Crimes involving crypto have risen - page 19.

kennen1113

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Quote from: freedomgo on August 12, 2019, 11:59:46 PM

For me always crimes involving in crypto and it will continue risen until in the future because cryptocurrency is not regulated by the government to control the crimes and those scammers are free of what they are doing from many investors here.

The government won't allow that to still continue.

There are billions of money lost in crypto due to scams and I believe the government sees the risk already and they know they need to regulate the market sooner. However, speaking of regulation does not mean there is a uniform one or if one country regulates, other will follow, that's not possible as the progress in crypto adoption in certain country is on a different level and scammers will try to operate their project in country where there is no or less regulation in crypto.

Almost everyone knows that the amount of money that scammers earn in crypto is always a huge number, and it's getting bigger when the number of scammers is increasing, the government probably saw this early but something very strange, they still don't have a plan for this, they may not want this to continue but unfortunately, there are no practical measures to prevent such a sudden increase in the number of scams. They only try to minimize and propagate people to stop participating in crypto, crime here is one thing they can't handle.

Polar91

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For me always crimes involving in crypto and it will continue risen until in the future because cryptocurrency is not regulated by the government to control the crimes and those scammers are free of what they are doing from many investors here.

Actually, they don't have to regulate the cryptocurrency itself but they can regulate the exchangers instead. In my opinion if they are very strict and has an authority to monitor user's activity in exchangers, I think the act of money laundering made by criminals could be lessen. However, it may affect user's privacy.

Paulinerims

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If crypto takes over this won't be acceptable. Long way ahead especially for the security part. And you know that the government and banks will find a way so they can gain as much as they can. Same is with fiat. If they can get it they'll allow others too

freedomgo

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Quote from: ?? on ??

For me always crimes involving in crypto and it will continue risen until in the future because cryptocurrency is not regulated by the government to control the crimes and those scammers are free of what they are doing from many investors here.

The government won't allow that to still continue.

There are billions of money lost in crypto due to scams and I believe the government sees the risk already and they know they need to regulate the market sooner. However, speaking of regulation does not mean there is a uniform one or if one country regulates, other will follow, that's not possible as the progress in crypto adoption in certain country is on a different level and scammers will try to operate their project in country where there is no or less regulation in crypto.

Tylev

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It's not a surprise. Cryptocurrencies attract criminals because of the value they have and because it's still rather easy to hide the traces. As crypto is more and more involved in our lives it also becomes target of criminals more often. You can't actually count on protection by someone else, you should learn on.your own how to protect your crypto.

This situation with the rise in crime arose largely due to the fact that most states and their governments still do not take appropriate measures to combat crimes in this type of activity. Cryptocurrency has existed for more than a decade, but state law enforcement agencies have not yet come together to combat international crime in the field of cryptocurrency. This is not our task, but the task of states that are obliged to combat any kind of crime, and especially if they bear signs of internationality and organization.

Twinkledoe

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Quote from: Theb on August 12, 2019, 02:37:46 PM

When it comes to Bitcoin's price or to any cryptocurrencies for that matter I don't think that the price would be affected that much especially when criminal activity involving the industry could also be translated to demand for it. You should remember that when Bitcoin has started being used in the Dark Web (Silk Road in particular) it's price has tripled it's value during that point and it's easy to say that somehow even criminal activity doesn't affect the industry in a bad why. Not unless the authorities will issue a complete ban for cryptocurrencies (which I highly doubt would happen) then we don't expect that it would be affected negatively. Both international and national governments mostly accepted the route of adoption and views criminal activities as a problem and not the cryptocurrencies itself so we can't expect them to have some regulation about completely banning cryptocurrencies because of it.

Criminal activities will always be there, with or without crypto. Now, those criminals are finding out that they can use crypto to hide their illegal wealth. However, they are not really good in hiding those money. They should know how to use the anonymous transactions in crypto. Tongue

7788bitcoin

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Quote from: Paulinerims on August 12, 2019, 02:27:02 AM

The awareness about crypto crimes is raising because the world economy and its situation. It's more and more clear that fiat has its weaknesses and the crypto threat is here. This is also why Trump was bashing bitcoin. The banks can't afford that crypto gets its power. we can expect a war between fiat and crypto in the next year.

These things does not mean that crimes in the crypto market could rise, people doing criminal activities in the blockchain are literally stupid criminals as they do not have any idea that they could be tracked even if they used any tumblers to mask their tracks, we all know how the past tumblers were cracked and we are not sure whether these tumblers have any logs and even if they are not identified now they will be caught in the future if it is a major crime.

