I think bitcoin is not a new thing now that it would get a pump and dump whenever it's in news this thing used to happen in 2017 but does not works now. Take it this way that number of heists or scams take place with fiat currency or banks but how often would you see that currency having a big effect of that? Bitcoin was merely a tool used in the case and is not a cause of the whole problem. So i feel it's far related from price of bitcoin unless elon musks decides to crush cryptocurrencies with all his money.
Topic: Will the twitter scam crash the price (Read 743 times)
It seems that everyone is looking for the source of possible problems that could theoretically arise. What happened to Twitter and the accounts of famous personalities is one of the many cases of fraud in which Not only cryptocurrencies, but also fiat funds can be used. In general, I could not even imagine such that this situation would affect the cryptocurrency market. In addition, over the past few days, we have seen simply amazing results for Bitcoin and Ethereum, as well as some other top rated other cryptocurrencies on the market.
Did it really crashed the price yet? no effect yet as what I can see and I don't think it will crash soon.
Yes, there is. But I think there is a slight effect on the market price but there is a strong resistance as I can see now. Bitcoin dominance is really unpredictable and I don't see if there is any correlated the price movement in the market. Despite the massive Twitter scam's high profile account, the price was resisted. Even during the pandemic, the bitcoin price didn't shake too much we have seen improvement even though there are panic sellers and the money that collected in Twitter scams was only small amount that not to worry.
I was right, it didn't crashed the price, in fact it made bitcoin reach its high this year and it seems it has triggered a little FOMO so hopefully bull run will happen soon. It seems like bad publicity will not work, in fact, it only result to positive price movement of bitcoin, our market is really different.
Supposedly bill Gates and Elon musks account has been hacked. Along with many other people's accounts (such as binance and coinbase but coinbase may have regained control).
Hopefully the amounts sent remain low and this is just like a normal thing (like the twitter lives) but if a lot of people have sent all they have or this ends up in mainstream media (everywhere) then we could be in for a big crash...
I'm hodling still though. I wouldn't suggest selling but I'm just curious on people's opinions to this.
Hopefully the amounts sent remain low and this is just like a normal thing (like the twitter lives) but if a lot of people have sent all they have or this ends up in mainstream media (everywhere) then we could be in for a big crash...
I'm hodling still though. I wouldn't suggest selling but I'm just curious on people's opinions to this.
There were a lot of people who got fooled when all accounts on twitter related to bitcoin was hacked.
A lot of people thought that those tweets that came from those accounts and they started sending money to those addresses. Eventually, scammers wanted to sell those amounts but their wallet addresses were blacklisted from the exchanges.
Twitter scam doesn't crash the price, it might cause the price to fluctuate within certain limitations. Probably it is like the Binance hack that is expected to make a big crash in the market, but there isn't big change in the market. This has given users a warning and through this more people have known about cryptocurrency.
From my point of view, the twitter scam will not result in a crash for bitcoin's price because bitcoin and other cryptocurrencies are always being used in fraud and other illegal activities. But what just happened on the Twitter scam is its destroying bitcoin's reputation that more people would be more afraid to buy bitcoin, especially for those people who are victimized by this Twitter scam. Also, this kind of scam could not be trick by people who has a lot of experienced in crypto because if they are smart and have an idea about cryptocurrency, they would put research about their profiles if those famous people have been hacked or not.
Ironic point of the week, exchanges now good for anti scam apparently :
It blows my brain! People who are able to register on the legal crypto exchange, they are clearly 18+, they can read and write, but at the same time they believe in actions like "send me money and I will return x2 to you." Can we consider their legal capacity?
Ironic point of the week, exchanges now good for anti scam apparently :
Quote
since a lot of them are seriously overvalued to begin with,
Overvalued vs what though, we have such easy money the price of anything with prospective revenue is valued far more then the immediate value and so speculation is very high. All the tech stocks are high but its justifiable still and previously they were depressed and neglected as a sector post dotcom boom. For years they were overlooked and with the relevance of tech higher then ever I dont think thats the place I would look for over value. It is extraordinary that Twitter cant even touch the July low, maybe people cant realise how serious the loss of root access is.I think we got used to hacks and the effects that comes with it so just because so far the hack was not that big doesn't mean the effects won't be big. It will crash but it will crash a lot ? I doubt it. A lot of speculators are expecting a crash of Bitcoin price under 7k$ again in order to fill those big bags again but those who are new and haven't experience a hack of an exchange or a person will think that something like this will not affect the price but time will tell.
