Bitcoin Forum

So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack. And after the recent drop, it makes sense too, I mean the price went up considerably as the demand of bitcoin went up, and now probably they are cashing in their rewards and hence the value is going down.
What do you think?

I think investors are just cashing it out as you pointed. Ransomware has nothing to do with the pump. The hackers was able to get only a few thousands. Months ago, we say that the mental price barrier to sell is $2000, but we didn't experience a massive dump then, maybe a few price corrections. But when the price reach $2700 or more, big whalers started to dump cashing in and sleeping with huge profit in their wallet. So I guess the mental barrier switch from $2000-$2500-2700. So we are back to $2000 now I'm speculating that we may experience some buying back again in the next couple of weeks. Ransomware or not, dumping is inevitable. Its that the dumping price has change($2500-2700).

There is a huge possibility that the cause of the falling value was the ransomware group who sold all their bitcoins. But let be realistic and be true to ourselves that the cause of the price meltdown was the dumping of coins by many bitcoin holders who wanted profit from it. This is now the trend in the market the bitcoin holders will buy and hold their coins and finally if they find an opportunity they will sell it thus causing others to panic and sell their bitcoins and it will end up to a massive corrosion of bitcoins value. But there is a wall or limit for these dumps and that is the 2000$ value. The fall will not go down 2000$.

Yes ,one of the main reason for the huge changes in bitcoin of late is because of ransomware attack ,which totally hacks the devices of people and it spreads very quickly in the network they are connected with,so to retrieve the files the person's whose  device is hacked ,has to pay some among of money in bitcoin to get the key and to retrieve his/her data

People were holding their coins since a long time. It was best time to withdraw those coins and cash them out in hard cash. Bitcoin price is dropped due to more coins gets circulated in market and hence demand of it gone less which resulted in price drop.

I don't think the price increase happened due to the ransomware. What the hackers tried to do was not good and many people started thinking bitcoin as an illegal currency due to this. However, we can't deny that fact, that due to ransomware attack, the bitcoin received unexpected boost and people actually started researching about bitcoin to know more about the crypto currency.

And the recent decrease in price was due to the investors who booked their profit, which is very normal and you can see the price going up again. This is a normal ups and downs for the bitcoin industry and we traders always look for such opportunity. I strongly believe that ransomware has nothing to do with the recent price surge.

Doesn't make sense. The attack had hardly any impact (except for some patch resistent sites that were prominently blamed featured in the media) and the criminals didn't earn a decent ransom.

At a conference, I heard the hackers didn't get that much income. I doubt, they would be the ones to "manipulate" Bitcoin's price. They installed XMR miners too and I didn't see this high pump in Monero lol.

There wasn't many people who paid ransom to these hackers, because decryptor was created and hackers didn't received much profit. Their income was meaningless to the whole volume of bitcoin and I don't think that rise of bitcoin price was related to these attacks.

I heard my friends also mention this reason, but I don't see any connection in that incident, the ransomware is not happened for the first time, before this ransomware, it did not created any uprising prices, the main reason for me is because more people are investing in bitcoin and try to do trading, not because of ransomware and the price drop due to the people selling it and now it is bouncing back again

The price rise has nothing to do with ransomware ,it just came in between the price rally and nothing else,we are seeing big funding institutions investing into bitcoin and so is the reason we had a really good rally and expect a correction in any market and that is how the market moves.

i don't think that is because of ransomware attack, i think its because many people is getting panic when they see the bitcoin price is getting correction and this make many traders panic and selling their bitcoin. they selling the bitcoin is because they are afraid that bitcoin price will be falling to deep and they don't want to cover the loss so this makes them to click the instant sell button. but after the deep correction, the price now is back to the high price and i think the price soon will reach more high. and congrats for people which buying bitcoin with cheap price so they can sell it at high price.

What do you really mean by more coins being circulated in the market.The market cap is still the same and what are you talking about,we had a good rally and now we saw a minor correction,last month i thought the best rate would be around thousand dollars and things changed just like that now two thousand is the new minimum.

it might be an impacting factor "can't deny it completely as a very large number was hit, some of them did pay the ransom" but I guess the reason is more fundamental from that with the increasing media attention and coverage and new countries like Korea and India buying more into it.

The spike and drop were due to SegWit.

When the market believed SegWit would be activated by miners due to the Barry Silbert agreement, it spiked.

When the market ceased that belief due to the validity of the agreement, it dropped.

Every time there is positive momentum for SegWit the price rises.

Every time there is negative momentum against SegWit, such as BU, the price drops, although temporarily because we are in a bull market.

