2013-08-21 The Hill - Bitcoin: Understated benefits and overstated risks

J603

full member

Activity: 196

Merit: 100

Quote from: Bitcopia on August 22, 2013, 01:49:36 PM

Quote from: J603 on August 22, 2013, 01:22:30 PM

I like the article, but crimes committed with bitcoin is not a "risk", it's a reality.

Bitcoins have made it easier to launder and buy illegal items.

Bitcoins have made it possible to buy illegal items over the internet without being obvious about it. It is still much easier for somebody to drive 5 minutes to their friendly neighbor pot dealer and pay him with cash.

Maybe for weed, but other less common but more dangerous drugs are now easier to get. With SR anyone can get any drug they can think of.

Bitcopia

hero member

Activity: 715

Merit: 500

Quote from: J603 on August 22, 2013, 01:22:30 PM

I like the article, but crimes committed with bitcoin is not a "risk", it's a reality.

Bitcoins have made it easier to launder and buy illegal items.

Bitcoins have made it possible to buy illegal items over the internet without being obvious about it. It is still much easier for somebody to drive 5 minutes to their friendly neighbor pot dealer and pay him with cash.

J603

full member

Activity: 196

Merit: 100

I like the article, but crimes committed with bitcoin is not a "risk", it's a reality.

Bitcoins have made it easier to launder and buy illegal items.

BCB

vip

Activity: 1078

Merit: 1002

BCJ

Excellent article! (She is also one of the authors of that report).

The Bitcoin Catalog

full member

Activity: 238

Merit: 100

The Bitcoin Catalog ---> Get Started!

Bravo to Andrea Castillo.

Quote

Just as the public debate understates some of the benefits of Bitcoin, it also overstates some of the concerns. The hypothetical crimes that Bitcoin may enable are traditionally committed with cash, but policymakers would never dream of criminalizing cash. Instead, they regulate the use of cash. Regulations targeting Bitcoin could adopt this time-tested approach.

GenTarkin

legendary

Activity: 2450

Merit: 1002

This is perhaps the most accurate interpretation Ive seen of the specific points made in this article...made to date! This is one well written fantastic peace and is exactly the type of thing that needs to be publicly known by everyone when it comes to bitcoin!

Bitcopia

hero member

Activity: 715

Merit: 500

Quote

What’s more, Bitcoin may not be an ideal vehicle to commit these crimes. Bitcoin is not actually anonymous, but pseudonymous. Each Bitcoin transaction is verified and recorded in a public ledger by all computers running the Bitcoin network. Criminals using Bitcoin will leave a perpetual smoking gun in the public ledger that could tie their identities to the illegal transactions. For this reason, criminals may opt to continue using their favorite currency of choice, the U.S. dollar, instead of using Bitcoin.

Bingo. The more people who understand this before any possible attempt of terrorism or enterprise level criminal FUD, the better.

ArticMine

legendary

Activity: 2282

Merit: 1050

Monero Core Team

A very good article stating many key advantages of Bitcoin

http://thehill.com/blogs/congress-blog/technology/317875-bitcoin-understated-benefits-and-overstated-risks

Topic: 2013-08-21 The Hill - Bitcoin: Understated benefits and overstated risks (Read 1246 times)