Bitcoin: 'Blood Diamonds' Of The Digital Era

Genedarner123

newbie

Activity: 78

Merit: 0

outrages

Bitcoin has an underlaying tech and would replace the these central banks and online payment systems. There always good and bad to every invention. Its not the tech itself that is bad but its people who are using it for illegal purpose and the media that is highlighting only the badside that is bring all this negitivity. But there is no such thing like bad publicity. so i guess its better for BTC to be in news Wink

Mometaskers

hero member

Activity: 1764

Merit: 584

Just some fiat-fanatic ranting how bitcoin is being used for illegal activities forgetting fiat is also being used for that as well. It seems that most media people who write about bitcoin don't even have an idea on the wide range of application it can be used for. In fact, there are many instances when it's preferable to cash, for example foreign remittances. How about the gov't become more efficient at fighting fiat laundering before pointing their fingers at bitcoins?

I find the comparison to blood diamonds just distasteful. People die mining those and the income is used to maintain the hold of those groups on people they enslaved. Bitcoin is nowhere that bad. I actually can't think of anything to compare to that cruelty.

BruceFenton

sr. member

Activity: 404

Merit: 250

The author doesn't see a difference with blood diamonds? Imbecile

cotton ball

sr. member

Activity: 1288

Merit: 253

Forbes ? It's news that's often raised by secular media, continues to proclaim bitcoin is continuously negative because they don't want equality FIAT with crypto, but in reality there has been no sensational legal action about it. Trump also rumored at election time that he was strongly opposed to Bitcoin, but trump undertake action that is contrary to appoint some council from people who are actively talking positively about bitcoin.

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Says the country that steals from the poor to give to the rich.

K128kevin2

sr. member

Activity: 322

Merit: 250

Quote from: gentlemand on March 31, 2017, 09:23:18 AM

I'll carry on being unfashionable and use it for things that aren't nefarious.

Are underground markets really that popular? I use it for buying games on Steam and junk on Amazon and so do most of the people I know.

unamis76

legendary

Activity: 1512

Merit: 1012

Wow great

Forbes, what else... Ridiculous sensationalist news, maybe this should be included in that famous "fake news!" list... Roll Eyes

"News" like these serve the interest of some, not the interest of informing everyone, they should be ashamed of themselves. "Tax evasion... Of course, because Bitcoin!" is an absurd way of thinking.

Let them have their blinders and move on. The world is either black or white for sensationalist media.

antonioa

full member

Activity: 229

Merit: 250

Quote from: Dimelord on March 31, 2017, 12:21:38 PM

Quote from: philiveyjr on March 31, 2017, 10:34:10 AM

Quote from: Kprawn on March 31, 2017, 10:23:41 AM

Oh ffs, I thought we are past the whole " Bitcoin is only used by criminals " phase and here we go again. Roll Eyes

.... Tell me something, why would

someone signup to Coinbase and go through all the KYC/AML shit to identify himself and then use that account to commit a crime? These idiots

are shilling for governments against Bitcoin and they not even using logic reasoning to do it. Roll Eyes

Total FUD!

Its not over mate, We have to still fight against the negative criticism from the mainstream media. Just the other day in my country, The leading newspaper had the headlines that Bitcoin is illegal here. When I read the news story completely, it just said that the government is warning people to use Bitcoins at their own risk and that it is not actually illegal. I was like WTF is that headline? Huh

Just every government wants to criticize bitcoins since they need a valid reason for announcing it illegal.In india,police caught five youngsters who sold drugs and that too in bitcoins.Immediately,government started discussions to announce bitcoin as illegal.Thats why i told,they just need a reason to blame bitcoins.

Yes, I agree with you. The government of some countries is very negative about the crypto currency. Basically it is the government of poor countries. Bitcoin can be dangerous for a weak economy

Dimelord

hero member

Activity: 490

Merit: 500

Quote from: philiveyjr on March 31, 2017, 10:34:10 AM

Quote from: Kprawn on March 31, 2017, 10:23:41 AM

Oh ffs, I thought we are past the whole " Bitcoin is only used by criminals " phase and here we go again. Roll Eyes

.... Tell me something, why would

someone signup to Coinbase and go through all the KYC/AML shit to identify himself and then use that account to commit a crime? These idiots

are shilling for governments against Bitcoin and they not even using logic reasoning to do it. Roll Eyes

Total FUD!

