Will the twitter scam crash the price

[arwin100]

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.

Doesn't give any damn since there's no huge volume that can make the price go down but maybe there's really a slight changes but it doesn't mean that we need to get panic for the said incident, For me that issue is not big in crypto world since the hacking incident happen on twitter the only bad side of it is bitcoin drag to another controversy but for sure this will subside and will be forgotten by people in next following days.

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[lepbagong]

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.

yeah right, there is no direct correlation between bitcoin and twitter, so i really agree with you that how the relationship between twitter and bitcoin which is clearly regulated / rules alone is very much different.

maybe Twitter will influence the development of bitcoin, it might happen because after all social media really influences even a little bit on bitcoin. all news from social media is clear even though it will not directly affect if there is news that is sensitive to bitcoin.
but bitcoin can overcome such problems by itself and rise, because bitcoin is highly sought after and is sought after by investors.

the security of bitcoin is quite reliable and it is not possible for people to hack it, but if an individual bitcoin wallet would be easy to hack, it would also be because of people's negligence not because of the hacked bitcoin system.
as long as we can maintain it well, hacking will never happen. bitcoin is very reliable until now and it would not be possible for people to turn away from bitcoin.

[KTChampions]

1.) No impact on the bitcoin price.
2.) If the regulators want it, there are huge problems for Twitter, as hackers have shown the tools that are used by this corporation behind the scenes and bypassing current laws.

[carlfebz2]

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.

Doesn't give any damn since there's no huge volume that can make the price go down but maybe there's really a slight changes but it doesn't mean that we need to get panic for the said incident, For me that issue is not big in crypto world since the hacking incident happen on twitter the only bad side of it is bitcoin drag to another controversy but for sure this will subside and will be forgotten by people in next following days.

Issues like this will surely past away and on the current price where it isnt really that affected much and we do even increase in few dollars.It is indeed in Twitters fault and has nothing to do with bitcoin

and also the amount had been scammed by those hackers arent really that big to make a market crash.Possibility is there though but this will talk in panic situation but basing of on

how the public do react into the incident then i can say that it is unlikely to happen.

[aioc]

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.

I don't think so, it's Twitter fault and it's not an exchange I still consider Twitter outside of the industry in fact we will have one coming up and should shutdown Twitter, they are very vulnerable it will not have an impact on the price, and so far this is what is showing in the market.

[Shimmiry]

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.

I don't think so, it's Twitter fault and it's not an exchange I still consider Twitter outside of the industry in fact we will have one coming up and should shutdown Twitter, they are very vulnerable it will not have an impact on the price, and so far this is what is showing in the market.

It's twitter's fault at all and not the ones who got hacked, and scam, and issues like these are commonly are impossible for bitcoin's price to get affected and get crash. But there might be people who will be afraid of the incident that they will sell out their bitcoins for them to avoid getting hacked that will result in a decrease to bitcoin's price.

[bearexin]

I'm just seeing it a positive thing because this twitter hacking and scamming things made many people to know about something about cryptocurrencies. We must consider the time where it happened; I mean if it is not into lockdown times, then I guess the story will be completely different but when people are sitting lazy and looking for anything interesting to test and try, I guess getting them into the cryptocurrency will be making something positive for the crypto ecosystem for sure.

I'm not in support of making crypto notoriously getting familiar to new people but when it is happening for some reason, I believe we cannot do anything about that. It is just part of everyday life like we prefer or not some people are getting know about bitcoins even due to bad things.

[glowing10]

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.

I don't think so, it's Twitter fault and it's not an exchange I still consider Twitter outside of the industry in fact we will have one coming up and should shutdown Twitter, they are very vulnerable it will not have an impact on the price, and so far this is what is showing in the market.

For now we have not seen any effect on the bitcoin prices as it is almost a week now and bitcoin is stable at 9150$ around. But certainly, such things when happen creates a bd feeling among people related to bitcoin as they seem that is only used for such wrong’s things. Hope this perception of people will change over a period.

[The Sceptical Chymist]

We might see quite a few technology stocks fall from this too.

I have a feeling that won't happen--not that most tech stocks don't deserve to fall, since a lot of them are seriously overvalued to begin with, but the stock market is on fire right now and this incident is just going to be a blip on the radar of investors. 

And as far as any effect on bitcoin, forget about it.  There have been so many incidents over the years where you'd think the price would tank and yet it didn't.  Never underestimate how resilient bitcoin is to bad news, rumors, and pretty much anything else you can think of that should crash its price.

[KTChampions]

I'm just seeing it a positive thing because this twitter hacking and scamming things made many people to know about something about cryptocurrencies. We must consider the time where it happened; I mean if it is not into lockdown times, then I guess the story will be completely different but when people are sitting lazy and looking for anything interesting to test and try, I guess getting them into the cryptocurrency will be making something positive for the crypto ecosystem for sure.

I'm not in support of making crypto notoriously getting familiar to new people but when it is happening for some reason, I believe we cannot do anything about that. It is just part of everyday life like we prefer or not some people are getting know about bitcoins even due to bad things.

