Topic: 76% of dark market using Bitcoin - page 3. (Read 782 times)
Since it's existence bitcoin is getting used on dark market. Even a small transaction counts, and over the entire dark market 76% of services use bitcoin and not 76% of transactions were happening with bitcoin. This way I see this as a common thing, because bitcoin gives the safest way for transactions in large volumes which requires complicated process with banking.
I find it strange XMR isn't more widely used. Even if liquidity isn't all that you'd think the baked in anonymity would be very attractive. Perhaps not enough users believe it truly is as anon as it claims.
No way in this day and age would I be dicking around with Bitcoin. We've no idea how good law enforcement has become in coin tracking. I presume convenience is the prime factor in its continued use but I certainly would be prioritising security instead.
No way in this day and age would I be dicking around with Bitcoin. We've no idea how good law enforcement has become in coin tracking. I presume convenience is the prime factor in its continued use but I certainly would be prioritising security instead.
This might be a reason for last conversion as most of privacy coin are not that pair with USD or fiat and they can easy be convert to BTC for easy that or USD transaction which brought about the high side on btc as most used in darknet .
That might true .the solution is simple, people who using dark market, they better use monero 
so bitcoin cant blame by illegal activities.
so bitcoin cant blame by illegal activities. 
The rise in Monero prices was approved by the adoption of digital currencies on several dark markets. The black market became a large part of the culture that still adheres to the wider community after the Silk Road case, which relies on Bitcoin so that customers can buy digital currencies. followed by Ethereum which can be used in only about 7% and Monero 4% of crypto use cases involved on the dark market.
Lol, the problem is that most of dark market transactions are still performed via fiat, not via crypto.
However, nobody ever thought about banning fiat for this. But when it comes to Bitcoin, it is bad, evel ... c'mon
However, nobody ever thought about banning fiat for this. But when it comes to Bitcoin, it is bad, evel ... c'mon
We have knew that since the beginning. Since bitcoin transactions are private and anonymous, illegal activities has risen using dark markets. The law abiders like to deal their fraud actions, dealing with illegal things in the dark market to untraced their transactions. We can not deny the fact that bitcoin or crypto transactions can keep and hide the shady settlements or transactions and can be used as a powerful tool in a crime.
I doubt those data are accurate, other research shows Bitcoin have lower "dominance" on darknet. Privacy-focused cryptocurrency and altcoin such as LTC gain popularity.
See https://go.recordedfuture.com/hubfs/reports/cta-2018-0208.pdf
But they always could exchange it with Bitcoin (and use mixer if needed) before convert BTC to USD to circumstance the problem.
I think so, there isn't just bitcoin which is the main center of use for the dark market. Moreover, the focus of bitcoin is not on privacy and anonymous transactions, there are many other altcoins that are far more anonymous that focus on the privacy of its users.See https://go.recordedfuture.com/hubfs/reports/cta-2018-0208.pdf
I don't think privacy coins are suffering from problems, but it's more so that not many are willing to accept them with how it becomes more difficult to convert them back to actual dollars.
But they always could exchange it with Bitcoin (and use mixer if needed) before convert BTC to USD to circumstance the problem.
For mixer itself, it is more likely to be used for money laundering, not for darkmarket transactions.
I've always thought more people who dealt with dark markets didn't adopt Monero because they wanted to be able to cash out as quickly as possible.
If absolute privacy is important, it seems like a fair tradeoff to me.
If absolute privacy is important, it seems like a fair tradeoff to me.
I don't really find it surprising since it is like that with most crypto transactions. Bitcoin is still the king. Maybe the will make a darknetcoin ICO soon ^^
I read somewhere that companies like Ciphertrace that do blockchain forensics are able to track funds even if after they run through a mixing service. How legitimate do we think these mixers are for btc?
Chipmixer recently handled some stolen bitcoins and it seems untraceable so who knows.
Most individuals still prefer using BTC for transactions, either for legitimate or illegitimate purposes because of the relative price security in terms of market cap. Users would not mind using an mixing/anonymization service instead of using privacy coins.
I read somewhere that companies like Ciphertrace that do blockchain forensics are able to track funds even if after they run through a mixing service. How legitimate do we think these mixers are for btc?
Chipmixer recently handled some stolen bitcoins and it seems untraceable so who knows.
Most individuals still prefer using BTC for transactions, either for legitimate or illegitimate purposes because of the relative price security in terms of market cap. Users would not mind using an mixing/anonymization service instead of using privacy coins.
