Topic: Bitcoin and illegal activities - page 2. (Read 355 times)
People need to get smart about things and not fall for silly scams like they do. Crypto being used for illigal activities is one of the few things people who dislike bitcoin can use against it. People are always doing that. These are not reasonable people to begin with and their opinions should be void. I've never heard of a drug dealer accepting bitcoin xD People say you can buy drugs with bitcoin. You can also do that with fiat and online too. The bank won't know what you are buying they will only know how much you sent. A bitcoin wallet can be traced so it is more risky.
I don't think that the amount of Bitcoin used for illegal activities can actually be know because illegal activities are private and people can't know if or when it happens or how much of Bitcoin was used for the transaction.
If someone thinks crypto ban will reduce the amount of laundering and darknet traffic, he's silly. Crypto is just a tool, all the crimes are made by people, if crypto won't work, they'll switch to something else.
That's merely an excuse to ban anything. Almost every advanced technology has been used in criminal activity. Advanced technology is being used by criminals right now. No one trying to ban them, because not only bad people use technology, but everyone else, common people. If every new invention used by criminals had experienced ban or other serious impediments, we would live in cold caves today. We wouldn't have evolved as society at all. Banning anything that may be useful for humanity leads to degradation of society.
secondly, you should compare it with fiat. for example how much fiat is being used in illegal activities. i'd say for every $1 worth of bitcoin there is $1 million US dollar that goes into illegal activities such as money laundering and funding terrorism.
Hehe, daily transactions in BTC are about 2 billion. Let's say that not 1% but 0.1% are illegal. It would come to 2 million.
So, if it's a 1:1 000 000, each day we have 2 trillion (annual GDP if Spain) in funding daily terrorism and money laundering.
Or 700 trillion a year which is simply 10 times the world GDP.
Why do we always have to compare bitcoin with fiat and paint it like were angels or something?
because i love giving exaggerated stats in response to exaggerated topics that are throwing big ass numbers around based on nothing. besides it is not far fetched either, you say 0.1%, i say it is far less than that. CMC reports bitcoin trading volume in past 24 hours is $43 billion, most of that $2 billion is from traders that are running around like headless chickens.
besides, terrorists raise funds through extortion (local currency), taxation (local currency), selling oil (USD), robbing (various fiat) and receiving government support from countries such as US, UAE,... (again in USD). none of these methods are using cryptocurrencies!
It would be good to see a data comparison of cryptocurrency vs fiat and their perspective illegal activities. 1% will not be a big deal when we compare it with fiat money. With fiat, a huge percent of illegal activities is going on.
The research is already done by Messari, it turns out that fiat is used in illegal transactions much more often. 
https://www.ccn.com/fiat-money-outpaces-bitcoin-by-8001-for-nefarious-activities-report/
In my opinion, the reason bitcoin remains not so popular among criminals is transparency of blockchain and its ability to keep information about any activity forever. While cash transactions are barely trackable due to impossibility of recording numbers of all "taint" banknotes, bitcoin blockchain is always open and everything is recording by default. Despite the fact that there are many available methods to obfuscate transactions in bitcoin, all information is still open and forever written. As blockchain analysis methods are constantly being improved, it becomes possible to interpret past transactions.
thanks for posting this. I was looking for something similar regarding cash comparison to bitcoin regarding illegal activity. I would estimate a much higher % attributed for illagal activity using cash. Cash has no blockchain and is like bearer bonds imo.
The anonymous advantage of bitcoin is what makes it look like a shady activity enabled because fiat can't really do such an activities otherwise it would be labelled as money laundering. shuttle Paris However, whether genuine businesses thrive with both or not, some people have zeroed their minds on a negative outcome and not for positive but for me, I look at the positive which is that it is convenient to transact whenever you are.
You're right Oh well, the data shows clearly how cryptocurrency used in illegal ways. That is why it is not yet fully accepted because of that reason. It can be a tool for scamming innocent people and the anonymous transactions make them to urge this kind of act. No meet ups for transactions and that is their way of exchanging cryptocurrency into fiat. If you also noticed, crypto payments were also used in black market.
