Bitcoin Forum

Let's assume for the moment that Bitstamp was breached by hackers and at least all hot storage coins are lost. What do you think it would happen to the price? What do you think it will happen with all those sad fellows that lost the coins? And what do you think it will happen to the Bitcoin image?

I guess the price won't be affected too much at least few days.

I guess most of those that lost their coins will never come back to bitcoin again.

And I guess the media will be all over the bad news and Bitcoin's image will suffer the most.

Anyway, it happened before, it will happen again. That's the price for using CENTRALIZED EXCHANGES.

wondering about your agenda.

I think the price will drop to 150-200 $  , but it's only my personal opinion.

Cheap bitcoin prices.

Their hot wallet is only a tiny percentage of their entire stash. They could make that amount back by artificially creating a few pump and dumps and let the sheep pay for their loss.

I strongly suggest you change the thread title.

It's one thing to troll the bulls a bit, but this is a different level.

Edit: Thanks.

Only morons got trapped by gox. Stamp is a long way off that kind of idiocy, and if they were heading that way there would be warning signs. That said, if something like that did happen it would indeed be cheap coin city.

If BitStamp was hacked and the hacker started to pump the price with Willy and Markus bots again just as it happened to MtGox then the price would skyrocket againg which in turn would be good for Bitcoin, right?

I think the coins lost would be reimbursed. The price would be immediately affected and trust shaken, at least in the near term. But as with all breaches in the past, Bitcoin would go on and possibly be stronger because of it.

same as happened with Gox, but probably bigger.

So back to pre 2013 prices

Bitstamp is a very trustworthy exchange, so the shock will be huge.

I am not sure how much coins their hot wallets contain, but it won't be extreme. Perhaps 300 to 1000BTC ??

The bad media publicity will harm Bitcoin in general, that's the main problem.

I only use localbitcoins now, and even if their platform got hacked, the loss will be minimal, since you never store large amount of coins on their platform. If bitstamp went down, localbitcoins will get a bigger lift, means lower liquidity, higher spread, higher price

Currently most of the localbitcoins trader follow big exchanges, however, if large exchanges were wiped out, then P2P exchanges will have to develop their own pricing mechanism, for example, take many deals and get the market price from the average deal price

Of course you still have HongKong based and China based exchanges, but if the bankers start their campaign, those exchanges will be wiped out too

From long term point of view, the only exchange method that will thrive regardless of what government and banks do is P2P exchanges, once there are many P2P exchange brokers, the trade will be as good as on a centralized exchange, and the best thing is that no one can manipulate the exchange price since the liquidity is low and trade execution is slow between private traders, all the volumes reflect real demands

Let's assume for the moment that wobber suddenly stops constantly posting doom&gloom postings here and turns mega bullish. What do you think it would happen to the price?

SFA

IMO, he's been bearish with good reason. The price has dropped for nearly a year now and there is still very likely more to come. If he turned uber Bullish it would mean the next bubble is half over.

like how people scream moon @1200 there will be people who scream doom at 300   :D

Bitstamp has a $10,000,000 investment from Pantera capital who has a fund invested in bitcoin worth north of $100,000,000. I imagine if Bitstamp's hot storage was hacked, they would reimburse customers, like any reputable, quality exchange would do / has done. And yes, after an uncertain beginning, I would certainly qualify Bitstamp as reputable and having the type of business plan and resources to cover such an incident and mitigate the potential damage.


+1

This topic is kind of ridiculous. Particularly the previous title before it was edited to not be completely false click bait.

Just watch, is all I'm willing to say to that

If I'm wrong this time, then good! My cold storage will increase in value again.

https://en.wikipedia.org/wiki/Stuxnet (https://en.wikipedia.org/wiki/Stuxnet)
if hackers can get into a uranium enrichment plant you can be damn sure bitstamp is a walk in the park.

What if asteroid hits the Earth?

What kind of fucking thread is this?

