Bitcoin not the choice of criminals anymore - page 4.

jseverson

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Quote from: entrepmind23 on August 20, 2018, 08:14:12 PM

I don't think that they can completely prevent it though because people will always have a way to achieve what they wanted. You're right that the criminals shifted their attention more to privacy coins as bitcoin is not that anonymous compared to the coins you mentioned that's why it is not the choice of most criminals anymore. But then every time there is a news, bitcoin is still the one being pointed out as used by criminals because many people only knew bitcoin and thought that it's the only cryptocurrency existing.

They actually still do use Bitcoin because of the privacy coins' lack of liquidity:

Quote from: https://www.ccn.com/dea-criminal-activities-account-for-just-10-percent-of-bitcoin-transactions/

Infante added that while privacy-centric cryptocurrencies like monero and zcash may be attractive alternatives, they are currently too small and illiquid to be a viable payment instrument for criminal enterprise. She also said that DEA agents “still have ways of tracking” these transactions, though she did not go into detail about those methods.

They probably don't use Bitcoin as much for actual payments on goods, but they definitely still use it as a gateway to fiat. It's only going to get harder as regulators start clamping down though.

1BTC EQUALS 1CAR

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Even criminals wanted something stable too. This only happened because they can't rely too much on bitcoin with it's fluctuating prices that affects whatever their business is. I know they'll go back again once btc makes noises and become the main topic of financial news.

entrepmind23

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Quote from: Theb on August 20, 2018, 10:01:12 AM

One probability of the drop is because they are using other cryptocurrencies based on anonymity like Monero, Zcash, Ripple as tracking the transactions with this altcoins is much harder compared to what we see in the blockchain of BTC. The shift in cryptocurrecy used in crimes is pretty prevalent as already the exchanges in South Korea have delisted the aforementioned cryptocurrencies as per order of their government.

Privacy coins are taking the attention of the criminals but then when the media cover a story, the only cryptocurrency they would mention most of the time is bitcoin. If it is about an investment scheme then they would immediately say "bitcoin scam" that's why people always assume that bitcoin is the scam itself.

Quote from: Theb on August 20, 2018, 10:01:12 AM

The South Korean government has mentioned that millions has already been laundered with these coins and they hope that the delisting will help lessen the attempts made through these coins, however they still are figuring a way on how to stop it completely.

I don't think that they can completely prevent it though because people will always have a way to achieve what they wanted. You're right that the criminals shifted their attention more to privacy coins as bitcoin is not that anonymous compared to the coins you mentioned that's why it is not the choice of most criminals anymore. But then every time there is a news, bitcoin is still the one being pointed out as used by criminals because many people only knew bitcoin and thought that it's the only cryptocurrency existing.

Zalura

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Quote from: FXTradingPro on August 12, 2018, 05:18:07 PM

BTC us getting a much-improved image as US law enforcement acknowledges that BTC criminal use has declined dramatically.

https://forexmarketslive.com/bitcoin-not-the-choice-of-criminals-anymore/

it is true that criminals in developed countries like America are declining in the storage of the proceeds of their crimes using bitcoin, but such circumstances may not occur in a country where the financial system is not as advanced as America, for example third world countries, where many criminals keep their funds in cryptocurrency, because of the weak law enforcement monitoring system in this country

therefore there are still many countries that have not supported the bitcoin currency, because there are still many financial frauds.

tronbv1997

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I hope this can open the eyes of the world and become a cause of widespread acceptance of bitcoin by various countries.

Ojengonggu

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Quote from: Slow death on August 20, 2018, 02:52:55 PM

Quote from: FXTradingPro on August 12, 2018, 05:18:07 PM

BTC us getting a much-improved image as US law enforcement acknowledges that BTC criminal use has declined dramatically.

https://forexmarketslive.com/bitcoin-not-the-choice-of-criminals-anymore/

We have another type of crime and criminals that until today are not yet on the police radar, I will give some examples:

LocalBitcoins.com Accused of Stealing Bitcoins, Has Them in Escrow Since May 2015

HITBTC Scam, it took all my money

Quote from: riniky on May 09, 2018, 03:04:37 PM

I lost 50k on this site, when I pay with small amount, everything is fine, after I transfer more to the site, all sudden they block the account (no email, no reason, uncontactable), my god, it's scam.

