What if Bitstamp was hacked - Speculation

[RyNinDaCleM]

What if asteroid hits the Earth?

What kind of fucking thread is this?

Then Gold would drop to zero because we could mine the asteroid and quadruple the available gold. 

[ekissane]

Who the f*ck stores their coins on an exchange?  I'll tell you who.  Idiots and morons.  I had coins on MtGox and as it became increasingly obvious that transferring FIAT currency from MtGox was taking weeks, I cancelled all my $ withdrawals and bought back in to bitcoin.  Once I had all in bitcoin again, I transferred all my bitcoin from MtGox to my own secure wallet.  This was 2 months before MtGox stopped bitcoin withdrawals.  The writing was on the wall for ages.  I tried warning friends but they had blind faith in MtGox!

[Mieehayii]

It does not matter, but the official media will take it to ban Bitcoin

[ElectricMucus]

One thing is certain: It will be hilarious.

[wobber]

Let's assume for the moment that wobber suddenly stops constantly posting doom&gloom postings here and turns mega bullish. What do you think it would happen to the price?

IMO, he's been bearish with good reason. The price has dropped for nearly a year now and there is still very likely more to come. If he turned uber Bullish it would mean the next bubble is half over.

like how people scream moon @1200 there will be people who scream doom at 300  

I don't know if I'm thinking correctly but my main problem is not the price, I'm pretty happy with it. My issue is with all the speculators that use centralized exchanges and platform, basically putting their coins into the hands of a single entity.

USMS coins are in the govt hands because of them. Gox coins are lost because of them.

I moved all my coins 1 month before Gox closed and now using only P2P trading on localbitcoins.

[criptix]

Let's assume for the moment that wobber suddenly stops constantly posting doom&gloom postings here and turns mega bullish. What do you think it would happen to the price?

IMO, he's been bearish with good reason. The price has dropped for nearly a year now and there is still very likely more to come. If he turned uber Bullish it would mean the next bubble is half over.

like how people scream moon @1200 there will be people who scream doom at 300  

I don't know if I'm thinking correctly but my main problem is not the price, I'm pretty happy with it. My issue is with all the speculators that use centralized exchanges and platform, basically putting their coins into the hands of a single entity.

USMS coins are in the govt hands because of them. Gox coins are lost because of them.

I moved all my coins 1 month before Gox closed and now using only P2P trading on localbitcoins.

people will eventually learn that if they dont own the private key they dont own the bitcoin(s).

eventually... in the future.... somewhen 

[bornil267645]

the price would have taken a huge setback if that would happen.

But that's a mere speculation.

Talking about it might JINX it.

[1Referee]

Let's assume for the moment that wobber suddenly stops constantly posting doom&gloom postings here and turns mega bullish. What do you think it would happen to the price?

IMO, he's been bearish with good reason. The price has dropped for nearly a year now and there is still very likely more to come. If he turned uber Bullish it would mean the next bubble is half over.

like how people scream moon @1200 there will be people who scream doom at 300  

I don't know if I'm thinking correctly but my main problem is not the price, I'm pretty happy with it. My issue is with all the speculators that use centralized exchanges and platform, basically putting their coins into the hands of a single entity.

USMS coins are in the govt hands because of them. Gox coins are lost because of them.

I moved all my coins 1 month before Gox closed and now using only P2P trading on localbitcoins.

Are there currently any signs that Bitstamp could be headed in the direction of Mt. Gox?  I mean, there were a lot of troubling signs at Mt. Gox - what troubling signs do you see with Bitstamp that would make you point out Bitstamp as the one to potentially get hacked?  Why not BTC-e, or Bitfinex?  

I have a lot of money on Bitstamp, so I'd be interested in knowing why you specifically singled out Bitstamp and related it to Mt. Gox;

Nothing will happen with Bitstamp, no worries.

You can't compare Bitstamp with MtGox, as MtGox has a history with a lot failure and unhappy users.

Every exchange can get hacked, OP decided to only point out Bitstamp.

[leen93]

nothing will happen to the price and except the bitstamp staff nobody would know. Maybe it already happened? Maybe bitstamp is insolvable? We can't know that (and a proof of btc doesn't say anything, they can temporarily buy btc with the fiat from their users)...

[Eisenhower34]

Their hot wallet is only a tiny percentage of their entire stash. They could make that amount back by artificially creating a few pump and dumps and let the sheep pay for their loss.

This (only the bold part). While they would probably not attempt to make it back from manipulating the market, they could make it back from trading fees. The customers would likely be largely unaffected, especially if they can keep the hack "under wraps" for even a short amount of time.

To answer the OP's question, it would likely be negative for the price of bitcoin as other hacks have tended to be short term bearish

[wobber]

...

[zby]

Either they will not be able to pay back and declare bankruptcy and we'll have a total crash as people lose confidence.

Or they will never admit that anything was stolen and after a small correction due to some people losing confidence anyway we'll be back the the same situation as before the crash - i.e. still in the down trend.

[celebreze32]

Either they will not be able to pay back and declare bankruptcy and we'll have a total crash as people lose confidence.

Or they will never admit that anything was stolen and after a small correction due to some people losing confidence anyway we'll be back the the same situation as before the crash - i.e. still in the down trend.

When Poloniex got hacked they admitted it, deducted a percentage of all users BTC balances to cover their loss, then slowly paid all the users back from their trading fees. They never went bankrupt and are still in business. It wasn't a perfect solution, but it worked.

[pinyin52]

Let's assume for the moment that Bitstamp was breached by hackers and at least all hot storage coins are lost. What do you think it would happen to the price? What do you think it will happen with all those sad fellows that lost the coins? And what do you think it will happen to the Bitcoin image?

I guess the price won't be affected too much at least few days.

I guess most of those that lost their coins will never come back to bitcoin again.

And I guess the media will be all over the bad news and Bitcoin's image will suffer the most.

Anyway, it happened before, it will happen again. That's the price for using CENTRALIZED EXCHANGES.

It is possible that the problems are bigger than what Bitstamp is saying.

[Amph]

...

lol you really had a good crystal ball

or bitstamp can't do a proper cold wallet, or secure their btc

[piramida]

...

Be careful with what you are curios about!

[600watt]

...

i am impressed.

kind of bold to post this scenario and execute it 45 days later...   

[Sevvero]

Ha ha, it's really fun to see these scam sites dying while I know I got out of this shit in time and can handle real investments and businesses now.

Pleb losers getting robbed of their last meme coins.

So hilarious.

Hope your lives get ruined.

[Nagle]

Only morons got trapped by gox. Stamp is a long way off that kind of idiocy, and if they were heading that way there would be warning signs. That said, if something like that did happen it would indeed be cheap coin city.

With Gox, it was clear something was badly wrong when  they had their two-week "hiatus" on withdrawals in June 2013. Especially when withdrawals did not resume. Anyone who sent them assets after that was an idiot. However, up until that "hiatus", it wasn't clear that Gox had major problems.

The Gox bankruptcy was still 8 months away when the "hiatus" started. Gox supporters on this board kept insisting nothing was wrong right up to the bankruptcy. This time, don't be so patient. Demand withdrawals now, and if you don't get them, hire lawyers and raise hell early.

There's no reason to expect that trouble at Bitstamp will have a huge effect on the price either way. It's likely to cut liquidity, volume and merchant adoption for a while, though. Selling large numbers of Bitcoins and reliably getting paid just got harder.

[romneymoney]

Ha ha, it's really fun to see these scam sites dying while I know I got out of this shit in time and can handle real investments and businesses now.

Pleb losers getting robbed of their last meme coins.

So hilarious.

Hope your lives get ruined.

You do realize that being a mentally ill douche bag troll is nothing to be proud of either, right?