Bitcoin Future Prediction Because of Hacking/Scamming

[Blank-Head]

Here we all are Bitcoin lover and we all are earning Bitcoins by trading or other ways.I am also Bitcoin holder and I have sweet dreams about it.And I think Guys you all are also very much optimistic with you btc portfolio.But Have you ever thought If a lot of  Bitcoins get hacked by Hackers? If Hackers steal most of the Bitcoins ? Then what we can predict about the future of Bitcoin?

Like all others I am also hopping best for Bitcoin in future.We all are excited about the next highest price of it.But if we look before almost a lot of Bitcoins and other Crypto coins were hacked or scammed.But we have not seen any effective activities for those hacking.So I am a little bit confused about the future of Bitcoin.Actually no one can predict about it surely.

Let's take a look about the crypto exchange hacking where user lost a huge amount of Crypto

List of cryptocurrency exchange hacks

So if a huge amount of Bitcoin get hacked or scammed then we obviously can see crypto market in a danger. We must do something effective against those crypto threats. Then we can assure about the delightful future for Bitcoin.

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[BD Crypto]

You aren't wrong and your prediction is also important because day by day crypto hacking and scamming increasing.
Most of the users loosing their coins by falling in trap from them.We also saw Cryptopia exchange shut down because of stealing crypto currency and users lost all of he had.
So it's really a matter of worry

[BrewMaster]

there has been lots of "huge" hacks over the years each in multi million dollar value ranges and nothing bad has ever happened to the crypto market because it is some of the exchanges and people are already used to seeing weak security from their exchanges anyways and the values may seem high but the market is, believe or not, bigger than these amounts to be affected by them.

the only thing we can do is to stop using centralized exchanges and move towards more decentralized options. even if a weakness is found in DEX it will only affect a small number of users for a small sum of money.

[dothebeats]

Those coins that were hacked only comes back to the market in the market after the trail has been washed into different fronts. Over a million coins have been hacked and so far, nothing changes in bitcoin, and if anything it only gets stronger and people are still coming into it albeit the looming dangers of hacking. It also forces platforms to enhance their security to ensure that no hacks would ever happen again in their doorstep, or if there ever is one, the damage would be minimal that their customers and services won't be affected.

Bitcoin hacking problems lie not into bitcoin's own protocol but rather the centralized systems that deal with it. As BrewMaster pointed out, if more decentralized solutions are to be adapted by exchanges and users, perhaps we will soon see a time where hacking becomes a non-problem.

[conhela]

You aren't wrong and your prediction is also important because day by day crypto hacking and scamming increasing.
Most of the users loosing their coins by falling in trap from them.We also saw Cryptopia exchange shut down because of stealing crypto currency and users lost all of he had.
So it's really a matter of worry

I've seen it a little too many times... I keep telling my friends to always contact me before making bitcoin investments with 3rd parties, because many times these people are looking to rip them off and do not let them know the risks, it's a bit of a reality check that I think it's important to keep present specially for novice members in the area.

[Gozie51]

IMO, I don't think that bitcoin hacking or scamming will affect btc price because the coin is not really lost but ownership changed especially if the security code is known. It can only have back emotional effect on the person losing it to scammer.

[CaVO32]

IMO, I don't think that bitcoin hacking or scamming will affect btc price because the coin is not really lost but ownership changed especially if the security code is known. It can only have back emotional effect on the person losing it to scammer.

That's what dothebeats had stated, the hacked coins will just go back to the market. So yes, it is not considered lost but changed its ownership only so more or less, it doesn't affect the market's price. Unless, those hackers will dump it once but it will recover fast afterwards.

Those coins that were hacked only comes back to the market in the market after the trail has been washed into different fronts. Over a million coins have been hacked and so far, nothing changes in bitcoin, and if anything it only gets stronger and people are still coming into it albeit the looming dangers of hacking. It also forces platforms to enhance their security to ensure that no hacks would ever happen again in their doorstep, or if there ever is one, the damage would be minimal that their customers and services won't be affected.

Bitcoin hacking problems lie not into bitcoin's own protocol but rather the centralized systems that deal with it. As BrewMaster pointed out, if more decentralized solutions are to be adapted by exchanges and users, perhaps we will soon see a time where hacking becomes a non-problem.

I think it is hard to have all decentralized systems as there are some factors that the exchange needs to be centralized especially those which are dealing with fiat currencies.

[TravelMug]

There is also a good thread here, Hacked Exchanges since 2011.

