Crypto does NOT fund terrorism | Bitcointalksearch.org

Nerdy doctor

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Quote from: Alpha Marine on November 07, 2023, 05:14:41 PM

Of course crypto does not fund terrorism, PEOPLE do.
In the same way, other currencies don't fund terrorism.

People are the ones who fund terrorism and would any means necessary in order to send the money across. Before the discovery of cryptocurrencies, terrorism has always been funded using various means most especially, the most used form of payment, the fiat system.
Cryptocurrencies is one of various medium of exchange and financiers of terrorism could use this, as well as any other method to get their funds across and finally in the hands of terrorist.

People against bitcoin and cryptocurrencies would want to lay all the fault at the feet of cryptocurrencies for solely being the means by which terrorism is funded.

Jegileman

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Quote from: alani123 on October 26, 2023, 06:00:23 PM

So make no mistake. When someone tells you that bitcoin or crypto in general funds terrorism, the only correct answer is that if we're concerned about that, we should completely close down banks because they are the primary funding source for all terrorism.

Banks, the traditional means of payment, have long been associated with criminal activities such as terrorism funding. Now that cryptocurrency is available, some have used it to fund terrorism, even during the Ukraine-Russia war. This hasn't stopped crypto from being utilised for good. I recall a flood that occurred in a place in Asia, the name of which I cannot recall, and how bitcoin was used to help the affected people erect a tent and buy some amenities for relief from the flood. Cryptocurrency was not created to facilitate illicit conduct, but you can't just control people not to use it that way.

Suzume

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Terrorism use crypto for finding. Nowdays terrorism are increasing and also increasing using crypto finding for them. Because keep to is the safest way for finding illegal transactions etc. no one can identify where the transaction made who made to whom. That's why they are selecting crypto for funding.

Ucy

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Well, Crypto/Bitcoin can be used to fund terrorism so long as its privacy-preserving techs can be used to make terror funds difficult to detect. Not all funds/users have rights to privacy... Terrorists and funds meant to harm the innocents should not have that right.. But the creators/owners of the privacy tech don't seem to care too much.

I don't think the governments deliberately use those huge amount of money to funds things that harm innocent people which is what terrorists typically do. Terrorists in the world's context are those who deliberately harm the innocent. The intention of those creating and approving the funds is likely to help protect lives and properties but you cannot trust them to make the right decisions since they are not all morally upright and independent of a corrupt system. They could unknowingly be used by bad actors to fund terrorism, if for example, they are more interested in money than human lives.

Alpha Marine

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Of course crypto does not fund terrorism, PEOPLE do.
In the same way, other currencies don't fund terrorism.

Saying crypto should be banned because it's used to fund terrorism is very lame because I don't see them banning the dollar or pounds or any other fiat currencies that have been used to fund terrorism.
The assholes that fund terrorism, the illegal arms dealers, the sex and human traffickers, and the drug traffickers all use other currencies too. You can't fault the currency the same way you can't fault crypto.

We would be telling ourselves a lie if we say illegal arms dealers, terrorists and the rest don't use crypto for their operations. They do, however little the percentage may be, but they also use the internet, phones, cars, computers, and many other innovations. So you shouldn't fault the invention of it was made for a different purpose and a small amount of people are using it for something else.

Justbillywitt

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There will always be people who will use what was intended for a good purpose in the wrong way. Good and evil exist sideways. We all know that the primary purpose why Bitcoin was invented was never to fund terrorism, same way I believe that fiat and banks were introduced for the good of mankind before the bad elements took advantage of it. Since there bad elements in the banks and fiat system same why I believe that there are also bad elements in the crypto space who are going outside the original intention of bitcoin creation.

alani123

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Quote from: OgNasty on October 29, 2023, 12:57:10 PM

Crypto might not fund terrorism as a whole and it for certain doesn’t come anywhere near the terrorist financing that fiat currencies including the dollar do, but making a blanket statement that crypto doesn’t fund terrorism is probably not true. If it can be used for evil, it probably will. This isn’t unique to cryptocurrencies though.

The point I'm trying to make really is that crypto isn't responsible for the bulk of terrorism and war funding. It's much easier to transfer large amounts of cash via shell corporations and money mules through banks than jump through tons of hoops to try and do it in crypto. This is how all of criminality gets funded. After all, crypto isn't a widely accepted form of payment and the volatility is risky even for terrorists and criminals.

passwordnow

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It's always the case that whoever have this propaganda is going to spread the misinformation that they're, the terrorists are being funded through cryptocurrencies. They'll say that of course they can't use banks wherein it's obvious that terrorists have access to the banking system because they've got hands scattered all over in every place where they are operating. The problem with this tracing is that there's a secrecy law from the banks where they can't just open someone's account if there's no court order. We should accept it that no matter how good the entire crypto market shows to the world, there will always be this display and description about it that it's being used to fund terrorism, money laundering, illegal activities, drugs, etc. All of those will be directed to crypto as if the cash doesn't have something to do with those activities that they're harder to trace because there's no blockchain where they can follow the path of its transactions where it is being sent.

DeathAngel

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It’s just another lazy excuse to use a stick to beat bitcoin. We have geriatric fools like Elizabeth Warren in Congress, seemingly highly motivated to diss bitcoin. It won’t work, bitcoin & its army of holders don’t care. By the way, crypto accounts for such a tiny % of crime in comparison to fiat. Their FUD is weak, they are going to have to try much harder.

paxmao

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Such an old topic... if it were for terrorism funding, arms dealing, drug dealing and slavery, the champion across the world would be the US dollar. Is that why we should ban or stop the use of dollar notes? Is the US dollar bad?

