Will a bank being hacked boost adoption of bitcoin? - page 4.

mmmaybe

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Quote from: GreenStox on June 24, 2015, 07:20:20 PM

Quote from: mmmaybe on June 23, 2015, 11:21:59 PM

Banks have been comprised and illegal transaction did occur. It was done by anakata by ThePirateBay fame.

Almost all legal documents from the court are freely available, and most are translated to English. The documents are very, very interesting, telling much how vulnerable the modern society and its institutions and authorities is if some brilliant minds have the knowledge and dedication to get access even to personal bank accounts or major institutions internal computer system, such as
the Swedish Enforcement Agency (Kronofogden) or Police records.

Happy reading: https://wikileaks.org/gottfrid-docs/

All banks can be hacked by an insider no matter how secure their software is. And if they restrict the keys to only the CEO and CTO then they will be very inneficient.

So the entire model is not secure because you have to rely on people. Bitcoin is different, here trust is default

Correct

That's why I own more and more cryptocurrency instead of fiat. But regarding the hacking, he had no insider - it was pure exploitation of technology.

GreenStox

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Quote from: mmmaybe on June 23, 2015, 11:21:59 PM

Banks have been comprised and illegal transaction did occur. It was done by anakata by ThePirateBay fame.

Almost all legal documents from the court are freely available, and most are translated to English. The documents are very, very interesting, telling much how vulnerable the modern society and its institutions and authorities is if some brilliant minds have the knowledge and dedication to get access even to personal bank accounts or major institutions internal computer system, such as
the Swedish Enforcement Agency (Kronofogden) or Police records.

Happy reading: https://wikileaks.org/gottfrid-docs/

All banks can be hacked by an insider no matter how secure their software is. And if they restrict the keys to only the CEO and CTO then they will be very inneficient.

So the entire model is not secure because you have to rely on people. Bitcoin is different, here trust is default

mmmaybe

sr. member

Activity: 462

Merit: 250

Banks have been comprised and illegal transaction did occur. It was done by anakata by ThePirateBay fame.

Almost all legal documents from the court are freely available, and most are translated to English. The documents are very, very interesting, telling much how vulnerable the modern society and its institutions and authorities is if some brilliant minds have the knowledge and dedication to get access even to personal bank accounts or major institutions internal computer system, such as
the Swedish Enforcement Agency (Kronofogden) or Police records.

Happy reading: https://wikileaks.org/gottfrid-docs/

iram66680

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Quote from: LottoBooking on June 08, 2015, 02:48:54 AM

Quote from: louisLavery on June 08, 2015, 02:37:16 AM

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?

Probably the liklelihood of getting your BTC Wallet hacked is far higher than getting your Bank account hacked.
When it comes to "traditional" and "revolutional" I'd go with the traditional.

However hypothetically if that would have happened it's probably only that specific bank that would lose its credibility and not the entire banking system nor the financial industry.

It is more likely for only a few accounts to be hacked. It won't go big on the news anyway. They can be reversed easily. Main reason being banks hire cybersecurity engineers to secure their servers. Bitcoin is secured by the operator or user themselves once hacked, they will never get the funds back.

Nicolas Dorier

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Quote

The bolded part, if there is such things happening then there isnt any need to save anything at all because the whole world will be ripping apart and I doubt money will be any use of that point (logic)

As long as the need to exchange goods among individual exists, money exists.
What happen is that people choose other kind of money. (Argentina is a nice experience to study)

Quote

If by any point that people will be force to search for another option to keep their money safe , then saving it in their own computer will be the last option people would look at since most people arent techsavvy to understand this stuff

I think you under value the ability of humans to learn when it is clear that it is for the good of their wallet.

Once again, we will see how argentina behaves. From people I know living there, as you said, non tech savvy people are still using western union in big waiting line and outrageous official exchange rate.
And the tech savvys uses Bitcoin.
Tech savvy or not, it is easy to understand that you get ripped by the forced exchange rate of the government.