Explanations of pure scam: 65,000 USD stolen by HitBTC

YOBIT Scam Exchange

Yobit Scam withholding 10BTC

I am concerned about what you are experiencing, but with the news that crime rates are reduced, about BTC is a good thing, maybe police officers need to be tighter about the rules of bitcoin transactions so they can monitor and easily find evidence of transaction fraud.

Slow death

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Quote from: FXTradingPro on August 12, 2018, 05:18:07 PM

BTC us getting a much-improved image as US law enforcement acknowledges that BTC criminal use has declined dramatically.

https://forexmarketslive.com/bitcoin-not-the-choice-of-criminals-anymore/

We have another type of crime and criminals that until today are not yet on the police radar, I will give some examples:

LocalBitcoins.com Accused of Stealing Bitcoins, Has Them in Escrow Since May 2015

HITBTC Scam, it took all my money

Quote from: riniky on May 09, 2018, 03:04:37 PM

I lost 50k on this site, when I pay with small amount, everything is fine, after I transfer more to the site, all sudden they block the account (no email, no reason, uncontactable), my god, it's scam.

Explanations of pure scam: 65,000 USD stolen by HitBTC

YOBIT Scam Exchange

Yobit Scam withholding 10BTC

Harlot

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It is a good thing that even the US Law Enforcement is noticing that crimes related to Bitcoin is decreasing it only means that their regulations towards cryptocurrency is not painted with biased or one sided rule they really just want the safety and security of their citizens and their own nation. Unlike other countries where they obviously do unreasonable regulations that even though they don't ban BTC entirely they are blocking some main points where it will work smoothly in their county. Just like India with the memorandums and prohibitions being issued by their RBI hopefully the SC will side with the cryptocurrencies.

Fran4esco4

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This is good news for Bitcoin's image. Anyone who wants to make anonymous payments has long since switched to Dash or Zcash. Therefore, in such countries as Japan and prohibit these altcoyins.

bajigur894784

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Yes, the world must know that. Many public misunderstandings about the Bitcoin usage by criminals, but this thought is wrong thinking. This thought is caused by many people who think that Bitcoin is anonymous, Actually, Bitcoin is actually the opposite of that, all Bitcoin transactions are transparent and everyone in the world can see the ongoing Bitcoin transactions.

Theb

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One probability of the drop is because they are using other cryptocurrencies based on anonymity like Monero, Zcash, Ripple as tracking the transactions with this altcoins is much harder compared to what we see in the blockchain of BTC. The shift in cryptocurrecy used in crimes is pretty prevalent as already the exchanges in South Korea have delisted the aforementioned cryptocurrencies as per order of their government. The South Korean government has mentioned that millions has already been laundered with these coins and they hope that the delisting will help lessen the attempts made through these coins, however they still are figuring a way on how to stop it completely.

CoinEraser

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Quote from: Gozie51 on August 20, 2018, 04:12:58 AM

I understand this topic to mean that the good use of bitcoin outweighs the criminal intent because in the past, people who were using bitcoin were doing so to conceal their loots and illicit financial transactions. Of course such illicit transactions still persist and will continue but the number of people using it for better purpose keeps growing. Is just as laws have been made against drug dealing but they are still around the society.

That's how I understand it too. In itself, I find this news good, but for me personally, nothing changes. This has not been a reason for me why I should not use Bitcoin. I did not care about the fact that illegal things can be done with it, because I do not want to know how many illegal things are made with normal fiat money. Fiat money is also used every day for illegal matters worldwide. Nevertheless, I and many other people use it anyway. So i see it as no problem that bitcoin is also used for illegal activities. Cool

Gozie51

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I understand this topic to mean that the good use of bitcoin outweighs the criminal intent because in the past, people who were using bitcoin were doing so to conceal their loots and illicit financial transactions. Of course such illicit transactions still persist and will continue but the number of people using it for better purpose keeps growing. Is just as laws have been made against drug dealing but they are still around the society.

