As Altcoin Popularity Grows So Does Crime; Is Regulation Keeping Up? - page 2.

Kemarit

legendary

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As per the article:

Quote

Those knowledgeable about crypto markets point to Monero, Dash and Zcash as the shadiest digital currencies.

It doesn't mean if you used those coins you have something shady to hide. Maybe you just like to keep more private in hiding your money/invested that's why you prefer to used those "privacy coins". But I'm sure that small percentage of criminals are really using crypto, to masked and hid their wealth. As for regulations? well most countries has already put a tighter grip, KYC is already required so I don't know what more can they ask for us. And I think authorities are really upgrading their system as well, (https://www.ccn.com/busted-britain-confiscates-700000-in-bitcoin-from-hacker/). So it looks like they are gaining some grounds on this criminals or hackers taking advantage of crypto's pseudo-anonymous or privacy feature.

Oceat

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Regulations are on it's way and it is our duty to do what is right in order to protect our self from those people who are taking advantages to our weaknesses. Some people are not aware of these crimes in crypto currency but to those people who already encountered such people, they should spread some awareness to the newbies, specially to those who doesn't even care what to do even if they were actually a newbie.

joebrook

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Quote from: lokanot0 on May 10, 2018, 03:07:30 PM

Well, even without cryptocurrency, crimes are still increasing. Even those high profiled criminal does not use cryptocurrency because there are huge risk to it, and they prefer cash. Let them do their thing, and let us do ours, it's not like it has any effect on cryptocurrency with them around.

The Altcoins and their ICO's launches is actually one of the reasons why crime continues to grow at all times, Its a very perfect tool for money laundering , thats why there has been a lot of ICO launches in the last past five years.

carter34

member

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I understand the writers view in essence that the numerous icos coming up give room for further crime but that shouldn't stop the progress of an innovation digital currency which is the result of technological achievement. Again, whether crypto or not, crime and fraud will still persist, people just have to be careful.

lokanot0

newbie

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Well, even without cryptocurrency, crimes are still increasing. Even those high profiled criminal does not use cryptocurrency because there are huge risk to it, and they prefer cash. Let them do their thing, and let us do ours, it's not like it has any effect on cryptocurrency with them around.

darkangel11

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Don't let others control your BTC -> self custody

So altcoins are responsible for crime now? This makes me laugh. If you don't like altcoins you aren't being forced by anyone to buy them. Stay away from suspicious dev teams and their projects and you'll be fine. The river is not responsible for people drowning in it.
As for the anonymity, I think it's great and should be promoted, not fought with regulation. I hope it doesn't keep up and let the market regulate itself.

wuvdoll

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Quote from: Tankdestroyer on May 09, 2018, 01:30:18 AM

Quote from: richiereally on May 08, 2018, 04:58:13 PM

Here's a nice read on the growth of cryptocurrency vis-a-vis the attacks that seem to hinder it also:

"Since they first hit financial markets, and moreso as their popularity expands, cryptocurrencies—specifically the decentralized digital technology that underlies alt-currencies—have also been a lure for individuals looking for an efficient way to hide their identities, activities and illegal financial transactions. Even as the number and types of tokens proliferate, certain alt-currencies have also become the aiders and abbetors of criminal activity, darkside coins if you will."

It really doesn't hinder cryptocurrecy, it's just that some people are afraid to try out decentralized online currencies, or what we call cryptos because they have been used to using centralized mode of payment. What also hinders crypto is the fact that it can only be used when there is an internet, which some people doesn't have access to. What needs to be figured out for now is how cryptocurrencies can be used offline without needing the internet connection.

This is not about cryptocurrency as a whole. This is about completely anonymous coins like Dash, Monero and the rest. The thing here is that whether we like it or not, this is something we cannot expect those who are so full of shit called scammers and criminals will definitely be polluting the space with this dark coins and we cannot just sit and think everything will just keep moving the way they are without some regulatory interventions. I guess satoshi must have seen this one coming to have made bitcoin pseudo-anonymous.

