It’s true that when there are no rules people tends to start misbehaving. But, I wouldn’t really say that’s the case with bitcoin. Although we have seen it a lot of times being said that bitcoin gives freedom, but it doesn’t really give freedom. Of course it can be anonymous, but to an extent. Though one thing I have noticed is that crimes that has to do with maybe one individual usually go unpunished through bitcoin.
I have seen individuals report about being scammed and nothing is being done about it. But, I have also seen big cases that has to do with lots of people, and within short time they are caught. Like the one of Twitter and so many others. So I wouldn’t really say there is hundred percent freedom in bitcoin. Criminals can still be caught.
Topic: Bitcoin adoption and increase in crime rate, how correlated are they?. (Read 415 times)
August 28, 2021, 05:47:10 AM
August 25, 2021, 09:45:30 AM
In general the increase in crime is also not due to the increasing adoption of bitcoin. Evil will always be everywhere. scammers were born because bitcoin transactions are very tempting at high prices. There are many ways that scammers do to trap their victims. It's not just bitcoin, other platforms are also a crime scene.
The correlation of bitcoin adoption with increased crime may be justified. Cybercrime continues to evolve with many methods. but nothing can be hidden in bitcoin, everything can be tracked and will lead to the criminal.
The correlation of bitcoin adoption with increased crime may be justified. Cybercrime continues to evolve with many methods. but nothing can be hidden in bitcoin, everything can be tracked and will lead to the criminal.
August 23, 2021, 02:53:05 PM
This has been an old issue being imposed against Bitcoin and the whole cryptocurrency community with regards to the increase of crime rate in relation to the adaption of many people towards engaging into the crypto market. It seems like the media have put a lit of fire into this issue wherein this have already been tackled long time ago that the crime rate (scamming, hacking and etc.) have already been there before crypto and the ones to be blamed are the people behind those acts and not crypto alone for they are using the advantage and making their dirty works out of it.
August 19, 2021, 08:21:42 AM
Well there might be a correlation to the increase in crime rate with bitcoin, because we can't deny that bitcoin anonymity is such a great thing for the criminals. It'll be really hard to track them, and the value is high too, really worth for them. I heard so many criminal cases about bitcoin, scams, money laundering, illegal buying using bitcoin and such. Of course, with bitcoin coming, they have something easy and useful for their crime. But is it bitcoin fault? No it's not. Although it might be upsetting for us to hear bad news or talks about bitcoin, but well they sure have correlation, although the increase of crime rates won't necessarily because of bitcoin, even if there's no bitcoin, those criminals will still find other way for their crimes.
Correlation doesn’t imply or mean causation. It’s a fallacy. There WILL be an increased rate of use of Bitcoin whether it’s for crime or legitimate transactions simply because Bitcoin will enter markets, especially inefficient markets that banks will not service, and make the efficient.
August 19, 2021, 07:23:51 AM
Well there might be a correlation to the increase in crime rate with bitcoin, because we can't deny that bitcoin anonymity is such a great thing for the criminals. It'll be really hard to track them, and the value is high too, really worth for them. I heard so many criminal cases about bitcoin, scams, money laundering, illegal buying using bitcoin and such. Of course, with bitcoin coming, they have something easy and useful for their crime. But is it bitcoin fault? No it's not. Although it might be upsetting for us to hear bad news or talks about bitcoin, but well they sure have correlation, although the increase of crime rates won't necessarily because of bitcoin, even if there's no bitcoin, those criminals will still find other way for their crimes.
August 19, 2021, 06:45:35 AM
Very related. Most people believe that since bitcoin's transaction hash is open for every one to read, it is not possible to be used for crime. I choose to differ from that. Bitcoin's user anonymity makes it very possible to be used for crime. Let's take a look at the number of scams happening around. Once a Bitcoin has been transferred, users can only read the transaction but it is nearly impossible to use that transaction to know who the recipient is. This is why most blockchain require their users to register with their full name and pass KYC. It makes it possible to track transaction and know the exact person behind a transaction in case of fraud.
I don't want to conclude in a negative way but since the digital assets born and so the scammers being born too and so far the main crime that I think is correlated with bitcoin I might say in a direct way is scamming and fraud but other crime that being connected with the platform is indirectly correlated however some people choose to blame it on the platform. I think fiat is still the most common currency related to crime committed. And yeah it's a big help that every blockchain requires a KYC for the proper verification of the applicant.
August 18, 2021, 05:36:50 PM
is it true that bitcoin adoption.is a crime then today we can see people who use the internet it can be said that there are a lot of crimes.caused by many people who use the internet to do bad things like for example they.commit fraud back to each individual how a person wisely.uses what he.knows and has now
People should at least be thinking off first that crime had been long time existing and becomes worst as the years passed and now Bitcoin would took the blame that it do increase crime rate?To think off that cybercrime had been increasing year by year before crypto exist and its just normal since there would be those criminal minds that do lurks out into the shadow.