Lessons learned?

1. Don't store all your bitcoins in an exchange, in an event of a hack, most likely you will lost everything

2. Get custodial wallet, a type of wallet that you have total control, "not your keys, not your coins".

But I don't think that we can fully stop those criminals, it's like they are always one step of the game. So we really need to be very careful as to where we leave our bitcoins.

[Wexnident]

Can't really do anything about hacking. There ain't no perfect defense system out there, and in all honesty, hackers ain't gonna benefit hoarding BTC. They'd most likely sell them one way or another because what's the point if they don't? Their hacking schemes involve hacking exchanges, scamming others, selling what they god, and rinse and repeat, easy as that. Really, the problem here is that people don't understand how NOT to get scammed. Hacked is quite different since it depends on the exchange to defend the coins but there's also a good counter to that, DON'T store your coins in exchanges. Hardware wallets were made for a reason you know.

IMO, I don't think that bitcoin hacking or scamming will affect btc price because the coin is not really lost but ownership changed especially if the security code is known. It can only have back emotional effect on the person losing it to scammer.

It can though. Just imagine a huge number of BTC were suddenly dumped because of a hacker selling all his stock. The market price would naturally go down because of the increased supply that returned to the circulating supply.

[SARA ISLAM]

Users are trying to be as cautious as hacking is happening. Just as a few years ago, different wallet users were hacked in different ways, the incidence is now relatively low.
In the same way that exchangers continue to correct their weaknesses, it is hoped that these will be addressed very soon. Lastly, hacked bitcoins have not been used for a long time. They come back to the market and when the bitcoins come back to the market, the price goes down. In my opinion, even though a huge amount of bitcoin is in the hands of hackers they can only reduce its value for a while at the time of sale, They can't do more than that.

[davis196]

1.Can you mention some detailed research or some exact number,when you say that "a lot" of Bitcoins get hacked or scammed?How much BTC?1000?1 million?I think that the amount of stolen bitcoins via hacks and scams are less than 5% of all Bitcoins in circulation(this is just an assumption).Is this a big number?Sure,but it doesn't change the market or the price volatility of Bitcoin.
2.Scams are different than hacks.Most of the scams are about manipulating naive people to send their BTC to the scammer.We can reduce the number of scams by educating more people to be more cautious.
3.Usually the crypto exchange platforms with the weakest defense get hacked.It's a never ending war.

[Oasisman]

You dont worry about the future of Bitcoin even if some users get hacked/scammed due several reasons about weak wallet securities and other careless activities, because those Bitcoins/alts will still be included in the circulation after the hackers sold them to several users and exchange. So, Bitcoin and other alts won't be affected in terms of it's value.

Fiat currency can be stolen too, are we asking the same questions like you do?
Did the government stopped printing paper money because there are the risks of thieves?
No matter how thick the layer of security is, If a certain user doesn't educate himself from possible phishing and other fraudulent attacks, then he'll still end up lossing his money.

And another important lesson about exchanges that was prone to hacks; don't store your Bitcoin in any exchange or custodial wallet. Instead, store it in an offline wallet.

[The Cryptovator]

Although lots of scam & hack happened in paste few years but we didn't noticed any notable impact on bitcoin value. Its because bitcoin isn't going out of blockchain, still its circulating on the blockchain and just changing the hands (address). Every day corruption happening in our real life but does it effect on our financial economy? Not much, because money still circulating on the ecosystem. So corruption couldn't effect on overall bitcoin value but of course we have to be more careful to save our assets from hackers and scammers. Because although scams and hacks will not impact on bitcoin value but obviously it will impact on our daily life. So save ourself and save bitcoin value as well.

[KrisAlex18]

There are many crimes happen in this virtual world, including hacking and scamming. It always happens because the internet is so broad there are many experts on this, some people use their knowledge on good things and some are not. They use their knowledge for bad purposes like hacking and scamming, no matter who are you if they are really interested in the money on your wallet they will do their best just to access it, they are so professional on doing that, so always be careful, always secure your wallet, there are many ways for us to secure our wallet just or you may also search through the internet.

This money has been hacked will still circulate because hackers will use it as well to buy some things that they need. It won't be gone because it will be spent as well.

[LogitechMouse]

But Have you ever thought If a lot of  Bitcoins get hacked by Hackers? If Hackers steal most of the Bitcoins ? Then what we can predict about the future of Bitcoin?

