Can we know specific bitcoin is stolen goods? - page 2.

kenelmark

sr. member

Activity: 1204

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Quote from: wsxdrfv on April 30, 2018, 10:42:34 PM

For example, if some guy approach me and he want to sell bitcoin at low price, but big amount,

is this acceptable? or not? Why?

Quote from: eternalgloom on May 01, 2018, 06:32:05 AM

I'd be more concerned that it was a scam, rather than stolen coins or something. I mean why would someone sell way under market value?
On what platform have you received such a deal?

This is just as simple as the law of offer and demand.
if you need something the most, you would buy it whatever it cost. or if you need money the most, you would sell it whatever it cost.
nothing special in this case.

zhjxhtvb

newbie

Activity: 88

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This is usually a trap. There must be a reason to know that a large amount of bitcoin is sold at a low price, and a large number of bitcoins are traded on the face, and some even need a witness.

Musstang

member

Activity: 238

Merit: 11

All can be, but at a low price, I would have suspected that there is something wrong and would not take it.
It is also a strange phenomenon if someone approaches you and offers to buy bitcoin

Ishiro5

copper member

Activity: 224

Merit: 3

Well this may become possible along the line sometimes in the future, but a number of other structure outside bitcoin itself may become necessary so as not to dilute the main purpose of the technology

staywoke081

full member

Activity: 211

Merit: 100

Santa Coin

I mean I would purchase them and re-sell them to the market but you should ask yourself why they aren't doing the same? Maybe they want to avoid the KYC or maybe the Bitcoins are tainted. The problem only arises for ourselves if we ourselves don't want to undergo more KYC and if there is a black-list that denies the taint of Bitcoins. KYC we shouldn't worry about and the black-list really should not exist (although people are vying for it now). All said and done unless you are a government agency with vast resources you won't know if the Bitcoin is tainted or not and if I saw a solid $ opportunity I would take it in a heart beat.

mk4

legendary

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📟 t3rminal.xyz

Does it even matter if the bitcoin you received is from a good person or has gone from the hands of a criminal? You don't even know if the paper bills you receive are 'clean' or not, and if the bills you now hold was once owned by a criminal, so what? It isn't like you will also be held liable for the person's crimes.

12tribes

member

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The ability to know or differentiate between say 'A' bitcoins and 'B' set of bitcoins is at the moment not possible. What may be known is the originating source of the bitcoins and the wallet from whence it came. To be able to prove fraud will require special tools and skills knowing where to look.

campbell.box

newbie

Activity: 109

Merit: 0

It is impossible to determine whether BTC is stolen in the block chain!

Because BTC is hidden, can't judge it belongs to someone, can only find it from a wallet!

Someone wants to sell you BTC at a low price, you can choose to accept, because this can make profit!

batang_bitcoin

hero member

Activity: 3080

Merit: 603

Quote from: wsxdrfv on April 30, 2018, 10:42:34 PM

For example, if some guy approach me and he want to sell bitcoin at low price, but big amount,

is this acceptable? or not? Why?

Like you are walking in the streets? If you want to know on where those bitcoins came, you can trace the address on where it came from. There were people (legit) who are selling volumes of bitcoin to a casino here in my country and they are really a lot of it somewhere around 2,000 but no one wants to take the deal. It's hard to know if those btc were stolen or hacked if it isn't then the guy just wanted to sell it for quick profit and dump it totally.
Are you in this situation OP?

kingcolex

sr. member

Activity: 254

Merit: 1258

Quote from: Wayan_Pedjeng on May 01, 2018, 09:45:59 AM

Quote from: wsxdrfv on April 30, 2018, 10:42:34 PM

For example, if some guy approach me and he want to sell bitcoin at low price, but big amount,

is this acceptable? or not? Why?

This is a serious red flag. Why should this guy want to dump his coins, at prices much lower than the global exchange rates? Ask him why he is doing it. I his answer seems satisfactory to you, then you can proceed with the purchase. You should be cautious. But at the same time, you should not ignore any profitable deals.

It could be a scam more than stolen coins, may be lying and try to get you to use a certain wallet to accept it or something as well.

Aura

sr. member

Activity: 518

Merit: 268

Tainted Bitcoins are not being listed for a lower price, why would they do that? I am sure that 98% of the Bitcoin users don't know about tainted coins nor know how to check whether is tainted or not. Also it's not a legitimate reason for exchanges to connect you to crimes. If you really care about it, then use one of these mixer services that make the history of the coins completely useless.

tungaqhd

hero member

Activity: 1540

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Quote from: wsxdrfv on April 30, 2018, 10:42:34 PM

For example, if some guy approach me and he want to sell bitcoin at low price, but big amount,

is this acceptable? or not? Why?

