Will a bank being hacked boost adoption of bitcoin? - page 5.

Slark

legendary

Activity: 1862

Merit: 1004

Quote from: LottoBooking on June 14, 2015, 03:49:36 AM

Quote from: JarvisTechnology on June 13, 2015, 05:46:47 AM

Quote from: louisLavery on June 08, 2015, 03:37:16 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.

LottoBooking

newbie

Activity: 56

Merit: 0

Quote from: JarvisTechnology on June 13, 2015, 05:46:47 AM

Quote from: louisLavery on June 08, 2015, 03:37:16 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.

JarvisTechnology

sr. member

Activity: 350

Merit: 250

Quote from: louisLavery on June 08, 2015, 03:37:16 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.

Nicolas Dorier

hero member

Activity: 714

Merit: 661

Quote

as long as there are insurance, you should not be scared by anything, if they can cover your ass, everything that will happen to your money is safe enough

Says that to cyprus and banco de madrid creditors.

aahzmundus

hero member

Activity: 644

Merit: 500

Invest & Earn: https://cloudthink.io

Quote from: louisLavery on June 08, 2015, 03:37:16 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?

There have been several cases where the bank was hacked but the price of bitcoin did not see any major changes as there are more people in the world who need to know about the functions and value of bitcoin. If everyone tells atleast 2 or 3 people a month, the adaptability of bitcoin will spread like wildfire when news like these are out and the price will increase.

Amph

legendary

Activity: 3206

Merit: 1069

Quote from: Nicolas Dorier on June 12, 2015, 12:29:12 PM

I am not scared about my bank being hacked by a hacker. This is the bank problem, not mine.

What I am concerned about is my bank account being hacked by my banker, legally.

as long as there are insurance, you should not be scared by anything, if they can cover your ass, everything that will happen to your money is safe enough

but if something like austria or sveden(i don't remember now) happen, where bank will not offer insurance anymore, because they have bid debit problem, then the bank will be surely obsolete

Nicolas Dorier

hero member

Activity: 714

Merit: 661

I am not scared about my bank being hacked by a hacker. This is the bank problem, not mine.

What I am concerned about is my bank account being hacked by my banker, legally.

louisLavery

newbie

Activity: 41

Merit: 0

Some on here are suggesting that if a bank gets hacked people will get their money back, but that would mean the bank still has records of what each customer had which means the bank hasn't been hacked at all! At least not in the sense I mean, which is all records are destroyed - now how are banks going to restore what people had in their accounts? I'm thinking this could be done by an enemy state.
I guess the blockchain could be attacked too (Sybil attack?), but there seems less reason for any one state to attack it. In fact, if it was used as a world wide currency there'd be incentive to not attack it.

Amph

legendary

Activity: 3206

Merit: 1069

Quote from: arallmuus on June 12, 2015, 02:47:33 AM

I dont mentioned anything about this, Im barely stating that each fiat is not actually tied to one another

yeah ok, but from what you've said about the fact that they aren't tied because they are issued, one could deduce that bitcoin, is tied because it's not issued, thus not centralized like fiat, you can see the logic behind it easily

Quote from: arallmuus on June 12, 2015, 02:47:33 AM

Fiat wouldnt be "dead" and it will still be there, worst thing It will go will be getting into super inflation like Zimbabwe Dollar and the price of BTC will still be tied to it even if the currency getting into super inflation

mine was just a possible scenario, if what i say happen then how someone can measure bitcoin value without fiat? there must be another way right? surely there is, and this is why i don't think that bitcoin is tied to fiat

Quote from: arallmuus on June 12, 2015, 02:47:33 AM

That wont work, people are used to this FIAT system and no one gonna agree to "barter" things like It used to be because it has no estimation value either. Going back to where we was not going to help because BTC is treated as a good/stocks now and not a currency itself which means that it has a value that is tied to another currency.