Lets just put aside on really emphasizing on how decentralization and anonymity works.Well, there might be some instances but everything shouldnt really took out the blame.
August 18, 2021, 11:44:35 AM
Very related. Most people believe that since bitcoin's transaction hash is open for every one to read, it is not possible to be used for crime. I choose to differ from that. Bitcoin's user anonymity makes it very possible to be used for crime. Let's take a look at the number of scams happening around. Once a Bitcoin has been transferred, users can only read the transaction but it is nearly impossible to use that transaction to know who the recipient is. This is why most blockchain require their users to register with their full name and pass KYC. It makes it possible to track transaction and know the exact person behind a transaction in case of fraud.
August 18, 2021, 11:24:53 AM
It makes more sense to use fiat which is not traceable than Bitcoin which has a public blockchain that any one can track your transactions for use with crime. Bitcoin does get used for crime like any other currency but I do not think it increases the amount of crime. I think there is less crime using Bitcoin than using fiat currencies. I think there was a saying going around that every note in circulation in the USA has been touched by cocaine I do not know if that was a myth or if it is the truth but if it is the truth then it is clear to me that Bitcoin does not have the same drug problem that the US dollar does.
August 18, 2021, 11:19:50 AM
I dont believe that the crime rate will increase a lot. How many crimes are committed with cryptocurrency, compared to a regular crime (if they can be called like that). I think that the ratio s about 1 cryptocurrency related scam to a tens thousands of drugs sold, items stolen, people harmed or killed, financial crimes and etc. Cryptocurrency crime is just a one grain of sand in the ocean. Not much will change with Bitcoin adoption. Cash still will be used more often in connection with crime.
As bitcoin and crypto adoption idea becomes more popular among the public and as more people knows about the capabilities that it can deliver, it's only a matter of time before malicious entities will hear about it and learn about it and then they will have an idea and we will soon expect an increase in crypto related crimes. August 18, 2021, 04:45:15 AM
Just to highlight a paragraph from the article;
Quote from: Kidnappers Kill Venezuelan Citizen for Not Paying Ransom Requested in Bitcoin
The popularity of cryptocurrency in the country has caused an increase in scams and crime using these new assets. Cryptocurrencies, due to their innovative design, can sometimes be more difficult to track than money moved via traditional fiat avenues.
https://news.bitcoin.com/kidnappers-kill-venezuelan-citizen-for-not-paying-ransom-requested-in-bitcoin/
https://news.bitcoin.com/kidnappers-kill-venezuelan-citizen-for-not-paying-ransom-requested-in-bitcoin/
This is alarming because the crypto related cases is not just increasing but also getting dangerous each year , in the past ransom is being asked but there is no killing happens but now? this is an obvious attempt to scared all crypto holders in the world that they can be treated like this if they don't cooperate in those crimes.
Now this made me the think of declining to expose any other way of my KYC as this is the only way why we are being exposed from this criminals.
Kidnap for ransom gangs/criminals will always find the most efficient way to receive a transaction, whether or not the person of interest is a Bitcoin/cryptocurrency millionaire or not. Bitcoin will find its way where there are inefficiencies in “markets”, and make them more efficient.
August 17, 2021, 09:32:30 AM
Now this made me the think of declining to expose any other way of my KYC as this is the only way why we are being exposed from this criminals.
I do believe their data comes from many sources, not limited to KYC. A hack on an anonymous forum, your posting history, etc. They don't even check whether your e-mail is a throwaway e-mail or not before sending their phishing e-mail. Other than reducing your access to KYC platforms, strengthening your computer/internet security is a must. August 17, 2021, 07:06:59 AM
Just to highlight a paragraph from the article;
Quote from: Kidnappers Kill Venezuelan Citizen for Not Paying Ransom Requested in Bitcoin
The popularity of cryptocurrency in the country has caused an increase in scams and crime using these new assets. Cryptocurrencies, due to their innovative design, can sometimes be more difficult to track than money moved via traditional fiat avenues.
https://news.bitcoin.com/kidnappers-kill-venezuelan-citizen-for-not-paying-ransom-requested-in-bitcoin/
https://news.bitcoin.com/kidnappers-kill-venezuelan-citizen-for-not-paying-ransom-requested-in-bitcoin/
Now this made me the think of declining to expose any other way of my KYC as this is the only way why we are being exposed from this criminals.
Even with fiat such things do happen, the increase in crypto acceptance has nothing to do with increasing crime rate, all this things already happening before crypto became popular, it is unfortunate that some bad individuals have decided to act this way and use crypto to demand ransom instead of fiat, they feel it will be difficult for the authorities to trace them by using crypto, you should note that performing kyc is some better because with that it will be easy to trace such kind of people.
