Can Bitcoin also lead to corruption ? - page 69.

rhodelmabanal

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Quote from: gentlemand on April 11, 2017, 12:08:07 PM

Corruption is to Bitcoin like air is to a bird. It's the natural environment. Greed, lack of regulation, possible anonymity, irreversible transactions. It's a perfect formula.

As an actual ledger it can't be corrupted and that may well help reduce overall corruption elsewhere. Many things surrounding it carry a fairly nasty smell.

I think Bitcoin has a fair regulation, we could feel or smell corruption for this it's because we could not hear news for this its on the internet.

stompix

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Quote from: qwertyup23 on July 22, 2017, 04:51:25 AM

Quote from: Bowly88 on July 21, 2017, 10:59:42 PM

Quote from: speem28 on April 11, 2017, 12:02:34 PM

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?

As what you say corruption is everywhere it is driven by greed. But luckily bitcoin is decentralized which means no banks are involved, banks are also corrupt for my opinion. I don't think that corruption is involved yet to bitcoins or any other coins, maybe the maker or something. But lets hope corruption will not occur in this industry.

I agree, due to bitcoin being decentralized, the government has no means of intervening the market thus, lowering the potential chance of corruption. But since the price of bitcoins are highly volatile, corruption is still inevitable. Not to mention, due to the identities of people being unknown when transacting, this can also lead to illegal trading and transactions (i.e. money laundering, providing funds to criminal activities, etc.).

You're funny. Really.
How does a decentralized currency lower corruption?

Will officials stop taking bribes cause of it? Will they stop awarding fake contracts, hiring their relatives and so on?

Bitcoin will do nothing against corruption.
It actually may encourage since as I would do, officials will have a qr code on their desk and when you come in they point at the code with a wink.
How are the police going to prove the official took the bribe and that he is in control of the bitcoins received?

qwertyup23

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Quote from: Bowly88 on July 21, 2017, 10:59:42 PM

Quote from: speem28 on April 11, 2017, 12:02:34 PM

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?

As what you say corruption is everywhere it is driven by greed. But luckily bitcoin is decentralized which means no banks are involved, banks are also corrupt for my opinion. I don't think that corruption is involved yet to bitcoins or any other coins, maybe the maker or something. But lets hope corruption will not occur in this industry.

I agree, due to bitcoin being decentralized, the government has no means of intervening the market thus, lowering the potential chance of corruption. But since the price of bitcoins are highly volatile, corruption is still inevitable. Not to mention, due to the identities of people being unknown when transacting, this can also lead to illegal trading and transactions (i.e. money laundering, providing funds to criminal activities, etc.).

BeGoods

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Quote from: Bowly88 on July 21, 2017, 10:59:42 PM

Quote from: speem28 on April 11, 2017, 12:02:34 PM

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?

As what you say corruption is everywhere it is driven by greed. But luckily bitcoin is decentralized which means no banks are involved, banks are also corrupt for my opinion. I don't think that corruption is involved yet to bitcoins or any other coins, maybe the maker or something. But lets hope corruption will not occur in this industry.

Yeah corruption certainly also utilizes the help of banks to save their corrupt money. But when they get caught, of course, the money they keep in the bank will also disappear because of course their money will be confiscated by the government. Perhaps corruptors will find another way to keep their money seized despite corruption. Ie using bitcoin?

MoneyIsDebt

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Quote from: Bowly88 on July 21, 2017, 10:59:42 PM

Quote from: speem28 on April 11, 2017, 12:02:34 PM

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?

As what you say corruption is everywhere it is driven by greed. But luckily bitcoin is decentralized which means no banks are involved, banks are also corrupt for my opinion. I don't think that corruption is involved yet to bitcoins or any other coins, maybe the maker or something. But lets hope corruption will not occur in this industry.

yes it is and that is the only drawback of it that being decentralized where it has many advantages it also has many disadvantage and main disadvantage is that it can be used in corruption and can be used as a black money because it doesn't takes any information about the source of income and informations about the users who are using it and i am hoping that developer of bitcoin will be focusing on this matter back channel for improving integrity of bitcoin.