Its not over mate, We have to still fight against the negative criticism from the mainstream media. Just the other day in my country, The leading newspaper had the headlines that Bitcoin is illegal here. When I read the news story completely, it just said that the government is warning people to use Bitcoins at their own risk and that it is not actually illegal. I was like WTF is that headline? Huh

Just every government wants to criticize bitcoins since they need a valid reason for announcing it illegal.In india,police caught five youngsters who sold drugs and that too in bitcoins.Immediately,government started discussions to announce bitcoin as illegal.Thats why i told,they just need a reason to blame bitcoins.

eternalgloom

legendary

Activity: 1792

Merit: 1283

I don't really want to visit Forbes, because I don't agree with their ad policies, their website is just too annoying to visit.
So I'll base my answer of off that quote you provided.

The comparison of Bitcoin to blood diamonds is a bit far fetched, they're just 2 different concepts really.
You could just as easily say that using fiat currency is unethical because large criminal organizations are using fiat as means of exchange.

I also really doubt that the Bitcoin price is driven by it's criminal use, it probably has more to do with people who use it as an investment.

Hydrogen

legendary

Activity: 2562

Merit: 1441

Quote from: alyssa85 on March 31, 2017, 09:10:50 AM

https://www.forbes.com/sites/jasonbloomberg/2017/03/28/bitcoin-blood-diamonds-of-the-digital-era/#72915253492a

Quote

Bitcoin has long been the transaction currency of choice for drug dealers and extortionists, but this month, the IRS has upped the game. Just as tax evasion finally took down Al Capone, now the IRS is looking for tax evaders and other tax cheats who have been using Bitcoin in an attempt to hide their tracks.

Its almost like they waited to see if bitcoin unlimited might be successful, before letting loose with the anti btc journalist columns. Huh

Forbes hasn't had much credibility in years. You'd have to go back at least 2-3+ years to find credible pieces done by them, like this:

Quote

HSBC Bank Helped Terrorists, Iran, Mexican Drug Cartels Launder Money, Senate Report Says

A Senate report released ahead of the embargo time revealed that HSBC’s lax anti-money laundering policies allowed Mexican drug money, Iranian terrorist money, and even suspicious Russian money to enter the U.S. and gain access to U.S. dollar liquidity over the last couple of years.

The report, released late on Monday despite a 10 PM embargo time, was prepared by the Permanent Subcommittee on Investigations, and counted with the support of Senators Carl Levin and Tom Coburn.

In a year-long investigation, the Subcommittee found that HSBC violated several rules, exposing the U.S. financial system to “a wide array of money laundering, drug trafficking, and terrorist financing.” According to the report, HSBC’s Mexican affiliate channeled $7 billion into the U.S. between 2007 and 2008 which possibly included “proceeds from illegal drug sales in the United States.”

https://www.forbes.com/sites/afontevecchia/2012/07/16/hsbc-helped-terrorists-iran-mexican-drug-cartels-launder-money-senate-report-says/

That story is from 2012.

But there is follow up evidence that HSBC bank still launders money for terrorists, russia and drug cartels with no real effort put forth to stop them.

Yakamoto

legendary

Activity: 1218

Merit: 1007

Quote from: alyssa85 on March 31, 2017, 09:10:50 AM

https://www.forbes.com/sites/jasonbloomberg/2017/03/28/bitcoin-blood-diamonds-of-the-digital-era/#72915253492a

Quote

On the contrary – the only reason Bitcoin has value to anyone is because of the underlying value as a medium of exchange for lawbreakers. If we could flip a switch and eliminate all illegal uses of Bitcoin, there would be nothing left of the cybercurrency.

Now that's a ballsy statement.