August 17, 2021, 06:18:32 AM
Just to highlight a paragraph from the article;
Quote from: Kidnappers Kill Venezuelan Citizen for Not Paying Ransom Requested in Bitcoin
The popularity of cryptocurrency in the country has caused an increase in scams and crime using these new assets. Cryptocurrencies, due to their innovative design, can sometimes be more difficult to track than money moved via traditional fiat avenues.
https://news.bitcoin.com/kidnappers-kill-venezuelan-citizen-for-not-paying-ransom-requested-in-bitcoin/
https://news.bitcoin.com/kidnappers-kill-venezuelan-citizen-for-not-paying-ransom-requested-in-bitcoin/
Now this made me the think of declining to expose any other way of my KYC as this is the only way why we are being exposed from this criminals.
August 17, 2021, 06:08:25 AM
Criminals wont rob you on the street and ask for crypto.
Crime is not correlated with cryptocurrency, but it is very possible for criminals to attack you and request for your private keys to assess your coins - this is an example of the $5 wrench attack.That's why it's advisable you do not store your funds on a device you carry around and do not publicize your crypto holdings as that would attract scams and theft attacks.
True. It is better to keep silent about what you have and how much you have.
But what I meant is that someone will try to rob me on the street, they will more likely take my phone, chain, wallet. I doubt that they will demand me to open an app or browser and transfer my crypto to them. Same will be if someone robs my flat. They will take a laptop and a TV, instead of taking a hardware wallet, searching for private keys or wait for me and force me to tell them.
The number of such crimes as "rob/take/steal quick and sell quick" will be greatly bigger than crypto related crimes. That is why adoption wont change crime rate. I think that few criminals of that kind will read readme how to create crypto wallets and use mixers. Not because that will be hard to understand for them, but because they are fine anyway.
August 17, 2021, 05:58:30 AM
Just to highlight a paragraph from the article;
Quote from: Kidnappers Kill Venezuelan Citizen for Not Paying Ransom Requested in Bitcoin
The popularity of cryptocurrency in the country has caused an increase in scams and crime using these new assets. Cryptocurrencies, due to their innovative design, can sometimes be more difficult to track than money moved via traditional fiat avenues.
https://news.bitcoin.com/kidnappers-kill-venezuelan-citizen-for-not-paying-ransom-requested-in-bitcoin/
https://news.bitcoin.com/kidnappers-kill-venezuelan-citizen-for-not-paying-ransom-requested-in-bitcoin/
Read the sentence again, “The popularity of cryptocurrency has caused an increase in scams and crime USING these new assets”, not necessarily “an increase in scams and crime BECAUSE of these assets.”
It’s a fallacy, OP. Correlation doesn’t mean causation.
August 17, 2021, 04:37:51 AM
Criminals wont rob you on the street and ask for crypto.
Crime is not correlated with cryptocurrency, but it is very possible for criminals to attack you and request for your private keys to assess your coins - this is an example of the $5 wrench attack.That's why it's advisable you do not store your funds on a device you carry around and do not publicize your crypto holdings as that would attract scams and theft attacks.
August 17, 2021, 04:26:08 AM
I dont believe that the crime rate will increase a lot. How many crimes are committed with cryptocurrency, compared to a regular crime (if they can be called like that). I think that the ratio s about 1 cryptocurrency related scam to a tens thousands of drugs sold, items stolen, people harmed or killed, financial crimes and etc. Cryptocurrency crime is just a one grain of sand in the ocean. Not much will change with Bitcoin adoption. Cash still will be used more often in connection with crime.
As bitcoin and crypto adoption idea becomes more popular among the public and as more people knows about the capabilities that it can deliver, it's only a matter of time before malicious entities will hear about it and learn about it and then they will have an idea and we will soon expect an increase in crypto related crimes.Anyway, I think that crime rate wont change much. Even when Bitcoin becomes widely used, the only crimes it can be used are scamming and money laundering. The damage dealt will increase, but it will be few number of cases and that wont really impact on the rate. Criminals wont rob you on the street and ask for crypto.
For example. El Salvador made Bitcoin legal this year. According to stats their crime rating did not change significantly, comparing 2020 and 2021.
August 16, 2021, 04:12:01 AM
I dont believe that the crime rate will increase a lot. How many crimes are committed with cryptocurrency, compared to a regular crime (if they can be called like that). I think that the ratio s about 1 cryptocurrency related scam to a tens thousands of drugs sold, items stolen, people harmed or killed, financial crimes and etc. Cryptocurrency crime is just a one grain of sand in the ocean. Not much will change with Bitcoin adoption. Cash still will be used more often in connection with crime.
As bitcoin and crypto adoption idea becomes more popular among the public and as more people knows about the capabilities that it can deliver, it's only a matter of time before malicious entities will hear about it and learn about it and then they will have an idea and we will soon expect an increase in crypto related crimes. August 16, 2021, 03:32:40 AM
I dont believe that the crime rate will increase a lot. How many crimes are committed with cryptocurrency, compared to a regular crime (if they can be called like that). I think that the ratio s about 1 cryptocurrency related scam to a tens thousands of drugs sold, items stolen, people harmed or killed, financial crimes and etc. Cryptocurrency crime is just a one grain of sand in the ocean. Not much will change with Bitcoin adoption. Cash still will be used more often in connection with crime.
Jump to: