For the record, I'm not supporting the saying of the adoption of Bitcoin bringing about an increase in crime rate but just starting a conversation which I believe we can all reason together. In my locally, ignoring what the media publicized, the result has been on the positive side as household crimes has tend to decrease.
This isn't just credited to Bitcoin but Internet related jobs as a whole as the youths are getting more exposed. Few years back, house robbery, car hijacking and other household crime were on the increase mostly done by the youths but these days the news report less of that. A decent number of Nigerian youths has themselves engage in something more useful like Bitcoin investment/trading, freelancer etc.
The scams and crimes are there but they have less impact, the media are just painting the wrong impression and I'm pretty sure this must be the same with Venezuela and other part of the world as well.
Topic: Bitcoin adoption and increase in crime rate, how correlated are they?. - page 3. (Read 419 times)
legendary
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August 15, 2021, 01:48:08 AM
August 15, 2021, 01:33:20 AM
Generally the internet scams are increasing day by day so we can't assume that the crime rate increases with the adoption of bitcoin. And ofcourse most of the ransoms requires cryptos to release because they think its easier to spend the money compared to the paper fiat meanwhile lot of thise scammers get caught when they try to convert into fiat on exchanges so it has its pros and cons.
We can regulate cryptocurrency and exchanges as well which can reduce the crime rate is something is happening as government claims so people will still get the benefits of cryptocurrencies or atleast they have a way to make money via trading it.
We can regulate cryptocurrency and exchanges as well which can reduce the crime rate is something is happening as government claims so people will still get the benefits of cryptocurrencies or atleast they have a way to make money via trading it.
August 15, 2021, 01:27:11 AM
At what level of granularity?
You need enough data to distinguish across multiple unknown factors of unknown dependencies.
You could measure a sample size of all the Bitcoiners in a crime-riddled city and conflate some correlation. Correlation is useful for developing possible ideas of causation, though you need a sense of weight.
Consider a hypothetical situation where A influences B and C independently, but you assume that B causes C. (Or even deeper levels of dependency)
My hypothetical variables: (localized) wealth inequality, bitcoin adoption, crime rate.
alt: population/technological progress, bitcoin adoption, crime rate
You need enough data to distinguish across multiple unknown factors of unknown dependencies.
You could measure a sample size of all the Bitcoiners in a crime-riddled city and conflate some correlation. Correlation is useful for developing possible ideas of causation, though you need a sense of weight.
Consider a hypothetical situation where A influences B and C independently, but you assume that B causes C. (Or even deeper levels of dependency)
My hypothetical variables: (localized) wealth inequality, bitcoin adoption, crime rate.
alt: population/technological progress, bitcoin adoption, crime rate
August 15, 2021, 12:59:57 AM
Even if it were true, what of it? A lot of people are now dying in road accidents in every country. Maybe then we will ban cars? In order to reduce the number of crimes in each country, there are law enforcement agencies. This is their direct responsibility.
In general, studies in the United States and Europe have shown that only a few percent of crimes are committed with the help of bitcoin. So this problem is generally far-fetched.
In general, studies in the United States and Europe have shown that only a few percent of crimes are committed with the help of bitcoin. So this problem is generally far-fetched.
August 15, 2021, 12:33:39 AM
The propaganda will always exist and it serves one goal which is to distract people from the real problems. For example the amount of money that the banking system launders every week is a thousand times higher than the amount of transactions that bitcoin handles in a year. But that's what the media does, they distract people from the reality by focusing on a small matter.
August 15, 2021, 12:13:48 AM
I think there technically will be increased crime rates because of bitcoin/crypto, albeit a small increase. But then again, even the internet boom created a lot of criminals as well(scammers/identity thieves/propaganda/etc); and the same with any other technology. What matters is that the positives heavily outweighs the negatives.
August 14, 2021, 11:41:54 PM
Far easier to launder money than Bitcoins, than you think. Most fiat are untraceable anyways.
There is a misconception that an increase in popularity comes with an increase in adoption, that is incorrect. The rise in popularity also doesn't necessarily means a rise in the crime rate. Something like kidnapping would happen even if the payment is in fiat, the riskiest part isn't with the collection of the ransom in the first place. It might be harder to exchange large quantities of Bitcoins to cash, depending on where you're situated.
There is a misconception that an increase in popularity comes with an increase in adoption, that is incorrect. The rise in popularity also doesn't necessarily means a rise in the crime rate. Something like kidnapping would happen even if the payment is in fiat, the riskiest part isn't with the collection of the ransom in the first place. It might be harder to exchange large quantities of Bitcoins to cash, depending on where you're situated.
legendary
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August 14, 2021, 11:35:30 PM
Seems the media has another trick to discourage people from buying into the idea of engaging themselves in the new currency. Read about the Venezuelan incident that resulted to a dead citizen after his family couldn't afford the ransom meant to release him. It also got to my attention of studies showing that there has been an increase in crime rate as the popular cryptocurency (Bitcoin) gained more popularity in the country.
You can argue that this are all just propaganda to discourage the citizens from engaging themselves in bitcoin but still how correlated are crimes to the the adoption of Bitcoin and cryptocurency in general. Do the adoption of Bitcoin truly increase the crime rate in a country with focus to third world countries since we're likely to find more individual with motive to commit crime just to survive especially if they have some advantage over getting caught.
Just to highlight a paragraph from the article;
Some positivity here is the article, made it clear that majority of the crimes are still been committed in fiats but still I want us to discuss how an increase in adoption can correlate to increase in crime rate and possibly prevention methods to deploy to combat this trend if it's true.
You can argue that this are all just propaganda to discourage the citizens from engaging themselves in bitcoin but still how correlated are crimes to the the adoption of Bitcoin and cryptocurency in general. Do the adoption of Bitcoin truly increase the crime rate in a country with focus to third world countries since we're likely to find more individual with motive to commit crime just to survive especially if they have some advantage over getting caught.
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/
Some positivity here is the article, made it clear that majority of the crimes are still been committed in fiats but still I want us to discuss how an increase in adoption can correlate to increase in crime rate and possibly prevention methods to deploy to combat this trend if it's true.
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