Bitcoin Forum

In curiosity, I know all of these can hack the price of Bitcoin, but the question is, which in your opinion is most likely to happen first?

Here are my thoughts:

1. Blockchain Hack - Possible but Highly improbable. Time consuming and costly. See link for other reasons.
    https://www.quora.com/Can-blockchain-technology-be-hacked

2. Government Ban - Yes. there are certain countries that have completely banned the use of bitcoin.
    https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

3. Major exhange hack -  This has already happened. It can happen again.
    An Example: https://thehackernews.com/2017/07/bitcoin-ethereum-cryptocurrency-exchange.html

The poll doesn't permit 2 choices(my choice would be 2 & 3), so i'll just choose the most likely to happen, which is A Major Exchange Hack.

If Bittrex and Bitthumb went down, what do you think Bitcoin could drop by?

I think I will go with the government ban, it is happening one by one with every countries still there are some that do not ban them, but it happening now so I think that is a given. The second one is either of the two, but I think that the most possible to happen next is major exchanger hack. It did happen with Mt Gox in the past year so I guess the exchangers are having a lot of things to keep so they are can't be hacked and not affect crypto currencies. And for me that have the lowest possibility from happening is the Block chain hack, it is alive for some time now but it is still doing fine.

I do not see correlation with these options.
2 options of hacks, okay.
3rd option- government hack,why?

Blockchain Hack, this one is impossible unless you have 51% of the entire mining machines which no one knows how many machines there are, or impossible for you to have it.
Government Ban, this is the most possible thing to happen to stop bitcoin, specially if they ban bitcoin mining.
Major exhange hack, already happened in thew past but did not have that much effect. Not all people store their bitcoins in one exchange or even not all people are trading their bitcoin.

I think the most reliable answer is government ban bitcoin because its price.
If blockchain hack i think it will not happen but if wallet hack maybe is happen.

Blockchain hack: Most likely not in the near future, until we get quantum computing, then it's alot more possible than it is right now.
Government ban: There really is no clue for us to know if this is coming or not. Exchange bans are a lot more likely.
Major exchange hack: I really see this happening again(after Mt.Gox and Bitfinex) but again, we don't have any clue when. This is probably gonna cause a huge crash in price due to probably a good number of people still holding their coins on exchanges.

In my own opinion,  the most likely to happen first is the major exchange hack, because this is not possible to happen, all hacker wants to gets money from this annonymous features,  so they cannot track if they do.  And the second one is the government ban, most of the country since 2016 are getting involve and accepting this bitcoin but after a certain time (bitcoin price increase) other country are getting banned this bitcoin without publishing reasons, maybe they are afraid of loosing a massive capital currency if this bitcoin become bubble. And last is blockchain hack,  it is not possible that this blockchain got hacked, but i think its totally very hard to hack this blockchain algorithm, so for me there is no reason that this blockchain hack will be the most likely to happen first.

Blockchain hack, very unlikely to happen, it is possible to do it but it requires such a tremendous amount of work that I doubt anyone is willing to even try it.
Goverment ban, already happening, there are some countries in Asia where Bitcoin is banned.
Major Exchange Hack, it could happen in the future, and the community already went through a couple of major exchange "hacks" like Mt.Gox back in 2014 and Bitfinex in 2016. Seems to happen every 2 years, huh? so...

I don't think it would be any of those three above, but if I had to chose of those three specifically, the most probably one would be the government ban. Fall of big exchange is possible as well, as we've seen a few in the past and one recently. But definitely the government ban due to high price and simple basically no regulations, just imagine the amount of tax that can be avoided with the current price ($17k on blockchain.info (http://blockchain.info)).

i think the only way to make bitcoin price drop is the goverment ban the bitcoin exchange. especially in big user country like china was. when the china goverment ban bitcoin the price go down to the ice age price.

among the three options, which are most likely to affect the decrease of bitcoin are Government Ban and Major exchange hack. the issue of ICO banned by China a few months ago is enough to affect the price of bitcoin, but it is not long because now the bitcoin price rose very high. while for a major exchange hack, it can definitely affect the price of bitcoin, in which some people will lose their BTC.

Government ban is the most likely to happen first. As the bitcoin price soar the government may attempt to ban bitcoin.