Anyway, even not in cryptocurrency. Scammers really exists when there is money involved and they just find cryptocurrency as the target because of the hype and it is started to become known by the people.
Anyway, even not in cryptocurrency. Scammers really exists when there is money involved and they just find cryptocurrency as the target because of the hype and it is started to become known by the people.
Actually yes Bitcoin transactions hide scammers and influence the uses on the black market , but this market exist before 2009 when it was the discovery of Bitcoin and blockchain, in general, this is not a strong factor for not accepting Bitcoin
If someone thinks crypto ban will reduce the amount of laundering and darknet traffic, he's silly. Crypto is just a tool, all the crimes are made by people, if crypto won't work, they'll switch to something else.
secondly, you should compare it with fiat. for example how much fiat is being used in illegal activities. i'd say for every $1 worth of bitcoin there is $1 million US dollar that goes into illegal activities such as money laundering and funding terrorism.
Hehe, daily transactions in BTC are about 2 billion. Let's say that not 1% but 0.1% are illegal. It would come to 2 million.
So, if it's a 1:1 000 000, each day we have 2 trillion (annual GDP if Spain) in funding daily terrorism and money laundering.
Or 700 trillion a year which is simply 10 times the world GDP.
Why do we always have to compare bitcoin with fiat and paint it like were angels or something?
Gold is used for smuggling, silver is used to launder money, alcohol and cigarettes are used for bribery in my country during communism, now toilet paper and disinfectant are used
you can't stop it.Shit is happening and it will happen..better ignore it altoghether
first of all a report published by a blockchain analysis business is not a reliable source of information specially chainanalysis since they always exaggerate all their results and they do it to advertise their business and attract potential clients. not to mention that there is always a huge margin of error in what they have been doing.
Yeah, those guys at chainanalysis are really annoying, there is no month when they won't come with some 'report" how they uncovered this and that..
When it comes to the real stuff, they fail on tracking anything beyond "the hacker then sent coins to binance"....
not surprising as we know if it will benefit their illegal activities, they will be using it
Most of us always question if bitcoin is the best refuge for criminals and scammers and activities such as stealing funds, money laundering, terrorism financing and all sort of illegal activities.
The reality is that a total of 11.5$ billion worth of cryptocurrencies were associated with criminal activity which represents only 1.1% of cryptocurrencies transaction volume in 2019 according to chainalysis. The graphic below tells us that the most common type of crimes is not money laundering nor terrorism financing, it is the act which we all see every day: scamming.
Share us your thought about this matter and if someone knows any other resource that can give us a more detailed view, please provide it.
source: https://blog.chainalysis.com/reports/cryptocurrency-crime-2020-report
Indeed. It is really hard to believe, but it is all true because bitcoin was first known in the dark web and in the black market that it is being used as a mode of payment in illegal activities such as selling drugs, armed guns, and other illegal stuffs, that is why other countries don't want to accept cryptocurrency. The reality is that a total of 11.5$ billion worth of cryptocurrencies were associated with criminal activity which represents only 1.1% of cryptocurrencies transaction volume in 2019 according to chainalysis. The graphic below tells us that the most common type of crimes is not money laundering nor terrorism financing, it is the act which we all see every day: scamming.
Share us your thought about this matter and if someone knows any other resource that can give us a more detailed view, please provide it.
source: https://blog.chainalysis.com/reports/cryptocurrency-crime-2020-report
That's quite sharp for a spike in the charts.
I never expected that there would be more scammers rather than criminals using Bitcoin like those people in the dark web that uses Bitcoin to buy illegal stuffs and services.
Since anonymity comes in hand in Bitcoin, this is pretty much half unsurprising already. Like there would even be paid course I saw in a banner out here to teach how to use Bitcoin while you can use the internet to learn it by yourself for free.
I never expected that there would be more scammers rather than criminals using Bitcoin like those people in the dark web that uses Bitcoin to buy illegal stuffs and services.
Since anonymity comes in hand in Bitcoin, this is pretty much half unsurprising already. Like there would even be paid course I saw in a banner out here to teach how to use Bitcoin while you can use the internet to learn it by yourself for free.
