Bitcoin Forum

This is a sad thing..people are forced to buy bitcoins to pay ransom..while this may create demand in epic proportion perphaps next all time high..certainly this incident brings bad reputation to bitcoin.


i think price will shoot to 10000$ by next week

for those wondering 10000$ is too much.. think about thousands rushing to buy bitcoins to  pay the ransom

I think you need help...

Not at all.
Price may reach $2000 by next week and i don't know for what reasons you said $10000.

$10000 next week? I doubt it dude. But one's thing for sure. This ransomware plague might be used by the anti-bitcoin, unfriendly nations to reason out that bitcoin has its flawed and this is the classic example of it. So they will continue their hard line stance against bitcoin technology. Although people may forced to buy now to pay the ransom, I don't think it will push the price to $1000. Most likely around $2000 in the coming weeks.

Its a very bad publicity for bitcoin. Ransomwares are very highly sophisticated malware. Sad to see bitcoin is rising because of this. The op is ridiculous tho. $10k this week. Really? That's impossible for just a short period of time. Maybe 10 years from now. Bitcoin will reach that price. Maybe we will reach $2k at the end of the year.

Bullshit. Ransomware is pretty easy to develop (even from scratch).

i hate to agree with kwukduck but you need help :)
being happy about people rushing to buy bitcoin to pay for "ransom", and this has been happening for a long time. this is not news. so the demand that shit is creating have always been there and it is not that big to cause any change in bitcoin price that is noticeable.

What exactly has bitcoin to do with this other than being a decent method of payment?
Everyone who sold BTC because of this is a douchebag and we should be thankful for cheap coins.

BTW: I would've used Monero, lol.

actually the hackers earned about $40k in a day .. so this is not going to affect the market at all

Hahahahahaha I guarantee these scripts aren't bringing BILLIONS into bitcoins. This is completely wrong and is not at all why the price is going up. A few people buying bitcoins then sending them once will not affect the market in the long term.

This is nothing but bad publicity for bitcoin. Now people will start to associate hackers with bitcoin aswell. I hope this won't affect the scaling of bitcoin in the long run.

the total amount that is demanded is something like 6 or 7 BTC!
unless there is some other news that i am not aware of, this amount does not mean "thousands of people" it is just a handful which don't know how many are even going to pay the ransom.

p.s. i would also have used Monero ;)

I don't think so. Most of the large businesses targetted will have had back-ups of their systems, so they don't need to pay ransomeware, they just need to wipe stuff clean and rebuild from the back-ups.

I agree with others who say this is bad publicity for bitcoin, it fixes it in the public's minds that it is associated with criminality.

So if they demanded gold in an etf would that be bad for gold or etf? Come on it is not bad for bitcoin this is just the mode of payment they desired for ransom

Hi!

We'll see! We always hope for the best especially so we are in the same boat as we are all Bitcoin investors.

I agree that force buying of Bitcoins may do more harm than good but if this is the strategy that is IN today, who are we to shrug it off. We just have to deal with the inevitable. As long as advantages come more than disadvantages, I think we can survive in the digital currency world.

A $300 ransom. I heard estimates of around 75K systems affected - that's only about 13K BTC at current prices. A single whale could buy (or sell) more bitcoins than all of these ransomware victims combined.

well if this news was for real yeah it will affect the value of bitcoin but what will happen after? the price hype will stop after things has been
settled and value will start falling again right, very high speculation maybe it can reach 2-3k$ but 10 is really a big question.

Several such issues have arosed in the past. In one case entire network of a central library was under hack and a huge ransomware was demanded in terms of bitcoin. In a short time the library authority took control paying a programming team and made those hackers get away.

In the past the victims had to pay with USD in cash or had to transfer to on offshore bank account.
Furthermore it's tools developed by the NSA which had been used.
Bitcoin is money. And when the hackers want to get paid in BTC, well then this is how it is.
It won't have any long terms effect on bitcoin. Remember all the bad media because of silk road, the exchange hacks, several scams, ransomware which took place in the past and so on? Bitcoin will keep on going and doesn't give a damn.