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Quote from: speem28 on April 11, 2017, 12:02:34 PM

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?

Of course, everything that has a value can be used in good and bad ways. Bitcoin is considered money so, therefore, it can be used to corrupt people. Also, since Bitcoin is a cryptocurrency, some people would also use Bitcoin as a form of avoiding tax. In some places, people would convert their fiat to crypto and since the government sees that they have no money, they won't tax him/her.

Corrupt people would also see Bitcoin as more useful than other online forms of payment since it is pretty anonymous, especially with the new influx of mixing services which help hide you even further.

Bay_Harbour_Butcher

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Quote from: speem28 on April 11, 2017, 12:02:34 PM

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?

That is one of the weaknesses of bitcoin that can be misused by corrupt people, because if they save money from corruption in the form of bitcoin, of course it will be very difficult to be tracked, unlike the bank that has cooperated with the government, so easily the government Can track the money of corruption and immediately freeze it

aoihs00

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Quote from: Bowly88 on July 21, 2017, 10:59:42 PM

Quote from: speem28 on April 11, 2017, 12:02:34 PM

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?

As what you say corruption is everywhere it is driven by greed. But luckily bitcoin is decentralized which means no banks are involved, banks are also corrupt for my opinion. I don't think that corruption is involved yet to bitcoins or any other coins, maybe the maker or something. But lets hope corruption will not occur in this industry.

You are completely taking it in wrong way. Corruption is not just related to bitcoin industry but the way it is being used by others or in the black market. When something is used in the illegal activities then that is corruption of bitcoin or any related currency.

Decentralisation is not limit it is actually start of corruption world because when there is anonymous nature it means you can actually take advantage of saving your ass from getting caught. Just think.

Vixmore

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Corruption is a naturally thing for all humans - it will happen no matter what we do. However, I do not think that bitcoin will be affected by this as it is completely decentralised, 'completely'. This is great as no bank or government can manipulate the price and value of bitcoins.
Only the developers could mess with the bitcoin network, but I do not think that they would as then they would be compromising the whole reason why bitcoin is so good - its anonymity and decentralised nature.
Many people invest in bitcoin as it promises these advantages over wired transfer - and I do believe that this will be the future and cryptocurrencies will replace all cash currencies and wired transfers.

tamarindbleu

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Quote from: speem28 on April 11, 2017, 12:02:34 PM

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?

It's impossible. Bitcoin isn't controlled by officials/government thus corruption isn't possible. Thogh its developer can do that, he won't and don't do it since he's rich enough so there is no reason for him to do that thing.

Bowly88

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Quote from: speem28 on April 11, 2017, 12:02:34 PM

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?

As what you say corruption is everywhere it is driven by greed. But luckily bitcoin is decentralized which means no banks are involved, banks are also corrupt for my opinion. I don't think that corruption is involved yet to bitcoins or any other coins, maybe the maker or something. But lets hope corruption will not occur in this industry.

Janation

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Quote from: zarados on July 21, 2017, 10:10:58 PM

Anything that is related to money can certainly be entered by corruption, not least the bitcoin itself. If the governments of most of the world's major nations have legalized it, then they have contributed to the process, but it does not rule out that bitcoin transactions are easy to trace, making people afraid of cheating. And a bitcoin satt will be a facility for transactions that are free of all kinds of cheats.

Bitcoin transactions are told still to be traceable yet, it is still anonymous but not really anonymous. It is a little confusing but that is the truth.
Also, corruption cannot be applied on bitcoin by the government unless they pass a budget for a certain project of a country or a village, and then the higher ups stole some money out of it to use for satisfying their needs.

zarados

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Anything that is related to money can certainly be entered by corruption, not least the bitcoin itself. If the governments of most of the world's major nations have legalized it, then they have contributed to the process, but it does not rule out that bitcoin transactions are easy to trace, making people afraid of cheating. And a bitcoin satt will be a facility for transactions that are free of all kinds of cheats.