If you are asking this question regarding the possibility of the price fall then I don't think any of them is suitable for the possibility that I think. I am expecting the slow exit of the institutional investors and at a certain point, there will be a panic selling wave in the market and it will bring down the price of it. It is unclear that what are the intentions of those investors pouring capital day by day but they won't keep it in Bitcoin during the falling market in my opinion.

There is one living on this planet that could hack bitcoin's price since it is decentralized, even though I know that there is a lot of people who wanted to do that, but they just can't. The Government might want to ban it because they thought that bitcoin is so risky for the people to risk their money on it and so on, they are all wrong, because bitcoin is more better than that.

the funny thing about start of a drop is that it doesn't even have to be a big news like the things in your poll. it sometimes doesn't even have to have anything to do with bitcoin for the drop to begin! it is all in the FUD and how many newbies aka weak hands are in the market at that particular time and how high the price has gone in the current rally.

the last time i laughed my ass off was when China banned ICOs and the FUD started coming out saying bitcoin was banned and price dropped! then about a month later then closed exchanges and not much happened to price...

right now the FOMO needs to end and rise has to simply slow down, and a simple "bitcoin is bubble" FUD can cause the panic sell and a big drop.

I choose the third one because its more privately own and have high possibility to be targeted by those hackers who hate greedy and oppression, if there is one. I can’t name one because I’m not familiar in every major exchanges but I’m sure there is one. Those two, blockchain hack won’t be a good thing for ordinary citizens and most hackers are not into destroying that. Government also are looking on popularity and that make them hesitate to go against it.

I don't think the above three reasons will make the price of bitcoin crumble. There was a message in the previous period that you didn't know if you had noticed that the quantum computer could crack the bitcoin algorithm. My view is that one day there will be a new technology to replace bitcoin. Then, now the money to enter bitcoin must be flocking.

I concur. The first choice is quiet stupid to be put there. It's like common sense that 2 & 3 are the probable ones. Here's my thought with 2, I think by due time government will came to know that BTC is like fiat where it can be used as good or bad. It only takes a proper regulation and stricter KYC. For 3, yep. It happened and it might happen again.

Anything can happen or Nothing could be happen.

Block-chain Hack
First of all we have to understand that Block-chain stores information across a network which is now global, Block-chain network is not limited to one server or one person or one company, Its global network of personal computers which distributes the information decentralizing the network. In a decentralized way, I believe in today's count there are Hundreds of thousands computers that try to update the accounts that records every transaction which is adding the block of transactions to the chains each and every computers in the network maintaining the account solves a math problem A hash is a simple way to represent a large amount of data in a compact and unique way. The bitcoin uses a hashing algorithm to produce a number in hexadecimal format. The algorithm used by bitcoin is SHA-256 which produces a 256 bit long number in hexadecimal format. created by the cryptographic hash function which takes input of any size and creates an output of the fixed size. What makes Blockchain hack proof and hard to corrupt the network,  Each block has a time-stamp and each block has a link to the previous block forming a chronological chain reinforced through cryptography ensuring that the records cannot be altered by others. Due to the transactions needing multiple parties’ authorization before acceptance, Blockchain has a high degree of trust value. Ref: Blockchain Wiki- A blockchain facilitates secure online transactions. A blockchain is a decentralized and distributed digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.

Government Ban
As a decentralize coin there will be slight effect with Government Ban but not completely, There are several country supporting Bitcoin and Bitcoin is supporting to there taxes and revenue so few country in the list will never impact and those few will also understand one day they can't stand without legalizing Bitcoin that day Bitcoin will succeed Globally. 
It is legal to use bitcoin in the United States, and payments are subject to the same taxes and reporting requirements as any other currency. There is no physical bitcoin currency the way there is a dollar, euro or pound.

Major Exchange Hack
There are several Exchange Hack, My suggestion with Exchange Trader is Only Hold that amount of Bitcoin or Alt Coin which you can loose, There will be slight effect with Exchange hack but it willrecover in timely manner.

I honestly can't for the life of me imagine how the blockchain would be hacked, other than a 51% attack or whatever it is called; I suppose double-spending can be seen as a flaw, but that was more on the implementation into a market/commerce settings being uninformed and naive. I think there are some people worried about the SegWit implementation because I think that introduces some new security flaws to the blockchain, we shall see.

