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.
Topic: Will a bank being hacked boost adoption of bitcoin? - page 6. (Read 6521 times)
if anything they`ll probably have a free pass, and get aid from govt.
and then upgrade their security, thats the most it`ll do. but they wont consider bitcoin lol.
and then upgrade their security, thats the most it`ll do. but they wont consider bitcoin lol.
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?
No, even if the banking get hacked so badly, the most important thing is that people's money is secured by government.
No. There is no tie between Bitcoin and fiat. Bank are centralized and Bitcoin is decentralized and sort of stands against what banks stand for.
The value of BTC is tied to FIAT anyway and thats what most people measurement are to see if BTC is dying or not. Actually what OP meant is that since there has been alot of banking security has been breached will there be a chance that people might look for a safer and much more secure things to secure their FIAT which is BTC and provide a boost to the adoption because of this
Yes, that is because of globalization.
A bitcoin in Africa is not the same as Bitcoin in Europe.
The fundamental reasons for it are linked to FIAT currencies.
And there is no escape, we have to be tied to FIAT, even gold/silver etc. are all tied to FIAT.
fiat is tied to other fiat to, but only because you need another asset to measure the value of your asset, for bitcoin isn't any different, it need fiat just for that and nothing else, so it's not really tied because it work well alone, but to have a representation of its value
bitcoin could do well even without any fiat, you just need to get used to it with the barter, if you know for example, that 1 btc is = to an apple then you know that 10 apple are 10 btc, then you can theorize that one car is 10k apple and so on, it's all about estimation at first
No. There is no tie between Bitcoin and fiat. Bank are centralized and Bitcoin is decentralized and sort of stands against what banks stand for.
The value of BTC is tied to FIAT anyway and thats what most people measurement are to see if BTC is dying or not. Actually what OP meant is that since there has been alot of banking security has been breached will there be a chance that people might look for a safer and much more secure things to secure their FIAT which is BTC and provide a boost to the adoption because of this
Yes, that is because of globalization.
A bitcoin in Africa is not the same as Bitcoin in Europe.
The fundamental reasons for it are linked to FIAT currencies.
And there is no escape, we have to be tied to FIAT, even gold/silver etc. are all tied to FIAT.
there have been several bank hacks where millions were stolen, but it didn't boost bitcoin in any way. people most likely see bitcoin as less safe as the media most of the times only report hacks and thefts.
I was really thinking of a hack that wrecks the accounts (records) in a bank so as they are unable to reliably restore those accounts (perhaps I could have framed the question better, but it's never easy, at least for me). I don't know how good the backup systems are in any bank, but there are limits to backups and the better they are the more they cost. Another point is that, to many, it seems intuitively obvious that a centralised private system is more secure than a public decentralised system, when in fact neither is inherently more secure than the other.
We see country to country cyber attacks happening more often. If you want to bring another country to its knees then attacking its banking system is quite a good idea, isn't it? Well, it depends if there are cheaper ways, I suppose. Also, what's the cost of making a system secure against such attacks? Isn't the banking system archaic and due to be severely hacked, unless the banks spend the dosh to make the system more robust? But why would they do that when they know governments will bail them out! As I said, I think it's sure to happen sooner or later.
We see country to country cyber attacks happening more often. If you want to bring another country to its knees then attacking its banking system is quite a good idea, isn't it? Well, it depends if there are cheaper ways, I suppose. Also, what's the cost of making a system secure against such attacks? Isn't the banking system archaic and due to be severely hacked, unless the banks spend the dosh to make the system more robust? But why would they do that when they know governments will bail them out! As I said, I think it's sure to happen sooner or later.
No. There is no tie between Bitcoin and fiat. Bank are centralized and Bitcoin is decentralized and sort of stands against what banks stand for.
The value of BTC is tied to FIAT anyway and thats what most people measurement are to see if BTC is dying or not. Actually what OP meant is that since there has been alot of banking security has been breached will there be a chance that people might look for a safer and much more secure things to secure their FIAT which is BTC and provide a boost to the adoption because of this
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?
Or a bank robbery?
They, at least they should, be insured against any theft.
The point of bank is that your money there is safe. Once is not no one will put their money to bank. That is their main business. Keep money safe. When they fail in this they can just close down.
Adoption of Bitcoin is inevitable. Reason is security and low costs.
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.
Actually it's not. The probability of a bank getting hacked is nearly impossible due to security precations but an insider can very well do it.
However in bitcoin there is nothing to hack if the sums are well spread out on different accounts.
Thus since a bank stores extreme sums of money, if it gets hacked then its game over and it will lose all money.
If 1 bitcoin address with 10-20 bitcoin gets hacked, no big deal.
