Will 'WannaCry' increase the global demand for Bitcoin?

equator

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Quote from: iluvpie60 on May 15, 2017, 07:26:25 PM

It will by a small amount. Not by much though lol... It is ransomware and most people probably have backups and won't pay it. I am thinking only really a few people were hit off guard and didn't have backups, so no increase by much if at all.

Ransomware is a free advertisement of bitcoin to the world. Most of the news are mentioning bitcoin since it is used as the only mode of payment. Bitcoin in my country is now on trend. Many people are now interested on it because of it's expensive value.

What you are telling is true, Bitcoin is getting free advertisement and now more peoples let it be legal or illegal but they are now taking interest in Bitcoin and other crypto currency. But this boom is no related to this advertisement. It is due to the global acceptance of the coin

iluvpie60

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It will by a small amount. Not by much though lol... It is ransomware and most people probably have backups and won't pay it. I am thinking only really a few people were hit off guard and didn't have backups, so no increase by much if at all.

xuan87

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Quote from: BlockEye on May 15, 2017, 07:19:43 PM

I'm very surprise recently to hear the news regarding a ransomware virus that ask for bitcoin as payment. This ransomware are advertising bitcoin to the whole world. Even though the payment for ransom is still small, it really helps bitcoin market to spread around the world and bitcoin now becoming popular. Cheesy

It is true that bitcoin become more popular but this is a bad popularity, it will increase the negative judgement from people and one day this can cause bitcoin being banned from every country, so this is a bad publicity

There ransomware is not going to add global demand because the amount is still small, and I think this incident can cause bitcoin price to fall down

BlockEye

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I'm very surprise recently to hear the news regarding a ransomware virus that ask for bitcoin as payment. This ransomware are advertising bitcoin to the whole world. Even though the payment for ransom is still small, it really helps bitcoin market to spread around the world and bitcoin now becoming popular. Cheesy

d5000

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The question parts from a (very probably) wrong assumption: that the criminal ransomware creator is a Bitcoin fan and will hold his BTC forever.

It's more probable that he will sell the Bitcoins as soon as he can launder them in some way (selling them for cash in various parts, selling on an exchange in a country without KYC/AML regulations, etc.). So the impact will be essentially zero: the "demand increase" because of the users buying to pay the ransom is equilibrated by the "supply increase" when the criminal sells.

taxmanmt5

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Quote from: giletto on May 15, 2017, 12:38:46 PM

There is no reason that the demand for Bitcoin will increase immediately due to wannacry issue. but I can ensure that more and more people will be interested in this field and start learning about it

I think with Wannacry Ransome Virus, there will be lot talk about in all over the world and in News and media also. When they will explain about this, they will tell it demands Bitcoins to encrypts the file so people who do not know about bitcoins now will be curious to know about this new currency. So i think this Virus has generated unwanted awareness for bitcoins which is actually good for bitcoins itself.

sotoshihero

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Quote from: BrewMaster on May 15, 2017, 11:14:58 AM

not, because very soon the security holes will be patched and people stop getting infected with this ransomware and also on top of that there is only a matter of time before the hackers realize that bitcoin is no anonymous and either get caught while trying to cash out or move to an anon coin like monero.

it would be funny to find out they were using coinbase as their bitcoin wallet like the kickass guy Grin

Bitcoin is not really anonymous and I agree with you. Even on exchanges, if you transact more than a thousand dollar worth , you are subject to personal verification.

Same opinion also that this ransonware will be dealt soon. This will not increased demand of bitcoin because of this situation,demand of bitcoin will increase because more countries are now accepting and that is for sure.

CyberKuro

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Global demand? Maybe not because there are few people who knows about bitcoin and just a bit who willing to pay for the hackers if you have enough bitcoin to pay it. But, layman will ask and learn about bitcoin I guess but doesn't mean they will adopt bitcoin as they will see bitcoin used for bad things.

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Quote from: kimmy724 on May 15, 2017, 04:30:56 PM

Just a temporary rise . As most IT departments have already know what and how to restore sensitive data from their backups . They only need to wipe out the existing and restore what are in the back up.

Agreeing, short temporary impact, if at all. And after clicking on the NO vote I can see 75% of all the other voters are of the same opinion.
Of that dozen voters *cough* maybe not very representive so far.

unamis76

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Quote from: webcam_models hiring on May 15, 2017, 12:19:44 PM

Quote from: RocketSingh on May 15, 2017, 12:12:05 PM

New laptop wont have old files...

Actually people use for long time the cloud storages for private files.
It's hard to believe for me, that a private user have any precious info as files.
The companies need to cure about the security of files.