jseverson

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So I searched around for more sources about this, and it seems like this drop in percentage of criminal use is being taken out of context:

Quote from: https://www.ccn.com/dea-criminal-activities-account-for-just-10-percent-of-bitcoin-transactions/

That’s not to say that fewer criminals are using bitcoin to fund their illicit activities. Infante said that the volume of criminal transactions has “grown tremendously” but that the ratio has rapidly shrunk as cryptocurrency has matured into a more mainstream asset class. Illicit activity, she said, has been replaced by another use case: speculation.

The decrease in the percentage of criminal use doesn't mean criminals don't use it anymore, it just means it's being used far more for legitimate purposes.

If nothing else, I guess that implies that adoption is growing, so it's still good news. I do wonder how they're able to determine which transactions are criminal in nature though.

izanagi narukami

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It's reasonable since bitcoin value still volatile until now, more government against cryptocurrency as they are not going to legalize it anymore.

Meanwhile my government still optimistic that cryptocurrency still can be the advantage for our criminal because it can be use for corruptor to cover their transaction track record !

Ridwan Fauzi

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This reason really makes sense,

Quote

If the mainstream audience starts picking up on Bitcoin positively, the media outlets follow the trend and start hyping it up. It works both ways though. In good or bad times, their only motive is to generate income.

The media isn't like cryptocurrency as a whole, they just try to make an income with every moment who come to cryptocurrency. If cryptocurrency is at the peak of popularity, they will make more news that attracts everyone to jump into cryptocurrency, and otherwise. Most media isn't really neutral on something, I mean they don't just make news about the negatives that are on cryptocurrency but they also have to be able to provide a positive understanding of people about cryptocurrency.

sunsilk

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Quote from: Lancusters on August 15, 2018, 11:44:47 AM

I have never seen examples of criminals often using bitcoin for criminal purposes. I think they were just fakes. Now, when the popularity of cryptocurrencies has sharply decreased, these fakes do not make sense and they are no longer supported and distributed.

If you learn and study the history of bitcoin it has been used by criminals before.

Read this article it will help you.

Silk Road administrator sentenced, corrupt agent rearrested

1Referee

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Quote from: Lancusters on August 15, 2018, 11:44:47 AM

I have never seen examples of criminals often using bitcoin for criminal purposes. I think they were just fakes. Now, when the popularity of cryptocurrencies has sharply decreased, these fakes do not make sense and they are no longer supported and distributed.

I somewhat agree and have to point out that the mainstream media and the average joes also think that you're a criminal when you buy $5 worth of weed. You have done absolutely nothing wrong, but you're a criminal in their opinion. In that regard, we can safely assume that the criminals that's being referred to are mostly people buying drugs to have a good time. The rest of the actual criminal use of Bitcoin is definitely there, but it's negligible.

People don't realize how dangerous it is for criminals to actually use Bitcoin (or basically any other crypto) as means of exchange. The risk of getting ripped off your Bitcoins during a large transaction is greater than the transaction being settled without any problems.

carlfebz2

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Quote from: Lancusters on August 15, 2018, 11:44:47 AM

I have never seen examples of criminals often using bitcoin for criminal purposes. I think they were just fakes. Now, when the popularity of cryptocurrencies has sharply decreased, these fakes do not make sense and they are no longer supported and distributed.

Don't know where have you been and i don't know why you do reach up Sr. member and you didn't able to see those examples since you had mentioned you never seen of examples.
If you do able to see on all negative or illegal usage of bitcoin in the market then you wont say this thing. I wont mention 1 by 1 but you can actually make a research.
Monero would be the best choice when it comes to total anonymity.

Lancusters

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I have never seen examples of criminals often using bitcoin for criminal purposes. I think they were just fakes. Now, when the popularity of cryptocurrencies has sharply decreased, these fakes do not make sense and they are no longer supported and distributed.

Topic: Bitcoin not the choice of criminals anymore - page 4. (Read 1828 times)