Theb

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When it comes to Bitcoin's price or to any cryptocurrencies for that matter I don't think that the price would be affected that much especially when criminal activity involving the industry could also be translated to demand for it. You should remember that when Bitcoin has started being used in the Dark Web (Silk Road in particular) it's price has tripled it's value during that point and it's easy to say that somehow even criminal activity doesn't affect the industry in a bad why. Not unless the authorities will issue a complete ban for cryptocurrencies (which I highly doubt would happen) then we don't expect that it would be affected negatively. Both international and national governments mostly accepted the route of adoption and views criminal activities as a problem and not the cryptocurrencies itself so we can't expect them to have some regulation about completely banning cryptocurrencies because of it.

serjent05

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Quote from: Paulinerims on August 12, 2019, 02:27:02 AM

The awareness about crypto crimes is raising because the world economy and its situation. It's more and more clear that fiat has its weaknesses and the crypto threat is here. This is also why Trump was bashing bitcoin. The banks can't afford that crypto gets its power. we can expect a war between fiat and crypto in the next year.

Aside from that, more and more people are coming in to Bitcoin Industry. We all know, the more people involved in Bitcoin, the more the possibility that crimes and other stuff will happen especially when the industry is too young and lots of people are still new and unsuspecting about the possible crimes such as scams and illegal stuff that they may encounter.

Kemarit

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Quote from: Paulinerims on August 12, 2019, 02:27:02 AM

The awareness about crypto crimes is raising because the world economy and its situation. It's more and more clear that fiat has its weaknesses and the crypto threat is here. This is also why Trump was bashing bitcoin. The banks can't afford that crypto gets its power. we can expect a war between fiat and crypto in the next year.

I don't think you fully understand the different between crypto and fiat. I wouldn't say that crypto would be a threat, crypto also has it's weaknesses, like cyber criminals exploiting the ecosystem and stealing people's money here. Don't say that there will be war as well, because crypto and fiat can co-exist with government regulations which we are seeing right now.

And as crypto is ramping up every year, criminals is also busy trying to lure individuals like using sophisticated phishing attempts. That's why we really need to be very careful and not to let our guards down otherwise in a blink of an eye, they can stole everything from you so you need to educate yourself it you chooses to stay and put your money in this market.

Linkkoin

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There are few reasons why so far cryptos might be attractive to criminals:
1) Blockchain transactions are not reversible, unlike card payments
2) You can literally store hundreds of billions worth on a small device or even a piece of metal which you can take wherever you want
3) You can buy/sell/exchange them outside of the banking system.
4) Privacy modes of some cryptocurrencies can make transaction untraceable

But still it is a small drop in comparison to crimes where USD is used. And considering widening scope of companies obliged for performing KYC of their users - it will become even smaller.

stadus

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Quote from: setialovers on August 12, 2019, 04:10:01 AM

Quote from: Paulinerims on July 22, 2019, 04:39:46 AM

"Nearly 2.7 trillion won ($2.3 billion) have been lost to crimes involving cryptocurrency in the last two years, according to South Korean government data."

where do you see the improvements being made against crypto criminal activity. this can really hurt the price for traders/investors if conditions don't improve.

Many crimes involve cryptocurrency because cryptocurrency is only a tool. Every tool can be a crime tool including cryptocurrency and I think there is no direct correlation between crime and cryptocurrency. What needs to be watched out for in every crime is its own people

That is not doing prevention, the government has to focus on the regulation of crypto to minimize the scams.
Well, in general, we can't deny that there's also bigger crimes outside crypto but what the government is seeing is that as crypto are getting more popular, crimes are also increasing, so without regulation, those irresponsible people will not be afraid to commit crimes because there's only a light punishment.

setialovers

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Quote from: Paulinerims on July 22, 2019, 04:39:46 AM

"Nearly 2.7 trillion won ($2.3 billion) have been lost to crimes involving cryptocurrency in the last two years, according to South Korean government data."

where do you see the improvements being made against crypto criminal activity. this can really hurt the price for traders/investors if conditions don't improve.