Oh well, the data shows clearly how cryptocurrency used in illegal ways. That is why it is not yet fully accepted because of that reason. It can be a tool for scamming innocent people and the anonymous transactions make them to urge this kind of act. No meet ups for transactions and that is their way of exchanging cryptocurrency into fiat. If you also noticed, crypto payments were also used in black market.
Anyway, even not in cryptocurrency. Scammers really exists when there is money involved and they just find cryptocurrency as the target because of the hype and it is started to become known by the people.
Anyway, even not in cryptocurrency. Scammers really exists when there is money involved and they just find cryptocurrency as the target because of the hype and it is started to become known by the people.
I understood your point but the graph is very hard to understand, thereare overlapping colors which makes the graph confusing. If you can provide a cleaner bar graph many will appreciate. I am sorry that I don't understand the graph that you provided but this is a good insight on what is going on with the crimes and illegal activities that uses bitcoin.
It would be good to see a data comparison of cryptocurrency vs fiat and their perspective illegal activities. 1% will not be a big deal when we compare it with fiat money. With fiat, a huge percent of illegal activities is going on.
The research is already done by Messari, it turns out that fiat is used in illegal transactions much more often. 
https://www.ccn.com/fiat-money-outpaces-bitcoin-by-8001-for-nefarious-activities-report/
In my opinion, the reason bitcoin remains not so popular among criminals is transparency of blockchain and its ability to keep information about any activity forever. While cash transactions are barely trackable due to impossibility of recording numbers of all "taint" banknotes, bitcoin blockchain is always open and everything is recording by default. Despite the fact that there are many available methods to obfuscate transactions in bitcoin, all information is still open and forever written. As blockchain analysis methods are constantly being improved, it becomes possible to interpret past transactions.
I can agree with that, the ease of transaction is mainly the advantage for me when you are talking crypto. Based from the OP's graph, the large contributing part are scams and I think that's true. So many crap and scam projects, promising overwhelming returns, etc. but they will disappear once they got their money. This is the sad reality in crypto. But they are lessening now as less and less investors are joining these ICOs, IEOs, STOs or whatever your call it and especially now that we are in crisis. I hope these crap projects will be gone forever.
There are still many people who do illegal in crypto transactions, they use it for their own interests and also acts of cheating in various ways, for example, scamer who continues to deceive people into selling tokens or other things.
But no one would have thought that even crypto is often used for crimes in funding terrorists, money laundering and other fraudulent matters so this transaction is still polemic until now because some countries are still afraid of it, could the state be able to control the blockchain so I sure they will implement it to become a mass adoption.
I think not the only Bitcoin is involved in illegal activity, you also consider that fiat can be used for illegal activity and both of them are prone to these crimes. Not Bitcoin was involved to scam as we see on data that it was a huge number of cases, I think those scam projects like last year that almost ICO's projects turn to scam. But how sad that it was affected by the name of Bitcoin.
Earlier, studies were conducted in the USA and Europe on the role played by bitcoin in the illegal use of funds among the entire cryptocurrency. It turned out that only about eight percent of cases of illegal transactions in cryptocurrency belonged to using bitcoin. Most of the illegal transactions were using anonymous coins. It also provides data that only 1.1 percent of all transactions in all currencies are owned using cryptocurrency. Of course, this figure is not very large. We can say that there are no problems in this regard and Bitcoin is mainly used for its intended purpose.
first of all a report published by a blockchain analysis business is not a reliable source of information specially chainanalysis since they always exaggerate all their results and they do it to advertise their business and attract potential clients. not to mention that there is always a huge margin of error in what they have been doing.
secondly, you should compare it with fiat. for example how much fiat is being used in illegal activities. i'd say for every $1 worth of bitcoin there is $1 million US dollar that goes into illegal activities such as money laundering and funding terrorism.
secondly, you should compare it with fiat. for example how much fiat is being used in illegal activities. i'd say for every $1 worth of bitcoin there is $1 million US dollar that goes into illegal activities such as money laundering and funding terrorism.
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It would be good to see a data comparison of cryptocurrency vs fiat and their perspective illegal activities. 1% will not be a big deal when we compare it with fiat money. With fiat, a huge percent of illegal activities is going on.
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