Will the twitter scam crash the price

[imstillthebest]

its only a scam and the accounts of bill and elon havent really hacked ? why would they be panicked  .

if ever they got hacked , hackers wont transact small but they will send all the money from thier account and this will cause a crash on the price but that is if they hack cryptos  . hacking for different purpose not related to crypto wont affect us here . legit hacking wont lead me to sell my assets but itl make me more interested on them .

[CryptopreneurBrainboss]

I don't think it'll crash the prices instead create more awareness about the currency. Where some FUD might come in, is when the government uses this opportunity to discredit bitcoin of been a tools just to help scammers get away with crime, and the storyline will be, if this scam was to be executed using other legally recognize currency (AKA centralized currencies piece to of shit) that they could have easily tracked down the scammers.

On the other hand, Jack (CEO of twitter) is a very strong bitcoin (blockchain) enthusiast. What if he uses this disappointing event to work in his favor and pushes for the adoption of blockchain technology by announcing twitter will taking advantage of the blockchain (decentralized) technology, that would be a massive push for the technology and this will definitely affect the price.

[XCANA]

This could be an attack from one of the government against the people and Bitcoin. Possibly, this wasn't calculated against those who weren't holding up any stash in bitcoin, they(the hackers) did most of their activities by defrauded in bitcoin. They counted away huge amount of Bitcoin from those who were effected and those who believed in their tweets from the hacked tweeters accounts. As I said, this was a calculated attacks against Bitcoin and not just ordinary attack as many said.

[NeuroticFish]

I feel like some people around here are thinking too far. The hackers filled easily their bags counting on people's greed and stupidity and that was it all.
Yep, it's an ugly breach in Twitter. Yep, it'll be on the headlines for a short while.

And the price... what? First tough step will be to actually sell those coins and withdraw - many exchanges will not allow withdrawal if the address is linked to the hack. So they may not sell in the near future.
And then.. on what world selling 10-20 BTC does anything significant to the price?!
Or you think that the news will scare investors? Why?! It's not Bitcoin that got hacked, it's Twitter.

So.. why don't we talk on the effect of this hack on Twitter shares' price?

[Sebas.tian]

^••^ you're right because greediness was the major caused of these loses of Bitcoin to the hackers. The hackers pretended to be from real owners of the tweeters accounts to broadcast their scam promises to their victims. This should be more reasons while we should be more careful with free gifts from social medias, also, don't send anything to anyone when they request bitcoin or any other cryptocurrency. This has clearly shown that, any account on social medias can be hack, don't fall for things that seem unrealistic.

[Ridwan Fauzi]

As we have seen now most crypto currency price not only bitcoin have been slumped down. And yeah, it was just because the incident.

When the first time I see this incident I just think that bitcoin's price will surge because the effect that will get is many people will now bitcoin at least it is an awareness in this bad economic situation.

I just hope that this incident didn't give a big effect and bitcoin price should be recover as soon as possible. If this continue, I predict that $6000 will be next price that will be reach on this week.

[Arkann]

I would not place too much hope in Twitter or rely on its security and objectivity. Many users face problems on Twitter with their accounts and cannot achieve justice and resolve their problems, as even the support team does not respond to requests and emails from their customers. I am one of those people who suffered from this. But even if the problems are of such a small nature that cannot be fixed, then how can you talk about financial issues in relation to twitter and hope for their solution.
But on the other hand, if this event affects the value of twitter shares, then the management will have to reconsider all technical issues and this may initiate the implementation of the blockchain.

[sheenshane]

I voted no, but as we can see Bitcoin price in the market had a small correction. Probably due to the FUD that recently happened about Twitter hacking last night, there was a panic seller right now that causes a small effect on Bitcoin price. The hacker(s) will probably not cash out the scammed Bitcoin due to the linked address was reported and they are very hot right now, so probably they will let Bitcoin sleep on the wallet on keep splitting into the small amount and move into the different wallet.