I would not call it a good advertisement for cryptocurrencies - as in most cases, there is an association with a criminal background. On the one hand, such news attracts attention and, as you rightly noted, attract new people, but on the other hand, these people have a strong association in their ideas: cryptocurrency is associated with crime.

[eaLiTy]

I'm not in support of making crypto notoriously getting familiar to new people but when it is happening for some reason, I believe we cannot do anything about that. It is just part of everyday life like we prefer or not some people are getting know about bitcoins even due to bad things.

These things have nothing to do with BTCitcoin and it will not affect the market price but it is true that for anyone who is not familiar with the market reads the news headline that says BTCitcoin scam hacking twitter accounts and i have seen many articles with similar headlines in local newspapers and it is not a good publicity i want about cryptocurrency and BTCitcoin.

[BITCOIN4X]

~snip

It might be, but if the amount stolen is not too much. I am sure if the number of bitcoin stolen by scammer exceed 1000 or even ten of thousand, then everyone will definitely be affected to sell them because it is feared the price will go down, assuming fraudster will sell stolen bitcoin at cheap price. But if there are only hundred, it might not have much effect on price.

[exstasie]

We might see quite a few technology stocks fall from this too.

I have a feeling that won't happen--not that most tech stocks don't deserve to fall, since a lot of them are seriously overvalued to begin with, but the stock market is on fire right now and this incident is just going to be a blip on the radar of investors.

Yep, tech stocks especially are performing well. The NASDAQ made another new ATH on Friday. Even Twitter's stock barely reacted to the hack, and the losses were quickly recovered:

And as far as any effect on bitcoin, forget about it.  There have been so many incidents over the years where you'd think the price would tank and yet it didn't.  Never underestimate how resilient bitcoin is to bad news, rumors, and pretty much anything else you can think of that should crash its price.

News is never the true cause of price moves. It only acts as a trigger, depending on the underlying supply and demand. If there is strong latent supply and weak demand (like November 2018, with the BSV launch dump), then it can catalyze a major crash. If the proper supply/demand dynamic isn't there, it won't.

[boltz]

I think we got used to hacks and the effects that comes with it so just because so far the hack was not that big doesn't mean the effects won't be big. It will crash but it will crash a lot ? I doubt it. A lot of speculators are expecting a crash of Bitcoin price under 7k$ again in order to fill those big bags again but those who are new and haven't experience a hack of an exchange or a person will think that something like this will not affect the price but time will tell.

[DoublerHunter]

I think we got used to hacks and the effects that comes with it so just because so far the hack was not that big doesn't mean the effects won't be big. It will crash but it will crash a lot ? I doubt it. A lot of speculators are expecting a crash of Bitcoin price under 7k$ again in order to fill those big bags again but those who are new and haven't experience a hack of an exchange or a person will think that something like this will not affect the price but time will tell.

^ Those people who believed in this prediction probably on the FUD. $7k is too low for me and I think it will not drop far on $8k, as we noticed the bitcoin price was in a stable like $9k range, I see the possible barrier and that was probably the recently hacked twitter accounts. But it will always resist the price and the dominance will not fall down this month. Remember that we are on halving impact and probably there is a potential that the price of the market will have improved. Nevertheless, my doubt is twitter scam has a little effect but it was quickly recovered.

[STT]

Ironic point of the week, exchanges now good for anti scam apparently :

since a lot of them are seriously overvalued to begin with,

Overvalued vs what though, we have such easy money the price of anything with prospective revenue is valued far more then the immediate value and so speculation is very high.   All the tech stocks are high but its justifiable still and previously they were depressed and neglected as a sector post dotcom boom.   For years they were overlooked and with the relevance of tech higher then ever I dont think thats the place I would look for over value.    It is extraordinary that Twitter cant even touch the July low, maybe people cant realise how serious the loss of root access is.

[KTChampions]

Ironic point of the week, exchanges now good for anti scam apparently :

It blows my brain! People who are able to register on the legal crypto exchange, they are clearly 18+, they can read and write, but at the same time they believe in actions like "send me money and I will return x2 to you." Can we consider their legal capacity? 

[Kong Hey Pakboy]

From my point of view, the twitter scam will not result in a crash for bitcoin's price because bitcoin and other cryptocurrencies are always being used in fraud and other illegal activities. But what just happened on the Twitter scam is its destroying bitcoin's reputation that more people would be more afraid to buy bitcoin, especially for those people who are victimized by this Twitter scam. Also, this kind of scam could not be trick by people who has a lot of experienced in crypto because if they are smart and have an idea about cryptocurrency, they would put research about their profiles if those famous people have been hacked or not.

[n0ne]

Twitter scam doesn't crash the price, it might cause the price to fluctuate within certain limitations. Probably it is like the Binance hack that is expected to make a big crash in the market, but there isn't big change in the market. This has given users a warning and through this more people have known about cryptocurrency.

[Naida_BR]

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.

There were a lot of people who got fooled when all accounts on twitter related to bitcoin was hacked.
A lot of people thought that those tweets that came from those accounts and they started sending money to those addresses. Eventually, scammers wanted to sell those amounts but their wallet addresses were blacklisted from the exchanges.