Topic: 900,000 illegal bitcoins. - page 2. (Read 971 times)

Is what you say will be a very terrible threat later? because the use of bitcoin for illegal activities and of course this cannot be avoided but will it have an impact on the government's emphasis on the existence of bitcoin in the future because of the contribution that leads to illegalities.

hopefully things like this can be avoided because if there are no restrictions then one day the government will not be friendly with the existence of bitcoin. it will turn out to be bad information.

When bitcoin is decentralized and no one can track the purchases are used for what things then it is impossible to say all these bitcoins were used for illegal purpose.In darknet there are some services available for common person as well which is not going to come under illegal activity.

Illegal bitcoins? This is not true at all. Illegal actions of scammers and nothing more.

Indeed, for the long time that we are using fiat currency there are countless times that fiat is used for such illegal activities making it incomparable to the bitcoin itself. And these figure is actually low than what I expected for the bitcoin, everytime I think of it I actually see the transaction in the network as illegal, like buying a gun online etc.

But then again 5% of is a lot when converted, I'm curious what these bitcoins are used to buy since I do have an idea how dark it is in the darkweb. It is not surprising at all that a privacy coin like bitcoin would be used for these activities, I mean who's criminal online that would want to be publicly seen, no one.

bitcoin was created to make it easier for someone to do various transactions, but behind all that there are many people who hate bitcoin. the analysis you describe here does not provide enough evidence, or maybe this analysis was created by bitcoin haters. let alone, 900,000 BTC is nothing compared to the existing supply, this will not affect the price.

That's why average people associate Bitcoin with illegal stuff or criminals. But in reality, I don't think that all of it are serious crimes, illegal activities can be smaller offences; money laundering or simillar. Either way, it's irrelevant, who knows how much fiat is used for illegal activities, and Bitcoin should be treated differently because of this.

They probably already did, but we shouldn't really care. A big percentage of cash that could be found anywhere in circulation was used for illegal activities, but why would you care, it's just paper, you'll spend it.

How did they determine that those thousands of bitcoins was use in illegal activities? Are they sure with their data? And how reliable it is because bitcoin is a decentralized digital currency. How they know all of this? I am just wonder that a digital currencies can be monitored if where it will be use. For example i have 100bitcoins,the researchers will be able to know if what do I do with my bitcoins? I think they  just guess and put in the data.

Researchers like Chainalysis are just selling data to governments. They do not inderstand the idea of bitcoin.

The main purpose of this research is to point to the fact that bitcoin is used for illegal activities. It is not important for them how much bitcoins are involved, anyway they cannot provide any strong evidence that bitcoins were indeed used to buy illegal stuff. What they are trying to say, in my opinion, is that bitcoin is used to buy drugs only because of the fact that no government is controlling bitcoin. Bitcoin for them is illegal by default, no matter what things you buy with it.

How that site managed to get all the data especially the darknet one?

Bitcoin is a currency so it could be used anywhere and by anyone it doesn't mean bitcoins were used for this purposes alone.

Assuming that all these bitcoin are spent for drugs (that is absolutely not true since there other illegal/grey-hat stuff sold in black market)
Let's make some count, and compare it with FIAT money....

585000 * 11400 USD = 6,669,000,000 (at actual value, obviously this in historical chart, it means they are counting ALL bitcoin involved in this activity) 6 billions of equivalent in USD

https://www.worldometers.info/drugs/
238,399,050,000 = 238 billions of USD

I think it's enough... there is not much to say: just a small portion of drug market use BTC as form of payment.

That is really some large chunks of Bitcoin being labeled as illegal. Though we cannot be too sure if they can track it, but even if they plan on tracking every single Bitcoin or transactions being made on these blocks, it will surely take too much of their time. Lets just hope that whatever we are working on the Cryptocurrency Industry, we are earning them through hard work and not scamming other people since credential matters in the Industry.

It will hit the market if it's not frozen, we have a lot of mixers and these people know what they are doing.

Still that's bitcoin, whether coming from illegal or legal, it has the same value and acceptable anywhere as long as it's properly clean by the money launderers. This is a huge money, and more so in the future as the demand increases for sure, but we can't deny that illegal activities will continue to rise if the market regulation is not that strict, but just like fiat, we should not expect that bitcoin is purely for legal transactions only as the decision lies in the hands of the holders, actually, we might not know that our bitcoin now was already pass in different wallets and some of these wallets have use that bitcoin for illegal transactions.

