Bitcoin tumbles after cyber attacks
Bitcoin fell from a record high after the "WannaCry" cyber attack.
On Thursday Bitcoin traded near $1850 but fell as low as $1650 this morning as Bitcoin's credibility took a bit of a hit from the cyber attack.
The cyber attackers locked up data on more than 200,000 computers and demanded Bitcoin as ransom.
Details...
The WannaCry virus hit computers in more than 150 countries. The hackers demanded $300 in Bitcoins for each computer within 3 days. If it was not paid, the price would double. Then if the ransom was not paid after a week the data would be locked forever according to the hackers.
A cyber security firm warned not to send any money to these hackers, however, as the ones who have still have not had their data restored.
To date roughly only $52,000 dollars had been sent to the three Bitcoin accounts related to the malware.
Bitcoin has fallen roughly 10% since this all started...
Resources including images:
I am the: @voiceofreason
Being your own bank is a double-edged sword. Hackers are going to have a much easier time utilizing a cryptocurrency like Bitcoin than they would using USD, for example. Investors and interested have to realize this, and that just because it is true does not mean that BTC cannot succeed.
Yep, it is the cost of doing business right now but it shouldn't impact things too much in the long run.
Thank for sharing! I am interested to find out your thoughts on whether we are in a cryptocurrencies bubble now? Here is the DATA which support this my assumption: it looks that we are entering bubble territory for a vast majority of alt coins (except Bitcoin probably). Just think about and analyze the following facts:
At least several dozens alt coins market caps skyrocketed 300%-4000%(yes, four thousand!) recently just over last 2 months!
The beginning of sharp increase happened around middle of March of 2017 for ALL alt coins!
Yes, some alt coins sharp increase is logically justifiable. For example, Ripple XRP: http://www.cnbc.com/2017/03/01/japanese-banks-plan-to-adopt-blockchain-for-payments.html . Maybe there are couple other alt coins where this huge growth is also justifiable.
But for vast majority of other alt coins nothing has changed drastically during the last 2 months! At all! Neither in their technologies development, nor in their business development! But nevertheless, their market cap skyrocketed 300%-4000% in just 2 months!
The only explanation which comes to mind is that huge amount of new capital is coming to cryptocurrencies market. Probably these are the people/investors who have heard about the first wave of Bitcoin and Ethereum successes, and they have a FOMO (fear of missing out) now. They don't have deep understanding of cryptocurrencies space and their differences, but because of FOMO they still invest in all other alt coins hoping to hit jackpot!
Does it remind you anything? Yes, exactly, dot com bubble of 2000 looks very similar!
Therefore, I would expect some kind of significant downside price correction within next several months for the majority of alt coins. Would you agree?