^ Those people who believed in this prediction probably on the FUD. $7k is too low for me and I think it will not drop far on $8k, as we noticed the bitcoin price was in a stable like $9k range, I see the possible barrier and that was probably the recently hacked twitter accounts. But it will always resist the price and the dominance will not fall down this month. Remember that we are on halving impact and probably there is a potential that the price of the market will have improved. Nevertheless, my doubt is twitter scam has a little effect but it was quickly recovered. 
I think we got used to hacks and the effects that comes with it so just because so far the hack was not that big doesn't mean the effects won't be big. It will crash but it will crash a lot ? I doubt it. A lot of speculators are expecting a crash of Bitcoin price under 7k$ again in order to fill those big bags again but those who are new and haven't experience a hack of an exchange or a person will think that something like this will not affect the price but time will tell.
We might see quite a few technology stocks fall from this too.
I have a feeling that won't happen--not that most tech stocks don't deserve to fall, since a lot of them are seriously overvalued to begin with, but the stock market is on fire right now and this incident is just going to be a blip on the radar of investors.Yep, tech stocks especially are performing well. The NASDAQ made another new ATH on Friday. Even Twitter's stock barely reacted to the hack, and the losses were quickly recovered:
And as far as any effect on bitcoin, forget about it. There have been so many incidents over the years where you'd think the price would tank and yet it didn't. Never underestimate how resilient bitcoin is to bad news, rumors, and pretty much anything else you can think of that should crash its price.
News is never the true cause of price moves. It only acts as a trigger, depending on the underlying supply and demand. If there is strong latent supply and weak demand (like November 2018, with the BSV launch dump), then it can catalyze a major crash. If the proper supply/demand dynamic isn't there, it won't.
~snip
It might be, but if the amount stolen is not too much. I am sure if the number of bitcoin stolen by scammer exceed 1000 or even ten of thousand, then everyone will definitely be affected to sell them because it is feared the price will go down, assuming fraudster will sell stolen bitcoin at cheap price. But if there are only hundred, it might not have much effect on price. I'm not in support of making crypto notoriously getting familiar to new people but when it is happening for some reason, I believe we cannot do anything about that. It is just part of everyday life like we prefer or not some people are getting know about bitcoins even due to bad things.
These things have nothing to do with BTCitcoin and it will not affect the market price but it is true that for anyone who is not familiar with the market reads the news headline that says BTCitcoin scam hacking twitter accounts and i have seen many articles with similar headlines in local newspapers and it is not a good publicity i want about cryptocurrency and BTCitcoin. I'm just seeing it a positive thing because this twitter hacking and scamming things made many people to know about something about cryptocurrencies. We must consider the time where it happened; I mean if it is not into lockdown times, then I guess the story will be completely different but when people are sitting lazy and looking for anything interesting to test and try, I guess getting them into the cryptocurrency will be making something positive for the crypto ecosystem for sure.
I'm not in support of making crypto notoriously getting familiar to new people but when it is happening for some reason, I believe we cannot do anything about that. It is just part of everyday life like we prefer or not some people are getting know about bitcoins even due to bad things.
I'm not in support of making crypto notoriously getting familiar to new people but when it is happening for some reason, I believe we cannot do anything about that. It is just part of everyday life like we prefer or not some people are getting know about bitcoins even due to bad things.
I would not call it a good advertisement for cryptocurrencies - as in most cases, there is an association with a criminal background. On the one hand, such news attracts attention and, as you rightly noted, attract new people, but on the other hand, these people have a strong association in their ideas: cryptocurrency is associated with crime.
We might see quite a few technology stocks fall from this too.
I have a feeling that won't happen--not that most tech stocks don't deserve to fall, since a lot of them are seriously overvalued to begin with, but the stock market is on fire right now and this incident is just going to be a blip on the radar of investors. And as far as any effect on bitcoin, forget about it. There have been so many incidents over the years where you'd think the price would tank and yet it didn't. Never underestimate how resilient bitcoin is to bad news, rumors, and pretty much anything else you can think of that should crash its price.
Supposedly bill Gates and Elon musks account has been hacked. Along with many other people's accounts (such as binance and coinbase but coinbase may have regained control).
Hopefully the amounts sent remain low and this is just like a normal thing (like the twitter lives) but if a lot of people have sent all they have or this ends up in mainstream media (everywhere) then we could be in for a big crash...
I'm hodling still though. I wouldn't suggest selling but I'm just curious on people's opinions to this.