estimate value, is estimated you know, it's not fixed, when you don't know the value of something first you estimte it, then you compare it with another estimate and so on, until you can find the good price of it, after all fiat started in the same way, there wasn't fiat at first, there was barter, then fiat come around VII century, if i'm not mistaken, and at the start there was an estimate of its value, then the demand of it increase, because people find it more easy to use than simply barter stuff all day

and i firmly believe that, this is what would have happened if bitcoin was born without fiat

arallmuus

legendary

Activity: 2562

Merit: 1414

Quote from: Amph on June 11, 2015, 11:38:08 AM

Quote from: arallmuus on June 11, 2015, 08:07:13 AM

Quote from: Amph on June 10, 2015, 10:06:19 AM

fiat is tied to other fiat to

Actually no, thats different because each currency stand as their own in the issued country

so you think that the problem as to do with the fact that bitcoin is decentralized and there isn't any issued country

I dont mentioned anything about this, Im barely stating that each fiat is not actually tied to one another

Quote from: Amph on June 11, 2015, 11:38:08 AM

what would happen if fiat now, would collapse, and bitcoiin price could not be measured with it, how one can know if bitcoin will be valued more or less?

Fiat wouldnt be "dead" and it will still be there, worst thing It will go will be getting into super inflation like Zimbabwe Dollar and the price of BTC will still be tied to it even if the currency getting into super inflation

Quote from: Amph on June 11, 2015, 11:38:08 AM

Quote from: arallmuus on June 11, 2015, 08:07:13 AM

Unless you forgot, currency is created do to disminished the old fashioned barter system which is not equal in the trade and thus easier to use currency such as FIAT exist

yeah i know this, i didn't say that we should return to barter, i did say that we should start all over again with bitcoin, and try to achieve an estimate in value without using fiat, but barter, at first, then you are free to use bitcoin only

That wont work, people are used to this FIAT system and no one gonna agree to "barter" things like It used to be because it has no estimation value either. Going back to where we was not going to help because BTC is treated as a good/stocks now and not a currency itself which means that it has a value that is tied to another currency.

Amph

legendary

Activity: 3206

Merit: 1069

Quote from: arallmuus on June 11, 2015, 08:07:13 AM

Quote from: Amph on June 10, 2015, 10:06:19 AM

fiat is tied to other fiat to

Actually no, thats different because each currency stand as their own in the issued country

so you think that the problem as to do with the fact that bitcoin is decentralized and there isn't any issued country

what would happen if fiat now, would collapse, and bitcoiin price could not be measured with it, how one can know if bitcoin will be valued more or less?

i think the same that happened when fiat money was born at first, it gained value by permitting the owner to buy more items, and with the passage of time, the demand for it raised and thus its value

Quote from: arallmuus on June 11, 2015, 08:07:13 AM

Unless you forgot, currency is created do disminished the old fashioned barter system which is not equal in the trade and thus easier to use currency such as FIAT exist

yeah i know this, i didn't say that we should return to barter, i did say that we should start all over again with bitcoin, and try to achieve an estimate in value without using fiat, but barter, at first, then you are free to use bitcoin only

AtheistAKASaneBrain

hero member

Activity: 770

Merit: 509

Bitcoin and fiat is like a ying yang relationship sort of thing. I think it's simply unavoidable that if something gets attacked, the other part gets benefited, and it's probably directly proportional. The bigger the disappointment is with fiat, the better Bitcoin will look in people's eyes and viceversa.

arallmuus

legendary

Activity: 2562

Merit: 1414

Quote from: Amph on June 10, 2015, 10:06:19 AM

fiat is tied to other fiat to

Actually no, thats different because each currency stand as their own in the issued country

Quote from: Amph on June 10, 2015, 10:06:19 AM

bitcoin could well even without any fiat, you just need to get used to it with the barter,

Unless you forgot, currency is created do disminished the old fashioned barter system which is not equal in the trade and thus easier to use currency such as FIAT exist

Quote from: bornil267645 on June 11, 2015, 12:25:48 AM

I dont think the competition of Bitcoin with Banking system is about security. I think it is more about the users freedom of using money.

