Will the twitter scam crash the price

[abel1337]

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)..

The 30 minute time limit that hackers gave to their victim can possibly be the way to make their victim rush on sending bitcoin to the address but one part of the reality happened is most possible victims has no idea and tried researching how to buy bitcoin but didn't continue because of the complications or their minds changed halfway on the process. I think the twitter scam controversy issue won't affect the bitcoin price too much since there aren't much collected.

[carlisle1]

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)..

The 30 minute time limit that hackers gave to their victim can possibly be the way to make their victim rush on sending bitcoin to the address but one part of the reality happened is most possible victims has no idea and tried researching how to buy bitcoin but didn't continue because of the complications or their minds changed halfway on the process. I think the twitter scam controversy issue won't affect the bitcoin price too much since there aren't much collected.

Yeah Hackers did not even accumulate 1 bitcoin  in totality so that means they don't succeed in their plans.

and also the twitter company acted fast to prevent more possibilities of scamming.

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.

Yups the action of twitter stops already the possibilities of victimizing.

and also since these people are very popular it is easy to tell people about the situation and about what are to possible solution.

[fabiorem]

I had to listen Sunny Decree to understand what was this twitter scam.
I had some hard time to believe in what I was listening.

People falling for this in 2020?
Bitcoin holders falling for such naive scam?
Give me your coins and you will receive more? This kind of scam?

Time to sell more bitcoin.

[pealr12]

I think no , the hacking incident that happenen wont crash the bitcoin price but rather it might give some popularity  to other people who do not yet know about cryptocurrency.

[Vaculin]

Did it really crashed the price yet? no effect yet as what I can see and I don't think it will crash soon.
The effect to the market was not really big at all, maybe there are people who got scammed but with investors who are knowledgeable, we know they'll never fall for this obvious scam. In terms of amount of scammed, was there a figure already? I'm just curious because when Binance exchange got hack and they lose millions of USD, it seems it didn't move the market.

[ReiMomo]

Did it really crashed the price yet? no effect yet as what I can see and I don't think it will crash soon.

Yes, there is. But I think there is a slight effect on the market price but there is a strong resistance as I can see now.

Bitcoin dominance is really unpredictable and I don't see if there is any correlated the price movement in the market. Despite the massive Twitter scam's high profile account, the price was resisted. Even during the pandemic, the bitcoin price didn't shake too much we have seen improvement even though there are panic sellers and the money that collected in Twitter scams was only small amount that not to worry.

[Spaffin]

Did it really crashed the price yet? no effect yet as what I can see and I don't think it will crash soon.

Yes, there is. But I think there is a slight effect on the market price but there is a strong resistance as I can see now.

Bitcoin dominance is really unpredictable and I don't see if there is any correlated the price movement in the market. Despite the massive Twitter scam's high profile account, the price was resisted. Even during the pandemic, the bitcoin price didn't shake too much we have seen improvement even though there are panic sellers and the money that collected in Twitter scams was only small amount that not to worry.

In fact, cryptocurrency has nothing to do with this situation. No one should blame cryptocurrency for being used by scammers. Therefore, I did not expect and do not expect the impact of this situation on the quotes in the cryptocurrency market. But Twitter will have problems anyway, since getting unauthorized access to the accounts of such famous people is fraught with very big problems.

[sana54210]

I would say that the worst that could happen to drop the price would be the fact that it was once again bitcoin that is used for this and people would basically complain about it so much that governments would have to do something about it to regulate even harsher that could cause the price to drop. However one thing is for sure that act itself won't, the amount is not near enough to actually drop it, I would think that consequences of it could change some stuff but the act is just funny to me.

I mean you are hacking so many important people, just find a better way right? In any case, this was basically a wake up call for many of the people who use twitter to see that this is in fact a scam and from now on a lot less people would be scammed with this method and would be a cautionary tale.

[jackg]

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".

Yeah it does look like a really stupid idea. A domain itself is free and you can get free hosting for a few hours to scam... (I think UK.net is a free one a lot of people already use).