I think it's hard, you can track the transaction to see if it comes from a hacker's address. Not only stolen bitcoin sold at low price.

kingcolex

sr. member

Activity: 254

Merit: 1258

Yes but the consensus long ago was to not blacklist coins or it will lead to a slippery slope of wallets that accept while others reject and forks and other issues.

Wayan_Pedjeng

sr. member

Activity: 913

Merit: 252

Quote from: wsxdrfv on April 30, 2018, 10:42:34 PM

For example, if some guy approach me and he want to sell bitcoin at low price, but big amount,

is this acceptable? or not? Why?

This is a serious red flag. Why should this guy want to dump his coins, at prices much lower than the global exchange rates? Ask him why he is doing it. I his answer seems satisfactory to you, then you can proceed with the purchase. You should be cautious. But at the same time, you should not ignore any profitable deals.

VitKoyn

full member

Activity: 490

Merit: 106

Quote from: wsxdrfv on April 30, 2018, 10:42:34 PM

For example, if some guy approach me and he want to sell bitcoin at low price, but big amount,

is this acceptable? or not? Why?

It depends on the situation, if authorities are keep on tracing every transactions of that stolen Bitcoins and you bought it, then you are already in trouble because it is now possible to trace Bitcoin especially if you use an exchange to convert it to cash. This is also why it is better to just buy and sell cryptocurrencies on exchanges. But if that stolen Bitcoin is not being traced then it is acceptable and you will be fine. The problem is you'll never know if you bought a stolen coin to a stranger or people you only meet on the internet until the police arrested you.

ottopk

newbie

Activity: 154

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Bitcoin Gold is a distributed digital currency. It is a hard fork of Bitcoin, the open source cryptocurrency. The stated purpose of the hard fork is to restore the mining functionality with common Graphics Processing Units (GPU), in place of mining with specialized ASIC (customized chipsets), used to mine Bitcoin.
Roll Eyes

A central part of the bitcoin process, mining, is being controlled by a few manufacturers who sell their products to a select group of industrialized miners, centralizing the mining task and breaking with one of the core values of bitcoin - decentralization[2]. ASIC resistant GPU powered mining provides a solution, as this kind of hardware is ubiquitous, and anyone can start mining with a standard, off-the-shelf laptop computer. Huh

jseverson

hero member

Activity: 1834

Merit: 759

Quote from: Welsh on May 01, 2018, 05:48:25 AM

Quote from: jseverson on May 01, 2018, 03:42:01 AM

-snip-

This is poor logic. I imagine everyone has been involved in handling stolen cash/counterfeited cash. Doesn't mean they are guilty of heists/making them. Bitcoin is the same, and identifying whether someone has been involved in a hack/heist or what ever would actually be difficult after a few transactions. Especially with the amount of mixing services/exchanges which just make it easier for the transactions to look legitimate.

I agree, which is why I said it's generally not reliable. I'm just saying the concept exists. I've never heard of anyone running into trouble because of it, but, if you somehow end up with it, and chain analysis services trace it back to you (considering exchanges and mixers could be forced to give up info), you could get questioned or something. For example, let's say there was a hack, and someone sold you some coins peer-to-peer. You sent those to some exchange or an address that is linked to your identity, but it turns out those coins were part of the hack. From there, you would potentially be a person of interest and could even be considered a suspect -- not automatically guilty. It must also be noted that I was merely citing a remote possibility.

BitcoinHodler

hero member

Activity: 1456

Merit: 579

HODLing is an art, not just a word...

USD EUR conversion rate is 0.83 right now according to google. if someone approached you on the streets and said he is going to give you a good deal on his EUR with a nice discount will you do the trade with him on the street? (assuming you have a way of telling the EUR is not fake).

Birdiebig

newbie

Activity: 224

Merit: 0

Quote from: wsxdrfv on April 30, 2018, 10:42:34 PM

For example, if some guy approach me and he want to sell bitcoin at low price, but big amount,
is this acceptable? or not? Why?

It is a negotiation on an exchange that can be uncertain. I do not have the habit of believing in such direct conversations. There will be no stolen bitcoin or they will use them as a way to scam and occupy large amounts of money from you. Be careful and learn about them.

cryptoalfs76

full member

Activity: 406

Merit: 100

▰▰▰ MODULE ▰▰

Quote from: wsxdrfv on April 30, 2018, 10:42:34 PM

For example, if some guy approach me and he want to sell bitcoin at low price, but big amount,

is this acceptable? or not? Why?

Will,its up to you if you accept that offer,but for me i thinks there something fishy in that kind of aggreement that there someone approaching you to sell his bitcoin at low price,but in big amount,because in reality theres no sensible person would offer this kind of treaty,especially now that bitcoin will pump again in the market,so in order to prevent that kind of dishonesty strategy we must always vigilant in every transaction we made.

Topic: Can we know specific bitcoin is stolen goods? - page 2. (Read 465 times)