We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?
We all know that too much want of money is considered as greedy and greed leads to corruption it is because those people wasn't contented on what they have so they used to be one of the corrupt people present in the society especially in the government.I believe that Bitcoin has nothing to do with the corruption,but maybe yes it can because all the transactions of bitcoin are anonymous and the corrupt people needs such type of platform to save their black money and to transfer them anywhere without taxes and without government consideration. Everything can be use either in positive of negative way, this is the negative use of bitcoin to do corruption.. This is most of the time described as an issue by users who has the willingness to invest but fear and stay away because of the decentralized system paving path for such activities.
Topic: Can Bitcoin also lead to corruption ? - page 61. (Read 51285 times)
Have any exchanges doing corruption but is little number of exchanges doing this.
Corruption leads not bitcoin. This phenomenon exists due to the fact that in many countries, imperfect legislation. It is unnecessarily over-regulated and people have adapted to live in such conditions. Some pay for freedom, while others provide them with this freedom. Corruption is more often paid in cash than bitcoin.
It may be not so much about tracing (till you "die", you won't leave the Matrix, even if your go to another side of universe), it may prove to be about leaving the sinking ship on time... "Good" things do not last forever you know...
Yes because Bitcoin is like money, and money is a medium used for corruption. Actually it will ultimately depend on the user. Anyone can use it for good, while others may use it for illegal means. Since Bitcoin is not traceable, people may think of using it for illegal activity since they may get away with it. Or they could use Bitcoin for money laundering acts. These are just some of the corrupt practices that a person may do with the use of Bitcoin.
This is not true. Bitcoin is not as anonymous as people think. There are already several blockchain analytics startup, which
try to link BTC addresses to users. It is not that difficult. Just cooperate with a large exchange or something like Coinbase and
you are looking at more than 9 million users. Then you can already start linking the withdrawal addresses to real identities, because
most exchanges require KYC in order to comply with AML regulations.
Tracing transactions gets difficult as soon as mixing services are used, conversions to altcoins are performed
or other steps are taken in order to disguise the flow of funds.
It can't lead the corruption countries which have already problem with corruption will use that payment system to make it easier but in countries where laws and police are working to make corruption less posible it would be really easy prove that corruption happend and it can take liability from people who made ilegal action
I think it's not necessary to be hypocritical not to admit that bitcoin really helps corruptors to launder money from corruption they do, how not bitcoins have an anonymous nature and they can hide their corrupt money in bitcoin safely, I think nobody knows this is happening or No, because of the anonymous nature of it
DEFINITELY!! as bitcoin is anonymoous money transfers and withdrawals are unknown this is the safest way to corruption...
but i hope corruption will stop to the whole world as only poor people suffers on it..
thats why rich get richer and poor stays poor
but i hope corruption will stop to the whole world as only poor people suffers on it..
thats why rich get richer and poor stays poor
We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?
Lets suppose that you start to cut new coins, sell the cutting equipment to all the "pioneers" and start buying those coins from them at continuously growing prices. In time, more people get interested in your new coins and at some point invest in them far more than you have ever paid to the cutting "pioneers" mentioned above. What would you do, if you could stop buying those new coins of yours from the crowd? And if eventually you would stop buying them back, would it be a corruption? In any case it would be one more Ponzi scheme, just a little beat more complicated (since there would be more coin creators, not just you alone, but their ability to cut new coins would be limited by the equipment sold to them by you; and since you would produce and sell that equipment you would be controlling the total production numbers of those coins). 
The issue of corruption is not even limited to the bitcoin alone as anything that have to do with people pursuing selfish interest can lead to corruption and not even something as money. Even food, position, evaluation among other things. Whether bitcoin will not lead to corruption is just a step from what we already know and it doesn't change the behaviour of a corrupt individual so he has learned and know how bitcoin works, then he is sure to apply his skills there.
One of the disadvantages with Bitcoin is that it can be used for criminal activities, such as the payment of ransom, bribes.etc. And as long as the receiver decides not to convert his coins to fiat, it is almost impossible to trace him.
I have not heard more examples of corruption with the use of bitcoin. It will be difficult to do as most people don't know what it is and don't have the necessary amount of bitcoins. Besides, any action on the Internet are easier to track than Fiat.
I don’t really think Bitcoin is leading to corruption, because corruption has been from the start even with Fiat. Rather I will say that Bitcoin might make it quite easy for them due to its anonymity.Being anonymous is not only the reason bitcoin can lead to illegal things. Basically it is human nature as all human always want to misuse a new technology. Honestly this is what happening with bitcoins.
Yes because Bitcoin is like money, and money is a medium used for corruption. Actually it will ultimately depend on the user. Anyone can use it for good, while others may use it for illegal means. Since Bitcoin is not traceable, people may think of using it for illegal activity since they may get away with it. Or they could use Bitcoin for money laundering acts. These are just some of the corrupt practices that a person may do with the use of Bitcoin.
This is not true. Bitcoin is not as anonymous as people think. There are already several blockchain analytics startup, which
try to link BTC addresses to users. It is not that difficult. Just cooperate with a large exchange or something like Coinbase and
you are looking at more than 9 million users. Then you can already start linking the withdrawal addresses to real identities, because
most exchanges require KYC in order to comply with AML regulations.