10k is not reasonable, it is just hit $1800 and goes down to range $1500, it will be worth 10k in the next halving..

- This is your over speculation, $2000 may sound realistic but $10k is way far.

- Even if those thousands of people buy billions dollar worth of bitcoin, price will not rocket to your speculation. But when new people buys bitcoin it will certainly have some positive effect on price.

Forget about any ransomes,big companys and insitutions have been hurt,there is already big international investigations,that attack is kind of terroristic attack,do you think that German Reilways will buy btc to pay ransome,it can has only negative influance on btc

I don't see any where a mass ransom demands surge to force people into paying them by Bitcoin, I'm sure bad guys very well know about LTC and ETH why not demanding them as well? maybe XMR or DASH?
Or maybe we don't have LTC mixer or ETH mixer like we have bitmixer?

The unfortunate part is when you send them Bitcoins after they mix them there is virtually no possible way to track them, unless you deal with amateur mixers which either scam you by stealing them or just have no skills or volume to properly mix them or they are just government's agencies masking themselves as mixers and secretly keeping the records of every transactions for future references, you never know.
BTW, price is going under unlike what you are suggesting.

This is an old story, last year there was a news how UK and some other countries buying bitcoins to have in case they need to pay some ransom. Why would now repeating the same story pump the price so much? And how can this story be bigger then adoption and legalization of bitcoin in Japan and Australia? OP just had some crazy dream...

Yea. I see a possible $2,000 soon. But, $10k most definitely isn't going to happen for a while. More than likely, it will be in 2020 or shortly after when the halving occurs. Print out a paper wallet and send some extra coins over for when this happens ;)

Alas not happening the ransomware makers made 20-30 K so far but its nowhere near enough to cause a price bump.
Perhaps an awareness impact but not much else.

People should not pay the ransom, it would only incentive such types of attacks to happen again. If they follow basic guidelines of how to use the computer, they should have everything backup'ed somewhere where malwares can't reach.

Also there is no guarantee that they will in fact have their archives back, some ransomwares don't decrypt them even if the ransom is paid

I believe that also since if they easily gives up and pay the ransom ask by the attackers well im pretty sure that the will do the same act again and harras those country who paid off. So better they should make some better aid for it and fix the problem by their own hands since they have money to pay some good hackers to counter/fix those spreaded virus .

Hackers will be hackers and they will exploit again if they can see that this act will be profitable for them.

This is the worst thing ever. In my country also currently there is an appeal to the widespread deployment of ransomware. I do not understand why there are still bad people who harm many people. They encrypt the data we all have. It is a very serious crime. One of the advantages may be an increase in bitcoin. But it does not matter when we become victims.

But if this matter can make the price of btc grows then it could also make the price go drop since hackers can easily dump their money get from ransom itself and i believe the ransom for that virus is not pretty cheap so brace ourselves right now and see what will happen aswell as wee need to be vigilant on this. Eventhough there's a good effect in every act on it with bitcoins well we cannot still assure that their would be longterm effect on it since the hackers would not do good for the benifit of the bitcoins itself but they do it for their very own benifits.

I presume that if it's a hospital that ransom is a necessary expense to save lives and access patient data. On principle it makes sense but it is not the best choice in practice for some situations.
http://www.telegraph.co.uk/news/2017/05/12/nhs-hit-major-cyber-attack-hackers-demanding-ransom/

Operations and appointments were cancelled and ambulances diverted as up to 40 hospital trusts became infected by a “ransomware” attack demanding payment to regain access to vital medical records.

Doctors warned that the infiltration – the largest cyber attack in NHS history – could cost lives.

In the UK the only affected organisation appeared to be the NHS.

Patients awaiting heart surgery were among those who had operations cancelled, with doctors telling how staff were frantically ordering computers to be shut down. New parents were left stuck on wards with their newborns as administrative systems failed.

