Iran Central Bank hacked. Other banks also hacked causing major disruptions.

[BABY SHOES]

But I believe their engineers and their software/cyber security experts will fix the issue, but what if there's a multi-month long disruption in your country's banking system, and when digital payments/debit cards/credit cards are down or are unreliable?

In a friendly country, there won't be a disruption for long because the developers will fix the problem as soon as possible, they have strong security.

But so far I haven't experienced it, I just assume this will happen in countries that are in conflict, so cyber attacks on banks might happen like some Middle Eastern countries.

HODL those precious Bitcoins as a savings account, and use them only if you have no other choice.

Well of course I hold bitcoin for savings, don't think bitcoin will be the same as fiat, so holding for an advantage only.

[ranochigo]

Cyber warfare is a real thing, and I don't think Bitcoin is immune to it. Supply chain attacks are becoming more and more common, if xz was actually pushed and active, the chaos that ensued would've been much greater in comparison. Open source projects where anyone can contribute will always be susceptible to it.

Bitcoin does well in what it is meant to do, decentralized and redundant. But it also has it flaws, eg. if it hasn't proven itself as a reliable store of value or if it isn't widely accepted, then the argument that Bitcoin is better would be moot. Honestly, would people immediately turn to and trust Bitcoin when shit goes down or would they find some other fintech products?

[Wind_FURY]

OTOH, a major internet outage / cyber attack would cripple peoples ability to use BTC.

A major internet outage would cripple ALL of a country's digital infrastructure and it it would cripple ALL forms of digital commerce. I am merely talking about Bitcoin as a back-up/fall-back currency and an asset class IF there's a bank run in your local bank, or a wider problem like that situation in Iran. Bitcoin truly FIXES THIS.

[AndrewWeb]

Bank hacking is still a small problem, imagine if your country was invaded, as is currently being felt by Ukraine & Palestine, then with the FIAT you have it will also be difficult to carry out transactions outside the territory (if in the end you become a refugee). With bitcoin, you can make transactions and buy supplies without any territorial restrictions, like Fadey did ^[1]. People should think again about holding all their wealth in the bank, because none of us will end up with what our lives will look like in the future.

[1] https://www.cnbc.com/2022/03/23/ukrainian-flees-to-poland-with-2000-in-bitcoin-on-usb-drive.html

You can't have bitcoins on a usb drive or a hard drive. You can only have privat keys (passwords) to your bitcoin addresses (accounts) on a usb drive or a hard drive. You could also write the privat keys (passwords) on a piece of paper or on notepad or wordpad.

[Pandorak]

[...]

You can't have bitcoins on a usb drive or a hard drive. You can only have privat keys (passwords) to your bitcoin addresses (accounts) on a usb drive or a hard drive. You could also write the privat keys (passwords) on a piece of paper or on notepad or wordpad.

Why not? i've heard that we can store bitcoins on a USB drive, not sure where the source comes from, but that's really what i've heard. I'm not talking about private keys here, but storing bitcoins on a USB drive is like storing them in a hardware wallet like Ledger & Trezor.

Can someone please provide a clearer and more detailed explanation regarding storing bitcoins on a usb drive?

[tranthidung]

Bitcoin does well in what it is meant to do, decentralized and redundant. But it also has it flaws, eg. if it hasn't proven itself as a reliable store of value or if it isn't widely accepted, then the argument that Bitcoin is better would be moot. Honestly, would people immediately turn to and trust Bitcoin when shit goes down or would they find some other fintech products?

Many times, in Bitcoin history and in Bitcoin market, people panic sold and panic response against rumor, fud is an example that most of people will turn their head against Bitcoin quickly and easily.

Only very few people in Bitcoin community are Bitcoin maximalist or Bitcoin hodlers so that they will not be affected by rumor, fud, shits (like your said) toward Bitcoin. Fortunately, we will have more people like that with strong then diamond hands with time. It takes time to build up big Bitcoin communities and to have more people with Bitcoin hands (rather than using diamond hands, I would like to use Bitcoin hands).

[pooya87]

Iran Central Bank hacked. Other banks also hacked causing major disruptions.

What? When? LOL
I didn't notice anything and I just searched all the main news outlets in Farsi and the CBI official outlet and there is nothing about any hack or even a disruption. The only thing I could find was a tweet by an official denying the claim which was made by a well known "bullshit source". When I investigated more I reached the only "news" site that ran this and other referenced, and it is an Israeli controlled mouthpiece called "Iran International" that is running with this bullshit
iranintl[.]com/202408144740
It looks like the Zionist terrorists are getting too desperate these days...

So, no there was no hack nor any kind of disruption. Not even the usual DDoS attacks...

[PrivacyG]

BITCOIN, as a back-up/fall-back if the legacy banking system is disrupted or fails, FIXES THIS.

True.  However.  I believe we should really concentrate more on advertising the O.G. way of using Bitcoin.  Which is NOT by holding them on to Exchanges, NOT by holding them on to Ledger or Custodial Wallets and NOT doing any thing that may lead to us losing Custody over our own Coins.

