Will a bank being hacked boost adoption of bitcoin?

[arallmuus]

a major scandal involving bank accounts getting compromised will make these people finally realized.

Even if a major hacked or bank robbery occurs it will be hard to convince people to go for BTC . Most people think that bank are the most secure place to keep their money which means that telling them that you could secure your money in form of a virtual coin on your computer will be something that not comprehensible by them because people would think that if such secure place like bank could be hacked  then how can it is much safer to keep my money in form of virtual coins in my computer (logical thoughts)

[Amph]

a major scandal involving bank accounts getting compromised will make these people finally realized.

Even if a major hacked or bank robbery occurs it will be hard to convince people to go for BTC . Most people think that bank are the most secure place to keep their money which means that telling them that you could secure your money in form of a virtual coin on your computer will be something that not comprehensible by them because people would think that if such secure place like bank could be hacked  then how can it is much safer to keep my money in form of virtual coins in my computer (logical thoughts)

if they will be forced to secure them in another way, because banks will not be reliable enough in the future(imagines a great disaster, where the majority of the banks in the world, cannot cover your fund anymore) and the difference between depositing your money on their safe box and in your wallet would be zero, at that piint, i'm sure people will just use bitcoin more

[arallmuus]

Even if a major hacked or bank robbery occurs it will be hard to convince people to go for BTC . Most people think that bank are the most secure place to keep their money which means that telling them that you could secure your money in form of a virtual coin on your computer will be something that not comprehensible by them because people would think that if such secure place like bank could be hacked  then how can it is much safer to keep my money in form of virtual coins in my computer (logical thoughts)

if they will be forced to secure them in another way, because banks will not be reliable enough in the future(imagines a great disaster, where the majority of the banks in the world, cannot cover your fund anymore) and the difference between depositing your money on their safe box and in your wallet would be zero, at that piint, i'm sure people will just use bitcoin more

The bolded part, if there is such things happening then there isnt any need to save anything at all because the whole world will be ripping apart and I doubt money will be any use of that point (logic)

Back on topic, Even if such things happen , I have stated that it would not be easy to convince people that you could save your money in your computer in form of a virtual coins . For most people this things will not ring a bell in their ear unfortunately.
If by any point that people will be force to search for another option to keep their money safe , then saving it in their own computer will be the last option people would look at since most people arent techsavvy to understand this stuff

[Nicolas Dorier]

The bolded part, if there is such things happening then there isnt any need to save anything at all because the whole world will be ripping apart and I doubt money will be any use of that point (logic)

As long as the need to exchange goods among individual exists, money exists.
What happen is that people choose other kind of money. (Argentina is a nice experience to study)

If by any point that people will be force to search for another option to keep their money safe , then saving it in their own computer will be the last option people would look at since most people arent techsavvy to understand this stuff

I think you under value the ability of humans to learn when it is clear that it is for the good of their wallet.

Once again, we will see how argentina behaves. From people I know living there, as you said, non tech savvy people are still using western union in big waiting line and outrageous official exchange rate.
And the tech savvys uses Bitcoin.
Tech savvy or not, it is easy to understand that you get ripped by the forced exchange rate of the government.

There, the local currency costs 73 percent less to obtain on black market than at the official exchange rate. (Source)
I think people will adapt as they know they can suddenly earn 73% just by using bitcoin instead of WU.

[iram66680]

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?

Probably the liklelihood of getting your BTC Wallet hacked is far higher than getting your Bank account hacked.
When it comes to "traditional" and "revolutional" I'd go with the traditional.

However hypothetically if that would have happened it's probably only that specific bank that would lose its credibility and not the entire banking system nor the financial industry.

It is more likely for only a few accounts to be hacked. It won't go big on the news anyway. They can be reversed easily. Main reason being banks hire cybersecurity engineers to secure their servers. Bitcoin is secured by the operator or user themselves once hacked, they will never get the funds back.

[mmmaybe]

Banks have been comprised and illegal transaction did occur. It was done by anakata by ThePirateBay fame.

Almost all legal documents from the court are freely available, and most are translated to English. The documents are very, very interesting, telling much how vulnerable the modern society and its institutions and authorities is if some brilliant minds have the knowledge and dedication to get access even to personal bank accounts or major institutions internal computer system, such as
the Swedish Enforcement Agency (Kronofogden) or Police records.

Happy reading: https://wikileaks.org/gottfrid-docs/
 

[GreenStox]

Banks have been comprised and illegal transaction did occur. It was done by anakata by ThePirateBay fame.

Almost all legal documents from the court are freely available, and most are translated to English. The documents are very, very interesting, telling much how vulnerable the modern society and its institutions and authorities is if some brilliant minds have the knowledge and dedication to get access even to personal bank accounts or major institutions internal computer system, such as
the Swedish Enforcement Agency (Kronofogden) or Police records.