Actually the bolded part indicate a correlation to the security issue though because even though both banking system and BTC could be hack . the difference would be that with BTC a person is able to secure his own belonging at his own will thus this.
The problem would be that not everyone wants or able to secure their own personal because not everyone is techsavvy ofcourse (seriously it would be hard to teach a 60 years old grandpa securing his retirement funds in BTC by himself)

Quote from: bornil267645 on June 11, 2015, 12:25:48 AM

But establishing a stable bitcoin market will.

Unfortunately it would be hard to do this because the current market is being manipulated. Way to do so would be if the entire supply of BTC is in the market circulation, then that would create a more stable market

bornil267645

sr. member

Activity: 406

Merit: 250

AltoCenter.com

I dont think the competition of Bitcoin with Banking system is about security. I think it is more about the users freedom of using money. So hacking a bank won't make much of a difference. But establishing a stable bitcoin market will.

bryant.coleman

legendary

Activity: 3654

Merit: 1217

Quote from: jayce on June 08, 2015, 12:56:07 PM

Quote from: bryant.coleman on June 08, 2015, 12:24:32 PM

I don't think that if anyone hacks a major bank, we'll see a sharp spike in the number of Bitcoin users. Bank hacks happen extremely rarely. Out of the billions of bank accounts, only a few thousands get hacked every year. And now compare this figure to the hacking of Bitcoin wallets. Out of the 10 million or so Bitcoin wallets, at least 1% gets hacked every year.

I think the most important thing is how much amount was be hacked, not how many times it did. If the hacking just happened once, but the account owner lost some millions euro, it would became a big news.

Even if the account holder loses a few million Euro as a result of the robbery, how we can claim that Bitcoin is much safer than bank savings accounts? Remember the Mt Gox robbery? Some 600 million USD worth of coins and fiat were stolen. That represented more than 5% of all the Bitcoins in circulation at that time. Could hacks of such magnitude occur with banks?

bitbaby

hero member

Activity: 812

Merit: 1000

I don't think it will have a significant affect on Bitcoin's adoption because people will get their money back. I don't know about other places but here if you put money in your account, it's the responsibility of the Bank to keep it safe and secure from robbery/hack and in case something like this were to happen the Bank will have to provide remuneration to it's customers in full.

The only affect I see from this, the bank that got hacked will lose it's credibility among some of it's users and they will opt to not use the same bank again, even after receiving the compensation. The only thing that can encourage people to adopt bitcoin imho is education and easier ways of keeping it secure.

yahoo62278

legendary

Activity: 3626

Merit: 4440

banks are robbed all over the world every year. it has been happening since the beginning of time. even with the introduction of btc it has not moved everyone to think btc is the new currency.

the difference between a bank being robbed or hacked and btc being hacked is most banks insure funds up to a certain amount. im sure if you could find someone to open a btc bank that was fdic insured some ppl would use it, but i dont think the whole world converts

lissandra

sr. member

Activity: 434

Merit: 250

usually though they hire those special program people to avoid this problem.

but, im pretty sure they would have aid from other bank partnerships like if its a sister bank and continue operations.

Stargazer

sr. member

Activity: 641

Merit: 253

▰▰▰ Global Cryptocurrency Paymen

Depends on the amount stolen. The Cyprus bail-out definitely influenced the adoption of Bitcoin, so if a big bank was hacked it would make people look for alternatives.
It wouldn't directly influence adoption, but it would surely make people aware of the fact that their funds aren't safe in a bank and hopefully encourage them to do some research.

techgeek

hero member

Activity: 826

Merit: 1000

Quote from: jbrnt on June 10, 2015, 01:13:38 PM

When banks are hacked and depositors looses money, banks pay them back with the profits they make. It has no effect on bitcoin. If banks go bankrupt, then it will raise Bitcoin awareness, but it's doesn't happen too often. Bitcoin doesn't need these financial crisis to succeed. In a few more years, more people will use Bitcoin simply because it is the easiest and faster way to transfer money across the world.

We need something like back in 2008 crisis to happen all over again.

To re-awake people with their financial options are pretty much.

Topic: Will a bank being hacked boost adoption of bitcoin? - page 5. (Read 6475 times)