTC getting hacked than the whole banks getting robbed or hacked or whatever. How would this raise the trust of people for bitcoin. The security issue of bitcoin is a major issue which is yet to be fixed. If that does happen, the people wouldn't stop trusting banks . They would probably stop depositing their money in that bank's name which has been hacked.
Most people will, in the event of hyperinflation or confiscation of saved money, just yell and scream, topple the government, elect a new one just like the old, and put their new savings into the new banks. It is called revolution, as in turning the wheel the full circle until you are back where you started. Normally, the full circle represents an amount of time larger than a generation. In Argentina, strangely, a revolution takes only a decennium, and people still don't learn. Well, as good money now exists, may be this time will be different.
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