Will a bank being hacked boost adoption of bitcoin?

[Gyfts]

Any type of attack to fiat currencies (like banks being hacked) will always be a victory for Bitcoin. As more and more people get fucked by the cons of banks and centralized economies, they'll soon realize Bitcoin is the way to go. Simple example would be Greece and the limitations implemented by the government on banks, ATM's, ect. Even paypal stopped taking outgoing funds by Greeks.

[greBit]

Banks being hacked piss of people, pissed off people may or not may go to Bitcoin after that. I think its a minority until its more mainstream.

In a logical order of disbelief, people who have recently been stranded and stripped off by the trust they had on their banks, they will tend to either believe there is no place in this world to keep your money safe. or create/find an alternative for the following. Their discoveries must bring them to bitcoin. Now at that moment, it will be their move to invest their trust on bitcoin or move ahead.

[Erdogan]

Banks being hacked piss of people, pissed off people may or not may go to Bitcoin after that. I think its a minority until its more mainstream.

In a logical order of disbelief, people who have recently been stranded and stripped off by the trust they had on their banks, they will tend to either believe there is no place in this world to keep your money safe. or create/find an alternative for the following. Their discoveries must bring them to bitcoin. Now at that moment, it will be their move to invest their trust on bitcoin or move ahead.

For every leg of expansion for bitcoin, there will be some new users and ten times more loud skeptics, repeating all the old assumed deficiencies of bitcoin. We have to live with that, until bitcoin stops expanding.

[greBit]

Banks being hacked piss of people, pissed off people may or not may go to Bitcoin after that. I think its a minority until its more mainstream.

In a logical order of disbelief, people who have recently been stranded and stripped off by the trust they had on their banks, they will tend to either believe there is no place in this world to keep your money safe. or create/find an alternative for the following. Their discoveries must bring them to bitcoin. Now at that moment, it will be their move to invest their trust on bitcoin or move ahead.

For every leg of expansion for bitcoin, there will be some new users and ten times more loud skeptics, repeating all the old assumed deficiencies of bitcoin. We have to live with that, until bitcoin stops expanding.

Skeptics do tend to piss me off way more than humans usually do, but I guess we should either be patient and explain to them rather than twisting their necks. FATALITY.

[Miracal]

Banks being hacked piss of people, pissed off people may or not may go to Bitcoin after that. I think its a minority until its more mainstream.

In a logical order of disbelief, people who have recently been stranded and stripped off by the trust they had on their banks, they will tend to either believe there is no place in this world to keep your money safe. or create/find an alternative for the following. Their discoveries must bring them to bitcoin. Now at that moment, it will be their move to invest their trust on bitcoin or move ahead.

For every leg of expansion for bitcoin, there will be some new users and ten times more loud skeptics, repeating all the old assumed deficiencies of bitcoin. We have to live with that, until bitcoin stops expanding.

Skeptics do tend to piss me off way more than humans usually do, but I guess we should either be patient and explain to them rather than twisting their necks. FATALITY.

TEKKEN REFERENCE! yeah man I agree people with pessimistic approach are annoying but we need a little balance in the circle. Some people are way too over ambitious. A little spike in price 2 days back and people already started believing that its time for the price to hit the moon, etc. There's time.

[Amph]

Banks being hacked piss of people, pissed off people may or not may go to Bitcoin after that. I think its a minority until its more mainstream.

some of them will not decide to go with bitcoin or anything else, but simply they will put their money in their house in a safebox

so don't be so sure about the fact that the falling of the banks might help bitcoin's adoption, if they cannot trust banks they will not trust anyone with their money, i know their mentality, because it was mine too before knowing about bitcoin...

[GreenStox]

Banks being hacked piss of people, pissed off people may or not may go to Bitcoin after that. I think its a minority until its more mainstream.

some of them will not decide to go with bitcoin or anything else, but simply they will put their money in their house in a safebox

so don't be so sure about the fact that the falling of the banks might help bitcoin's adoption, if they cannot trust banks they will not trust anyone with their money, i know their mentality, because it was mine too before knowing about bitcoin...

Thats not an option in europe from where I am from. We are disarmed in europe, you cant even defend your home if burglars come in and even if you do the fucking law will put you in prison for daring to defend your home.

Best option in europe is to just not have valuables at home to not become a target. Bitcoin is an ethereal object, you can sure steal my external hard drive where i store my priv keys but good luck breaking triple encryption fucking burglars.

[scarsbergholden]

if this happens world wide it would be more of the panic and drama that might just get too violent just because people would want to cash out their accounts and we all know the banks never have the real amount of money they use to lend or move around.

[Erdogan]

Most people will, in the event of hyperinflation or confiscation of saved money, just yell and scream, topple the government, elect a new one just like the old, and put their new savings into the new banks. It is called revolution, as in turning the wheel the full circle until you are back where you started. Normally, the full circle represents an amount of time larger than a generation. In Argentina, strangely, a revolution takes only a decennium, and people still don't learn. Well, as good money now exists, may be this time will be different.

[Zorrocoin]

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?

I do not think it would make any difference for bitcoin because it is more likely of  BTC getting hacked than the whole banks getting robbed or hacked or whatever.  How would this raise the trust of people for bitcoin. The security issue of bitcoin is a major issue which is yet to be fixed. If that does happen, the people wouldn't stop trusting banks . They would probably stop depositing their money in that bank's name which has been hacked.

[GreenStox]

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?

I do not think it would make any difference for bitcoin because it is more likely of  BTC getting hacked than the whole banks getting robbed or hacked or whatever.  How would this raise the trust of people for bitcoin. The security issue of bitcoin is a major issue which is yet to be fixed. If that does happen, the people wouldn't stop trusting banks . They would probably stop depositing their money in that bank's name which has been hacked.

Actually its not, banks are much bigger targets at the moment, just look at political hacking, when china hacks us banks and vice versa.

I`m sure bitcoin is not a target yet, however these strange forum ddos-es could very well come from political zones.

But as of chance, its probably easier to hack a bank because you can infiltrate insiders there, while in bitcoin there is no central plant which to attack.

[Nizam ibrahim.P.N]

No, It does not happen because banks are fully secured eg: central bank etc. So there is no need of adopting BTC..

[michinzx]

if this happens world wide it would be more of the panic and drama that might just get too violent just because people would want to cash out their accounts and we all know the banks never have the real amount of money they use to lend or move around.

the panic and drama would likely cause the economy to come to a halt as the banks would no longer have capital to move around as well, nothing good can come of a situation like that.

[HarHarHar9965]

No, It does not happen because banks are fully secured eg: central bank etc. So there is no need of adopting BTC..

nobody is adopting btc because of they expect bank backs will boost btc, yes it might tarnish the amount of trust people invest in it, especially affecting the market negatively causing panic. Its volatile nature already scares people and knowing how sensitive the crypto market is, I don't know how things work out but I hope they will

[Nicolas Dorier]

No, It does not happen because banks are fully secured eg: central bank etc. So there is no need of adopting BTC..

From an economic sandpoint, I don't think there should have a difference between money being stolen because of a hacker, and being stolen because of a hair cut/capital control/inflation. (insurance does not protect against this)
You can ask to an argentina guy whether he prefers peso to BTC.

The only difference is that stealing btc by hacking can't happen on a global scale.

[Kingno.1]

Yes, definitely it will shake people's confidence in banks and they will withdraw their money from banks if any left after the hacks.
But on the other hand, Bitcoin is also feared of the 51% attack. So they will probably not buy Bitcoins.

[HarHarHar9965]

Yes, definitely it will shake people's confidence in banks and they will withdraw their money from banks if any left after the hacks.
But on the other hand, Bitcoin is also feared of the 51% attack. So they will probably not buy Bitcoins.

bitcoin does not aim to rescue people when fiat fails, it only seems to offer a better alternative, its goal is not to replace the fiat currency, though a lot of bitcoin fanatics day dream about such an event. But speaking strictly in terms of hacks, there has never been a hack with the bitcoin core technology, only with scammers and hackers attacking peoples' wallets personally, so technically bitcoin has never been hacked

[botany]

Yes, definitely it will shake people's confidence in banks and they will withdraw their money from banks if any left after the hacks.
But on the other hand, Bitcoin is also feared of the 51% attack. So they will probably not buy Bitcoins.

bitcoin does not aim to rescue people when fiat fails, it only seems to offer a better alternative, its goal is not to replace the fiat currency, though a lot of bitcoin fanatics day dream about such an event. But speaking strictly in terms of hacks, there has never been a hack with the bitcoin core technology, only with scammers and hackers attacking peoples' wallets personally, so technically bitcoin has never been hacked

Bitcoin has never been hacked, but neither has fiat.
It is just companies and wallets which get hacked. You can't say that Bitcoin has an advantage in this regard.

[HarHarHar9965]

Yes, definitely it will shake people's confidence in banks and they will withdraw their money from banks if any left after the hacks.
But on the other hand, Bitcoin is also feared of the 51% attack. So they will probably not buy Bitcoins.

bitcoin does not aim to rescue people when fiat fails, it only seems to offer a better alternative, its goal is not to replace the fiat currency, though a lot of bitcoin fanatics day dream about such an event. But speaking strictly in terms of hacks, there has never been a hack with the bitcoin core technology, only with scammers and hackers attacking peoples' wallets personally, so technically bitcoin has never been hacked

Bitcoin has never been hacked, but neither has fiat.
It is just companies and wallets which get hacked. You can't say that Bitcoin has an advantage in this regard.

Bitcoin has an advantage over fiat being limited in supply and not controlled by a central authority Oh, and also, they are not debt based, remember? And if your argument would be based only limited to 'fiats have not been hacked', I hope you do know that electronic fiat exists too? Your debit and credit has been attacked a potential million times, and often successful. Bitcoin has an advantage over fiat by being freeze-proof, cheaper and faster to transfer and well, potentially anonymous

[botany]

Yes, definitely it will shake people's confidence in banks and they will withdraw their money from banks if any left after the hacks.
But on the other hand, Bitcoin is also feared of the 51% attack. So they will probably not buy Bitcoins.

bitcoin does not aim to rescue people when fiat fails, it only seems to offer a better alternative, its goal is not to replace the fiat currency, though a lot of bitcoin fanatics day dream about such an event. But speaking strictly in terms of hacks, there has never been a hack with the bitcoin core technology, only with scammers and hackers attacking peoples' wallets personally, so technically bitcoin has never been hacked

Bitcoin has never been hacked, but neither has fiat.
It is just companies and wallets which get hacked. You can't say that Bitcoin has an advantage in this regard.

And if your argument would be based only limited to 'fiats have not been hacked', I hope you do know that electronic fiat exists too? Your debit and credit has been attacked a potential million times, and often successful.

That is what the OP is about - an attack on a bank (electronic fiat). My point is that even if it does happen, you can't say that Bitcoin has an advantage because bitcoin wallets / companies are susceptible to attacks too. MtGox going down didn't mean the end of Bitcoin. A bank being hacked doesn't mean that people will start switching overnight to Bitcoin.