Many crimes involve cryptocurrency because cryptocurrency is only a tool. Every tool can be a crime tool including cryptocurrency and I think there is no direct correlation between crime and cryptocurrency. What needs to be watched out for in every crime is its own people

Paulinerims

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The awareness about crypto crimes is raising because the world economy and its situation. It's more and more clear that fiat has its weaknesses and the crypto threat is here. This is also why Trump was bashing bitcoin. The banks can't afford that crypto gets its power. we can expect a war between fiat and crypto in the next year.

barbara44

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Quote from: imstillthebest on August 08, 2019, 05:26:25 PM

Quote from: ?? on ??

the crime of using fiat currency had already existed long time, why only on bitcoin did they raise the status of being vigilant?

your asking if why only bitcoin ? simply because we are here on a bitcoin forum and we are mainly talking about bitcoin here so its normal that we talk about the negative and positive side of bitcoin .

and yes they raise thier status of being vigilant because people nowadays are now more familliar and exposed to bitcoin and other cryptocurrencies . more and more people are now going to use and now already using cryptos so its also normal that the crimes were also risen

I am sorry to say that I disagree, if the forum was for bitcoin discussion alone, then why do we have altcoins section and if you look at the present forum we are in, it is called economy, while anything strictly bitcoin is discussed under bitcoin discussion.

I think those people who are raising red flag on bitcoin are just doing so to create FUD, because if you tell me, most scam that is being done are not even through bitcoin except maybe the ones that hackers gained access to the wallet of people’s bitcoin then stole them, but for real ICO scammers, it is usually done through altcoins , and the coin they use in stealing some of these money more is Ethereum, because they are mostly built on Ethereum platform, so if there is any coin to be vigilant of now, it should be Ethereum.

bryant.coleman

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Education about crypto should be the first step in every investor so that scammers cannot find ways to make an advantage on them. With proper education about cryptocurrency, investors will have more knowledge about the do's and dont's of crypto that will be very helpful to them to be successful in trading.

It is not the responsibility of the government or anyone else to provide education about the potential risk factors associated with any particular investment asset. It is the responsibility of the investor to make a careful study of the asset before he goes ahead with his investment plans. Even now, there are users out there who are careless enough to store their coins in exchange wallets. And even worse, there are individuals who have not activated 2FA or email confirmation for their online wallets.

The cryptocurrency market, in its current condition is largely unregulated and outside the scope of the law enforcement agencies. To complicate the matters further, most of the crypto ventures are spread out in more than one territory or jurisdiction. The Bitcoin community could play its part by educating the new users about the risks associated with investing in each of these assets. But it is getting hard to counter the unending wave of propaganda being unleashed by the scammers.

Finestream

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Quote from: imstillthebest on August 08, 2019, 05:26:25 PM

Quote from: ?? on ??

the crime of using fiat currency had already existed long time, why only on bitcoin did they raise the status of being vigilant?

your asking if why only bitcoin ? simply because we are here on a bitcoin forum and we are mainly talking about bitcoin here so its normal that we talk about the negative and positive side of bitcoin .

and yes they raise thier status of being vigilant because people nowadays are now more familliar and exposed to bitcoin and other cryptocurrencies . more and more people are now going to use and now already using cryptos so its also normal that the crimes were also risen

Crypto has been abused already by those people who are not willing to work hard to make an income but settle only on making scams to make fast money.I think this should be given an attention to minimize those scammers who have nothing to do but to keep enticing people.Maybe if regulations will appear,scamming will surely be minimized.

peter0425

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In my country alone, thousands of people are being victimized by these cryptoscammers posing as legitimate online investment companies. Most of their victims are uninformed individuals and have no basic knowledge on cryptocurrencies. There is really a need to implement a strict regulation when it comes to this kind of crypto investment to prevent any cryptoscammers and protect the uninformed people.

That's why one of the best weapons against this cryptoscammers is to really educated yourself so that you can immediately take notice that something is not right and you can get out and not fall for their trap. I haven't been a victim though, wait, when I was just in the beginning I will be honest that I fall for those doubler. But I did learn my lessons and try to really learn and educate myself here.

imstillthebest

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Quote from: ?? on ??

the crime of using fiat currency had already existed long time, why only on bitcoin did they raise the status of being vigilant?

your asking if why only bitcoin ? simply because we are here on a bitcoin forum and we are mainly talking about bitcoin here so its normal that we talk about the negative and positive side of bitcoin .

and yes they raise thier status of being vigilant because people nowadays are now more familliar and exposed to bitcoin and other cryptocurrencies . more and more people are now going to use and now already using cryptos so its also normal that the crimes were also risen

Maestro75

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Quote from: Paulinerims on July 22, 2019, 04:39:46 AM

"Nearly 2.7 trillion won ($2.3 billion) have been lost to crimes involving cryptocurrency in the last two years, according to South Korean government data."

where do you see the improvements being made against crypto criminal activity. this can really hurt the price for traders/investors if conditions don't improve.

Criminals will always find a way to hide their crimes, whether through illicit act or money laundering. It does not always have to be through cryptocurrency. Before now there was criminal activities but I do not know why the focus is on cryptocurrency like it the industry leading crimes. The government want to destroy it by painting it bad.

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