It's hard for me to believe that there is a single person that doesn't have at least one important piece of info as file... Think again, if you're here you very likely have at least one precious info as a file.

Quote from: dasana212 on May 15, 2017, 12:55:10 PM

I think, maybe demand will go down for a few days or may also increase.

...

Don't even know what to say.

Quote from: ?? on ??

I think it is mostly Windows XP computers that are at risk.
Unfortunately, like the cash machines we use at banks, many old systems run NT and XP.
I dont think anyone would risk paying this damned virus because it doesnt have your secret key in ESCROW to guarantee data release.
In other words, you are paying for nothing, most likely.
so no, I doubt it will have an effect on Bitcoin price.

But it will make anyone who is interested in bitcoin have a bad reputation in some peoples eyes.

This is imprecise, even computer up to Windows 10 are vulnerable unless updated, just like any non-updated XP machine.

Pretty curious that they didn't target cash machines, now that I come to think of it...

About payments, think again. Last time I checked they already had 20+ BTC.

kimmy724

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Just a temporary rise . As most IT departments have already know what and how to restore sensitive data from their backups . They only need to wipe out the existing and restore what are in the back up.

the rise

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I think this will make the demand decrease for a while, and it will make the price down somewhat, we need to remember that the negative issue will make global world become very reactive and in this case some people in the world will definitely say unsafe to engage in cryptocurrency. I hope this problem will be resolved so that positive influence will make people more interested engaging in bitcoin.

bitart

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Quote from: ?? on ??

I think it is mostly Windows XP computers that are at risk.
Unfortunately, like the cash machines we use at banks, many old systems run NT and XP.
I dont think anyone would risk paying this damned virus because it doesnt have your secret key in ESCROW to guarantee data release.
In other words, you are paying for nothing, most likely.
so no, I doubt it will have an effect on Bitcoin price.

But it will make anyone who is interested in bitcoin have a bad reputation in some peoples eyes.

It will cause a bad reputation in the average joe's mind. My collegues mentioned the news about this virus, but they're not tech people, so they had only little understanding about the whole thing. They said, that the virus uses some kind of digital money, and that's only used by criminals and hackers, so it's an evil thing. The time and the situation was not the best to start educating them about bitcoin

The sad thing is that things like this can only slow down the acceptance of bitcoin, if average people only meet bitcoin in similar context only...

lukew

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Ahh Bitcoin, that thing that viruses use, paedophiles use to buy images, criminals use to buy weapons and drugs......

That's all the average public will see, not the advantages of the technology, but all the shite it can be used for.

MWesterweele

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Quote from: Bitcoin Gambling on May 15, 2017, 10:51:00 AM

Twitter Poll: https://twitter.com/Chain_Bet_/status/864128151688892416

I think bitcoin will get high its demand,because they use bitcoin for being the currency they would pay for their files to be okay again. The supply will increase too as per demand of the people.

RocketSingh

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Quote from: dasana212 on May 15, 2017, 12:55:10 PM

I think, maybe demand will go down for a few days or may also increase. But and will definitely happens popularity of bitcoin also altcoins will increase, as will many new users are interested to know about bitcoin.

How 'WannaCry' has anything to do with Altcoins?

dasana212

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I think, maybe demand will go down for a few days or may also increase. But and will definitely happens popularity of bitcoin also altcoins will increase, as will many new users are interested to know about bitcoin.

giletto

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There is no reason that the demand for Bitcoin will increase immediately due to wannacry issue. but I can ensure that more and more people will be interested in this field and start learning about it

tiggytomb

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Quote from: RocketSingh on May 15, 2017, 12:24:55 PM

Quote from: webcam_models hiring on May 15, 2017, 12:19:44 PM

Quote from: RocketSingh on May 15, 2017, 12:12:05 PM

New laptop wont have old files...

Actually people use for long time the cloud storages for private files.
It's hard to believe for me, that a private user have any precious info as files.
The companies need to cure about the security of files.

If the user is a bitcoin user, then he should never have his wallets on the cloud.

It would be a really bad move to have wallets in the cloud, I hope nobody is doing this.

Bitcoin will be affected by this only by the negative association, the price shouldn't be affected at all. Maybe in the early days but now it's too much of a beast.

RocketSingh

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Quote from: webcam_models hiring on May 15, 2017, 12:19:44 PM

Quote from: RocketSingh on May 15, 2017, 12:12:05 PM

New laptop wont have old files...

Actually people use for long time the cloud storages for private files.
It's hard to believe for me, that a private user have any precious info as files.
The companies need to cure about the security of files.

If the user is a bitcoin user, then he should never have his wallets on the cloud.

Topic: Will 'WannaCry' increase the global demand for Bitcoin? (Read 1709 times)