Doctors at dozens of trusts resorted to pen and paper, with no access to medical records that could alert them to medical histories or allergies. Handwritten signs in the entrance of the Royal London’s A&E read: “The emergency department has no IT facilities, there are significant delays occurring.”

NHS trusts are supposed to regularly back up their files.

But yesterday doctors and nurses were left treating patients without any access to their medical histories, with lost access to X-rays, blood tests and details such as allergies to medication.

It raises the possibility that recent changes to medical records – such as a cancer diagnosis, or the results of a blood test – could be lost, if hackers delete the files.
---

So when it comes to a few hundred dollars or a persons life the ransom will be paid even if their is a risk of no decryption.

Do you really think that thousands rushing to buy bitcoins will take the price over to $ 10k ,how do you make your calculations, ::) you have to literally fire the rocket to reach those prices. :P it is really unfortunate that a ransomware is extorting people,but that does not mean that the price would rally because of that and i am waiting for a good correction.

According to the following article which is tracking the bitcoin addresses specified in the malware, only about $26,000 worth of bitcoin has been sent:

https://qz.com/982993/watch-as-these-bitcoin-wallets-receive-ransomware-payments-from-the-ongoing-cyberattack/

kwukduck, please do yourself and all others a favor and buy back in! TY


On the long this ransomware binaries could perhaps get reverse engineered to crack the encryption code. That's what secret services usually have been meant for. Not really been meant for creating cyberweapons (and spreading them, due to legal restrictions about classification necessarities on weapongrade material) AND shutting down hospitals. Nope, not been their mission goals.
FedEx seems down, duh! Next week will be ... adventurous, to say, at least.

haha, this duck is either an employee of someone and is getting paid to spread the propaganda against bitcoin for whatever reason.
or he is short term trading the shit out of bitcoin and appears each time there is a dip to help the panic a tiny bit and buy cheaper coins.

in any case just enjoy the stupidity. :)

It would take at least few hundred years to crack it .The authors of this mess are pretty stupid, because the they chose to use NSA's exploit like this .. if they had financial intentions

For some weird reason, the price seems to be not affected by this attack. It seems to be hovering around $1800.
The only explanation is that the increased demand for bitcoins has been offset by the negative press regarding Bitcoin. A lot of people consider Bitcoin as a hacker's tool now.

That's because the "demand" for bitcoin due to the hack was only about $30,000 worth, not enough to move the price.

Large orgs have back-ups. The NHS shut down lots of stuff as a precaution on Friday, most of it was unaffected by the hack and is back up and running. Big businesses like Renault and Nissan also have back-ups - so all they need to do is wipe their servers and rebuild from scratch and they're good to go, no need to pay any ransoms.

So there was no benefit for bitcoin from this, and plenty of downsides in terms of negative press.

well negative press can also be use to advertise the system as bitcoin is really gathering attention whether for good or bad the fact remains that btc is already existing and people are getting interested to invest and use this platform, this ransomware issue will be forgotten but bitcoin information will remain to those who reads about this news.

Yeah, any publicity is good publicity. This will raise awareness for bitcoins in the world. It may look bad but I think it could totally leave an impression to the people who read the news and they will try to search what it is. Also those people who were victims of this ransomware will now know how to use bitcoins, which is a good thing.

The price of bitcoins to reach 10000$ will take more than 2 years according to me.On the other hand you can expect the price of bitcoins to reach upto 2000$ by the end of next week otherwise you have to wait till june till the price of bitcoins reach upto 2000$.

And so far this giant worldwide hack has netted about 35 BTC. Wow. They must be enjoying their private islands. As will we when the next 10 BTC bought pushes the price up a few tens of thousands of dollars.

Two days later it doesn't look anything like your prediction , does it?



Increased demand for what?
50 guys buying 300$ worth of bitcoin?

Who the hell is still paying for this ransomware crap?

