Topic: 900,000 illegal bitcoins. - page 3. (Read 971 times)
The number of bitcoins associated with illegal activities is quite high compared to the entire sum circulated in the market. This isn't a big issue, because with the circulating sum of USD and other fiat, there will be more and more volume of fiat associated with the black market and illegal activities. For the same do we ignore using the fiat on our daily needs. Same will be with bitcoin and cryptocurrencies, we need to use it in the right way and teach good about bitcoin to the world.
It's very possible that our coins are already mixed with illegal coins those were marked on the addresses. You never know.
Does this worry you much?
It doesn't for me.
Pretty much this. You never know what coins you receive, if they were before involved with some illegal activities.Does this worry you much?
It doesn't for me.
Same with dollar bills, most of them have trace of cocaine on them, and you care? Not really, because if you would, money would lost its main value and purpose.
By comparison, the above mentioned BTC allegedly used for illegal activities only sums up to more than $ 9.79 billion and its almost traceable!
Now a recent statistics shows a frightening amount of more than $ 232 billion (see link below) on illegal drugs spending alone and we have to consider that most of these transactions were made possible by using fiat money which is almost untraceable.
I think if those BTC hits the market, which I assume is happening right now, I think it doesn't have a big impact if we ought to compare it to illegal transactions using fiat money. Imho.
Source: https://www.worldometers.info/drugs/
Now a recent statistics shows a frightening amount of more than $ 232 billion (see link below) on illegal drugs spending alone and we have to consider that most of these transactions were made possible by using fiat money which is almost untraceable.
I think if those BTC hits the market, which I assume is happening right now, I think it doesn't have a big impact if we ought to compare it to illegal transactions using fiat money. Imho.
Source: https://www.worldometers.info/drugs/
One day, all these bitcoins will somehow hit the market. 
It's very possible that our coins are already mixed with illegal coins those were marked on the addresses. You never know. Does this worry you much?
It doesn't for me.
When we deal with cash, we do not know the source of that cash whether it came from an illegal or legal source one hand before me.
Indeed. Since we are in a vast market like this in crypto, we certainly do not know where and from what hand does it come from because cryptocurrencies such as Bitcoin is just being transacted and circulated across the market coming from different addresses and we do not even concern if the source is a legitimate or an illegal one. Yes, most Bitcoins are coming from illegal activities and transactions which we certainly know and care about like we do on physical money or cash because if ever that came across from a dirty stuff, then it is not our faulty anymore because currencies are normally being circulated to be used up by many people so we do not care anymore and should not worry if ever it came from somewhere illegal.
In my opinion 900,000 illegal Bitcoins circulating in the market does not affect the price of Bitcoin, because we will not know
where illegal Bitcoin is. So in my opinion it is mixed with legal Bitcoin, and investors will not be able to differentiate in the end.
The most important we can invest smoothly and can make a profit from Bitcoin.
where illegal Bitcoin is. So in my opinion it is mixed with legal Bitcoin, and investors will not be able to differentiate in the end.
The most important we can invest smoothly and can make a profit from Bitcoin.
Oh dear - whatever next?
I'm waiting for someone to discover a covid infected Bitcoin.
I'm waiting for someone to discover a covid infected Bitcoin.
i soak all my bitcoins in bleach so its all good.
one could only imagine such graph for any fiat 
I am worried about the fact that these shadow bitcoins can enter the market at the most inopportune moment and in one way or another affect the movement of the bitcoin price.
Why do you think that those who own those "shadow" bitcoins (as you called them) would mindlessly just dump them ? After all, they are interested in profit, so why would they behave any different than others?To answer you question, no, I do not worry about such scenario. Bitcoin survived so much already and at this moment stuff like that can't hurt him in the long run, and that's what's most important.
Oh dear - whatever next?
I'm waiting for someone to discover a covid infected Bitcoin.
Yep. It amazes me how people keep finding ways to worry about BTC. I'm waiting for someone to discover a covid infected Bitcoin.
Oh dear - whatever next?
I'm waiting for someone to discover a covid infected Bitcoin.
I'm waiting for someone to discover a covid infected Bitcoin.