Most of the hacks that happened are from the exchanges and not from the Bitcoin itself. It is the problem of the owners that they are getting hacked. They are lacking of security system causing their exchange to get hacked. It is not the fault of Bitcoin but I think year by year, technology is improving and upgrading and so is the security of these exchanges.

But we have not seen any effective activities for those hacking.So I am a little bit confused about the future of Bitcoin.Actually no one can predict about it surely.

The fact that crypto isn't regulated is the reason why there are no actions have been given to track this hackers. No need to get confused on it and you're right that no one can predict Bitcoin since it is for now a speculative asset.

So if a huge amount of Bitcoin get hacked or scammed then we obviously can see crypto market in a danger. We must do something effective against those crypto threats. Then we can assure about the delightful future for Bitcoin.

Yes maybe as there are getting scammed or hacked, a dump will happen but take note that more and more investors are willing to buy Bitcoin at a lower price too so they see this opportunity as a buying opportunity. No need to worry about it as it isn't centralized. Not only Bitcoin are getting hacked but other currencies too.

[Janation]

Scams and hacks are one of the reasons why there are a lot of price dumps in Bitcoin including other cryptocurrencies as well.

The most popular is the Mt. Gox and it really made Bitcoin plummet but it did not die, it did not stay there, it took a while and surprised a lot of its investors and users. That is why we are here right now, because of that profits. Exchanges are not a suggested method to save or hold your Bitcoins or cryptocurrencies, if an exchange is hacked, a lot of people will be affected and obviously, it would affect the price. They are more vulnerable to be hacked than wallet in which you hold their private keys.

[batang_bitcoin]

Hacking is inevitable and that's why wallet providers, exchangers, casinos and other services that holds a lot of bitcoins has to strengthen their security. You don't worry with that because it's their job to increase and tighten security measures. While us, being an individual, we have to be responsible with the wallets that we use and don't be a victim of phishing links so that we don't get hacked. Be picky with the software you download for free online because some of them are dedicated to steal your private keys and seeds and any important information.

[Botnake]

Things have change nowadays, we already have a lot of exchange with great volume, so even if one of the biggest exchange will be hack, the market will still continue, of course it's normal that we will see a dump as those FUDDERS will eventually do their thing to cause more panic, but things are just temporary.

Gone are the days that we only have Mt. Gox as the biggest exchange, now we have a lot to cater traders once one exchange is gone.

We can see the exchanges ranking here - https://coinmarketcap.com/rankings/exchanges/... and we can see how their volume are being diversified.
As you can see in the list, Binance has the biggest volume if this exchange will be hack and will not recover anymore, expect that other exchanges are ready to facilitate the traders.

[hatshepsut93]

Hacks and scams happen with fiat money too, but no one doubts that the banks will keep existing and operating despite those things. Why should it be different for BTC? It's not 2014 anymore, Bitcoin is bigger than exchanges. Even if a major hack will happen, Bitcoin's price will recover, and the network itself is never affected by things like that. Altcoins often get shaken by such negative events because they are really small, their markets lack liquidity and their communities have little members compared to Bitcoin, but Bitcoin is on a whole another level.

[Twentyonepaylots]

You dont worry about the future of Bitcoin even if some users get hacked/scammed due several reasons about weak wallet securities and other careless activities, because those Bitcoins/alts will still be included in the circulation after the hackers sold them to several users and exchange. So, Bitcoin and other alts won't be affected in terms of it's value.

The security of blockchain is on another level, it uses strong cryptographic keys that's why we call it the future of technology, in short it is tamperproof. Don't get the wrong idea which bitcoin is not secured, the scheme was completely secured until you reach out to pay for services like exchanges and storing in wallet. This is where the security might be advantaged of the hackers, as of January this year fraudulent activities stole more than $1 billion worth of crypto, this is quite alarming though.

Fiat currency can be stolen too, are we asking the same questions like you do?

Same thing. Everything has its own bad side. It's just that simple.

Did the government stopped printing paper money because there are the risks of thieves?

good point! 

No matter how thick the layer of security is, If a certain user doesn't educate himself from possible phishing and other fraudulent attacks, then he'll still end up lossing his money.

at the end of the day, it is the users responsibility of his assets, not even the services that you paid for, or what you use.

And another important lesson about exchanges that was prone to hacks; don't store your Bitcoin in any exchange or custodial wallet. Instead, store it in an offline wallet.

Just one suggestion, don't let your money sleep in exchanges