If you haven't figured it out yet, the market wants SegWit. Therefore, if you want to make more money faster, support SegWit  ;)

There are some idiotic replies here that clearly have not looked into the subject closely. Before we can answer what OP is asking we should find out how much the victims paid in total. There was some news posted in some site that the hackers only got $50,000. If that is not true then the value could be higher but not high enough to reach $1m I believe.

Is that big enough to move the price down?

Nah, the movement was just too big to be due to that and also the fallen price recovered easily, and the countries the new demand is coming from is mostly South Korea, which wasn't affected that much with the Wannacry malware, although it may have provided some form of "publicity?"

You took the words right out of my mouth.  I too also read that they only managed to secure roughly 50k.  I think more the price movement is whales filling their wallets with cash at 2700.

have you even checked some numbers before giving your (wrong) opinion here?
according to CNBC the hackers only made $50,000 from their attacks!

now do you even know how pathetic that number is compared toe bitcoin daily trading volume? :D
let me help you. on bitstamp alone the daily trading volume has been above 15,000BTC=about 25 million dollar on average. and there are at least 5 more exchanges with same amount out there...

so yeah that drop in the oceac caused the ocean to overflow!

If they instal many miners then prices will not go high instead it should come down because supply will be more than the demand. I think these recent attacks will have a slight impact on prices but this is not a reason for recent prices to go high. But these attacks has given a good publicity to Bitcoin in worldwide.

But it could be that many people bought bitcoin after those news, either just to know what its about or maybe those who were to paid ransom and bought these coins just in case they have to, and now they are selling as they don't have to pay the ransomware anymore.
I mean the impact may be not that big from ransomware, but must have definitely made some impact both in btc value rise and now fall.

I don't think the ransomware has related for the recent price changes because the ransomware is just a small issue for bitcoin and bitcoin is not hacked or anything it just used for illegal activities like a gateway for ransoms like the virus that already spread a few days or weeks ago. I think the current price changes is depending on the movement of the whales since they one of the most reason why the price of bitcoin is on the top now.

it's a mental thing, they forced many people to pay and scared many other that maybe bought bitcoin in case the same thing happen to them, i would not be sos ure if this trick didn't work for him

and indeed the pump was not due only to this, that is clear, there are manipulation from big whalas here as usual

For me dumping in recent times doesn't have negative effects like some years ago because people will buy back again and the price will be restored or nearly restored to the point where it began to dump. We can all see I s back to 2,200$ and might climb up again within the week. The ransomware attack is bogus and I don't think it had any direct implications on Bitcoins prices.

The impact that these Ransomware will have on Bitcoin's price, will be like farting in a tornado. You will definitely not make any impact at all, and it will hardly be noticed. The media will blow this totally our of proportion, because it's "clickbait" and draw people's attention to their news sites.

Ransomware is still very insignificant in the bigger scheme of things. ^hmmmmmm^

That s BS, big time BS. What u claim is that demand for BTC came from people need BTC to pay ransom and now it went down cause attackers cashed out.

Well......that is BIG TIME BS.

One question, why did price go up from 650 last year to 1200 early this year? There was not ransomware during that period?

Ransomware existed for a very long time, probably as old as computers have existed. with different names and a lot of different methods of asking for ransom and so many of them are caught and imprisoned now.

the only difference is that the news about this new Ransomware (which is using bitcoin instead of other old ways) became big in bitcoin community and everyone is talking about it so we keep hearing it in this forum too. but in fact there is nothing new! and it never had any effect on bitcoin whatsoever.

They started asking for Bitcoin when they came to know about pseudo anonymity feature.
How much they may have got through ransomware.?
I haven't seen anyone who paid them in Bitcoin. If we get that statistics then we can conclude something otherwise that theory is just BS.

If there are a lot of people affected by the ransomware attack, then probably it would've had an impact during that time. It can definitely be that in a way just because of the possibility of people panicking and starting to discover what Bitcoin is hence the upbringing of more people into the cryptocurrency stage. But there are a lot of ransomware still going on everywhere. I can advise you that you backup all important things.

I think that this is no related to any ransomware as the boom was mainly due to the JAPAN, AUSTRALIA, SOUTH KOREA are coming to crypto world and they have given legal status to bitcoin so the people of this country are just buying it madly as they know the future of crypto currency and they wanted to be one of them. This dump was expected long back and no one expected the price to go 3k. Now is the right time to enter back in bitcoin as it is taking support near 2k

Maybe it is due to ransomware but I am not sure about it. This happens all the time with bitcoin, when price spikes up a lot soon after it many people take profit and would like to buy bitcoin on dips then to be ready for another pump and dump situation. This are not true bitcoiners, they see bitcoin as only something to make profit out of it and will not hold coins for long. True bitcoiners only spend the necessary amount they really need to and keep saving the others because they think bitcoin can really change their lives not in a so distant future.