I have read a thread here that has been scam for 100k usd that is huge money involve but he was being scam. Others that are being phished out with their bitcoin wallet. There are many malwares nowadays that could be accidentally downloaded like some of them are annoying ads that keep popping out whenever you navigate to other sites. So, one should be careful online if device was being used to access funds in the wallet. To keep the wallet safe from online it may be a good practice to use offline wallet and just access whenever it is really needed.

Its hard to deny that bitcoin is being used in darkmarket because it is still happening where many people want to transact using bitcoin to remain anonymous and spread their illegal activities. Stolen funds are high as well because of many failed exchanges before and I hope they improved a lot today to lessen the stolen funds. Scammers will continue to increase that volume, protect your bitcoin.

Who do really cares to check or verify on which their transactions came from if it is from a illegal activities or from the good ones? First of all, we are into a vast world of cryptocurrencies so basically we do not really know into who and which hands the cryptocurrencies we have got from numerous transactions really came from because it is quite impossible to track it down due to many numbers of transactions being processed day by day. Who do really know or even care to identify it first if the transaction they receive came from safe hands or not? Whatever or wherever the Bitcoin transactions we got came from will not be duly our responsibility anymore since usage and transactions of Bitcoin and being done continuously and simultaneously in circulation like paper money so it is just normal that there are cases money whether digital or cash will have a chance to came from illegal activities which we are already not aware because we do not even know that it happen.

The point is indeed there are many Bitcoin usages that can be related on illegal activities but why to worry about if you do not even have relation to those guys. It is just so happen that upon circulation of the cryptocurrency, a chance of obtaining transactions coming from illegal activities could be possible. But that was just because of the circulation process. Actually we do not care at all into who will be the transaction be sent out or who will be the next one to handle those after we have done transacting it.

What criteria do they go by? How do they get to these numbers? Unless I missed it and I apologise if I did and I am just being silly but as far as I can see I can't find an explanation as to where and how these calculations come from. Saying darkmarket activity is all illicit is not true at all. There many gambling websites for example that exist on the darkweb. Hell there was an old man selling cookies and no it was not a code word for drugs or it normal cookies not space cookies or anything.

Other things they sell on the darknet are for example medical supplies that otherwise would have cost an arm and a leg. It is disgusting that medical supplies are not sold at cost or close to it. A read about a man who needed inhaulers or some breather apparatus for his wife and he got it on the dark web for multiple times cheaper. I don't call that illicit. If anything they people selling medical supplies for such high prices are the real criminals.

Another thing is. Anything you get on the dark web you can get on the clearnet. The darknet is not this mysterious place of wonder. It's boring as hell and it's like a 56k modem. Sure there is some wierd stuff but you can see that on the clear web too. Another thing is most of the things there are scams. There are no hitmen and things like this. If you pay someone to make a hit where would they? They could just take the money and do nothing.
People watching too much damn TV.

These are definitely interesting numbers, but it certainly doesn't come as any surprise to me that the numbers are this high.  I would love to see the numbers for fiat currency, they would be so far beyond these numbers it's not even funny. I think it's important people keep that in mind.

This is like saying "there are 900,000 trillion trillion trillion oxygen molecules associated with illegal activity because someone breathed them in while committing a crime, all of these molecules will somehow be breathed in by someone else."

Who decides what is illegal and where?
Who decides if someone has already used the "illegal" bitcoins and an innocent party owns them?

Think about all the gold (or silver) in the world.  At some point it is virtually guaranteed that it was either stolen, someone was killed for it, some evil dictator/totalitarian ruler/emperor/king/queen etc,  forced people to surrender it to him/her (spoils of war, taxes etc) or it was mined by slave labor.  Does that mean that all gold is tainted?  No, it means that evil and immoral people are in the world and they did something bad with some object.  

It doesn't mean that the object is good or bad, it means that the use to which is was put was bad.  Forks don't make people fat, guns don't kill people, actions by people using those implements do so.

This whole "analysis" is just idiotic.

What do you mean illegal bitcoins? No matter how they are used, it is important that they are in circulation and continue to be bitcoins.

Ask the source of the original coins that come with the mixer whether it is allowed, or indeed some exchanges have the authority to be able to find out. Like the Chipmixer platform which was created for a privacy.

Many illegal Bitcoins are produced by scammers who then eliminate traces by using a coin mixer platform. it's like a knife that can be used for good things and can also be used for bad things.