I guess it's more a form of censorship any anything else since you now have to use external links (or maybe it's possible to still post eth addresses as they'd be hard to stop).

[Febo]

Will the twitter scam crash the price

I dont understand the logic behind this. Why would Bitcoin when is uses as it was meant to so as money lose value?  It should have totally no impact. Maybe some positivism since some new people heard of Bitcoin.  

[gabbie2010]

All these fusses about twitter hack wouldn't have any impact on the price of bitcoin of course some fundamentalist will create unnecessary fear thus facilitates usual dumping usually associated with such an event even if the dump occurs definitely it wouldn't last before the price heads northward, this isn't the first time hacking of his nature had occurred we had several of that in the past with no significant impact on the price of bitcoin.
I also feel concerned about twitter being hacked more to it an insider must be involved a thorough investigation should be carried to reveal those behind the hack and prevent future occurrence while beefing up their security firewalls.

[exstasie]

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).

Exactly. The market gave us our answer within a few hours of the hack: nobody cared. Price barely budged at all.

What a stupid stunt. I hope this moron has fun trying to cash out those BTC and looking over his shoulder for the rest of his life.

[shoreno]

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).

Exactly. The market gave us our answer within a few hours of the hack: nobody cared. Price barely budged at all.

What a stupid stunt. I hope this moron has fun trying to cash out those BTC and looking over his shoulder for the rest of his life.

what about those who haved fall on off to this stunt ? i heard over 120k dollars worth of cryptos are run away by the hackers/scammers   . they did care  , there are also people care but not in a way that they fall for the scam but they care in the form of posting and commenting related to this news   . this stunt is not stupid but its a succesful and its considered as one of the baddest ( bad ass ) scam in the history of twitter and cryptocurrency  . we cant feel the crash of the price right away because they didnt sell off yet

[Twinkledoe]

All these fusses about twitter hack wouldn't have any impact on the price of bitcoin of course some fundamentalist will create unnecessary fear thus facilitates usual dumping usually associated with such an event even if the dump occurs definitely it wouldn't last before the price heads northward, this isn't the first time hacking of his nature had occurred we had several of that in the past with no significant impact on the price of bitcoin.
I also feel concerned about twitter being hacked more to it an insider must be involved a thorough investigation should be carried to reveal those behind the hack and prevent future occurrence while beefing up their security firewalls.

I don't think there will be significant impact on btc price. What would be the main reason why this hack will really have an effect on bitcoin? Unless those hackers got a huge amount of btc but I don't think they will get big amount here as compared to the available btc in the market. One lesson here though - don't put so much info in your social media channel, always think that if in case your account is compromised, what will the hackers get from your account? You should think of that not only in twitter but all the social media apps that you signed up for.

[Lucius]

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

If you ask a question like this maybe you should have sold your BTC? Hacking some Twitter accounts is completely irrelevant and has no effect on the price of Bitcoin, and the only connection between hacking and BTC is that the hacker uses BTC in an attempt to scam some naive people.

Most hacked accounts are locked in minutes, and the damage done is minimal - some of the transactions were actually sent by the hackers themselves to send messages like "JustReadAll - YouTakeRiskWhenUseBitcoin - WhyNotMonero", so the whole thing is more of a message than an attempt of a actual scam.

In terms of the impact on Bitcoin, something like this might have passed 4-5 years ago, but today this kind of news has the same effect as if someone breaks a glass bottle and then asks if the glass industry will experience negative consequences because of it.

[Zackgeno96]

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)..

The 30 minute time limit that hackers gave to their victim can possibly be the way to make their victim rush on sending bitcoin to the address but one part of the reality happened is most possible victims has no idea and tried researching how to buy bitcoin but didn't continue because of the complications or their minds changed halfway on the process. I think the twitter scam controversy issue won't affect the bitcoin price too much since there aren't much collected.

This 30-minute time limit was having many reasons behind it:
1. The person wouldn't have much time to check the legitimacy of the tweet because if someone is giving away bitcoins then there would be a social media post of the same in
    numerous places, like on the Instagram, Snapchat, and Facebook of the person in order to reach more number of people.
2. To create a scarcity of Bitcoins distributed, only a limited amount of bitcoins were being given away by them this also made the people to not think from their minds first.
3. Twitter would have eventually caught on them if they would have accessed the accounts of those celebrities for too long.

Also, this incident should have made bitcoin more popular and thus should have increased the demand for and so do the price.

[Jating]

All these fusses about twitter hack wouldn't have any impact on the price of bitcoin of course some fundamentalist will create unnecessary fear thus facilitates usual dumping usually associated with such an event even if the dump occurs definitely it wouldn't last before the price heads northward, this isn't the first time hacking of his nature had occurred we had several of that in the past with no significant impact on the price of bitcoin.
I also feel concerned about twitter being hacked more to it an insider must be involved a thorough investigation should be carried to reveal those behind the hack and prevent future occurrence while beefing up their security firewalls.

I don't think there will be significant impact on btc price. What would be the main reason why this hack will really have an effect on bitcoin? Unless those hackers got a huge amount of btc but I don't think they will get big amount here as compared to the available btc in the market. One lesson here though - don't put so much info in your social media channel, always think that if in case your account is compromised, what will the hackers get from your account? You should think of that not only in twitter but all the social media apps that you signed up for.

And more than 24 hours after the incident, we haven't seen the price of bitcoin moves, still just slightly above that $9k strong support. And there are a lot of people who understand that it was really Twitter who has the problem here and not bitcoin.

As one US Congressman point it out, "Bitcoin isn't the problem. Centralized control is.", so that sums up everything.

https://twitter.com/RepTomEmmer/status/1283560177489379330

[amishmanish]

As per twitter, this was a coordinated social engineering hack. This means that a bunch of people masqueraded over phone calls and e-mails to nudge some internal employee to divulge certain administrative privileges. More than affecting bitcoin, it does more damage to twitter like everyone said.

I don't know what it does to Jack Dorsey's endorsement of Bitcoin. I mean you already go out on a limb as a famous tech millionaire to support an anti-authority crytpocurrency and then some joker tries to hurt your company using that same thing. This must be pretty disappointing for him. That is what may hurt bitcoin, if not anything else. Its also a moment of truth for tech companies and authorities to decide that who exactly are the responsible parties when it comes to scams, fake news etc on social media and the interweb.

[Oceat]

Did it really crashed the price yet? no effect yet as what I can see and I don't think it will crash soon.

Yes, there is. But I think there is a slight effect on the market price but there is a strong resistance as I can see now.

Bitcoin dominance is really unpredictable and I don't see if there is any correlated the price movement in the market. Despite the massive Twitter scam's high profile account, the price was resisted. Even during the pandemic, the bitcoin price didn't shake too much we have seen improvement even though there are panic sellers and the money that collected in Twitter scams was only small amount that not to worry.

That slight changes is probably just a traders movement IMO since it doesn't affect that much of the market. Twitter should have announce what was actually happening and how they would handle everything so that it won't happen in the future. So for now, I guess we'll just have to wait for their official announcement. And since it doesn't really give a panic to the investors then it is proven that they don't really matter to the market somehow.

[TheGreatPython]

The security thing was from twitter itself and nothing to do with bitcoin, so I doubt it could hurt us. However has anyone checked the value of twitter?

I do not know how to do that and if they are public at all, but it looks like they should be losing a ton of value there, twitter would be worth half of what it was according to my assumption after they allowed a hacker to basically talk on behalf of all the important people in the world. That is what great about bitcoin as well, you have such a strong wallet that it would be almost near impossible to brute hack it. Sure someone could put a keylogger or just a virus into your computer and hack it that way but there is no way someone could hack it from outside.

This is why as long as you are careful you will be fine in bitcoin, which shows how this twitter hack was actually a proof of why we are good and should make it go up let alone go down.