Government bans would just increase the price IMO, when your government tells you that you can't have bitcoin... That's when it's really time to get some bitcoin.

Exchange hacks have happened in the past and destroyed the price of bitcoin few a little while if I remember right. MtGox had a really bad attack that chunked the price of bitcoin at the time because most transactions on the bitcoin network were associated with MtGox at the time. Er go, my vote is on Exchange attacks, because they've happened before and I wouldn't put it past an exchange to try to make a quicker buck at the cost of their security, being ignorant to what bitcoins capabilities and limitations actually are and only being concerned with how much fiat they can make day-trading.

In my opinion nothing will happen to bitcoin because bitcoin is now meatier in market and it has almost nine years in market in this time bitcoin have faced a lot of fork and difficulties and I’m sure that now it’s very hard to beat bitcoin because there is very big support to bitcoin by rich countries and they are also helping bitcoin to stay with high price and bitcoin by it self is now very strong and now how to handle the situation at that time.

you could have added more options, days ago I read some news that said that certain banks were closing exchange accounts " Bulgarian Banks Block Accounts of Crypto Exchanges (https://cointelegraph.com/news/bulgarian-banks-block-accounts-of-crypto-exchanges) ", answering your question, most likely to occur is a ban on government, every day I see in the news about this subject, there is russia that is campaigning against bitcoin and now the south korea looks like it is going the same way
" South Korea Preparing Full Crypto Exchange ‘Ban’ - Local Press (https://cointelegraph.com/news/south-korea-preparing-full-crypto-exchange-ban-local-press) "


We need this, especially many exchange need to have physical office and a phone number for the support

FOR me the most realistic would be the government ban as it is domething that we can see taking effect now and it really has a lasting effect on where cryptocurrencies would be on the future and that is something to be caustious on. As they control the market too in a way

Hi there Filmmmakerr! I think you could add another option there, when the mining pools are hacked. I think two of those events have already happened in the past. And what happened is a major declined in price, the Mt Gox hack for example bring the most major price decline. That is why I vote for No. 3. While the government ban just what happened in China several months ago also signal the price drop but not as devastated as the Mt Gox. The first one, I think it is next to impossible but theoretically doable and I never heard of the whole network been hacked.   ;)
 

None of the results could bring the price of Bitcoin to no value. If I had to choose something from that poll then I would pick the Major Exchange Hack.

To discuss these 3 probabilities one by one :
1) blockchain hack : yes it can take BTC price down, but I guess the resistance of such technology is high securely moderated , so it won't affect bitcoin mainly.
2) Governments ban : a government of one of greatest market land of cryptos <China> has already banned the use, the hold and the trading of these digital coins, as a tardive result the price has multiplied by 2-3 times what it was at ban time.
3) Exchanges hack : it affects principally bitcoin in circulation, but its influence remains minor, because of the disposability of several platforms which offer the same service so it touches bitcoin just partially.
I can add an important thing that can really take BTC price down : the abundance of its use by crypto community ( which seems to be unexpected & unpractical) but if it happens, it can surely kill BTC

It is quite difficult to answer this question. Blockchain hack is very unlike to happen because this technology is quite secure. If another country as big as China decided to ban Bitcoin, it could slightly affect Bitcoin price but it would eventually recover. Major exchange hack could be critical but let's think about it for a moment. Less BTC by many people is treated as increase in a total value. People would rather withdraw their BTC from exchanges than sell it.

Blockchain Hack ~ I don't think that this will happen, if blockchain will be hacked it has happened before but I really can't think about this.

Government Ban ~ This is happening already there are some governments that are aware of the popularity of bitcoin and they just want to ban it for life.

Major Exchange Hack ~ happened a couple of time with the well known biggest exchanges.
 

Just voted in the Poll, and clear winner is "Exchange Hack" and I think definitely this could be the reason in lowering of Bitcoin's value as other points like government hack and Blockchain hack are less likely to happen any soon. As, many government are currently supporting the system and blockchain is a decentralized and powerful invention of the decade not easy to hacked. Among all the risk of Exchange hack prevails more than anything else.