No. There is no tie between Bitcoin and fiat. Bank are centralized and Bitcoin is decentralized and sort of stands against what banks stand for.
some banking are starting to not cover your money anymore, like those in austria, the crisis is really putting a dent on some of them, in those country it may be possible that some naive person will beginning to search for alternative way to store their money and bitcoin could be one of those
but unless this will happen in many country, you would get only the niche aspect of it
but unless this will happen in many country, you would get only the niche aspect of it
I'm not sure if Bank want to lost the customers. What's the reason for them to do that? But this news really made bank reputation go down now, and people have no idea to save their money.
as i said they have high debt, and they can't cover your ass anymore, it's a good opportunity for someone to try bitcoin at the very least
one should just hope that the future bitcoin banks, will not go in the same way...
And I'm not sure the customer that be aggrieved by bank want to try bitcoin because he doesn't have any idea about that and doesn't want to risking his money anymore.
some banking are starting to not cover your money anymore, like those in austria, the crisis is really putting a dent on some of them, in those country it may be possible that some naive person will beginning to search for alternative way to store their money and bitcoin could be one of those
but unless this will happen in many country, you would get only the niche aspect of it
but unless this will happen in many country, you would get only the niche aspect of it
I'm not sure if Bank want to lost the customers. What's the reason for them to do that? But this news really made bank reputation go down now, and people have no idea to save their money.
as i said they have high debt, and they can't cover your ass anymore, it's a good opportunity for someone to try bitcoin at the very least
one should just hope that the future bitcoin banks, will not go in the same way...
The Bank of Canada has issued new statements on bitcoin and digital currencies as part of its annual spring review.
Perhaps most notably, the central bank speculated that the stability of the financial industry could be threatened by bitcoin and its potential risks, should it develop into a widely used means of payment, saying:
"There could be potential risks to overall financial stability if Bitcoin became a significant means of payment and the Bitcoin system remained unstable."
The comments came as part of wider report on digital currency platforms – such as Amazon Coins, Facebook Credits and World of Warcraft gold – that ultimately found that these financial instruments should monitored by central banks, though they are unlikely to become a more widely used method of payment.
The statements follow earlier comments from the central bank that suggested it believes it is still too early to predict whether decentralized digital currencies like bitcoin will enter the mainstream.
Consumer risk
The Bank of Canada used to the report to reiterate the risk consumers face when using bitcoin due to the ongoing volatility in its price, as well as issues with major bitcoin exchanges:
"In particular, given that digital currencies such as bitcoin are not regulated and do not have a centralized issuer, users bear all of the risks themselves and have no legal recourse should they wish to reverse a bitcoin transaction."
Potential benefits
The central bank did acknowledge that the bitcoin network has the potential to improve financial services in some key areas, noting that bitcoin offers lower transaction costs than credit cards as it removes traditional financial intermediaries.
Still, it suggested that even in areas like the remittance market – where many experts believe bitcoin could benefit underbanked consumers, the volatility and security issues associated with bitcoin outweigh the potential benefits.
Despite the warnings, however, Canadian entrepreneurs remain undeterred. For more on how Canada is leading the world in the development of bitcoin ATMs, read our most recent report.
Credit cards are already being hacked and we don't see people flocking to bitcoin. Maybe that's because they don't know or maybe it's because it isn't convenient.
That's a good point.
Bitcoin probably doesn't attract lots of investors due to the high volatility involved with it, and many fluctuations as well.
It could be worth $250 today and $200 tomorrow, and that probably explains why many investors or consumers are not using it on a daily basis.
Credit cards are already being hacked and we don't see people flocking to bitcoin. Maybe that's because they don't know or maybe it's because it isn't convenient. Adoption will come when businesses realize that it is in their best interest to pay bills using bitcoin. That'll decrease fees and allow for more cash to be deployed investing in other projects.
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.
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.
some banking are starting to not cover your money anymore, like those in austria, the crisis is really putting a dent on some of them, in those country it may be possible that some naive person will beginning to search for alternative way to store their money and bitcoin could be one of those
but unless this will happen in many country, you would get only the niche aspect of it
but unless this will happen in many country, you would get only the niche aspect of it
I'm not sure if Bank want to lost the customers. What's the reason for them to do that? But this news really made bank reputation go down now, and people have no idea to save their money.
Everytime someone gets screwed by banks is a potential new Bitcoin user. Look at the Cyprus incident and look at Argentina where they are getting fucked on a daily basis by gov and banks, where the use of Bitcoin is higher than other countries in average.
But if a person (especially one who doesn't know a lot about Bitcoin) gets screwed by the bank being hacked, he is more likely to turn to gold rather than Bitcoin. He just got screwed by the bank's computer system. He's not likely to turn to another computer for security.
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