The treatment that crypto receives in the media is usually biased, like it was the internet in the beginning - something dangerous that people should be scared of an avoid because it si "full of gangsters".

Dunamisx

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What else do we expect than something like this, when you're using any form of a centralized institution and they are having authority over your financial economy, you're not free at all, such has happened already in the case of Russia and Ukraine war, some account under centralized Institutions got freezed for some reasons that states bridging against the rules of law over the swift ban, so i expect something similar here with the incidence of Israel and Hamas.

Volimack

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Crypto don't fund terrorism. But many terrorism connect with crypto. Because is the safest way for the illegal transaction because this kind of hard or impossible to find who do transactions. That's why criminals were trying to do illegal acts they are chose the way for illegal transaction. That's why I think crypto don't fund terrorism but terrorism use the way for their illegal transactions.

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Quote from: OgNasty on October 29, 2023, 12:57:10 PM

Crypto might not fund terrorism as a whole and it for certain doesn’t come anywhere near the terrorist financing that fiat currencies including the dollar do, but making a blanket statement that crypto doesn’t fund terrorism is probably not true. If it can be used for evil, it probably will. This isn’t unique to cryptocurrencies though.

I believe that Bitcoin and crypto is not as much as a big deal in financing groups of terror as many news media wants the average person to believe it is, because heads in terrorist organizations using BTC would imply they have managed to secure a network of weapons, tactical gear, information, explosives and fake documentation, all of it which they could pay with crypto assets, which is very unlikely to pull off, in reality all those illegal network work and are likely to continue to work with Cash and specially with USD.
I have got the impression that since BTC has continuing to increase acceptance among people living in inflationary countries and in countries under sanctions, media based in the United States of America have done all in their power to further push the narrative of Bitcoin being used to fund their existencial enemies.

Wiwo

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This has been the propaganda for a long and only those that have the first-hand knowledge of what the currency usage and transfers entail, first we have to know that crypto amounts to nearly 1% of the total amount of wired transfers and terrorism findings so for that we have to kick off our mind from buying into this misconception and this will make up for your overall experience and expectations.

Many banks accounts and even banks executives have been cut up in the web of terrorism financing cases against them, e.g the just passed central bank governor in my country Nigeria is currently facing an arms deals cases and it all involves terrorism financing and this is banks executives that we all should have thought will be law-abiding and transparent.

OgNasty

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Crypto might not fund terrorism as a whole and it for certain doesn’t come anywhere near the terrorist financing that fiat currencies including the dollar do, but making a blanket statement that crypto doesn’t fund terrorism is probably not true. If it can be used for evil, it probably will. This isn’t unique to cryptocurrencies though.

Gyfts

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The banks are better at hiding terrorism funds than something like Bitcoin would ever be. Every BTC transaction's logged and public. Wouldn't be difficult for large amounts of BTC to be traced to certain addresses controlled by terror organizations

Meanwhile, Banks will funnel funds into criminal organizations and the banks won't disclose any of the transactions.

Die_empty

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Quote from: alani123 on October 26, 2023, 06:00:23 PM

So make no mistake. When someone tells you that bitcoin or crypto in general funds terrorism, the only correct answer is that if we're concerned about that, we should completely close down banks because they are the primary funding source for all terrorism.

The most secure way to fund terrorism is cash because it is difficult to trace or track it. I live in a country where kidnappings are popular and only in one case have the criminals asked for cryptocurrency as ransom. The preferable means of payment is cash. We all know that anti-bitcoin forces will always spread these lies about using bitcoin to fund terrorism. These lies are finally losing their power because more people are now aware that just like fiat is misused by criminals this is also the same thing the crypto space is facing.

mu_enrico

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It does, just like any other money and gold as well. People can use any means to fund terrorism and crypto is just one of them, however, I disagree with parties that accuse most of the money laundering or terrorism funding happening in the crypto space. I'd say it mainly occurs with fiat, just like most purchases people make are with fiat money.

Natsuu

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Well technically, it is not crypto’s main purpose to fund terrorism. But we cannot be certain that criminals wont use crypto to for their illegal activities, thats when miney laundrring happens. I mean cryptocurrencies are like any other financial tool that are not inherently designed to fund illegal activities or terrorism but their relative anonymity and ease of use can attract criminals looking to exploit these features. Money laundering becomes a concern when illicitly obtained funds are converted into cryptocurrencies and it becomes challenging for authorities to track these transactions. Terrorist have these unexplainable funds that these fake news try to confuse us by blaiming it solely to crypto.

Gozie51

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Quote from: JeromeTash on October 27, 2023, 04:50:49 PM

One way or the other, America is also funding terrorists using the USD and has been doing so for so many decades but guess what? They always try to make crypto the scapegoat.

Crypto attacks and accuse is nothing more than flimsy but the reason is because of they still want to have a hold on control with USD which has been used along time to manipulate the system and make some countries dependent. America never allows country or any factor pose threats to the dollar. So I'm not surprised when crypto is accused for aiding terrorism while lots of dollars is used to support wars whose purpose is elimination of human beings, same purpose terrorism and war.

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