I wonder what the site defines as illicit/illegal activities. What laws(in relation to countries transaction origins?) are they based on? And how did they really determine this? Did they factor in the deflationary nature of Bitcoin? 1 BTC in 2010 would be worth alot more today... When did this research take place, by the way?
Can thesame method be used to determine how much of physical/digital fiat currencies and precious metals are used for illegal activities... maybe from 2015 till now? Just want to know if the research is reliable and can be repeated with good results. Also to compare the illicit transactions to other currencies and determine how bad things are.
Can thesame method be used to determine how much of physical/digital fiat currencies and precious metals are used for illegal activities... maybe from 2015 till now? Just want to know if the research is reliable and can be repeated with good results. Also to compare the illicit transactions to other currencies and determine how bad things are.
That was my thought. When a government does a huge drug bust they will say things like "$100 million of drugs taken off the streets" but they are referring to the street level resale of the drug to dramatically over inflate what is happening here to boost their own ego, get more government funding and what have you.
Probably no different here. By over-exaggerating the amount of BTC or their value, you make a more compelling argument to legitimize whatever it is you are attempting to prove. Of course they aren't entirely wrong. Just view their numbers somewhat skeptically.
At least 870,000 bitcoins are associated with illegal activities. This is about $ 10 billion.
900000 BTC is around 4,25% and more of the total supply of Bitcoin 21.000.000.Well does it really influence the market with that percentage? Moreover, will they enter the market suddenly at one time?
We don't even know where the BTC is now and we also do not know whether they still keep the BTC or turn it into cash. Probably they are some of the whales. but probably they are also using it only for converting to cash money easily in order to make some certain payment.
So, I think that it will not bring a big significant influence to the market.
The days will come, but how many days will it take - or rather the years for the financial system to become decentralized? I'm not a pessimist by nature, but the system is very firmly rooted and hard to change - at least I haven't heard any serious politicians or bankers talk about it yet.
For a financial system to become decentralized, it will be a dream as the politicians will not like that to happen, do you really think that they really want a transparent system, not in a light years and you will not hear any politicians or banker talking about having a transparent decentralized system.The problem with all the exchanges monitoring the coins is that if the coins are coming through mixers then they might mark those coins and they might even confiscate the coins asking for the source.
When we deal with cash, we do not know the source of that cash whether it came from an illegal or legal source one hand before me. I think the Bitcoin hatters are very active to plant the seeds in our head some day we will be in trouble. There will be time when we will not have these centralized exchanges with centralized fiat, there will be a time when we will not have any centralized financial system. Wait for those days.
The fact is that more and more crypto exchanges are implementing some form of monitoring and analysis of the origin of BTC, which in itself would not be bad if it can prevent illegal activities. But it’s also a fact that the average user (and some more advanced ones) can hardly determine if their BTCs have ever been to some blacklisted address.
Cash, however, is something else entirely - unless the banknotes are not marked (serial numbers in a database), anyone can literally use such cash for anything without any fear, so I guess cashiers won’t be CSIs to discover the origin of the money.
The days will come, but how many days will it take - or rather the years for the financial system to become decentralized? I'm not a pessimist by nature, but the system is very firmly rooted and hard to change - at least I haven't heard any serious politicians or bankers talk about it yet.
I'm sure illegal Bitcoin has entered the market, and maybe we all have already bought it. Because in my opinion it's difficult
find out the source of Bitcoin in the market from where. So it is difficult to separate between legal Bitcoin and illegal Bitcoin.
Not only Bitcoin, even fiat is also widely used for illegal activities. So we don't need to worry about things like this, because
it has no effect on the market. Investors don't care where Bitcoin they buy from.
find out the source of Bitcoin in the market from where. So it is difficult to separate between legal Bitcoin and illegal Bitcoin.
Not only Bitcoin, even fiat is also widely used for illegal activities. So we don't need to worry about things like this, because
it has no effect on the market. Investors don't care where Bitcoin they buy from.
This is why bitcoin was tag as scam.because of these people using bitcoin as a means for their scam activities. No wonder why government did not approve bitcoin due to the feature that is not compatible to the government system and at the same high risk for the community consumption. Aside from that abuses may going to happen but hoping that one day these abuses will stop and ways will be determine how to do it.