Hopefully the amounts sent remain low and this is just like a normal thing (like the twitter lives) but if a lot of people have sent all they have or this ends up in mainstream media (everywhere) then we could be in for a big crash...
I'm hodling still though. I wouldn't suggest selling but I'm just curious on people's opinions to this.
I don't think so, it's Twitter fault and it's not an exchange I still consider Twitter outside of the industry in fact we will have one coming up and should shutdown Twitter, they are very vulnerable it will not have an impact on the price, and so far this is what is showing in the market.
For now we have not seen any effect on the bitcoin prices as it is almost a week now and bitcoin is stable at 9150$ around. But certainly, such things when happen creates a bd feeling among people related to bitcoin as they seem that is only used for such wrong’s things. Hope this perception of people will change over a period.
I'm just seeing it a positive thing because this twitter hacking and scamming things made many people to know about something about cryptocurrencies. We must consider the time where it happened; I mean if it is not into lockdown times, then I guess the story will be completely different but when people are sitting lazy and looking for anything interesting to test and try, I guess getting them into the cryptocurrency will be making something positive for the crypto ecosystem for sure.
I'm not in support of making crypto notoriously getting familiar to new people but when it is happening for some reason, I believe we cannot do anything about that. It is just part of everyday life like we prefer or not some people are getting know about bitcoins even due to bad things.
I'm not in support of making crypto notoriously getting familiar to new people but when it is happening for some reason, I believe we cannot do anything about that. It is just part of everyday life like we prefer or not some people are getting know about bitcoins even due to bad things.
Supposedly bill Gates and Elon musks account has been hacked. Along with many other people's accounts (such as binance and coinbase but coinbase may have regained control).
Hopefully the amounts sent remain low and this is just like a normal thing (like the twitter lives) but if a lot of people have sent all they have or this ends up in mainstream media (everywhere) then we could be in for a big crash...
I'm hodling still though. I wouldn't suggest selling but I'm just curious on people's opinions to this.
Hopefully the amounts sent remain low and this is just like a normal thing (like the twitter lives) but if a lot of people have sent all they have or this ends up in mainstream media (everywhere) then we could be in for a big crash...
I'm hodling still though. I wouldn't suggest selling but I'm just curious on people's opinions to this.
I don't think so, it's Twitter fault and it's not an exchange I still consider Twitter outside of the industry in fact we will have one coming up and should shutdown Twitter, they are very vulnerable it will not have an impact on the price, and so far this is what is showing in the market.
Supposedly bill Gates and Elon musks account has been hacked. Along with many other people's accounts (such as binance and coinbase but coinbase may have regained control).
Hopefully the amounts sent remain low and this is just like a normal thing (like the twitter lives) but if a lot of people have sent all they have or this ends up in mainstream media (everywhere) then we could be in for a big crash...
I'm hodling still though. I wouldn't suggest selling but I'm just curious on people's opinions to this.
Hopefully the amounts sent remain low and this is just like a normal thing (like the twitter lives) but if a lot of people have sent all they have or this ends up in mainstream media (everywhere) then we could be in for a big crash...
I'm hodling still though. I wouldn't suggest selling but I'm just curious on people's opinions to this.
I don't think so, it's Twitter fault and it's not an exchange I still consider Twitter outside of the industry in fact we will have one coming up and should shutdown Twitter, they are very vulnerable it will not have an impact on the price, and so far this is what is showing in the market.
Did it really crashed the price yet? no effect yet as what I can see and I don't think it will crash soon.
Yes, there is. But I think there is a slight effect on the market price but there is a strong resistance as I can see now. Bitcoin dominance is really unpredictable and I don't see if there is any correlated the price movement in the market. Despite the massive Twitter scam's high profile account, the price was resisted. Even during the pandemic, the bitcoin price didn't shake too much we have seen improvement even though there are panic sellers and the money that collected in Twitter scams was only small amount that not to worry.
Doesn't give any damn since there's no huge volume that can make the price go down but maybe there's really a slight changes but it doesn't mean that we need to get panic for the said incident, For me that issue is not big in crypto world since the hacking incident happen on twitter the only bad side of it is bitcoin drag to another controversy but for sure this will subside and will be forgotten by people in next following days.
and also the amount had been scammed by those hackers arent really that big to make a market crash.Possibility is there though but this will talk in panic situation but basing of on
how the public do react into the incident then i can say that it is unlikely to happen.
Jump to: