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Author Topic: Will Bitcoin lose value after today's cyber attacks in the UK?  (Read 2099 times)
vlad06
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May 12, 2017, 04:47:25 PM
 #1

Just a thought.

The NHS in the United Kingdom has been brought to a standstill today after a ransomware attack decimated their networks. There are hundreds of thousands of sick people not getting emergency treatment during this frenzy and government cyber agencies are getting involved trying to fix and trace the attack.

Now we all know that this isn't anything to do with crypto, it's just some fucking idiots playing around with their low-end criminal lives and unfortunately their ransomware encryption virus has accidentally found itself on the network of one of Britain's largest state institutions. It's a dire situation and if they get caught they'll be fucked.

However, once it all blows over and gets fixed I reckon the authorities might start asking questions of how and why criminals can get access to payment-acceptance systems that are pretty much untraceable. This will put the spotlight on Bitcoin/crypto-currencies and their links to the underworld.

The question is, how will it affect the price?

 


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May 12, 2017, 04:50:35 PM
 #2

However, once it all blows over and gets fixed I reckon the authorities might start asking questions of how and why criminals can get access to payment-acceptance systems that are pretty much untraceable. This will put the spotlight on Bitcoin/crypto-currencies and their links to the underworld.

The question is, how will it affect the price?

No questions need to be asked, they can try and buy Bitcoin themselves. And there you go, everyone has access to Bitcoins in the same way.

I don't think it will affect the price negatively... Not that big of an issue (at least in what regards Bitcoin). Whales can and do move markets the way they please and with whatever news... But I don't think moving the market now based on these news would have a big impact.
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May 12, 2017, 04:53:57 PM
 #3


The question is, how will it affect the price?


It will go up if the victim converts fiat to XBT to pay the ransom.

It will go down later if the ransomers convert their XBT to fiat.
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May 12, 2017, 04:55:06 PM
 #4


I didn't mean affecting the price now, I mean if authorities start putting pressure on crypto i.e. pushing for regulation on it so that they can get a tighter grip.
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May 12, 2017, 04:56:36 PM
 #5


The question is, how will it affect the price?


It will go up if the victim buys XBT to pay the ransom.

It will go down later if the ransomers convert it to fiat.

That's dead funny, I hope all your reserves dump! :-p
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May 12, 2017, 04:58:04 PM
 #6


I didn't mean affecting the price now, I mean if authorities start putting pressure on crypto i.e. pushing for regulation on it so that they can get a tighter grip.

That can only happen on a tiny, localized scale. The people in Tokyo probably don't know nor care about what happend in London today, and the people in London don't know or care about what happened in Moscow today.
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May 12, 2017, 04:59:39 PM
 #7

Yea true, my ideal scenario is BTC tanks and everyone enters into ETH, making me rich Cool
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May 12, 2017, 05:03:28 PM
 #8

it's already a total pain to convert bitcoin to fiat so nothing much is gonna change. they'll have to be extremely good to disguise it. there's software that beats mixers now. i doubt they can be bothered to chase it this time.

they should've asked for monero.

https://blockchain.info/address/12t9YDPgwueZ9NyMgw519p7AA8isjr6SMw

looks like something's been paid already.

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Yakamoto
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May 12, 2017, 05:03:59 PM
 #9

Just a thought.

The NHS in the United Kingdom has been brought to a standstill today after a ransomware attack decimated their networks. There are hundreds of thousands of sick people not getting emergency treatment during this frenzy and government cyber agencies are getting involved trying to fix and trace the attack.

Now we all know that this isn't anything to do with crypto, it's just some fucking idiots playing around with their low-end criminal lives and unfortunately their ransomware encryption virus has accidentally found itself on the network of one of Britain's largest state institutions. It's a dire situation and if they get caught they'll be fucked.

However, once it all blows over and gets fixed I reckon the authorities might start asking questions of how and why criminals can get access to payment-acceptance systems that are pretty much untraceable. This will put the spotlight on Bitcoin/crypto-currencies and their links to the underworld.

The question is, how will it affect the price?
If the UK decides to start cracking down on cryptos (which I'm surprised they haven't considering that they're the fiat banking capital of the world and cryptos pose a direct threat to their dominance, along with the UK becoming Oceania), chances are it won't have more than $30-$50 impact on the value, depending on how aggressively UK citizens with Bitcoin holdings liquidate, but not much should change even with this.














 

 

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May 12, 2017, 05:05:52 PM
 #10

Yea true, my ideal scenario is BTC tanks and everyone enters into ETH, making me rich Cool
Even if that happened, it wouldn't make you rich.

Ethereum has plans to change the coin a lot, and it's unclear what they'll do with the supply so ETH is anything but a safe haven asset.  Worst case scenario, they edit the supply way too much to keep the price stable and then you're left with an inflationary currency with too much control from the developers.

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May 12, 2017, 05:06:08 PM
 #11

If the UK decides to start cracking down on cryptos (which I'm surprised they haven't considering that they're the fiat banking capital of the world and cryptos pose a direct threat to their dominance, along with the UK becoming Oceania), chances are it won't have more than $30-$50 impact on the value, depending on how aggressively UK citizens with Bitcoin holdings liquidate, but not much should change even with this.

there ain't no bitcoin exchanges in the uk other than coinfloor and that doesn't bank in the uk anyway. because of this britain don't really count for much in the market.

and the nhs computer idiots are just as culpable. they must've received millions of these attacks. it only takes one person to open it. 

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May 12, 2017, 05:06:21 PM
 #12

I doubt it'll have much of an impact on the price. Market cap is huge now, it'd take a lot more than this to move the price these days.

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May 12, 2017, 05:07:56 PM
 #13

I can't see it having an effect.  These events aren't linked and people won't be panicking selling their BTC from this attack, nor will governments go around condemning it.

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May 12, 2017, 05:18:54 PM
 #14

Investors are way too smart and they wouldn't let a few prankster hackers spoil their investment plans. Bitcoin now is a serious investment tool and people are now rallying behind it in full swing. I doubt this hacking cyber bullying will affect Bitcoin price.

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May 12, 2017, 05:21:03 PM
 #15

The only effect that bitcoin will receive will be some more negative publicity because some media will relate the attack with bitcoin and many people will have a more negative image of the coin but this will only last a few days. As for the price will not affect because it´s not a news directly related to Bitcoin.



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May 12, 2017, 05:28:54 PM
 #16

Unless they close every bitcoin exchange out there or cut off their connections with the banks; they can't stop crypto from now on.

FUD, cyber attacks, hacks, ddos, spam... Bitcoin became immune to those attacks now. Blockchain spam still can slow things down for a while but they can't sustain it for long because they'll be losing money by doing so.

If they go mad and cut off the connection between banks and bitcoin, then we are most likely to be fckd.
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May 12, 2017, 05:35:03 PM
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I didn't mean affecting the price now, I mean if authorities start putting pressure on crypto i.e. pushing for regulation on it so that they can get a tighter grip.
We are heading towards that future, ransomware attacks where bitcoin is used as kinda stealth payment method will act as catalyst for that regulatory movement.
Russia already announcement that they will legalize bitcoin next year, not because it is amazing tool, but because they want to keep an eye on Bitcoin.
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May 12, 2017, 05:50:56 PM
 #18

I can't see it having an effect.  These events aren't linked and people won't be panicking selling their BTC from this attack, nor will governments go around condemning it.
The opposite will happen, this is a reason for governments to rule out the use of bitcoin, due to their use in the cybercrime sector. I don't think centralized governments such as the US/ or the EU have huge interest in such a decentralized currency, although it is the future..

These governments want to know who owns what. I suspect that America is trying to slowly destroy bitcoin to replace it with their own digital blockchain currency..

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May 12, 2017, 05:58:22 PM
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I didn't mean affecting the price now, I mean if authorities start putting pressure on crypto i.e. pushing for regulation on it so that they can get a tighter grip.
Government have already started to put tight regulation on crypto market but this doesn't mean they can completely shut down the bitcoin network. Bitcoin price have also grown significantly in recent days despite of tight regulation and surveillance government are having on bitcoin transactions.
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May 12, 2017, 07:34:06 PM
 #20

The cyber attack on chains of hospital in UK, I believe has nothing to do with bitcoin as there were no news about bitcoin related ransom or anything similar to that.

Today koren exchanges are reaching price levels above $2050 (like how Indian markets were doing some times back), will you relate this into bitcoin's today's small pull back. I guess that must be due to some whales are booking profits or usually market gets power time to time to continue its rally which might be happening ?


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