Because of such illegal activities few governments might just not be in situation of approving it or making them as a legal status as they fear that it will give more rise to such activities. But this is also unfortunate as those who are interested to make the best use of it in right way could not do it because it is banned in their country. Also, the hackers after hacking asked for the bitcoin a money which make it more dangerous.
Somehow it's so hard to free Bitcoin from this scam and illegal stuff reputation. Although fiat money is involved in all kinds of criminal activities from money laundering to terrorism financing, everyone is always pointing to Bitcoin
Yes, Bitcoin has been used on dark web (now replaced with Monero) and in illegal activities mainly because of better anonimity compared to fiat. But Bitcoin is much more than that, criminal and illegal activities are not defining it and it has much more.good sides than bad sides.
Yes, Bitcoin has been used on dark web (now replaced with Monero) and in illegal activities mainly because of better anonimity compared to fiat. But Bitcoin is much more than that, criminal and illegal activities are not defining it and it has much more.good sides than bad sides.
I wonder what the site defines as illicit/illegal activities. What laws(in relation to countries transaction origins?) are they based on? And how did they really determine this? Did they factor in the deflationary nature of Bitcoin? 1 BTC in 2010 would be worth alot more today... When did this research take place, by the way?
Can thesame method be used to determine how much of physical/digital fiat currencies and precious metals are used for illegal activities... maybe from 2015 till now? Just want to know if the research is reliable and can be repeated with good results. Also to compare the illicit transactions to other currencies and determine how bad things are.
Can thesame method be used to determine how much of physical/digital fiat currencies and precious metals are used for illegal activities... maybe from 2015 till now? Just want to know if the research is reliable and can be repeated with good results. Also to compare the illicit transactions to other currencies and determine how bad things are.
In order to qualitatively analyse information of this kind, it is necessary to have data on dark net wallets, such databases probably exist. But if we consider that various services always change wallets to new ones for anonymity, then it turns out that we have far from complete statistics. By the way, it is interesting how the bitcoins that have passed the mixer are determined and what is the attitude of this statistics to bitcoin mixers.
It’s quite possible that you might have used illegal bitcoins in one or the other , but you wouldn’t be aware of that. I have seen exchanges block people’s account with claims that they are holding illicit BTC funds, and then ask them for a proof.
We just don’t know it, you can’t tell where your coins are coming from, you don’t know how the sender got it... Unless you’re always buying direct from centralized and legit exchanges. If not that, then you likely might get one of those and if you try to move it to a centralized exchange they will probably detect it and lock your funds, and you will then have to answer for what you don’t know about.
We just don’t know it, you can’t tell where your coins are coming from, you don’t know how the sender got it... Unless you’re always buying direct from centralized and legit exchanges. If not that, then you likely might get one of those and if you try to move it to a centralized exchange they will probably detect it and lock your funds, and you will then have to answer for what you don’t know about.
It's very possible that our coins are already mixed with illegal coins those were marked on the addresses. You never know.
This is the first thing I think about after reading OP. But I think the possibilites of us associated with illegal activities just because our bitcoins mixed with some that are marked used ilegally is unlikely. Perhaps, different countries have different regulations and jurisdiction, keeping track of the illegally marked bitcoin will be too hard, plus, we have already underwent KYC's for sure, and some of local exchanges have already implemented systems that could block bitcoin that restricts their TOS or rules.
One day, all these bitcoins will somehow hit the market.
It's very possible that our coins are already mixed with illegal coins those were marked on the addresses. You never know. Does this worry you much?
It doesn't for me.
When we deal with cash, we do not know the source of that cash whether it came from an illegal or legal source one hand before me. I think the Bitcoin hatters are very active to plant the seeds in our head some day we will be in trouble. There will be time when we will not have these centralized exchanges with centralized fiat, there will be a time when we will not have any centralized financial system. Wait for those days.
PS: I am not encouraging those illegal Bitcoin traders by any means. I just think that nothing can stop Bitcoin.
We don't know how many of those Bitcoin are already circulating on the market who knows maybe half or more of it are already on the market.
They could sell it little by little so that we wouldn't feel the impact of the dump.
Jump to: