Will a bank being hacked boost adoption of bitcoin? - page 7.

arallmuus

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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?

For some people who understand technology well than it will shaken them ofcourse and could perhaps make them trust more in BTC but for someone that is blind on it then it will create a massive doubt for them, basically because their thoughts is that if such secured banking system could be hacked what would prevent a simple BTC wallet to not be hack
Also that people tend not to trust themselves into securing their own possesion which is why most people trust bank to secure their possesion and it takes them less trouble to secure things by themselves

mmmaybe

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I highly doubt that, There was a time when banks were screwing up with high and hidden fees, so prepaid cards came out with little to no fees, people started moving to them.

Bitcoin is going to take a lot longer to adapt due to it being technical. not every one is tech savvy (they should be its 2015) but some still live in the past.

but again bitcoin will take some time to be actually known.

at the moment bitcoin is known by criminals, tech savvy guys/gals and small guys trying to make a quick buck.

AtheistAKASaneBrain

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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.

LottoBooking

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Quote from: Amph on June 08, 2015, 02:55:58 AM

but unless this will happen in many country, you would get only the niche aspect of it

That's correct, it's impossible to get a radical change unless if something radical happens.

Hazir

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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?

Well, you are quite right. Financial Institutions are vulnerable to hackers. There are plenty of evidence that security measures of the biggest banks on our planet are really lacking hard.

http://www.pymnts.com/news/2015/how-100-banks-got-hacked-and-lost-900-million/ - you can read how easy is for hackers to steal money from banks...

But from the other side people are not gonna turn to bitcoin overnight just because their bank can be hacked. They won't lose theirs money, after all there is something like Bank Guarantee Fund.
Bank which are covering for their customers are rare and you can always choose better option for your money.

Amph

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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

LottoBooking

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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?

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.

louisLavery

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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?

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