Tracing transactions gets difficult as soon as mixing services are used, conversions to altcoins are performed
or other steps are taken in order to disguise the flow of funds.
Yes because Bitcoin is like money, and money is a medium used for corruption. Actually it will ultimately depend on the user. Anyone can use it for good, while others may use it for illegal means. Since Bitcoin is not traceable, people may think of using it for illegal activity since they may get away with it. Or they could use Bitcoin for money laundering acts. These are just some of the corrupt practices that a person may do with the use of Bitcoin.
We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?
Yes bitcoin can lead to massive corruption in the sense that since bitcoin is not control by any central bank it will be difficult to investigate the activities that go on in bitcoin wallets. Let say a wallet can contains millions of bitcoin that translates into billions of dollars and other local currencies. It is possible, corrupt people always find the way to corrupt things even bitcoin is not an exemption.
And why would bitcoin not susceptible to corruption? For sure greed will indeed find its way into anything even bitcoins. Maybe some greedy law maker will buy bitcoins and then create laws that would favor its propagation. That would definitely increase prices and he would profit the most.
I agree thay those greedy leaders will really invest with it and they can manipulate the situations of bitcoin in the future law implementation. That would be possible for them to corrupt the money from bitcoin and transactions can be hidden from people who doesn't have transparency to government. If ever that will happen maybe people will be discourage to merge their wealth with bitcoin, because corruption could be abusive to people's funds, which I think not a good idea for those in government to took over the opportunity we had with bitcoin digital currency.
It is possible, corrupt people always find the way to corrupt things even bitcoin is not an exemption.
And why would bitcoin not susceptible to corruption? For sure greed will indeed find its way into anything even bitcoins. Maybe some greedy law maker will buy bitcoins and then create laws that would favor its propagation. That would definitely increase prices and he would profit the most.
It is possible, corrupt people always find the way to corrupt things even bitcoin is not an exemption.
When I read this article
http://www.marketwatch.com/story/islamic-state-used-ebay-to-funnel-cash-into-us-fbi-says-2017-08-10
I thought about how when ISIS and other terror organizations discover Bitcoin there really is zero protection against money transfer into other countries. They could sell their stolen oil, transfer the money into Bitcoin in their country, send the private keys to their "friend" in another country who can then convert the money to fiat. Or am I missing something? In fact it makes their scum life a whole lot easier!
http://www.marketwatch.com/story/islamic-state-used-ebay-to-funnel-cash-into-us-fbi-says-2017-08-10
I thought about how when ISIS and other terror organizations discover Bitcoin there really is zero protection against money transfer into other countries. They could sell their stolen oil, transfer the money into Bitcoin in their country, send the private keys to their "friend" in another country who can then convert the money to fiat. Or am I missing something? In fact it makes their scum life a whole lot easier!
Bitcoin is open to anyone whether you are a terrorist or not. And since cryptocurrency has a certain anonymity in it this has become the perfect tool for the criminals so that somehow hide their faces and whereabouts. Of course, they have been using other currencies also. But there is no denying that with cryptocurrency it is representing to them a better medium. This has become a major contention against Bitcoin. Hopefully there can be a way to address this problem without killing Bitcoin.
If there is money, there is some form of corruption.
I got rolled in the bitcoin part of scam programs. You would be suprised to see how many new programs pop up every day just to lure people in and run with there money. What suprised me the most is the vast number of people falling for the extreem profit fairy tale...
Bitcoin without much regulation is a dangerous place, you have to be careful out here. But to be honest it ain't better then outside the bitcoin world. With regulated money your just a slave for the system.
I got rolled in the bitcoin part of scam programs. You would be suprised to see how many new programs pop up every day just to lure people in and run with there money. What suprised me the most is the vast number of people falling for the extreem profit fairy tale...
Bitcoin without much regulation is a dangerous place, you have to be careful out here. But to be honest it ain't better then outside the bitcoin world. With regulated money your just a slave for the system.
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We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?
I think yes because many people are easy earning and gaining an income with just one click away through their gadgets that they use to operate bitcoin with the help of internet cinnection. With this people who excessively been using bitcoin can be greedy leading to corruption. But bitcoin must not be blamed abiut it because it was the result of their behaviour upon using bitcoin.if the money is involve in one company/organization/government, then there are possibility for people to corruption because like above me said, someone become greedy when he see there is any opportunity to grow the money. he will be thinking how the amount could be increase. and with bitcoin, people can increase the amount of the money and take the profit when he decide to cash out all of the money. but its not bitcoin mistake, its depend on what people thinking about bitcoin. if we are always committed to make a good thing, then i am sure that in the end we are a good person.
The application of kyc in every trading market is the key that they have been accepted by the government in the country, I think in the end all bitcoin market trading will be forced to use the same system or its fate will end like btc-e, it will eliminate the anonymous nature of users bitcoin but will reduce the impact of money laundering, corruption is a disease that can not be eliminated by the world and can only be prevented.
yea maybe you are right because if the exchange don't have the same system then there is maybe a open gab for people which want to use the money from corruption. and if this is right, then bitcoin will be known as a bad thing that only used for illegal activity.
but for anonymous nature of bitcoin user, i think we can find a way to continuing this because bitcoin is design for freedom and anonymous so no matter government interfere, we are still safe.
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