Will a bank being hacked boost adoption of bitcoin?

[arallmuus]

No. There is no tie between Bitcoin and fiat. Bank are centralized and Bitcoin is decentralized and sort of stands against what banks stand for.

The value of BTC is tied to FIAT anyway and thats what most people measurement are to see if BTC is dying or not. Actually what OP meant is that since there has been alot of banking security has been breached will there be a chance that people might look for a safer and much more secure things to secure their FIAT which is BTC and provide a boost to the adoption because of this

[louisLavery]

I was really thinking of a hack that wrecks the accounts (records) in a bank so as they are unable to reliably restore those accounts (perhaps I could have framed the question better, but it's never easy, at least for me). I don't know how good the backup systems are in any bank, but there are limits to backups and the better they are the more they cost. Another point is that, to many, it seems intuitively obvious that a centralised private system is more secure than a public decentralised system, when in fact neither is inherently more secure than the other.
We see country to country cyber attacks happening more often. If you want to bring another country to its knees then attacking its banking system is quite a good idea, isn't it? Well, it depends if there are cheaper ways, I suppose. Also, what's the cost of making a system secure against such attacks?  Isn't the banking system archaic and due to be severely hacked, unless the banks spend the dosh to make the system more robust? But why would they do that when they know governments will bail them out! As I said, I think it's sure to happen sooner or later.

[randy8777]

there have been several bank hacks where millions were stolen, but it didn't boost bitcoin in any way. people most likely see bitcoin as less safe as the media most of the times only report hacks and thefts.

[LottoBooking]

No. There is no tie between Bitcoin and fiat. Bank are centralized and Bitcoin is decentralized and sort of stands against what banks stand for.

The value of BTC is tied to FIAT anyway and thats what most people measurement are to see if BTC is dying or not. Actually what OP meant is that since there has been alot of banking security has been breached will there be a chance that people might look for a safer and much more secure things to secure their FIAT which is BTC and provide a boost to the adoption because of this

Yes, that is because of globalization.
A bitcoin in Africa is not the same as Bitcoin in Europe.
The fundamental reasons for it are linked to FIAT currencies.
And there is no escape, we have to be tied to FIAT, even gold/silver etc. are all tied to FIAT.

[Amph]

No. There is no tie between Bitcoin and fiat. Bank are centralized and Bitcoin is decentralized and sort of stands against what banks stand for.

The value of BTC is tied to FIAT anyway and thats what most people measurement are to see if BTC is dying or not. Actually what OP meant is that since there has been alot of banking security has been breached will there be a chance that people might look for a safer and much more secure things to secure their FIAT which is BTC and provide a boost to the adoption because of this

Yes, that is because of globalization.
A bitcoin in Africa is not the same as Bitcoin in Europe.
The fundamental reasons for it are linked to FIAT currencies.
And there is no escape, we have to be tied to FIAT, even gold/silver etc. are all tied to FIAT.

fiat is tied to other fiat to, but only because you need another asset  to measure the value of your asset, for bitcoin isn't any different, it need fiat just for that and nothing else, so it's not really tied because it work well alone, but to have a representation of its value

bitcoin could do well even without any fiat, you just need to get used to it with the barter, if you know for example, that 1 btc is = to an apple then you know that 10 apple are 10 btc, then you can theorize that one car is 10k apple and so on, it's all about estimation at first

[Bananana]

Isn't it sure to happen, sooner or later, that some country's central bank, or banking system, gets hacked? If that happened it'd shake peoples' confidence in the banking system, which most think is more robust than the likes of the blockchain, simply because banks are centralised systems. I guess some people would then look at the likes of bitcoin, but even it's not invulnerable - or is it?

No, even if the banking get hacked so badly, the most important thing is that people's money is secured by government.

[mrhelpful]

if anything they`ll probably have a free pass, and get aid from govt.

and then upgrade their security, thats the most it`ll do. but they wont consider bitcoin lol.