Supercrypt

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Quote from: davis196 on May 09, 2018, 01:49:48 AM

This is article number 4596931789 saying the same thing over and over again.
"Cryptos are shitty,because criminals use them."Camoon crypto haters,can you say something more,instead of repeating this statement over and over?I'm going to destroy my computer next time,if I find some generic low quality article whining about how bad cryptocurrencies are. Grin

I guess these are the form of articles we will never stop seeing and we are getting used to them gradually. Crime has been existing for years without cryptocurrency and even though the dark coins may be aiding some of these criminals to do what they know how to do best, it does not mean they have not been finding ways to do their things without it even before and all these is more of just an attack.

Nevertheless, I understand that most of these dark coins may stand more chance to be the targets by the government when it comes to regulation, but I guess only time will tell.

kingragnar

full member

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The greed and savage sometimes causes the person to become a bad thing and have a crime. Altcoin is a good thing that many people will help it grow in life and have a new principle. It's time to have laws about it. I just think.

raven7886

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Merit: 1041

Quote from: senin on May 09, 2018, 12:36:10 AM

Quote from: richiereally on May 08, 2018, 04:58:13 PM

Here's a nice read on the growth of cryptocurrency vis-a-vis the attacks that seem to hinder it also:

"Since they first hit financial markets, and moreso as their popularity expands, cryptocurrencies—specifically the decentralized digital technology that underlies alt-currencies—have also been a lure for individuals looking for an efficient way to hide their identities, activities and illegal financial transactions. Even as the number and types of tokens proliferate, certain alt-currencies have also become the aiders and abbetors of criminal activity, darkside coins if you will."

Read the rest of the writeup here: https://www.investing.com/analysis/as-cryptocurrencies-proliferate-so-do-certain-criminal-activities-200302190

Well, what do you mean by that? What you need to abandon technical progress, because some criminals can use these inventions for their own purposes? Many digital coins, such as monero, Zcash, Dash have a very high degree of anonymity and can be used and will be used by criminals. This is inevitable and natural. Let the law enforcement bodies deal with this problem. , this is their work. And we will do our own thing.

I am sure the law enforcement is actually finding a way to deal with that and over time, lol; we will get to know what stands for the future of these currencies.

For instance, Japan passed a new policy on exchanges removing any anonymous coin by June and if every other country starts taking this cause, I believe there may not be enough room for reputable exchanges for these coins anymore. Crime has been in existence, and this has made it easy for the perpetrators and obviously we cannot expect government to keep silent about it.

jseverson

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What could regulations actually do against fully anonymous cryptocurrencies though? If we assume that those who use it are criminals, they're already above breaking the law. They're also fairly safe from consequences, which is the number one crime deterrent, thanks to the coins' anonymity features. Regulators are already starting to ban exchanges from listing them, but criminals won't route them through exchanges anyway. Low price didn't really deter them from the past either, considering they used Bitcoin when it was fairly young.

I'm not saying there are no ways to stop their use in crime, but I honestly don't even know where to begin. I'm sure this will be a massive headache for the crypto market in the near future.

kryptqnick

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This article is quite unfair to cryptocurrencies. It states that anonymous coins are used for buying drugs and weapons, but as the transactions are untraceable, how do they know that kind of information? Secondly, all kinds of money are used for illegal activities but somehow people blame only cryptos for that. Thirdly, telegram is also accused of being a great platform for planning terrorist attacks, but we have to give up something and learn how to deal with it without damaging the individual privacy.

Ridwan Fauzi

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The site you specified does not work so I cannot read the article. Please verify the error and include the correct link.

The discussion of cryptocurrency that tipped on illegal transactions is a classic reason. Several times ago I read articles relating to illegal transactions made by users of cryptocurrency. But I have a conclusion, cryptocurrency is depended on the people who use it, I'll say yes there may be some users who illegally conduct transactions. But you need to know this transaction can be tracked through address or ledger. Compared to paper currency I believe illegal transactions are bigger than cryptocurrency because there is no one can trace them. So I can assume the illegal transactions are more vulnerable to paper money, not on cryptocurrency.