Actually the trading volume is even higher than you're suggesting.  Coinmarketcap's 24 hour trading volume (https://coinmarketcap.com/currencies/bitcoin/#markets) is nearly a billion dollars - during the recent rally and dip, it rose as high as about 1.5 billion dollars.

The amount of money which people have bought from the ransomware attacks is so ridiculously trivial that it's below what people buy each minute.  Furthermore, it's pretty difficult for the criminals to cash it out on an exchange considering the threat of them getting caught knowing that all authorities are on very high alert for them.

The only way that ransomware could affect the Bitcoin price is indirectly, through the surprisingly positive (or at least accepting) articles in the mainstream media which were published during the attacks.  That could potentially increase awareness and investment from newbies who ended up being weak hands when the dip happened.  It still wouldn't be a very significant amount of the total though.

Totally no, latest rally seems as accumulated adoption in worldwide due to every exchange may shown different price.
I've never heard about someone forced to buy bitcoin because ransomware attack, maybe this attack famous in some countries but not so much affected bitcoin. Thief can not simply just threaten for bitcoin and then cash out their rewards and they could be traced, such as bitfinex bitcoin which barely not move for months.

the only way what would have happened if there were an impact on bitcoin is that it would have dumped a lot because people would think that it is just a scam that is not going anywhere so they would be selling. Now the price pumped because there were a lot of new people throwing money in or the banks started buying it to be able to dump in on peoples heads afterwards and thus make bitcoin look less appropriate.

The impact of such events on the price of Bitcoin is something that can not be overlooked. The news was circulating all over the world, so I think that affected the price. But this is only one of the many causes... there was also a steep increase in demand due to economic factors that lead people to see Bitcoin as a safe haven to escape from inflation.

I do not think that the current increase in price of Bitcoin is due to the recent Ransomware attack.  I think it is more on the global adoption of Bitcoin.  Besides ransomware attack were concentrated  not on the countries that have the highest volume of bitcoin trading.

Probably this has an effect on the dump since people involved in this attack would probably converted the bitcoin they receive which is the possible reason of the dip in bitcoin price.

Another thing to look into is the emergence of the new ICOs this year. How much Bitcoins have they raised this year? Would it reach $100m? I believe it is outside money that funded those ICOs through the use of Bitcoin.

I think the price increase had nothing to do with the WannaCry ransom.

Yes it did affect a lot of devices and people but I don't think that they made a fortune.
Plus if this is the case and they made a lot of coins, they probably would go sell all of them to get some cash which means more coins available in the market than the demand. So I think if they really steal a lot, the price should've gone down.

I disagree 👎, Bitcoin price had nothing to do with ransomeware, it's got a bad name due to it. Bitcoin price work on a simple rule of demand and supply. So the ransomeware coincided with the high demand period hence the price hike, and the existing users sold to cash out making a huge profits hence the fall. No effect of ransomeware, the funny point is people are not talking about ransomeware any more, Bitcoin taken the centre stage and that's not good cause it's not for right reasons. You can study more on the economic section.

I think that ransomware attacks are just a drop in the ocean of bitcoin; the recent attacks have little to nothing to do with the price boost we experienced recently.
I would be more prone to consider the growing interest into the crypto currencies of more people from all around the world as the main cause of the spike we witnessed.

Ransomware is no longer a new thing, it has appeared many times before, and it has survived so far. There are many hacker groups in the world, although their software is different, but they have all the same features, and they use bitcoin to get paid. It can be said that bitcoin has helped hackers steal money from others, but bitcoin is not the cause.

Incorrectly, the development of bitcoin has nothing to do with ransomware, it's a rumor, it will affect bitcoin's reputation. In fact, the development of bitcoin depends on the governments, they have accepted it, so its value soars, people's needs are higher.

Ransomware is not available to everyone, but Wanacry is the software that has the most severe consequences, which causes the world to move and threaten the global crisis. However, I'm glad it has been blocked, although it may continue to outbreak in the future, but temporarily, we can rest assured.

No, the value of bitcoin reduction does not relate to hackers who own large amounts of bitcoin in wanacry. Bitcoin discount is a necessity, developers have adjusted the value of bitcoin to control its outbreak. At present, bitcoin has entered a stable period, we can rest assured.

All of you have the wrong idea, the bitcoin value is completely unrelated to ransonware, which is the adjustment of the developers, although the bitcoin price increase is a good thing, but if it Raising too fast, it can cause many consequences.

Of course Sherlock the biggest reason why we saw such an increase is because of ransomeware as people were very curious to know what bitcoin is and then tjey found out it's previous price and stuff and because of this people decided to invest and we saw a really high increase. Now obviously people didn't expect anything like this would happen so they sold it thus the price crashed

Maybe theres an impact on the price surge of bitcoin. Because ransomware spreaded on 150 countries worldwide. The demand of bitcoin will increase. But i don't think its the main cause of price surge. I think its because of massive adoption of bitcoin in Japan which cause price surge. Now South Korea will jump in to bitcoin. Expect price pump in the following days.

The crazy soaring price of BitCoin is only due to media coverage and the fact that many people just want to join this party.

Ransomware is a malicious software designed to block access to a computer system until a sum of money is paid. But I guess Ransomware got nothing to do with the drop of the price there are just many users that are selling or converting their bitcoin and out of emotion they are carelessly doing that, but now that the dropping is over and the sea is calm once more there is now a chance that we will see the $3000 value anytime soon.

only ransomware i think wouldn't made the price too much because their only a little part on market and it wouldn't affect for global price of bitcoin, will be different if an exchanger be scam and steal user's money

Sure, it does not relate to the bitcoin value drop, I think you should get more thorough information, there have been many articles announcing the reason for the bitcoin discount, but it looks like the You do not care about it, the discount of bitcoin is purely an adjustment, and it is necessary.

None of this was because of the ransomware. Do you realize how little they got compared to the huge market bitcoins have? There's millions and millions flowing in and out of bitcoins so a few tens of thousands won't make any difference.

I don't think so. Sure! Ransomware apparently must have had great impact on the increase in value of bitcoin cause it opened the eyes of public to it and most people who had no idea what bitcoin was started checking it out which increased its popularity as well as the demand. Nevertheless, the surge in bitcoin price has happened before which usually follows with a quick drop in price after a while. This drop in price makes some newbies to quickly want to cash out as well so they can have more profit hence, leading to more drop in price (DUMP AS IT IS SO CALLED). It is just how the market is and I don't think ransomware had anything to do with that.

It might’ve been due to a Ransomware victim purchasing or multiple Ransomware victims that purchased Bitcoin and that lead the price of Bitcoin to increase much faster than people thought it would. Though around $2,000 is not that much for Bitcoin, there could be more people that will use Bitcoin and cause the price to get higher, the whole fact that there is not many people holding at least a single Bitcoin is kind of weird to me.

Ransomware is nowhere near as successful as people make it out to be.  The main thing that hurt this virus set of programs was the leak of the code.  When there was a smaller group deploying the virus, there was a higher percentage of people paying out.  The widespread ability to release your own ransomware ruined that virus for those that were using it.

No.

Two arguments:
1. Ransomware hackers received only about $80,000 in total
2. They used only 3 different bitcoin addresses in total and all of them are being watched. No coins have moved, so they haven't started cashing out yet

If you are talking about WannaCry ransomware, then it I don't think the ransomware is the reason of increase and drop. As other people have mentioned, the ransomware did not succeed much to collect Bitcoin payments. The kill switch in ransomware stopped the attack to stop the destruction. Otherwise, it could have gone more severe and then Bitcoin prices could have come into play.

Who holds their coins for a long time is the best time to get them to cash into cash.Bitcoin prices can go down because many old coins circulating in the market due to the demand more and more resulting in prices to fall.

I agree. But what kind of "growing interest" is there in cryptocurrencies? Real interest for utility and usage that will benefit ordinary people like us or interest in making a lot of money, doing speculation and getting rich quick?

The increased publicity, and the fact that most people knew that there was a fifty percent chance that your virus was deployed by an amateur, meaning that paying the fee was not likely to get anything fixed.  If the ransoms asked for are small, then the effect on the price of Bitcoin is negligible.  If the ransom is too high, then Bitcoin was never touched as the ransom was never paid. 

I don't think the ransom ware was the cause of any increase in price lately. It has really a small effect on bitcoin prices even if there was a mass attack that happened all over the world. Though, the positive effect of what happened was that bitcoins gain a bit of popularity because of this even it was in a bad light.

It's probably a combination of interests, I hear that Bitcoin is actually getting pretty popular in Japan for it's use as a currency, so I don't think it's all speculation.
But if you see a sudden price spike of 500 dollars in a day, that's most definitely fueled by pure speculation.

I wonder what the price will do if Australia regulates Bitcoin.

I disagree with this because there are no solid numbers and facts to back up this claim. I believe it is all speculative interest that is driving the market right now.


Regulation is overall bad for Bitcoin. It limits its use. Just use fiat if you all want a regulated currency.