Happy reading: https://wikileaks.org/gottfrid-docs/
 

All banks can be hacked by an insider no matter how secure their software is. And if they restrict the keys to only the CEO and CTO then they will be very inneficient.

So the entire model is not secure because you have to rely on people. Bitcoin is different, here trust is default

[mmmaybe]

Banks have been comprised and illegal transaction did occur. It was done by anakata by ThePirateBay fame.

Almost all legal documents from the court are freely available, and most are translated to English. The documents are very, very interesting, telling much how vulnerable the modern society and its institutions and authorities is if some brilliant minds have the knowledge and dedication to get access even to personal bank accounts or major institutions internal computer system, such as
the Swedish Enforcement Agency (Kronofogden) or Police records.

Happy reading: https://wikileaks.org/gottfrid-docs/
 

All banks can be hacked by an insider no matter how secure their software is. And if they restrict the keys to only the CEO and CTO then they will be very inneficient.

So the entire model is not secure because you have to rely on people. Bitcoin is different, here trust is default

Correct That's why I own more and more cryptocurrency instead of fiat. But regarding the hacking, he had no insider - it was pure exploitation of technology.

[arallmuus]

That's why I own more and more cryptocurrency But regarding the hacking, he had no insider - it was pure exploitation of technology.

You are making your argument sounds like crypto is not hackable though. It is no doubt that crypto especially BTC is much more secure than a traditional bank however it doesnt meant it is a top notch security and is not hackable. The history of BTC is pretty much full of hacking incident especially that occured on a few exchanger several months ago and not to mention the MT. GOX "incident"

All banks can be hacked
-snip-
So the entire model is not secure because you have to rely on people. Bitcoin is different

BTC is absolutely different but again it is still hackable. With all the hacking that occured throughout the world and also alot of bank robbery that happened , it will take more than that to shift people's choice into BTC as an alternative to secure their belonging.
Mainly the reason for that will be that because not everyone know such tech-things or that people will still have some confidence with banks because it has been some sort of "tradition" or "common sense" to secure your money in a bank ( even you learned it when you are in your elementary stages that you need to save your money in a bank )

[mmmaybe]

That's why I own more and more cryptocurrency But regarding the hacking, he had no insider - it was pure exploitation of technology.

You are making your argument sounds like crypto is not hackable though. It is no doubt that crypto especially BTC is much more secure than a traditional bank however it doesnt meant it is a top notch security and is not hackable. The history of BTC is pretty much full of hacking incident especially that occured on a few exchanger several months ago and not to mention the MT. GOX "incident"

You misunderstood me. Sure, cryptocurrencies can be compromised too, but but be your own choosing your are able to "not put all egg in one basket". I have addresses in different forms of cold-storage off-line, and I own altcoins to diversify money. I even own various "precious metals". Still using backs bu when possible I move them off-line. Like my gold.

[GreenStox]

BTC is absolutely different but again it is still hackable. With all the hacking that occured throughout the world and also alot of bank robbery that happened , it will take more than that to shift people's choice into BTC as an alternative to secure their belonging.
Mainly the reason for that will be that because not everyone know such tech-things or that people will still have some confidence with banks because it has been some sort of "tradition" or "common sense" to secure your money in a bank ( even you learned it when you are in your elementary stages that you need to save your money in a bank )

Hahaha ask that from Argentinians or Venezuelans or now from Greeks...they will simply laugh at your statement.

These guys have experienced what happens to the economy when banks play ponzi schemes. I think if this collapse happens nobody will take banks seriously anymore.

They already have bad reputation so it's common sense to keep your money near you, and not in the bank.

[arallmuus]

BTC is absolutely different but again it is still hackable. With all the hacking that occured throughout the world and also alot of bank robbery that happened , it will take more than that to shift people's choice into BTC as an alternative to secure their belonging.
Mainly the reason for that will be that because not everyone know such tech-things or that people will still have some confidence with banks because it has been some sort of "tradition" or "common sense" to secure your money in a bank ( even you learned it when you are in your elementary stages that you need to save your money in a bank )

Hahaha ask that from Argentinians or Venezuelans or now from Greeks...they will simply laugh at your statement.

These guys have experienced what happens to the economy when banks play ponzi schemes. I think if this collapse happens nobody will take banks seriously anymore.

They already have bad reputation so it's common sense to keep your money near you, and not in the bank.

* Do learn how to quote properly, corrected the wrong quote anyway

Good example you got there however none of it is correlated with the topic. Perhaps you should read the main point of my statement again (bolded my main point, some people tend to not read giant wall of text I assume ).

With all what had happened recently especially with the Greeks, Id assume people wont trust banks anymore but that doesnt mean that people will shift their choice to BTC. If actually people shifted their choice into BTC, I'd assume we could see some huge increase on some graphs like number of Transaction per month or so .

Which means that people do not shift their choice to BTC just because the banking system in their country is failing. So the chance of BTC being adopted to the failure of the banking system is actually low. On another note, the failure of the banking system on a country will mostly lead people to shift their choice to another banking system in another country ( high chance for this to happen but not shifting into BTC )

[stallion]

It depends on the person pursuing the situation or how media demonstrates the situations to the masses who believe and follow such news blindly.
If people realize the beauty of bitcoin and shift, it might be great but chances of that happening too cannot be calculated just by assumptions. It may or may not boost it.

[GreenStox]

* Do learn how to quote properly, corrected the wrong quote anyway

Good example you got there however none of it is correlated with the topic. Perhaps you should read the main point of my statement again (bolded my main point, some people tend to not read giant wall of text I assume ).

With all what had happened recently especially with the Greeks, Id assume people wont trust banks anymore but that doesnt mean that people will shift their choice to BTC. If actually people shifted their choice into BTC, I'd assume we could see some huge increase on some graphs like number of Transaction per month or so .

Which means that people do not shift their choice to BTC just because the banking system in their country is failing. So the chance of BTC being adopted to the failure of the banking system is actually low. On another note, the failure of the banking system on a country will mostly lead people to shift their choice to another banking system in another country ( high chance for this to happen but not shifting into BTC )

Because they dont know about it. We need big advertisement campaigns telling greeks to buy bitcoin with their money under mattress.

I`m not saying all greeks to adopt bitcoin, but if we start with a healthy 15% that might do it for now.

We need awareness raising for them, and also quick greek language websites for bitcoin, i`m sure not all greeks speak english.

[dblink]

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?

The idea is good, however people only cannot able to adopt bitcoin in their entire banking system in their daily life on their own way without being support of Government who act as a central authority, What if government ban the people to adopt the bitcoin in their transactions ?

[arallmuus]

* Do learn how to quote properly, corrected the wrong quote anyway

Good example you got there however none of it is correlated with the topic. Perhaps you should read the main point of my statement again (bolded my main point, some people tend to not read giant wall of text I assume ).

With all what had happened recently especially with the Greeks, Id assume people wont trust banks anymore but that doesnt mean that people will shift their choice to BTC. If actually people shifted their choice into BTC, I'd assume we could see some huge increase on some graphs like number of Transaction per month or so .

Which means that people do not shift their choice to BTC just because the banking system in their country is failing. So the chance of BTC being adopted to the failure of the banking system is actually low. On another note, the failure of the banking system on a country will mostly lead people to shift their choice to another banking system in another country ( high chance for this to happen but not shifting into BTC )

Because they dont know about it. We need big advertisement campaigns telling greeks to buy bitcoin with their money under mattress.

I`m not saying all greeks to adopt bitcoin, but if we start with a healthy 15% that might do it for now.

We need awareness raising for them, and also quick greek language websites for bitcoin, i`m sure not all greeks speak english.

As a matter of facts securing money in form of BTC is the best security nowadays however this doesnt mean that it will be easy for people to shift their choice to BTC right away as there are other stuff that needs to be consider about such as the volatility issue . Common people would not love to have have their saving in BTC to be declining day by day ( or increasing ) .

Also that as most people are techsavvy, especially the older people,  I doubt that people will want to go into trouble to secure their own belongings while they can easily put it into another bank abroad (Swiss for example) and it is hard to convince people that you can store your own money in your own computer in form of a virtual coin. Try to tell that to your grandpa and see what his reaction is.

Code:

We need big advertisement campaign

For the bolded part of yours, who are we again? As we are decentralized this means that everyone is on their own in this matter. The community wont go into such length as to provide such advert campaign to lure people into BTC. Everyone got here to use BTC by their own decision and/or from hearing words about it not from seeing any advert campaign in the street's billboard or so

[cakir]

No.
Last year HSBC Turkey got hacked and 2.7 million user's credit card data etc were stolen. But it changed nothing in Turkey.
https://www.google.com.tr/search?q=hsbc+turkey+hacked

[Erdogan]

I think it will. Till now, when people asked how this could happen, the only answer was shrugging, it's the way it is, que sera sera.

Now, when people ask, they might get this, depending on who they ask: Well, in fact there is another way, bitcoin, check it out.

[expert4knowledge]

I think only bitcoin lovers are capable of hacking banking system in order to increase their price of bitcoins because the system is working for the years

[grendel25]

Banks get hacked frequently but not always in the most high tech way you would think.  A local bank in my town here was in the news recently because a "hacker" in China was able to get the local bank to send millions of dollars through business accounts.  The process followed usual business protocol and the guy in China had all the correct security info (which was probably attained through a mix of social engineering and actual computer hacking to gain access to personal information).