Can the US Government just shut it down? Like they did using the DoJ with online poker? Even though it involved the entire world they seized everyone's accounts. I feel like the USA in general is cool with being the world police and if crypto threatens the US Dollar I see them stepping in and taking control of major facilitators like coinbase. And just shutting shit down basically until they come up with their own crypto currency. I think each government will probably try to make their own

Actually i have voted in the poll to choose only one. Something that most likely happen first is goverment ban bitcoin.
My opinion is government will ban bitcoin and major exchange hacked is 50:50.

Exchange hack has already happened and it is familiar to us.But i don't think that it would create a crash in bitcoin price since the network is very big now and situation is not as it was during Mt.gox hack.User volume was very low at that time.

Government ban also could not bring bitcoin price down as we already saw china's actions against bitcoin has not made bitcoin price to fall.

Blockchain hack we have not hear about this until now and i don't know whether it is possible or not.

I don't think that any of these could make bitcoin price crash.

it is more likely to see the government ban bitcoin rather than being hacked

I think the market and wallet will be the main target. because the block chain is not possible to hack, I never found a case about block chain hack, because the mathematical alghoritma is difficult to hack. and if that happens, then I guess all block deals will be lost and corrupted.

Government Ban and Major Exchange Hack, this is one of the causes of declining bitcoin prices. however, which brings the most serious impact in my opinion is the major exchange hack, because users who store on the wallet exchange will definitely lose their digital coins. the market is sure to be messed up.

it would make it impossible to do some ungrateful job for a human, or repetitive jobs that destroys health, but it would impact the job market, so it would be necessary to set up a universal income

how to vote on this thread?

Actually, the possibility is 3>2>1. But the strongest strength would be no. 2 if US government ban the BTC completely. However, the chance would be impossible. They will try to control it rather than destroy it.
And for eXchange hacking, it is a must and will keep happen again. Therefore keep our assets in a safe place would be the first priority.

Exchange hack is the most likely imho. We already had a pool hack (Nicehash) and Bitfinex is looking shadier by the day with them now "lawyering up" and their inability or unwillingness to produce their Tether bank statements. Bittrex and Poloniex also seem a bit on the Shady side and some of the other small exchanges seem like outright scams.

Actually, exchange hack can happen anytime or any moment, it should be the first or the most likely to happen first. Government banning of bitcoin comes next in which it takes time for them to decide whether to ban it or to regulate it instead. The last one will be the blockchain hack, who the hell would do that?

I dont believe that blockchain will be hacked. But one of major exchange websites can be hacked. We have seen that before. And also we have seen goverment ban. Bitcoin has an idea and deas are bulletproof.

Blockchain hack is highly unlikely to happen so it is either government ban or major exchange hack. There are some countries that are thinking of either banning bitcoin or regulating it and since banning it would just likely to make its citizens go under then they would just regulate it so that they can have a share of the people's income through tax. Regarding major exchange hack, it has happened before that is why the advise is to not keep the coins in an exchange because once you do not hold the private key of your coin then it is not yours.

I think that only the government blocked to prevent the development of the currency will make the price of the currency, because now the currency status is the first, at least not now another coin can replace its status, which makes it the price will not fall

Blockchain hack ? would atleast need 100+ certified security experts and hackers to even get close to achieve it so highly improbable. As for the bitcoin ban in some governements it already happened but mostly in third world countries.

I think two about those occasions have just occurred previously. What's more, what happened is a noteworthy declined in value, the mt gox hack for instance bring the most significant value decrease. That is the reason I choose number 3. While the government boycott exactly what occurred in china a while prior additionally flag the value drop yet not as crushed as the mt gox. The first, I think it is alongside outlandish however hypothetically feasible and I never knew about the entire blockchain system been hacked.

I'd vote for Major exchange hack since it is the fundamental function of Bitcoin in the first place. Perhaps more currencies will join the trades and make it bigger.

I have voted for "Government Ban". But I also agree with the major exchange hack. I believe that many governments will see bitcoin as a threat to its economic system, thus will thoroughly ban it. Let's hope they will not ban it but regulate it. At least people will still use it.

As for the exchange and blockchain , they both have high risk of getting hacked because there are many professional hackers out there. Besides, they always get hacked. Therefore, perhaps the number of hacked accounts will increase in the future.

Well another Japanese exchange has been hacked and its said it bigger than Mt. Gox.

https://www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/?utm_content=buffer6920e&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

So I think the questions has been answered several times. Hacks on exchanges are like to happen first and the link that I've posted above its just another proof.