Unless the majority begins to use Bitcoin the original way, Bitcoin as a back up is useless!  Either you truly become your own Bank or you are enslaved to yet another.

[stompix]

BITCOIN, as a back-up/fall-back if the legacy banking system is disrupted or fails, FIXES THIS.

What fix?
The moment you expect 100 million people to do their business on the chain it's the moment you realize how limited the network is for such a usage, ok they will be using LN, how long it will take for 100 million to open their channels?
But that's step two, first...they will need Bitcoins, how are you going to buy Bitcoisn if banks don't work?
100 million doing p2p? Common, this is just fantasy material!

We're still early in terms of both value and adoption, the current network and its setting won't be enough to save a small country not talking about a medium-seized one.

[Jon pyagbara]

Bitcoin has a hedge against potential disruptions in the traditional banking system,
HODLing Bitcoins as a savings account can be a wise strategy, especially in times of uncertainty. Bitcoin's decentralized nature and limited supply make it an attractive option for those seeking a safe-haven asset.
But one also need to know that Bitcoin has its own risk associated with it, so in order to manage this risk, Proper research and education on Bitcoin needs to be carried out, just so you know how to manage the risks and stay safe.

[Wind_FURY]

Iran Central Bank hacked. Other banks also hacked causing major disruptions.

What? When? LOL
I didn't notice anything and I just searched all the main news outlets in Farsi and the CBI official outlet and there is nothing about any hack or even a disruption. The only thing I could find was a tweet by an official denying the claim which was made by a well known "bullshit source". When I investigated more I reached the only "news" site that ran this and other referenced, and it is an Israeli controlled mouthpiece called "Iran International" that is running with this bullshit
iranintl[.]com/202408144740
It looks like the Zionist terrorists are getting too desperate these days...

So, no there was no hack nor any kind of disruption. Not even the usual DDoS attacks...

OK, that's actually disappointing, we can't post "Bitcoin fixes this" anymore. Hahaha. Although, that doesn't make "Bitcoin fixes this" not true.

Plus the Iranian government was rumored to be mining Bitcoin - and attacking cryptocurrency miners, confiscating their hardware. Probably for the government to use them to mine cryptocurrencies for themselves, no?

[BlockExplorer24]

The post makes a solid point. If banks are compromised, Bitcoin could indeed serve as a safety net. But let's be honest, relying on BTC requires serious planning. Sure, cybersecurity might fix the issue, but if the crisis drags on, having some BTC stashed away is smart. HODL, but don't forget to stay practical too. 😄

[davis196]

BITCOIN, as a back-up/fall-back if the legacy banking system is disrupted or fails, FIXES THIS.

But I believe their engineers and their software/cyber security experts will fix the issue, but what if there's a multi-month long disruption in your country's banking system, and when digital payments/debit cards/credit cards are down or are unreliable?

HODL those precious Bitcoins as a savings account, and use them only if you have no other choice.

So you are trying to prove that Bitcoin/crypto is better than fiat, just because a bank got hacked?
How many crypto exchanges got hacked in the last 10 years? How many cold wallet owners hot hacked or scammed in the last 10 years?
For me, online security is a never ending battle. It doesn't matter if you are into crypto or you don't have crypto at all. There's always a possibility for you to get hacked/scammed and lose all your coins or fiat money. Having a cold wallet doesn't guarantee better security.
A "multi-month long disruption in a country's banking system" cannot happen in reality. Such problems are usually solved in 24-48 hours.

[Woodie]

BITCOIN, as a back-up/fall-back if the legacy banking system is disrupted or fails, FIXES THIS.

But I believe their engineers and their software/cyber security experts will fix the issue, but what if there's a multi-month long disruption in your country's banking system, and when digital payments/debit cards/credit cards are down or are unreliable?

HODL those precious Bitcoins as a savings account, and use them only if you have no other choice.

I wonder what the motive behind the hack could be

Why not take the internet or electricity down to try to fix the loophole and find the perpetrators I know it's not the best solution but it could get you the guys behind this.. just hope it's not an inside job because such don't just happen from nowhere..

Btw, as much as we try to promote Bitcoin or other cryptos....in situations of internet outages or electricity being cut, it is clear cut that cash is king because it won't be affected by any of these but BTC and banking systems could go down and anybody having cash means they continue to access goods and services without any disruption . But for argument's sake going the bitcoin way also relies on people being in the know of new technologies such as cryptocurrencies & if they don't know about them then having BTC is somehow rendered useless in local use, and I still stand for cash is king!

[nutildah]

Iran Central Bank hacked. Other banks also hacked causing major disruptions.

What? When? LOL
I didn't notice anything and I just searched all the main news outlets in Farsi and the CBI official outlet and there is nothing about any hack or even a disruption. The only thing I could find was a tweet by an official denying the claim which was made by a well known "bullshit source". When I investigated more I reached the only "news" site that ran this and other referenced, and it is an Israeli controlled mouthpiece called "Iran International" that is running with this bullshit
iranintl[.]com/202408144740
It looks like the Zionist terrorists are getting too desperate these days...