There, the local currency costs 73 percent less to obtain on black market than at the official exchange rate. (Source)
I think people will adapt as they know they can suddenly earn 73% just by using bitcoin instead of WU.

arallmuus

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Quote from: Amph on June 16, 2015, 02:16:07 AM

Quote from: arallmuus on June 15, 2015, 03:38:56 PM

Even if a major hacked or bank robbery occurs it will be hard to convince people to go for BTC . Most people think that bank are the most secure place to keep their money which means that telling them that you could secure your money in form of a virtual coin on your computer will be something that not comprehensible by them because people would think that if such secure place like bank could be hacked then how can it is much safer to keep my money in form of virtual coins in my computer (logical thoughts)

if they will be forced to secure them in another way, because banks will not be reliable enough in the future(imagines a great disaster, where the majority of the banks in the world, cannot cover your fund anymore) and the difference between depositing your money on their safe box and in your wallet would be zero, at that piint, i'm sure people will just use bitcoin more

The bolded part, if there is such things happening then there isnt any need to save anything at all because the whole world will be ripping apart and I doubt money will be any use of that point (logic)

Back on topic, Even if such things happen , I have stated that it would not be easy to convince people that you could save your money in your computer in form of a virtual coins . For most people this things will not ring a bell in their ear unfortunately.
If by any point that people will be force to search for another option to keep their money safe , then saving it in their own computer will be the last option people would look at since most people arent techsavvy to understand this stuff

Amph

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Quote from: arallmuus on June 15, 2015, 03:38:56 PM

Quote from: Q7 on June 15, 2015, 07:03:51 AM

a major scandal involving bank accounts getting compromised will make these people finally realized.

Even if a major hacked or bank robbery occurs it will be hard to convince people to go for BTC . Most people think that bank are the most secure place to keep their money which means that telling them that you could secure your money in form of a virtual coin on your computer will be something that not comprehensible by them because people would think that if such secure place like bank could be hacked then how can it is much safer to keep my money in form of virtual coins in my computer (logical thoughts)

if they will be forced to secure them in another way, because banks will not be reliable enough in the future(imagines a great disaster, where the majority of the banks in the world, cannot cover your fund anymore) and the difference between depositing your money on their safe box and in your wallet would be zero, at that piint, i'm sure people will just use bitcoin more

arallmuus

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Quote from: Q7 on June 15, 2015, 07:03:51 AM

a major scandal involving bank accounts getting compromised will make these people finally realized.

Even if a major hacked or bank robbery occurs it will be hard to convince people to go for BTC . Most people think that bank are the most secure place to keep their money which means that telling them that you could secure your money in form of a virtual coin on your computer will be something that not comprehensible by them because people would think that if such secure place like bank could be hacked then how can it is much safer to keep my money in form of virtual coins in my computer (logical thoughts)

bumm

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Quote from: LottoBooking on June 14, 2015, 02:49:36 AM

Quote from: JarvisTechnology on June 13, 2015, 04:46:47 AM

Quote from: louisLavery on June 08, 2015, 02:37:16 AM

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?

Well if Bitcoin has to grow, then it has to get accepted by banks. It doesn't matter if it gets hacked as the banks are always insured. In most of the countries, banks do not accept bitcoin. That has to be changed. Then only Bitcoin will reach common people.

The only way banks will accept Bitcoin is if it will become regulated like PayPal.
PayPal is regulated and that's why you can transfer money from/to your bank account with it.
Bitcoin is anonymous so it would be difficult to for banks to integrate it into their system just like that.

Agree, that is what I am saying, that if the banks started accepting bitcoins, then it will eventually becomes a regulated currency. And for integration, banks can use the existing bitcoin exchange platforms.

Q7

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Well, even if they don't get hacked, the money printing business is already a good enough reason to convince me that I will need to switch over to bitcoin. Fact is, this is happening all the time and people failed to see it or they just ignore it. Maybe like what you've said, a major scandal involving bank accounts getting compromised will make these people finally realized.

Marbit

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Quote from: louisLavery on June 08, 2015, 02:37:16 AM

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?

Your assumption that hacking of banking systems and the finality of your statement is astonishing. I don't that's the kind of assumption that we can move forward with, but for your sake, let's say that does happen, it might boost crypto currency, but then again, people lose faith in digital systems anyway? So who knows where it pushed the bitcoin economy

arallmuus

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Quote from: Gyfts on June 15, 2015, 02:09:13 AM

Bitcoin is way more often "hacked", for lack of a better phrase. You see exchanges go down left and right. Every now and then you hear about the big guys even taking a loss by hackers which definitely discourages the idea of Bitcoin in every sense of the matter.

