What if Bitstamp was hacked - Speculation

[wobber]

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.

[600watt]

wondering about your agenda.

[redsn0w]

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.

I think the price will drop to 150-200 $  , but it's only my personal opinion.

[wobber]

wondering about your agenda.

Cheap bitcoin prices.

[Dalmar]

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.

[oda.krell]

I strongly suggest you change the thread title.

It's one thing to troll the bulls a bit, but this is a different level.

Edit: Thanks.

[spiderbrain]

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.

[Hyena]

If BitStamp was hacked and the hacker started to pump the price with Willy and Markus bots again just as it happened to MtGox then the price would skyrocket againg which in turn would be good for Bitcoin, right?

[RyNinDaCleM]

I think the coins lost would be reimbursed. The price would be immediately affected and trust shaken, at least in the near term. But as with all breaches in the past, Bitcoin would go on and possibly be stronger because of it.

[jaberwock]

same as happened with Gox, but probably bigger.

So back to pre 2013 prices

[1Referee]

Bitstamp is a very trustworthy exchange, so the shock will be huge.

I am not sure how much coins their hot wallets contain, but it won't be extreme. Perhaps 300 to 1000BTC ??

The bad media publicity will harm Bitcoin in general, that's the main problem.

[johnyj]

I only use localbitcoins now, and even if their platform got hacked, the loss will be minimal, since you never store large amount of coins on their platform. If bitstamp went down, localbitcoins will get a bigger lift, means lower liquidity, higher spread, higher price

Currently most of the localbitcoins trader follow big exchanges, however, if large exchanges were wiped out, then P2P exchanges will have to develop their own pricing mechanism, for example, take many deals and get the market price from the average deal price

Of course you still have HongKong based and China based exchanges, but if the bankers start their campaign, those exchanges will be wiped out too

From long term point of view, the only exchange method that will thrive regardless of what government and banks do is P2P exchanges, once there are many P2P exchange brokers, the trade will be as good as on a centralized exchange, and the best thing is that no one can manipulate the exchange price since the liquidity is low and trade execution is slow between private traders, all the volumes reflect real demands

[mikenz]

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?

[bitcoin_bagholder]

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?

SFA

[RyNinDaCleM]

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.

[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  

[Bitcopia]

Bitstamp has a $10,000,000 investment from Pantera capital who has a fund invested in bitcoin worth north of $100,000,000. I imagine if Bitstamp's hot storage was hacked, they would reimburse customers, like any reputable, quality exchange would do / has done. And yes, after an uncertain beginning, I would certainly qualify Bitstamp as reputable and having the type of business plan and resources to cover such an incident and mitigate the potential damage.

wondering about your agenda.

+1

This topic is kind of ridiculous. Particularly the previous title before it was edited to not be completely false click bait.

[RyNinDaCleM]

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  

Just watch, is all I'm willing to say to that

If I'm wrong this time, then good! My cold storage will increase in value again.

[Robert Paulson]

https://en.wikipedia.org/wiki/Stuxnet
if hackers can get into a uranium enrichment plant you can be damn sure bitstamp is a walk in the park.

[seleme]

What if asteroid hits the Earth?

What kind of fucking thread is this?