As far as crypto ban, still 50/50 to me. And those government can suddenly do a 360 U-turn and either accepts or ban bitcoin. The battle is still raging out there. Maybe at the end of the year, we will see what direction nations around the world would take on cryptos.

Blockchain hack? I seriously doubt it will happen.

Government Ban I think is more likely to happen first since there are already countries that banned Bitcoin exchange and other cryptos such as China. I also believe that hacks will not be that much a problem because of the strong blockchain technology that Bitcoin has. If hacks are possible against Bitcoin, it should have happened before since Bitcoin is becoming more popular which should caught the attention of the hackers.

the only thing that bring bitcoin down is government ban, when government from each around the world start the of bitcoin definitely people will be scared and in that process, price will fall, just like what we are experiencing currently.
as for Hacking, this is totally out of it, i don't see how this will be possible

I choose bitcoin government ban. It afffects a huge amount the bitcoins price. Imagine how many bitcoin holders are there in a particular country and the government will illegalize or ban it. They cannot trade or invest more and the users will drop down the price due to lack of investors. As you can see , more and more countries ban bitcoin one by one due to internal causes.

A Government ban is the only thing that is likely to happen, there is no way that any individual is going to be able to hack the blockchain, wallets are being hacked all the time but not the same can be said of the Blockchain and most governments are rather regulating bitcoins instead of banning it.

They stole some altcoin. We're in the bitcoin discussion and this thread is about bitcoin. I'm completely untouched by this news. They held millions in cryptocurrency and didn't know how to set up an offline wallet. I've never had any XEM and don't care about it. Comparing it to Gox is baseless. Stealing an altcoin, whatever it's worth, will never have a huge impact on the price of all other cryptos. Only BTC influences altcoins, not the other way round.

I think it would be government banned bitcoin which is already happening when some countries like China and South Korea.It truly affects bitcoins price when these two countries they started to regulate bitcoin in their country.Most especially that China  has greater population that makes  increases growth of popularity of bitcoin,so when bitcoin is prohibited in their country prices  of Bitcoin drops.I have read in thos thread that China banned bitcoin because they want to create another coin.Since China is widely known in making immitation of their products so i just guess if that the information is true.

Major Exchange Hack also can makes the price dropped but usually it will not last long but in my opinion compare from these cause above which have big impact to makes the price of bitcoin dropped and also makes bitcoin users starting to panic is Government Ban and if i'm not mistaken china has been did this recently and people was panic even not only bitcoin almost all of major cryptocurrencies were dropped too

Exchanges hacks already happened and it can damage the price but taking into consideration the current scenario, a government ban will definetly going to hurt bitcoin prices as some of countries already banned cryptos or implementing limits/restrictions.

If you will ask my opinion, I will not want any of these three things to happen. However, exchange hack had already happened in past and it is sad that so many investors lost all their money without their fault. Government ban has also occurred in some countries but blockchain hack is not going to happen unless the developers are involved.

Goverments are unlikely to bad Bitcoin. I doubt they are not eager to use this new fancy technology.
As for the the Exchange hack, it happened and it's still going to happen.

Absence of any intermediaries or carrying out operations with bitcoins which exchanger server or another user can not by any chance do not intend to block the transfer or stop the system. Bitcoin is not damaged by the influence from outside ..

Perhaps the most likely thing to happen first is for governments to declare a common "war" of the crypto world and forbid everything related to it. But in general only time will show.  ???

They will do it if they think that their interests are affected, it's that simple you must remember that governments are not there to ensure the well being of their people that is not the reason they are there, they want to obtain power and anything that threatens that power is something they are going to be against, right now they're not forbidding bitcoin because they think they can get money out of it, once they realize that is not going to be the case and in fact are going to lose money because of it you'll begin to see a lot more serious talk about banning bitcoin.

Block Chain hack can't bring bitcoin down , We can increase the security of wallet since the company don't want to lose their customers. I don't think its belongs to bitcoin's price. But i believe Government Ban can take bitcoins down in just seconds. Bitcoin's price got distributed in past when the china and south Korean's Government ban the use of bitcoins. More countries ban it more the price will fall down. If it happens it can destroy the bitcoin for sure but it is unlikely to happen.