Pattart

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Quote from: OrangeII on July 18, 2017, 09:06:19 AM

I think so. Well, there are several ways to make your bitcoin transaction undetectable, and I think it can be used for corruption. Well, basically bitcoin is also commonly used for illegal transactions, so of course it can be used for corruption purposes.

Bitcoin has the facility to be used as a secret and invisible storage of money and transactions, and I think it's only natural that many people use bitcoin for something illegal. Such as corruption, money laundering, etc. Of course we can not forbid it, because in bitcoin you are free to do anything

Donaldturp

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Quote from: naidray on July 21, 2017, 11:54:20 AM

Quote from: flower1024 on July 19, 2017, 12:53:04 PM

The bitcoin is untraceable currency so there is more chances are there that Bitcoin will be used for illegal activities like corruption, drug dealing, funding to terrorism like these many ways we can use Bitcoin. But it depends on person nature. See I will use it for good purpose but others feeling is not same like me right.

As you have said that it depends upon the person that what type of a person is using it and with what intentions is he using bitcoin ?

All the illegal activities which are threat to a healthy society are already present in the society and are being done with the regulated currency we have. One thing more I would like to mention is that bitcoin is anonymous but the exchanges where you buy and sell bitcoin and from where you get the cash after selling your bitcoin is traceable because all of them follow KYC and AML regulations.

Bitcoin doesn't lead to corruption now but as it is known by more people, they will start to use bitcoin in corruption purposes. And proving it won't be easy as happened in money.

naidray

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Quote from: flower1024 on July 19, 2017, 12:53:04 PM

The bitcoin is untraceable currency so there is more chances are there that Bitcoin will be used for illegal activities like corruption, drug dealing, funding to terrorism like these many ways we can use Bitcoin. But it depends on person nature. See I will use it for good purpose but others feeling is not same like me right.

As you have said that it depends upon the person that what type of a person is using it and with what intentions is he using bitcoin ?

All the illegal activities which are threat to a healthy society are already present in the society and are being done with the regulated currency we have. One thing more I would like to mention is that bitcoin is anonymous but the exchanges where you buy and sell bitcoin and from where you get the cash after selling your bitcoin is traceable because all of them follow KYC and AML regulations.

hardforkcoin

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There is a lot of corruption that we know of, and it doesn't exist because of dollars or Bitcoin.

It exists becuase people see a way to gain X amount of resources by being corurpt. It doesn't matter what the resource is, as long as there is something to gain by being dishonest people will do it.

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Quote from: arpon11 on July 19, 2017, 01:51:47 PM

Greediness and selfishness is the root of corruption! Money is not the cost of corruption but many though it is.corruption is a state of mind and not a materials thing. Bitcoin cannot stop corruption as bitcoin is not a state of mind but a cryptocurrency.

yes greediness and the wishes to make more and more money is the root cause of corruption. bitcoin has noting to do to stop corruption. i think even people can use it as tool for corruption. but i think currently most of of the people do not have knowledge about bitcoin.

Monnt

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Quote from: OrangeII on July 18, 2017, 09:06:19 AM

I think so. Well, there are several ways to make your bitcoin transaction undetectable, and I think it can be used for corruption. Well, basically bitcoin is also commonly used for illegal transactions, so of course it can be used for corruption purposes.

Yes, in that case bitcoins are not to be blamed. The anonymity is a great feature though. If we talk about corruption, currently there are numerous instances where corruption on large scale is done via fiat currency. We can’t blame the means of corruption. Evil minds are responsible for corruption.

Black money is the paper money that is illegally used. So there are multiple other ways of committing corruption with fiat currency.

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Quote from: PMmesexycoins on July 19, 2017, 01:01:59 PM

It does make it easier. It's a great way to hide assets and move them in secret. Wasn't it why the Chinese multi-billionaires got into it years ago?

In the current format yes but if governments embraced bitcoin (or other altcoins) its also a way to prove where and how they have spent their funds.

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