Till now only $50000 worth of bitcoin is paid to the hackers. This amount is nothing as compared to bitcoin market cap. This hardly gonna bring any change. Moreover, people aren't paying them any amount as decryption isnt guaranteed and people doubt the hackers which is quite obvious. Regarding to the bad reputation of bitcoin. Bitcoin is just used as a mode of payment and nothing else. So bad reputation don't make sense atleast to me.

Fifty thousand dollars might not be a huge amount comparing to the market cap of bitcoin but the thing you have to remember is that the ransomeware just started collecting money and just calculate the amount of money they could run away with when it lasts for a couple of months,the amounts will be really huge and it is spreading like fire.

Many institutions have stockpiled Bitcoin from ages ago for scenarios just like this one. There won't be any market effects on the upside at least.

The price is growing really fast. Just a month ago I cashed out 1 BTC and the price was 1200$, now it's cost 1800$ and I feel like I lost those 600$ which are like two my monthly salaries. :'(
10000$ next week is too much man. Bircoin is growing but for such position it will need to climb couple more years. I think after all this enthusiasm around Japan will calm down the price willcome back to something like 1500$ price.

Actually they are wanting a ban on any anonymous payment system like our beloved bitcoin because of these current events.
So it is not a good thing to have this sort of epidemic having of happened and having bitcoin connected to it as you might think it is. Just for the sole purpose of increasing your portfolios worth. :-\

Yes it is pathetic if people are forced to buy bitcoin and then they will consider it as dark world money.
But, I don't think many people would pay for the ransom instead of waiting for govs solve this problem or reinstall their computer, anything else but not send bitcoin for them (hackers). $10,000 in the next week? It is too exaggerating, I don't think bitcoin could reach that price because of this matter, but maybe hit $2000-$2500.

Is it just me, or making money on someones else suffering seems a little bit disgusting. Advocating for a rise in price for bitcoin, based on the blackmail gossips, will hurt bitcoin a lot in the end. Its like giving your enemies a weapon to stab you with.

Community should not cherish a behaviour such as blackmailing. For sure it should not trigger the greed button in people. It looks really, really bad from a PR and a moral perspective.

Bitcoin might expose its name to other individuals who doesnt know bitcoin because of this ransomware virus.  The more users affected  by this virus, the more individuals will be buying bitcoins to pay the ransom. And the result bitcoin price will increase.

I thought someone accidentally found a solution to this ransomware wannacry hack and put a stop into this world wide attack. MalwareTech found a solution (temporary I guess) by registering a domain that the malware is checking whenever it tries to hack into a site. The news was published at wired.com but the kill switch cannot help those who are infected already.

that was "wired" though. i can't wrap my head around it. how did the hacker set the site (the domain) to be checked in their ransomeware but they didn't register the domain first?
that doesn't make any sense. and that is not something small to forget, the whole thing depended on it!

Not all pay the ransomware  key maybe those miners who affected on wannacry is already paid for it all there files are enctrypted and it will be autotimaticaly delete by the time cames up. Someone already found the solution on ransomware but the version 2 is the powerfull one we can blame nasa for this huge mistake.

it does make sense for someone to force people to buy bitcoin to increase the value via ransomware, because i bet these poor people targeted by this kind of malware not even aware what bitcoin is,

so they are without a doubt the good target for adding money influx to the market

but not if they are only asking for a mere 50 bitcoin like the last time, i might believe this if they were asking thousand of bitcoin which is not the case

I don't think that ransomware attack even global like this one was created to affect the Bitcoin price. Many theories have appeared now, of course, but if you look at the end of story hackers haven't profited that much and.many people have decided not to pay the ransome.
And 10000$ next week is realy unrealistic to expect.

The amounts paid in ransom are ridiculously low compared to the market cap of bitcoin, ransomware will need to affect most of the computers of the world for that to be true, and at the same time that will damage bitcoin since many coins will be lost in the process.