Topic: Bitcoin completes value transmission, how to perfectly avoid criminal ？ - page 2. (Read 401 times)

That's what they told you to justify their needed control over you. Yes, stating that you, as the government, must be aware of the people's transactions to prevent the society from illegal activity is indeed correct, even though illegal activities such as invading taxes might be good for the economy if its system is corrupted. Do you really believe that money laundering is tackled by KYC that way?

Think critically; don't be a useful idiot.

Well said.

I don't see how you can agree that KYC is not effective at preventing illegal activities, and then in the next sentence state that KYC is a "prime weapon" against illegal activities. Those two statements are mutually exclusive. If anyone can show me some evidence that KYC reduces money laundering then I'm all ears, but given that fiat banks which have much stricter KYC rules than bitcoin are complicit in laundering trillions of dollars each year, I won't hold my breath. KYC is about surveillance and control, not about preventing crime.

Any scammer can easily sell bitcoin for fiat, if that's what they want to do, with or without KYC. We've had KYC on all centralized exchanges for years, and yet scammers and hackers continue to use bitcoin, just as they use cash and fiat. KYC is not a deterrent.

That's true! There is no solid evidence that kyc norms are effective against money laundering or even terrorism financing. Completely in agreement with your statement. However, it is one prime weapon which can be used to curb illegal activities. But it is very difficult for a decentralized network like bitcoin because there is no way to know who is mining it and from which part of the world. It's simply impossible to have 100% correct information. But stringent kyc can at least discourage few percentage of scammers from using it for their illegal businesses. But kyc goes directly against the idea of bitcoin and that's why scammers will try to obtain other people's kyc to hide their dirty money trail.

I don't think it's Bitcoin's job to avoid crime. Crime chooses, and I would have hoped Silk Road taught the lesson that it really is a poor choice to be used for criminal purposes. Can we stop feeding something that has repeatedly been proven wrong already?

P.S. Hackers aren't interested only in Bitcoin trading platforms, they're interested in easy backdoors, lazy admins, careless managers and generally, just poor security practices. And I think you used white hat wrong?

Bitcoin transaction is not anonymous, it is pseudonymity. The blockchain is completely transparent, but you can maintain privacy if you want.

Why are fiat a fertile soil for criminals? Read this OP as an example. Why are terrorists and bandits demanding for paper fiat (cash)? Criminals still make use of fiat than crypto.

How about fiat? They are most suitable.

'May' is an understatement, it will. Just hold and be patient, do not panic during bearish market, all-time-high will be attained.

As some countries will ban Bitcoin, many others will not. China banned Bitcoin, but Bitcoin remain existing and promising.

What did you mean by close network?

Bitcoin is built with open source codes, miners are not centralized in a way miners are chosen, any person can mine Bitcoin, just get your ASICs to start and make profit. Bitcoin is decentralized and the ledger is opened to the public. So, how is Bitcoin having close network? Running nodes is even voluntarily. Expatiate more on this, but I know you are totally wrong.

You need a lot to know more about. Bitcoin gives freedom, using centralized exchanges and services will not give you freedom and total control. Not you key not you coin. Has any centralized platform generated you private key before or seed phrase? If you are not using reputed noncustododial wallet, then you do not have any excuse. Centralized services hacks is what you are referring to, you can protect yourself while using reputed noncustododial wallet, most especially the hardware wallets which are convenient and store private key offline.

Most of your statements are not right.

Avoid criminals should be your aim, use reputed noncustododial wallet
Avoid malware
Do not store your coins on centralized platforms, store it on noncustododial wallet, Trezor and ledger nano are recommended, or any other offline wallets. Online wallet is not bad, but for low amount of coins while security and safety is maintained.

To know more about security, safety and privacy, check this topic: Good topics on security and privacy

There is no solid evidence that KYC actually prevents illegal activities or money laundering, just as there is no solid evidence that mass surveillance prevents terrorism or crime. It is a fabrication told by governments to justify spying on their citizens and sticking their noses in to your business. With how easy it is to acquire someone else's KYC details, all that stringent KYC achieves is innocent people having their identities stolen and being framed for crimes they didn't commit. All a criminal has to do is create some fake altcoin giveaway or fake airdrop, and they can collect hundreds of KYC documents in a couple of days.

Every currency in the world is used for some illegal activities. Not only is bitcoin no different, but it shouldn't be different. Either bitcoin is censorship resistant, or it isn't. If you start discriminating against some users, some addresses, some transactions, some bitcoins, then you open the door for discrimination against any bitcoin user, and so bitcoin is no longer bitcoin.

Frankly speaking, there is no way to avoid criminal activities! The nature of bitcoin is designed in such a way where everyone can get their hands on to it. This is true for other cryptos as well so let's not victimize bitcoin alone. Bitcoin was forever used by the criminals of various statuses and the trend will continue, unfortunately.

The only way to curb this illegal activities is stringent KYC norms. But that again goes against the idea of bitcoin and the whole theory of decentralization. So I really can't see an effective way to  curb on illegal activities while maintaining the idea of bitcoin. We will have to compromise either of one side. But it's interesting to see what other members are thinking.

Fiat is arguably far more conducive for money laundering and anonymous as well. You can't trace cash as effectively as you can with Bitcoin.

You really can't expect anyone to take care of your Bitcoins. You're responsible for them and any loss as a result of your negligence is your fault. There is no problem with non-reversibility.

Also to avoid volatility, just trade it for your fiat immediately after the transaction, if you really want.

You can't avoid criminal activities, just as how the USD hasn't really prevented criminal activity. The authorities simply has to find/pursue the crooks through other means than through the currency.

One of the main points of Bitcoin is that you can make transactions without anyone's permission.

It doesn't provide anonymity. Every address and amount can be tracked down. It looks rather pseudonymous to me. It'd be anonymous, if it somehow hid the amounts and the parties (sender & recipient).

So, it provides what cash do too? Except that it does this dirty job worse due to its transparency? Explain me how you can launder money with Bitcoin since you have to somehow convert them again in fiat. Let's assume that you have $1m and you want to launder them urgently! Show me your steps to prevent from getting caught using Bitcoin.

This topic was discussed so many times you could have searched really before asking.
But you chose to post a long topic and be wrong.
As already said, Bitcoin doesn't have perfect anonymity.

Now, really, use search. And ask around. And research. And learn.

Contrary to popular belief, bitcoin is the favorite cryptocurrency of the FBI AML team because it's a pseudonymous meaning that you're only anonymous in the ledger but not when you are spending it.

Bitcoin is a double-edged sword. There are advantages and disadvantages. Of course, the advantages outweigh the disadvantages. In the early stage, it is inevitable that Bitcoin will be used for some illegal and criminal activities because of the following convenient conditions.

• Non-sovereignty, free space.
• Decentralized distributed accounting method
• Perfect anonymity, easy account cancellation, new account creation, concealed identity.
• Convenient, fast and without third parties.no border.

It can be said that it provides fertile soil for criminal activities, money laundering, drugs, guns, dark web transactions and so on.

Similarly, Bitcoin is not suitable for these unseen businesses.

• The price of Bitcoin is extremely volatile, and it may be held for a long time in order to have higher returns.
• Bitcoin is banned in many countries, and the network is still very closed, such as China.
• The crypto market, or Bitcoin trading platform, is often attacked by hackers. Of course, some white hats are also staring at your wallet and exchange.

What is your opinion on this issue? How to avoid criminal activities? It is impossible for everyone to abide by the rules like the Bitcoin forum, and a large number of volunteers selflessly pay their own labor to maintain the rules of the game in the forum.