[jbrnt]

When banks are hacked and depositors looses money, banks pay them back with the profits they make. It has no effect on bitcoin. If banks go bankrupt, then it will raise Bitcoin awareness, but it's doesn't happen too often. Bitcoin doesn't need these financial crisis to succeed. In a few more years, more people will use Bitcoin simply because it is the easiest and faster way to transfer money across the world.

[techgeek]

When banks are hacked and depositors looses money, banks pay them back with the profits they make. It has no effect on bitcoin. If banks go bankrupt, then it will raise Bitcoin awareness, but it's doesn't happen too often. Bitcoin doesn't need these financial crisis to succeed. In a few more years, more people will use Bitcoin simply because it is the easiest and faster way to transfer money across the world.

We need something like back in 2008 crisis to happen all over again.

To re-awake people with their financial options are pretty much.

[Stargazer]

Depends on the amount stolen. The Cyprus bail-out definitely influenced the adoption of Bitcoin, so if a big bank was hacked it would make people look for alternatives.
It wouldn't directly influence adoption, but it would surely make people aware of the fact that their funds aren't safe in a bank and hopefully encourage them to do some research.

[lissandra]

usually though they hire those special program people to avoid this problem.

but, im pretty sure they would have aid from other bank partnerships like if its a sister bank and continue operations.

[yahoo62278]

banks are robbed all over the world every year. it has been happening since the beginning of time. even with the introduction of btc it has not moved everyone to think btc is the new currency.

the difference between a bank being robbed or hacked and btc being hacked is most banks insure funds up to a certain amount. im sure if you could find someone to open a btc bank that was fdic insured some ppl would use it, but i dont think the whole world converts

[bitbaby]

I don't think it will have a significant affect on Bitcoin's adoption because people will get their money back. I don't know about other places but here if you put money in your account, it's the responsibility of the Bank to keep it safe and secure from robbery/hack and in case something like this were to happen the Bank will have to provide remuneration to it's customers in full.

The only affect I see from this, the bank that got hacked will lose it's credibility among some of it's users and they will opt to not use the same bank again, even after receiving the compensation. The only thing that can encourage people to adopt bitcoin imho is education and easier ways of keeping it secure.

[bryant.coleman]

I don't think that if anyone hacks a major bank, we'll see a sharp spike in the number of Bitcoin users. Bank hacks happen extremely rarely. Out of the billions of bank accounts, only a few thousands get hacked every year. And now compare this figure to the hacking of Bitcoin wallets. Out of the 10 million or so Bitcoin wallets, at least 1% gets hacked every year.

I think the most important thing is how much amount was be hacked, not how many times it did. If the hacking just happened once, but the account owner lost some millions euro, it would became a big news.

Even if the account holder loses a few million Euro as a result of the robbery, how we can claim that Bitcoin is much safer than bank savings accounts? Remember the Mt Gox robbery? Some 600 million USD worth of coins and fiat were stolen. That represented more than 5% of all the Bitcoins in circulation at that time. Could hacks of such magnitude occur with banks?

[bornil267645]

I dont think the competition of Bitcoin with Banking system is about security. I think it is more about the users freedom of using money. So hacking a bank won't make much of a difference. But establishing a stable bitcoin market will.

[arallmuus]

fiat is tied to other fiat to

Actually no, thats different because each currency stand as their own in the issued country

bitcoin could well even without any fiat, you just need to get used to it with the barter,

Unless you forgot, currency is created do disminished the old fashioned barter system which is not equal in the trade and thus easier to use currency such as FIAT exist

I dont think the competition of Bitcoin with Banking system is about security. I think it is more about the users freedom of using money.

Actually the bolded part indicate a correlation to the security issue though because even though both banking system and BTC could be hack . the difference would be that with BTC a person is able to secure his own belonging at his own will thus this.
The problem would be that not everyone wants or able to secure their own personal because not everyone is techsavvy ofcourse (seriously it would be hard to teach a 60 years old grandpa securing his retirement funds in BTC by himself)

But establishing a stable bitcoin market will.