Duzter

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Crime was around the world even when there is no bitcoin or no cryptocurrency. So, we cannot indicate the existence of cryptocurrency as a reason for increasing crime. Cryptocurrency has made crimes to happen with ease, which has decreased tremendously compared to the past as people has started realizing the true need of cryptocurrency.

fransxavariustintin

newbie

Activity: 140

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Greedy and evil people will always use something good to support their crimes, Altcoin is a good thing, many people earn money honestly and honorably by using altcoin, I think altcoin will continue to grow and there will be regulations governing altcoin.

J Sykes

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Activity: 60

Merit: 4

Quote from: richiereally on May 08, 2018, 04:58:13 PM

Here's a nice read on the growth of cryptocurrency vis-a-vis the attacks that seem to hinder it also:

"Since they first hit financial markets, and moreso as their popularity expands, cryptocurrencies—specifically the decentralized digital technology that underlies alt-currencies—have also been a lure for individuals looking for an efficient way to hide their identities, activities and illegal financial transactions. Even as the number and types of tokens proliferate, certain alt-currencies have also become the aiders and abbetors of criminal activity, darkside coins if you will."

Read the rest of the writeup here: https://www.investing.com/analysis/as-cryptocurrencies-proliferate-so-do-certain-criminal-activities-200302190

All new technology will be used by criminals, simple. Its happened constantly throughout history

https://atelier.bnpparibas/en/life-work/article/criminals-early-adopters-technology

They are genuinely always early adopters, its probably a good sign that there is utility in a technology! Id be worried if they were not using it!

davis196

hero member

Activity: 3150

Merit: 937

This is article number 4596931789 saying the same thing over and over again.
"Cryptos are shitty,because criminals use them."Camoon crypto haters,can you say something more,instead of repeating this statement over and over?I'm going to destroy my computer next time,if I find some generic low quality article whining about how bad cryptocurrencies are. Grin

okala

full member

Activity: 980

Merit: 114

The crime rate is actually increasing and many scammers are seeing cryptocurrencies as a safe heaven for they criminal activity. I think regulatory authority in various country needs to come into this market especially the icos market and put they eye on most of this scam projects and keep the market clean for the right investors.

Tankdestroyer

full member

Activity: 476

Merit: 107

Quote from: richiereally on May 08, 2018, 04:58:13 PM

Here's a nice read on the growth of cryptocurrency vis-a-vis the attacks that seem to hinder it also:

"Since they first hit financial markets, and moreso as their popularity expands, cryptocurrencies—specifically the decentralized digital technology that underlies alt-currencies—have also been a lure for individuals looking for an efficient way to hide their identities, activities and illegal financial transactions. Even as the number and types of tokens proliferate, certain alt-currencies have also become the aiders and abbetors of criminal activity, darkside coins if you will."

It really doesn't hinder cryptocurrecy, it's just that some people are afraid to try out decentralized online currencies, or what we call cryptos because they have been used to using centralized mode of payment. What also hinders crypto is the fact that it can only be used when there is an internet, which some people doesn't have access to. What needs to be figured out for now is how cryptocurrencies can be used offline without needing the internet connection.

senin

full member

Activity: 938

Merit: 137

Quote from: richiereally on May 08, 2018, 04:58:13 PM

Here's a nice read on the growth of cryptocurrency vis-a-vis the attacks that seem to hinder it also:

"Since they first hit financial markets, and moreso as their popularity expands, cryptocurrencies—specifically the decentralized digital technology that underlies alt-currencies—have also been a lure for individuals looking for an efficient way to hide their identities, activities and illegal financial transactions. Even as the number and types of tokens proliferate, certain alt-currencies have also become the aiders and abbetors of criminal activity, darkside coins if you will."

Read the rest of the writeup here: https://www.investing.com/analysis/as-cryptocurrencies-proliferate-so-do-certain-criminal-activities-200302190

Well, what do you mean by that? What you need to abandon technical progress, because some criminals can use these inventions for their own purposes? Many digital coins, such as monero, Zcash, Dash have a very high degree of anonymity and can be used and will be used by criminals. This is inevitable and natural. Let the law enforcement bodies deal with this problem. , this is their work. And we will do our own thing.

Topic: As Altcoin Popularity Grows So Does Crime; Is Regulation Keeping Up? - page 2. (Read 357 times)