How hacks can effect bitcoin price

[harrypaul]

The Bitcoin price is determined by the rate of buying and selling.
When there is a greater rate in the sales, the market tends to drop and when there is a greater demand for it, then the price actually spikes, so I don't think hacking into ones wallet may actually affect the price of market.
But it really depends if it a hack to sale

 

[Bousine123]

I don't think hacks or any form of theft would increase or decrease the Value of Bitcoin. It's not like your currency that people can mint and keep in their homes.

 

[joy101]

I don't really believe the hack of bitcoin can affect the price in the market, because the price of bitcoin will still remain the way it is.

 

[Sotherefore]

Why I don't see this being a reason for the increase or decrease in the price of cryptocurrency, just that we have to be careful and if it is possible we have to enable two-factor verification in our currency wallet to avoid being hack.

 

[tyrim88]

Do you think bitcoin hacks can effect bitcoin price ? many times we heard about hacks and many bitcoins stolen but
we didn't really seen a real fall in bitcoin price

I don't think tat hackers can effective change the price of bitcoin or influence the price,this is so because cryptocurency operate as a blocks of data,prices usually change as a result of market forces of supply and demand.

 

[Planbizzle]

Do you think bitcoin hacks can effect bitcoin price ? many times we heard about hacks and many bitcoins stolen but
we didn't really seen a real fall in bitcoin price

The value of Bitcoin may drop significantly when a prominent exchange is hacked because investors will become apprehensive about the safety of their money and the reliability of transactions on that exchange.

 

[Chibson]

Hacking can't affect the price of crypto currency exchange Business. The hackers are hacking crypto currency exchange platform not the coin itself so I don't think it can affect the coin at all

I think hacks can actually affect the current price of Bitcoin or other cryptocurrencies. The reason is because they can hack a whale wallet and sell large amount of it and the market will crash.

 

[Riberet19]

I think hacks can actually affect the current price of Bitcoin or other cryptocurrencies. The reason is because they can hack a whale wallet and sell large amount of it and the market will crash.

Well generally when a hack of these sizes happens the exchanges are aware of them and chase the directions where the funds move and do not let them sell the funds really is not so easy to make such large movements.

 

[Chibson]

Well generally when a hack of these sizes happens the exchanges are aware of them and chase the directions where the funds move and do not let them sell the funds really is not so easy to make such large movements.

That's true, binance has actually done something similar. But I think that some of the hacked coins can be moved to a cold wallet for some time then it will be sold.

 

[Riberet19]

That's true, binance has actually done something similar. But I think that some of the hacked coins can be moved to a cold wallet for some time then it will be sold.

Yes but also when they send them to a cold wallet, usually these cryptos are cataloged as on a blacklist and the addresses they pass through also, so it will not be easy to sell them to tell the truth, but well I guess they will try something.

 

[Chibson]

Yes but also when they send them to a cold wallet, usually these cryptos are cataloged as on a blacklist and the addresses they pass through also, so it will not be easy to sell them to tell the truth, but well I guess they will try something.

Okay, I now understand and that is actually true. So going through the rigorous activity of hacking a cryptocurrency may actually not be rewarding after all since it cannot be sold.

 

[GIFTMICHAEL]

In cases of hacks which doesn't affect the Bitcoin block chain but only some cases where some amount of Bitcoin are stolen and only a few users could be affected by this hack.

Such scenarios don't usually affect the Bitcoin prices in most cases that have occurred.

 

[Riberet19]

Okay, I now understand and that is actually true. So going through the rigorous activity of hacking a cryptocurrency may actually not be rewarding after all since it cannot be sold.

Yes, I think the only way you could sell it is the black market, which I think you would also have other agencies probably on top of you, which is another added problem, I think it's nonsense to really steal cryptocurrencies.

 

[Chibson]

Yes, I think the only way you could sell it is the black market, which I think you would also have other agencies probably on top of you, which is another added problem, I think it's nonsense to really steal cryptocurrencies.

Definitely, but I think there are actually some people who successfully steal cryptocurrencies that are not much and sell it. I think those ones may not be traced because they may be stolen from individuals.

 

[Riberet19]

Definitely, but I think there are actually some people who successfully steal cryptocurrencies that are not much and sell it. I think those ones may not be traced because they may be stolen from individuals.

Yes, if the amounts of money are small, there will be no problem with it, I certainly refer to large amounts, which are what hackers really go for, but sometimes retailers also are hacked and their cryptocurrencies are stealed and these are worth less sure that they have no problem selling them.

 

[Chibson]

Yes, if the amounts of money are small, there will be no problem with it, I certainly refer to large amounts, which are what hackers really go for, but sometimes retailers also are hacked and their cryptocurrencies are stealed and these are worth less sure that they have no problem selling them.

Okay, you're right. I have seen someone whose cryptocurrency was stolen sometime ago he was not able to trace it. I think most hackers will be targeting small amounts.

 

[eenya00]

I do not think it is possible for Bitcoin price to drop due to hack by hackers into people's Bitcoin wallet, as it is not the fault of Bitcoin that hackers got access into your wallet

 

[Billy]

Yes and No!
Well, you can use market value hacks to manipulate the prices. But it's nearly impossible to hack the blockchain platform. What most people do is to hack vulnerable wallets. This is not the core platform of Bitcoin. The long-term impact of hacks on Bitcoin's price can be difficult to predict, as there are many factors that influence the price of Bitcoin, including supply and demand, adoption, regulation, and investor sentiment.

The decentralized nature of Bitcoin means that it is not controlled by any central authority, and there is no way to reverse transactions or recover stolen funds. This can make it more difficult for hackers to profit from their attacks, as they may find it challenging to sell the stolen Bitcoins without being detected.

While Bitcoin hacks can have an impact on the short-term price of Bitcoin, the long-term impact may be less significant, especially if the Bitcoin community can demonstrate its resilience and ability to adapt to new challenges.

 

[Mayorla]

Yes, I believe an hack can affect the price of Bitcoin. Though, This is dependent on how huge the hack is. If the hack is very big then it would cause fear in the mind of Crypto investors, This fear would lead to a decrease in the price of Bitcoin.

 

[Potuse]

What we should understand is that hackers are not going to keep the Bitcoin but they would rather liquidate it. Once, it is hacked,not is going to affect the price of Bitcoin greatly.