Author

Topic: Bitcoin to fiat exchange in Somalia (Read 1223 times)

sr. member
Activity: 448
Merit: 250
January 02, 2012, 08:38:35 PM
#9

Maybe we will see some pirates demanding bitcoins for ransom in the future?  Cheesy

It is funny, but when I first learned about bitcoins and saw its potential, I thought, yeah, it is going to be the way ransoms are demanded in the future.

The problem with ransoms are you either need to be incredibly smart with inter-bank systems so that you can effectively receive money that you know can't be taken back, or you have to physically receive a satchel full of actual cash or gold (a very dangerous part of the whole process).

Now you can deposit your captured person in a location, get your bitcoins sent to you, and then give over the info as to where the person is (the last part is optional).

Add in the coming escrow option, and this gets even more clear for both parties in the exchange.

This works well also for drug trade and a bunch of other illegal operations where working with banking systems are not a viable option.

So far, I think criminals are slowly drifting into bitcoin. The small scale drug dealers are the first (with the silk road). I can tell it is not major yet though, as the price of bitcoins will skyrocket once it becomes the standard of criminal currency. With the potential of only 9 Million currently available to go around, and a price of $5 each, that doesn't leave much to go around for major criminal transactions.

So it sounds like we need to set up a ransom escrow service. We'll call it BitNap.
newbie
Activity: 6
Merit: 0
January 02, 2012, 05:15:40 PM
#8

Maybe we will see some pirates demanding bitcoins for ransom in the future?  Cheesy

It is funny, but when I first learned about bitcoins and saw its potential, I thought, yeah, it is going to be the way ransoms are demanded in the future.

The problem with ransoms are you either need to be incredibly smart with inter-bank systems so that you can effectively receive money that you know can't be taken back, or you have to physically receive a satchel full of actual cash or gold (a very dangerous part of the whole process).

Now you can deposit your captured person in a location, get your bitcoins sent to you, and then give over the info as to where the person is (the last part is optional).

Add in the coming escrow option, and this gets even more clear for both parties in the exchange.

This works well also for drug trade and a bunch of other illegal operations where working with banking systems are not a viable option.

So far, I think criminals are slowly drifting into bitcoin. The small scale drug dealers are the first (with the silk road). I can tell it is not major yet though, as the price of bitcoins will skyrocket once it becomes the standard of criminal currency. With the potential of only 9 Million currently available to go around, and a price of $5 each, that doesn't leave much to go around for major criminal transactions.

It's true, I agree with your ideas. The criminals will use BTC to send ilegal money.
anu
legendary
Activity: 1218
Merit: 1001
RepuX - Enterprise Blockchain Protocol
January 02, 2012, 04:55:55 PM
#7

and i always thought somalims always make ONLY a good pirate lol  Grin

Troll
hero member
Activity: 533
Merit: 501
January 02, 2012, 04:44:18 PM
#6

Maybe we will see some pirates demanding bitcoins for ransom in the future?  Cheesy

It is funny, but when I first learned about bitcoins and saw its potential, I thought, yeah, it is going to be the way ransoms are demanded in the future.

The problem with ransoms are you either need to be incredibly smart with inter-bank systems so that you can effectively receive money that you know can't be taken back, or you have to physically receive a satchel full of actual cash or gold (a very dangerous part of the whole process).

Now you can deposit your captured person in a location, get your bitcoins sent to you, and then give over the info as to where the person is (the last part is optional).

Add in the coming escrow option, and this gets even more clear for both parties in the exchange.

This works well also for drug trade and a bunch of other illegal operations where working with banking systems are not a viable option.

So far, I think criminals are slowly drifting into bitcoin. The small scale drug dealers are the first (with the silk road). I can tell it is not major yet though, as the price of bitcoins will skyrocket once it becomes the standard of criminal currency. With the potential of only 9 Million currently available to go around, and a price of $5 each, that doesn't leave much to go around for major criminal transactions.
newbie
Activity: 9
Merit: 0
January 02, 2012, 04:28:28 PM
#5
Maybe we will see some pirates demanding bitcoins for ransom in the future?  Cheesy
newbie
Activity: 10
Merit: 0
January 02, 2012, 10:57:24 AM
#4
Does any one know any bitcoin exchange in Somalia?
This is a great time to start one since US banks are stopping money transfers to Somalia.
http://www.youtube.com/watch?feature=player_embedded&v=xv3AhTL13BU



and i always thought somalims always make ONLY a good pirate lol  Grin
anu
legendary
Activity: 1218
Merit: 1001
RepuX - Enterprise Blockchain Protocol
January 01, 2012, 04:33:40 PM
#3
Does any one know any bitcoin exchange in Somalia?
This is a great time to start one since US banks are stopping money transfers to Somalia.
http://www.youtube.com/watch?feature=player_embedded&v=xv3AhTL13BU

For Somalians in the US it may be workable to transfer to a Bank account of a Bitcoin exchange and then transfer from there to the destination bank.
sr. member
Activity: 462
Merit: 250
It's all about the game, and how you play it
January 01, 2012, 04:19:32 PM
#2
are there enough somalians using bitcoin to try and open one?
newbie
Activity: 3
Merit: 0
January 01, 2012, 10:13:01 AM
#1
Does any one know any bitcoin exchange in Somalia?
This is a great time to start one since US banks are stopping money transfers to Somalia.
http://www.youtube.com/watch?feature=player_embedded&v=xv3AhTL13BU

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