Unfortunately it would be hard to do this because the current market is being manipulated. Way to do so would be if the entire supply of BTC is in the market circulation, then that would create a more stable market

[AtheistAKASaneBrain]

Bitcoin and fiat is like a ying yang relationship sort of thing. I think it's simply unavoidable that if something gets attacked, the other part gets benefited, and it's probably directly proportional. The bigger the disappointment is with fiat, the better Bitcoin will look in people's eyes and viceversa.

[Amph]

fiat is tied to other fiat to

Actually no, thats different because each currency stand as their own in the issued country

so you think that the problem as to do with the fact that bitcoin is decentralized and there isn't any issued country

what would happen if fiat now, would collapse, and bitcoiin price could not be measured with it, how one can know if bitcoin will be valued more or less?

i think the same that happened when fiat money was born at first, it gained value by permitting the owner to buy more items, and with the passage of time, the demand for it raised and thus its value

Unless you forgot, currency is created do disminished the old fashioned barter system which is not equal in the trade and thus easier to use currency such as FIAT exist

yeah i know this, i didn't say that we should return to barter, i did say that we should start all over again with bitcoin, and try to achieve an estimate in value without using fiat, but barter, at first, then you are free to use bitcoin only

[arallmuus]

fiat is tied to other fiat to

Actually no, thats different because each currency stand as their own in the issued country

so you think that the problem as to do with the fact that bitcoin is decentralized and there isn't any issued country

I dont mentioned anything about this, Im barely stating that each fiat is not actually tied to one another

what would happen if fiat now, would collapse, and bitcoiin price could not be measured with it, how one can know if bitcoin will be valued more or less?

Fiat wouldnt be "dead" and it will still be there, worst thing It will go will be getting into super inflation like Zimbabwe Dollar and the price of BTC will still be tied to it even if the currency getting into super inflation

Unless you forgot, currency is created do to disminished the old fashioned barter system which is not equal in the trade and thus easier to use currency such as FIAT exist

yeah i know this, i didn't say that we should return to barter, i did say that we should start all over again with bitcoin, and try to achieve an estimate in value without using fiat, but barter, at first, then you are free to use bitcoin only

That wont work, people are used to this FIAT system and no one gonna agree to "barter" things like It used to be because it has no estimation value either. Going back to where we was not going to help because BTC is treated as a good/stocks now and not a currency itself which means that it has a value that is tied to another currency.

[Amph]

I dont mentioned anything about this, Im barely stating that each fiat is not actually tied to one another

yeah ok, but from what you've said about the fact that they aren't tied because they are issued, one could deduce that bitcoin, is tied because it's not issued, thus not centralized like fiat, you can see the logic behind it easily

Fiat wouldnt be "dead" and it will still be there, worst thing It will go will be getting into super inflation like Zimbabwe Dollar and the price of BTC will still be tied to it even if the currency getting into super inflation

mine was just a possible scenario, if what i say happen then how someone can measure bitcoin value without fiat? there must be another way right? surely there is, and this is why i don't think that bitcoin is tied to fiat

That wont work, people are used to this FIAT system and no one gonna agree to "barter" things like It used to be because it has no estimation value either. Going back to where we was not going to help because BTC is treated as a good/stocks now and not a currency itself which means that it has a value that is tied to another currency.

estimate value, is estimated you know, it's not fixed, when you don't know the value of something first you estimte it, then you compare it with another estimate and so on, until you can find the good price of it, after all fiat started in the same way, there wasn't fiat at first, there was barter, then fiat come around VII century, if i'm not mistaken, and at the start there was an estimate of its value, then the demand of it increase, because people find it more easy to use than simply barter stuff all day

and i firmly believe that,  this is what would have happened if bitcoin was born without fiat