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Topic: 76% of dark market using Bitcoin - page 5. (Read 841 times)

sr. member
Activity: 1190
Merit: 306
August 14, 2019, 08:42:48 PM
#8
Strange to see Monero and other privacy coins being so unpopular in darknet markets, is Bitcoin mixing good enough these days, or are privacy coins suffering from some problems?
That does seem odd that a coin with ostensibly more privacy than bitcoin wouldn't find its niche in the dark markets.  Perhaps vendors over on the dark side are more familiar with bitcoin than a coin like Monero.  Don't know, as I have never even visited the dark web and do not plan to.  I do think that they probably think bitcoin is simply good enough for their purposes.

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.
Ah, that could be true as well.  It's more of a pain in the butt to do so, but wouldn't you think the benefits would outweigh the inconvenience?
sr. member
Activity: 1932
Merit: 300
Vave.com - Crypto Casino
August 14, 2019, 08:42:22 PM
#7
Strange to see Monero and other privacy coins being so unpopular in darknet markets, is Bitcoin mixing good enough these days, or are privacy coins suffering from some problems? Maybe it's hard to convert them to BTC or fiat without raising suspicion?

consider the source and you should get your answer.
it is yet another blockchain analysis company trying to advertise their services and convince the world that they need their services so that they could sell it to them!
otherwise usage of bitcoin in dark markets was in that percentage back in 2011 and has been dropping ever since. nowadays i would be surprised if it were any negligible percentage.

And you can't just track all of dark market as most of the transaction occurs personally and the markets and trades are itself untracable. It seems like a logical guess and similar could be the actual results. Surely bitcoin would be the major coin for transactions in deep web markets other payment options too are popular there.
legendary
Activity: 2114
Merit: 1293
There is trouble abrewing
August 14, 2019, 08:35:35 PM
#6
Strange to see Monero and other privacy coins being so unpopular in darknet markets, is Bitcoin mixing good enough these days, or are privacy coins suffering from some problems? Maybe it's hard to convert them to BTC or fiat without raising suspicion?

consider the source and you should get your answer.
it is yet another blockchain analysis company trying to advertise their services and convince the world that they need their services so that they could sell it to them!
otherwise usage of bitcoin in dark markets was in that percentage back in 2011 and has been dropping ever since. nowadays i would be surprised if it were any negligible percentage.
legendary
Activity: 1526
Merit: 1179
August 14, 2019, 06:00:53 PM
#5
Strange to see Monero and other privacy coins being so unpopular in darknet markets, is Bitcoin mixing good enough these days, or are privacy coins suffering from some problems? Maybe it's hard to convert them to BTC or fiat without raising suspicion?
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.

Another aspect that contributes to lower popularity of privacy coins and altcoins in general, is that most reputable platforms now require you to verify yourself. People for that reason are less interested in accepting altcoins.

Bitcoin is the household brand that everybody knows and is the easiest crypto to convert to actual dollars without touching an exchange. For most people there is always enough liquidity to exit, which can't be said about altcoins.

I'm not sure how these people work around the poor privacy of Bitcoin, but the most likely route seems indeed the use of a mixer.
legendary
Activity: 2030
Merit: 1569
CLEAN non GPL infringing code made in Rust lang
August 14, 2019, 05:46:24 PM
#4
Strange to see Monero and other privacy coins being so unpopular in darknet markets, is Bitcoin mixing good enough these days, or are privacy coins suffering from some problems? Maybe it's hard to convert them to BTC or fiat without raising suspicion?

There are currently some researches floating around that put Bitcoin illegal use at 1-2%, but the fact that Bitcoin is so popular sure means that something is wrong with those researches.

They should try using monero and other privacy coins. I believe they are not as hot in the eyes of the scrutinizing public as compared to bitcoin. Most people wanted to trace where bitcoin goes while other altcoins are just being ignored. Why not try those other privacy coins?  Tongue

Perhaps they trust Bitcoin more, perhaps they fear a hidden surprise in the "privacy" altcoins, or perhaps the fact that only the cli Monero wallet can actually do anonymized transactions (which shouldn't be a problem for a "hacker", of course).

If you ever used Monero, but didn't use the Command Line Interface wallet with that specific option, your transactions are pretty much in the clear. Surprising?
sr. member
Activity: 1988
Merit: 275
August 14, 2019, 05:28:38 PM
#3
Strange to see Monero and other privacy coins being so unpopular in darknet markets, is Bitcoin mixing good enough these days, or are privacy coins suffering from some problems? Maybe it's hard to convert them to BTC or fiat without raising suspicion?

There are currently some researches floating around that put Bitcoin illegal use at 1-2%, but the fact that Bitcoin is so popular sure means that something is wrong with those researches.

They should try using monero and other privacy coins. I believe they are not as hot in the eyes of the scrutinizing public as compared to bitcoin. Most people wanted to trace where bitcoin goes while other altcoins are just being ignored. Why not try those other privacy coins?  Tongue
legendary
Activity: 3024
Merit: 2148
August 14, 2019, 05:20:16 PM
#2
Strange to see Monero and other privacy coins being so unpopular in darknet markets, is Bitcoin mixing good enough these days, or are privacy coins suffering from some problems? Maybe it's hard to convert them to BTC or fiat without raising suspicion?

There are currently some researches floating around that put Bitcoin illegal use at 1-2%, but the fact that Bitcoin is so popular sure means that something is wrong with those researches.
member
Activity: 296
Merit: 12
August 14, 2019, 03:32:51 PM
#1
CipherTrace just published their Q2 Cryptocurrency AML Report and found it interesting that Bitcoin still reigns king in dark markets and cybercrime. Most people associate privacy coins even just 4% involve Monero.

Even in the case of malware and ransomware, ETH used in only 1% of instances and BTC used in 98% of cases.


https://ciphertrace.com/q2-2019-cryptocurrency-anti-money-laundering-report/
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