Besides in term of security, BTC is more advanced than banks in any other things as well. Even if BTC lose in term of "security" but the other advantages will make up for this. Basically I think that BTC is less secure than banks only if someone dont know how to secure their BTC properly.
Another thing is that most people are techsavvy which means that they dont believe that any virtual coin on a computer might have a real life value

Gyfts

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I think the US dollar would crash before any banks became "hacked" to be honest. In fact, it's backwards. Bitcoin is way more often "hacked", for lack of a better phrase. You see exchanges go down left and right. Every now and then you hear about the big guys even taking a loss by hackers which definitely discourages the idea of Bitcoin in every sense of the matter. Going back to your original point, I do think the deterioration of fiat currencies will allow Bitcoin to take up more space in the economy. More people would choose to adopt it.

arallmuus

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Quote from: LottoBooking on June 14, 2015, 06:17:19 AM

Quote from: arallmuus on June 14, 2015, 05:52:51 AM

Even if they want to , they cant because its in the nature of BTC that it cant be regulated. Unfortunately there are quiet few "potential investor" in BTC because BTC isnt viewed as investment for common people and mostly it is viewed as some kinda stocks for a quickswing in profit

To be honest, this low price is one of the reason that most people arent taking their attention into BTC yet, I would like a stable price but to boost adoption into BTC sadly a higher price is needed so that more people could see this as a potential

How do the Bitcoin investors who though BTC was 'safe' at levels of $600 feel now that it lost more than half of its value?
If you were in their shoes would you still view it in that way?

They lose almost 2/3 of it actually. Most have jumped off the sinking ship unfortunately but it is not a new things to hear. Basically alot has suffer at $1200 bubble, considering there are alot that buy at almost the peak point which means that they are losing alot on it.

It cant be helped anyway due to this volatility that this price decline will keep on happening in the future as well. With That being said , regarding the title of this thread even if a bank is hacked or any other things happen to the banking system , people will still choose another option to replace bank due to the volatility that may hurt them

LottoBooking

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Quote from: arallmuus on June 14, 2015, 05:52:51 AM

Quote from: LottoBooking on June 14, 2015, 05:13:13 AM

Quote from: arallmuus on June 14, 2015, 04:38:39 AM

Quote from: Slark on June 14, 2015, 03:41:47 AM

Bitcoin is not completly anonymous as you might think.

Depends on what you compare it to, if you compared it to a bank account indeed BTC is completely anonymous

Quote from: Slark on June 14, 2015, 03:41:47 AM

this means adding your identity information to bitcoin transactions and making it possible to blacklist funds by financial institutions. It is only a matter of time when bitcoin regulations will hit us.

There will be no BTC regulations because it is not something that a country could control. Unfortunately most country will bann BTC for it because it cant be control and it will reduce the chance of mass adoption.
BTC was created so that people could leave the traditional economic system where identity is needed and that goverment could control your transaction, also block or reverse the transaction if needed. Adding identity to BTC transactions will only means that we are heading towards that old fashion system again

I don't think countries need to regulate bitcoin - they can just be one of those 'heavy traders' who can manipulate or change the market.
They don't need to regulate Bitcoin, just the fact they dropped its value from $600 to $230 should scare away lots of potential investors to stay away from this option.

Even if they want to , they cant because its in the nature of BTC that it cant be regulated. Unfortunately there are quiet few "potential investor" in BTC because BTC isnt viewed as investment for common people and mostly it is viewed as some kinda stocks for a quickswing in profit

To be honest, this low price is one of the reason that most people arent taking their attention into BTC yet, I would like a stable price but to boost adoption into BTC sadly a higher price is needed so that more people could see this as a potential

How do the Bitcoin investors who though BTC was 'safe' at levels of $600 feel now that it lost more than half of its value?
If you were in their shoes would you still view it in that way?

arallmuus

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Quote from: LottoBooking on June 14, 2015, 05:13:13 AM

Quote from: arallmuus on June 14, 2015, 04:38:39 AM

Quote from: Slark on June 14, 2015, 03:41:47 AM

Bitcoin is not completly anonymous as you might think.

Depends on what you compare it to, if you compared it to a bank account indeed BTC is completely anonymous

Quote from: Slark on June 14, 2015, 03:41:47 AM

this means adding your identity information to bitcoin transactions and making it possible to blacklist funds by financial institutions. It is only a matter of time when bitcoin regulations will hit us.

There will be no BTC regulations because it is not something that a country could control. Unfortunately most country will bann BTC for it because it cant be control and it will reduce the chance of mass adoption.
BTC was created so that people could leave the traditional economic system where identity is needed and that goverment could control your transaction, also block or reverse the transaction if needed. Adding identity to BTC transactions will only means that we are heading towards that old fashion system again

I don't think countries need to regulate bitcoin - they can just be one of those 'heavy traders' who can manipulate or change the market.
They don't need to regulate Bitcoin, just the fact they dropped its value from $600 to $230 should scare away lots of potential investors to stay away from this option.