I'm curious if these guys have gotten any information from Steam (and by extension Bitpay) about how successful the Bitcoin integration on Steam is. If anything, I would say that a lot of the illegal uses of Bitcoin actually hurt the value since there can be a frantic sell-off of the illicit goods, and just buying Bitcoin to pay ransomware creators isn't that much of a portion of the market to my knowledge.

Przemax

hero member

Activity: 574

Merit: 500

Basicly you need to read the opposite of what that kind of paid shills are writing. They are writing the same old story that they keep on digging out from the long rotten grave. Everyone knows that and noone is interested, but the message is simple - bitcoin bad, don't touch it. You can be sure someone is touching it and slowly accumulating the bitcoins.

Manipulations to drop the price to oblivion failed so they make stories like that from the article to make an atmosphere in which they can buy the commodity that has proven to be undropable. They can buy that commodity, which is the bitcoin in this case, without increasing the price too early and too much.

philiveyjr

legendary

Activity: 840

Merit: 1000

Quote from: Kprawn on March 31, 2017, 10:23:41 AM

Oh ffs, I thought we are past the whole " Bitcoin is only used by criminals " phase and here we go again. Roll Eyes

.... Tell me something, why would

someone signup to Coinbase and go through all the KYC/AML shit to identify himself and then use that account to commit a crime? These idiots

are shilling for governments against Bitcoin and they not even using logic reasoning to do it. Roll Eyes

Total FUD!

Its not over mate, We have to still fight against the negative criticism from the mainstream media. Just the other day in my country, The leading newspaper had the headlines that Bitcoin is illegal here. When I read the news story completely, it just said that the government is warning people to use Bitcoins at their own risk and that it is not actually illegal. I was like WTF is that headline? Huh

Carlton Banks

legendary

Activity: 3430

Merit: 3080

"Your laws are minimal
And you won't even think about
looking for the real criminal" KRS-1, Sound of the Police

Slave language, from corporate slaves. Quelle surprise.

I want real capitalism, where I can vote for regular people by giving them real power: money.

Fuck this charade, where the price of goods is set by a tiny amount of overly rich pencil pushers at the stock exchange, and where the price of money is set by the central banks

(and where regular everyday wage&tax slaves act like the police towards people they should be respecting, like this idiot writing for Forbes, as if the corporate tycoons they write glowing pieces about pay their taxes, like I say, money is real power).

Kprawn

legendary

Activity: 1904

Merit: 1074

Oh ffs, I thought we are past the whole " Bitcoin is only used by criminals " phase and here we go again. Roll Eyes

.... Tell me something, why would

someone signup to Coinbase and go through all the KYC/AML shit to identify himself and then use that account to commit a crime? These idiots

are shilling for governments against Bitcoin and they not even using logic reasoning to do it. Roll Eyes

Total FUD!

masterzino

hero member

Activity: 1218

Merit: 513

Just another FUD from mainstream medias! Bitcoin, dollars or beans, drug/diamond cartels will always find a currency to exchange their stock of. It's just like the marijuana and 30s-50s vs Dupont's Cotton.

BillyBobZorton

legendary

Activity: 1204

Merit: 1028

People can use bitcoins for whatever they want just like they can use cash. This is just more FUD from the Powers That Be, that is why we must keep bitcoin decentralized, in other words reject BU or else nodes will be centralized and controlled.

elite3000

legendary

Activity: 1073

Merit: 1000

more FUD that only wants to be sensationalist

the fail starts on the title, as far I know there are no civil wars that are financed with Bitcoin or fight because of Bitcoin, so I don't think the comparison is in any way appropriate

Red-Apple

hero member

Activity: 1470

Merit: 655

i completely disagree with all of it. the article is full of FUD for the most part and it seems like an attack on bitcoin rather than being a well thought text!

and using the term "blood diamond" for it is ridiculous in my opinion, there are some masochists who are self harming and drawing their own blood but those who aren't really getting caught in the drama of bitcoin will never even see it. and they continue using bitcoin happily.

Topic: Bitcoin: 'Blood Diamonds' Of The Digital Era (Read 1036 times)