So, no there was no hack nor any kind of disruption. Not even the usual DDoS attacks...

There's a few other sources covering it:

https://www.jpost.com/breaking-news/article-814715
https://thecyberexpress.com/central-bank-of-iran-cyberattack/
https://www.israelhayom.com/2024/08/14/report-irans-central-bank-crippled-in-massive-cyber-attack/

A video of the non-functioning ATM:

https://mignews.com/news/economics/drama-bankovskaya-sistema-irana-otklyuchena-v-rezultate-kiberataki.html

A more "local" version of the story:

https://news.gooya.com/2024/08/post-89719.php

Then there's this

https://twitter.com/ShadowofEzra/status/1823738574958629020

Is it a giant, carefully-perpetrated hoax? Maybe. Only time will tell.

[pooya87]

There's a few other sources covering it:
jpost.com
israelhayom.com

Also to @Wind_FURY
As a rule of thumb, 90% of what you read about Iran in foreign (non-Iranian) websites is either completely or partially bullshit.

And it is 100% bullshit if the source is Israel. That is like wanting to know about US from a North Korean source

A more "local" version of the story:
news.gooya.

That is not "local", that is a Western media. Although it doesn't even deserve the name "media"

https://mignews.com/news/economics/drama-bankovskaya-sistema-irana-otklyuchena-v-rezultate-kiberataki.html
https://twitter.com/ShadowofEzra/status/1823738574958629020

These two are so funny.
Do people really believe that the Central Bank run and controlled by the government is issuing official statements on a piece of paper with a shitty font which they attach to an ATM with a tape like this saying "we" are spending your money on "bad mollahs"?
Do these people have any working brain cells? LOL

Plus the Iranian government was rumored to be mining Bitcoin - and attacking cryptocurrency miners, confiscating their hardware. Probably for the government to use them to mine cryptocurrencies for themselves, no?

The only confiscation news I can remember is from 5 or 6 years ago and those were illegal miners stealing electricity. Some of them inside government buildings, mining for free in the basement or something like that lol
Other than that, they regulated mining back then and you have to apply for a license and get a special electricity rate deal, a rate that gets a smaller subsidy compared to residential rates which is about $0.0012 per kwh.

As for the government mining bitcoin, I honestly don't know.

[Silberman]

BITCOIN, as a back-up/fall-back if the legacy banking system is disrupted or fails, FIXES THIS.

But I believe their engineers and their software/cyber security experts will fix the issue, but what if there's a multi-month long disruption in your country's banking system, and when digital payments/debit cards/credit cards are down or are unreliable?

HODL those precious Bitcoins as a savings account, and use them only if you have no other choice.

That is only one of the risks, as you never know when the government in turn may declare a bank holiday spanning several weeks and suddenly you find yourself having to survive with whatever money you had with you at the time, and once the bank holiday ends you will have no idea how much money you will have and how much it buys, now critics may say that the odds of this happening are low, and they are right, but when it does you will wish you had your money somewhere else other than your bank.

[Die_empty]

The only confiscation news I can remember is from 5 or 6 years ago and those were illegal miners stealing electricity. Some of them inside government buildings, mining for free in the basement or something like that lol
Other than that, they regulated mining back then and you have to apply for a license and get a special electricity rate deal, a rate that gets a smaller subsidy compared to residential rates which is about $0.0012 per kwh.

As for the government mining bitcoin, I honestly don't know.

The news of the Iranian government confiscating Bitcoin mining machines happened three and five years ago, and it was reported by few news outlets, including Reuters  and BBC. While the BBC failed to identify the reason for the seizure, Reuters explained that it was because they operated illegally. These miners were secretly mining in an abandoned factory.

I wonder what the motive behind the hack could be

Hackers can do it for financial benefit, fun, or as a means of attacking a nation. Cyber warfare is becoming popular in recent times, and the tension in the Middle East can make us suspect some countries. But this report has been disputed by Iranian authorities.

[Findingnemo]

Hacks on banking system happens all the time probably it exceeds billions on average a year or more cause I don't know the exact stats but it doesn't really cause the system to fail since it's not really a new thing but the consumer can get affected and bank may only refund a part of the lost funds cause it's what covered by their insurance.

Bitcoin is ultimate opposite of banking, be your own bank so it's not only for when we face these situations it's supposed to be all the time then only the purpose of Bitcoin matters.

[Doan9269]

To everyone using the centralized financial institutions, this will be a warning that it will soon be their own turn to face the same consequences, except if they have an alternative means to financial system, the use of bitcoin has become a widespread without any resistance because of the issues related to this, people could no longer hold it any more with the use of centralized financial authorities and that is one of the reasons behind seeing bitcoin becoming a mainstream to the entire world.