Then Gold would drop to zero because we could mine the asteroid and quadruple the available gold.  :D

Who the f*ck stores their coins on an exchange?  I'll tell you who.  Idiots and morons.  I had coins on MtGox and as it became increasingly obvious that transferring FIAT currency from MtGox was taking weeks, I cancelled all my $ withdrawals and bought back in to bitcoin.  Once I had all in bitcoin again, I transferred all my bitcoin from MtGox to my own secure wallet.  This was 2 months before MtGox stopped bitcoin withdrawals.  The writing was on the wall for ages.  I tried warning friends but they had blind faith in MtGox!

It does not matter, but the official media will take it to ban Bitcoin

One thing is certain: It will be hilarious.

I don't know if I'm thinking correctly but my main problem is not the price, I'm pretty happy with it. My issue is with all the speculators that use centralized exchanges and platform, basically putting their coins into the hands of a single entity.

USMS coins are in the govt hands because of them. Gox coins are lost because of them.

I moved all my coins 1 month before Gox closed and now using only P2P trading on localbitcoins.

people will eventually learn that if they dont own the private key they dont own the bitcoin(s).

eventually... in the future.... somewhen  ::)

the price would have taken a huge setback if that would happen.

But that's a mere speculation.

Talking about it might JINX it.

Nothing will happen with Bitstamp, no worries.

You can't compare Bitstamp with MtGox, as MtGox has a history with a lot failure and unhappy users.

Every exchange can get hacked, OP decided to only point out Bitstamp.

nothing will happen to the price and except the bitstamp staff nobody would know. Maybe it already happened? Maybe bitstamp is insolvable? We can't know that (and a proof of btc doesn't say anything, they can temporarily buy btc with the fiat from their users)...

This (only the bold part). While they would probably not attempt to make it back from manipulating the market, they could make it back from trading fees. The customers would likely be largely unaffected, especially if they can keep the hack "under wraps" for even a short amount of time.

To answer the OP's question, it would likely be negative for the price of bitcoin as other hacks have tended to be short term bearish

...

Either they will not be able to pay back and declare bankruptcy and we'll have a total crash as people lose confidence.

Or they will never admit that anything was stolen and after a small correction due to some people losing confidence anyway we'll be back the the same situation as before the crash - i.e. still in the down trend.

When Poloniex got hacked they admitted it, deducted a percentage of all users BTC balances to cover their loss, then slowly paid all the users back from their trading fees. They never went bankrupt and are still in business. It wasn't a perfect solution, but it worked.

It is possible that the problems are bigger than what Bitstamp is saying.

lol you really had a good crystal ball

or bitstamp can't do a proper cold wallet, or secure their btc

Be careful with what you are curios about! :)

i am impressed.

kind of bold to post this scenario and execute it 45 days later...   ;)

Ha ha, it's really fun to see these scam sites dying while I know I got out of this shit in time and can handle real investments and businesses now.

Pleb losers getting robbed of their last meme coins.

So hilarious.

Hope your lives get ruined.

With Gox, it was clear something was badly wrong when  they had their two-week "hiatus" on withdrawals in June 2013. Especially when withdrawals did not resume. Anyone who sent them assets after that was an idiot. However, up until that "hiatus", it wasn't clear that Gox had major problems.

The Gox bankruptcy was still 8 months away when the "hiatus" started. Gox supporters on this board kept insisting nothing was wrong right up to the bankruptcy. This time, don't be so patient. Demand withdrawals now, and if you don't get them, hire lawyers and raise hell early.

There's no reason to expect that trouble at Bitstamp will have a huge effect on the price either way. It's likely to cut liquidity, volume and merchant adoption for a while, though. Selling large numbers of Bitcoins and reliably getting paid just got harder.

You do realize that being a mentally ill douche bag troll is nothing to be proud of either, right?

My price predictions were true.

Check my past post and choke yourself.

Can't bear the reality that this "douchebag" is right and you were wrong all along?

Yeah, that's what happens to dumb, ignorant fool holders.