Most commonly those panic sellers are those new in cryptocurrency and probably they are one of those victims on Twitter hacked high profile. I think vast majority here are wise enough not to fall on that kind of fraud.

[mersal]

All titles of media articles have bitcoin scam which is kind of misleading though but it really caused the price to be in red for the whole crypto market but I don't think this will cause any crash since most of the accounts are in the process of getting recovered.This should affect twitter more than the cryptos.

[maydna]

its only a scam and the accounts of bill and elon havent really hacked ? why would they be panicked  .

if ever they got hacked , hackers wont transact small but they will send all the money from thier account and this will cause a crash on the price but that is if they hack cryptos  . hacking for different purpose not related to crypto wont affect us here . legit hacking wont lead me to sell my assets but itl make me more interested on them .

If that really happens, they should be panicked. It's like if that is happening to one of your accounts, whether it's your social account or the other account. You will be panic, and you want to recover as soon as possible. That is a normal thing that every people might do if they know their account gets hacked. Besides that, if that is their real account, they need to explain to the public that they cannot use their old account and create a new account.

Back to the topic.

The responsibility is to come to the media. If the media don't blow up the news and can calm down the public, people will not panic selling because they can see that it's because of the bug from the website so that the hacker can take over the account.

I wonder who is the hacker because that person should have a high-skill to penetrate to the account.

[arwin100]

Supposedly bill Gates and Elon musks account has been hacked. Along with many other people's accounts (such as binance and coinbase but coinbase may have regained control).

Hopefully the amounts sent remain low and this is just like a normal thing (like the twitter lives) but if a lot of people have sent all they have or this ends up in mainstream media (everywhere) then we could be in for a big crash...


I'm hodling still though. I wouldn't suggest selling but I'm just curious on people's opinions to this.

How come it will be the reason of a dump? the hacker doesn't get any huge volume at as I read the incoming transaction of the said hacker is been block already(Hope I'm not wrong with this) and although it can create a huge upset since the headline of the news is misleading ang it was written that bitcoin scam, but for sure this news will fade on next following days so there's nothing to worry about this incident.

[Reid]

And here I thought Twitter was one of the safest out there when it comes to social media application.
I just recently joined in with the need for updates of whatever I will follow.

But with regards in bitcoin being affected because of a Twitter fault.
I doubt it will be that much, or better there will be none.
In the end, it is still an attack with Twitter and they are supposed to have better security with such large industry and still growing.

[gentlemand]

Here's a development that actually might impact the space. Twitter are removing the ability to post crypto addresses - https://www.theblockcrypto.com/post/71876/twitter-crypto-address-posts

No idea how much legit business takes place through there on that basis but there must be a bit, and considerably more than what these moronic scammers net. Maybe you can still DM them.

[Mahanton]

I voted no, but as we can see Bitcoin price in the market had a small correction. Probably due to the FUD that recently happened about Twitter hacking last night, there was a panic seller right now that causes a small effect on Bitcoin price. The hacker(s) will probably not cash out the scammed Bitcoin due to the linked address was reported and they are very hot right now, so probably they will let Bitcoin sleep on the wallet on keep splitting into the small amount and move into the different wallet.

Most commonly those panic sellers are those new in cryptocurrency and probably they are one of those victims on Twitter hacked high profile. I think vast majority here are wise enough not to fall on that kind of fraud.

Also it isnt really that a high amount of bitcoins that ha been scammed which can cause really a market crash literally.It  would really be the FUD  that had been created but we have seen recently that it didnt
really make out any effect and the price movement that we do see which i do treat it as a normal day movement not totally connecting of with that Twitter scam event.Scammers address would be sure on
hot spot where eyes would be focused but same as you said there they do just let those coins off to be untouched nor wont make any tx for a certain span of time on where people already had
forgotten on what happened.

[FIFA worldcup]

Supposedly bill Gates and Elon musks account has been hacked. Along with many other people's accounts (such as binance and coinbase but coinbase may have regained control).

Hopefully the amounts sent remain low and this is just like a normal thing (like the twitter lives) but if a lot of people have sent all they have or this ends up in mainstream media (everywhere) then we could be in for a big crash...


I'm hodling still though. I wouldn't suggest selling but I'm just curious on people's opinions to this.

The impact of twitter accounts hack will not be as severe as if the actual exchange was hacked. We may see a bearish market for next few days but overall this news will spread like a fire in media and many people will come to know about the crypto. This will be a trending topic in twitter and in all the social media for sometime.

[el kaka22]

I do not really think it would crash because there wasn't all that much money sent last I checked. Sure it is a lot of money for one person and he would probably make a good amount of money for his regular life, however it is not enough to crash a whole market. Plus it was silly, you hacked into all the important people in the world and you got that right and you use it for "send me 1 and I will send you 2" type of scam? Dude just create a professional looking website first, some sort of ICO situation, and use that hacking into promoting it. Think about how much more money a professional looking ICO would make profit if you just promoted from famous people instead of doing something so common scam that even though he made money, it was 1% of the potential he could have made.

[jackg]

Yeah I started this thread as I thought the amount of funds going into the address would keep rising as it doubled in about an hour but I think that was just the people testing with it. They also gave a limit of 30 minutes on a few of the tweets and there mightve been a learning curve or other reasons people wouldn't make it in 30 minutes (excluding knowing it was already a scam)..

[STT]

Its not the first or last time people will try that type of scam unfortunately.   Its more about twitter and those who believe in free money then anything else.     Actually I was watching Tone Vays and he had the same exact type of scam pop up on his screen.   You dont see the man himself first, you see a con job which attempts to phish his viewers with bad links.    My virus detector had to block it because google advertises scams and cant operate the staff to tell the difference, they havent any oversight in the junk they are running through their Youtube monetization automatic operations.   Im not going to blame Tone Vays, twitter and google are both asleep at the switch; its not the failure of Bitcoin or Ethereum blockchains.

create more awareness about the currency.

No its not a positive for BTC and we see its being restricted in its display in some way as if its our fault people got root access to twitter accounts.   Similar kind of thing happened on Facebook where they wanted to lock down the discussion of crypto because of excessive 'ipo' type talk and misjudgement there.   I know theres the old saying any publicity is good publicity but crypto is already known well enough and theres no dynamic demonstrated here particularly that informs anybody in a way they werent already aware.   I just count it negatively really, its not a good look.

[NeuroticFish]

Here's a development that actually might impact the space. Twitter are removing the ability to post crypto addresses - https://www.theblockcrypto.com/post/71876/twitter-crypto-address-posts

No idea how much legit business takes place through there on that basis but there must be a bit, and considerably more than what these moronic scammers net. Maybe you can still DM them.

This is completely useless. One can just make a website with the address and post the URL on twitter (or one can even make a service for that job).
So all they'll stop is the small giveaways. For now.

I wish they would think a bit before jumping into such "fixes".

[dragonvslinux]

Any publicity is good publicity, or so they say. If it was going to crash the price it would of done so already though, like when bchsv & bakkt launched, the crashes were almost immediate (to the day). Also, if the price does crash it's because there's been a "big move" anticipated for weeks with a bearish trend for months coupled with the declining volatility reaching 18 months low. The twitter scam would merely be a catalyst, not the cause.

I wouldn't be surprised to see a catalyst trigger the move down in the near future, but I don't think the twitter scamming will be the cause of it. When WannaCry ransomware occured in May 2017 price mooned from the publicity it seems - even though effectively hackers gaining Bitcoin from ransomware doesn't really paint Bitcoin is a good light what so ever. Arguably this was also considerably different as Bitcoin was already amid a subsantial bull-run, but you'd expect at least some kind of dip if this publicity was bad, therefore clearly it wasn't, and neither was this situation either imo.