Even if they want to , they cant because its in the nature of BTC that it cant be regulated. Unfortunately there are quiet few "potential investor" in BTC because BTC isnt viewed as investment for common people and mostly it is viewed as some kinda stocks for a quickswing in profit

To be honest, this low price is one of the reason that most people arent taking their attention into BTC yet, I would like a stable price but to boost adoption into BTC sadly a higher price is needed so that more people could see this as a potential

LottoBooking

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Quote from: arallmuus on June 14, 2015, 04:38:39 AM

Quote from: Slark on June 14, 2015, 03:41:47 AM

Bitcoin is not completly anonymous as you might think.

Depends on what you compare it to, if you compared it to a bank account indeed BTC is completely anonymous

Quote from: Slark on June 14, 2015, 03:41:47 AM

this means adding your identity information to bitcoin transactions and making it possible to blacklist funds by financial institutions. It is only a matter of time when bitcoin regulations will hit us.

There will be no BTC regulations because it is not something that a country could control. Unfortunately most country will bann BTC for it because it cant be control and it will reduce the chance of mass adoption.
BTC was created so that people could leave the traditional economic system where identity is needed and that goverment could control your transaction, also block or reverse the transaction if needed. Adding identity to BTC transactions will only means that we are heading towards that old fashion system again

I don't think countries need to regulate bitcoin - they can just be one of those 'heavy traders' who can manipulate or change the market.
They don't need to regulate Bitcoin, just the fact they dropped its value from $600 to $230 should scare away lots of potential investors to stay away from this option.

Amph

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Quote from: arallmuus on June 14, 2015, 04:38:39 AM

Quote from: Slark on June 14, 2015, 03:41:47 AM

Bitcoin is not completly anonymous as you might think.

Depends on what you compare it to, if you compared it to a bank account indeed BTC is completely anonymous

it also depend on what tools you use, bitcoin it may not be anon on standard basis, but it hides potential on the anonimity that you can improve, if you use your tools correctly, like vpn mixer, monero ecc...

besides this, bank being hacked will boost other payments methods first, like paypal(which is already overused) and its clone

arallmuus

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Quote from: Slark on June 14, 2015, 03:41:47 AM

Bitcoin is not completly anonymous as you might think.

Depends on what you compare it to, if you compared it to a bank account indeed BTC is completely anonymous

Quote from: Slark on June 14, 2015, 03:41:47 AM

this means adding your identity information to bitcoin transactions and making it possible to blacklist funds by financial institutions. It is only a matter of time when bitcoin regulations will hit us.

There will be no BTC regulations because it is not something that a country could control. Unfortunately most country will bann BTC for it because it cant be control and it will reduce the chance of mass adoption.
BTC was created so that people could leave the traditional economic system where identity is needed and that goverment could control your transaction, also block or reverse the transaction if needed. Adding identity to BTC transactions will only means that we are heading towards that old fashion system again

LottoBooking

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Quote from: Slark on June 14, 2015, 03:41:47 AM

Quote from: LottoBooking on June 14, 2015, 02:49:36 AM

Quote from: JarvisTechnology on June 13, 2015, 04:46:47 AM

Quote from: louisLavery on June 08, 2015, 02:37:16 AM

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?

Well if Bitcoin has to grow, then it has to get accepted by banks. It doesn't matter if it gets hacked as the banks are always insured. In most of the countries, banks do not accept bitcoin. That has to be changed. Then only Bitcoin will reach common people.

The only way banks will accept Bitcoin is if it will become regulated like PayPal.
PayPal is regulated and that's why you can transfer money from/to your bank account with it.
Bitcoin is anonymous so it would be difficult to for banks to integrate it into their system just like that.

Bitcoin is not completly anonymous as you might think. But is is a pain to find specific bitcoin user nonetheless. But I believe bitcoin simply must change to bring it in line with other payment systems.
Unfortunately this means adding your identity information to bitcoin transactions and making it possible to blacklist funds by financial institutions. It is only a matter of time when bitcoin regulations will hit us.
Sad but inevitable.

Why do you not consider Bitcoin as anonymous as it stands right now? (not in the future)

Topic: Will a bank being hacked boost adoption of bitcoin? - page 4. (Read 6526 times)