I read somewhere that companies like Ciphertrace that do blockchain forensics are able to track funds even if after they run through a mixing service. How legitimate do we think these mixers are for btc?
Most individuals still prefer using BTC for transactions, either for legitimate or illegitimate purposes because of the relative price security in terms of market cap. Users would not mind using an mixing/anonymization service instead of using privacy coins.
Where is the confirmation of this information? It seems to me that most of the dark market still uses USD
It has to do with ciphertrace's crypto tracing technology
This really seems to conflict with past reports that dark market crypto use steadily transferred away from Bitcoin and into Ether and Monero. Strangely enough, can't really find these older reports online, but it was in 2016 when I first really started reading reports from these analytics.
Is it because blockchain analysis is getting better and these were underreported?
But good find on that fiat still dominates... I think that's more black market than the specific darkweb markets that only use crypto... Or have I really lost touch with the scene? Don't recall ever seeing one of those marketplaces that accepted fiat.
Is it because blockchain analysis is getting better and these were underreported?
But good find on that fiat still dominates... I think that's more black market than the specific darkweb markets that only use crypto... Or have I really lost touch with the scene? Don't recall ever seeing one of those marketplaces that accepted fiat.
I think that situation will change than btc will face regulation. Monero or other privacy coin will be the king of dark market. For now admins just to lazy to implement support of it
Where is the confirmation of this information? It seems to me that most of the dark market still uses USD
Most probably. Anon coins looks not very much needed there in the dark market. I guess during bear market those guys in that dark market realizes USD is what matters the most, not even BTC. When its only BTC that is rising among all the cryptocurency everyone even those altcoin developers lost its loyalty to their own coin, sells them all for BTC.
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Stated in the manner it is in the OP, the reading is that 76% of the Dark Market TXs take place involving Bitcoin, which is not the case. The article referenced in the OP talks about BTC dominance of 76% over crypto TXs used in the Black Market, but does not quantify those shares vs the complete pool of TXs including FIAT. I tried to find the information quantifies, but only managed to come across a Medium article (see https://medium.com/@tokenmeister.social/what-is-the-black-market-worth-and-how-much-of-it-is-crypto-daf46e420d8d) that stated right at the end of the text the following:
Quote
<…> To give you a clearer picture of the proportions, sources estimate that black market deals by means of cryptocurrency could go as high as $1.5 billion this year. This sounds like a huge deal. And yet — compared to the total black market valuation of $1.63 trillion, that is beer money. The rest is fiat.
Unfortunately, the source for the data (DarkWebNews) is now inaccessible, but if the data is anywhere near being true, the 76% in the title really should be properly contextualized ...
Is it every news that you guys must carry, now having this news here, what do you intend gaining from people reading it, just post to get merit when you are indirectly discrediting bitcoin and making it already serve like an FUD news for those who would think bitcoin is strictly being used for crime purpose.
Among, all the fiats that we have in the whole world, which fiat is mostly used and which fiat is also mostly used for crime purpose, is it not the USD?, but that does not mean that USD was created for that, but because it is the most popular fiat, that is why it had such high record in the crime report, so same way that bitcoin too has this record because it is the number one crypto generally and which is still mostly used than every other coins.
Among, all the fiats that we have in the whole world, which fiat is mostly used and which fiat is also mostly used for crime purpose, is it not the USD?, but that does not mean that USD was created for that, but because it is the most popular fiat, that is why it had such high record in the crime report, so same way that bitcoin too has this record because it is the number one crypto generally and which is still mostly used than every other coins.
It's inevitable. But the percentage is quite high maybe because, having the same perks, they would prefer something that is more trusted by people.
Anything that has value are vulnerable for criminal or illegal transaction
Anything that has value are vulnerable for criminal or illegal transaction
just 4% involve Monero...
I paid more attention to this passage:
What this suggests is that while privacy coins may seem like a boon to criminals, drug gangs and terrorists, the barriers to entry for buying and selling Monero and other anonymous tokens makes them impractical for most dark market purchases and ransomware payments. They are most useful as a payment rail and to obfuscate chain hopping to more liquid tokens.
I went to google and researched the following: " where to buy and sell monero? "
and that's what I found:
https://www.google.com/search?q=where+to+buy+and+sell+monero%3F&oq=where+to+buy+and+sell+monero%3F&aqs=chrome..69i57&sourceid=chrome&ie=UTF-8
There are many places to buy and sell anonymous coins, this kind of search seems to be done to destroy bitcoin image
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