Early signs of crime with bitcoin. | Bitcointalksearch.org

DrearyUrbanite

sr. member

Activity: 756

Merit: 250

Quote from: uneng on April 19, 2021, 09:28:30 AM

Quote from: DrearyUrbanite on April 17, 2021, 04:47:35 AM

Quote from: uneng on April 16, 2021, 12:59:10 PM

Quote from: DrearyUrbanite on April 16, 2021, 01:11:02 AM

Does the study refer to BTC only? Would be interesting to know because there is also Monero and other coins which are more likely to be used by criminals. Ca Chainalysis do anything about those anonymity coins?

They claim the study refers to crypto currencies in general, between 2017-2020 time period. So I believe monero and other coins are included.
Talking about bitcoin specifically the percentage of illegal activity is even lower, reaching to 0,5% compared to the total volume of transactions.

I see, makes sense for Bitcoin as it is relatively easily traceable unless you use shady on and off ramps (exchanges without any KYC at all). The risk is of course to get scammed when you deposit at such exchanges.

In the end any money will be used to commit crimes, no matter what the type of money is. Digital, cash, pseudonymous or anonymous, it doesn't matter.

Even centralized digital money will eventually be used to commit crimes. There are always ways to play the system and criminals will find those ways.

Yes, that is the point. Money is money and will be always used for some criminal activities, doesn't matter if it's fiat, bitcoin or even precious metals like gold, diamonds and so on. Actually any valuable and tradeable good will be used by criminals and it doesn't mean we should ban, fear or look these goods in a bad way too. However, with bitcoin the popular opinion is more strict, because people tend to fear what they don't know or understand.

Exactly, literally everything can be used for criminal action. They tend to fear, but some of them are also jealous because they were sitting on the sidelines seeing how the price exploded. Then the good friends comes around and says "oh my god you what's happening with bitcoin"? And the answer is "yeah it's only money for criminals".

haidil

sr. member

Activity: 784

Merit: 252

Quote from: Kamarah on April 19, 2021, 09:40:02 AM

Quote from: Obi theo on December 14, 2020, 05:30:16 AM

When the world is gradually accepting bitcoin, the already made bitcoiners are using those little opportunity to commit various crimes with bitcoin.
A Russian was sentenced to French prison for bitcoin laundering.
Source : https://apnews.com/article/cryptocurrency-paris-money-laundering-bitcoin-russia-61b5109e954f494b80d51c452b3b18e2
It is also said that this is not his first crime using crypto currency.
This are one of the reasons crypto is still rejected .
What are your thoughts on these?.

Bitcoin is a special currency. It is necessary to use properly so that people don't think Bitcoin is virtual. It is the unclear understanding of Bitcoin that caused bad guys to take advantage of Bitcoin variables into a black market, money laundering, accounts stealing and implementing other missions. Currently, the State is conducting specific regulations for Bitcoin.

For account theft, it is advisable to keep your private keys safe, and do not believe in news on behalf of investing in the form of fraud. must be careful

Kamarah

full member

Activity: 268

Merit: 100

Quote from: Obi theo on December 14, 2020, 05:30:16 AM

When the world is gradually accepting bitcoin, the already made bitcoiners are using those little opportunity to commit various crimes with bitcoin.
A Russian was sentenced to French prison for bitcoin laundering.
Source : https://apnews.com/article/cryptocurrency-paris-money-laundering-bitcoin-russia-61b5109e954f494b80d51c452b3b18e2
It is also said that this is not his first crime using crypto currency.
This are one of the reasons crypto is still rejected .
What are your thoughts on these?.

Bitcoin is a special currency. It is necessary to use properly so that people don't think Bitcoin is virtual. It is the unclear understanding of Bitcoin that caused bad guys to take advantage of Bitcoin variables into a black market, money laundering, accounts stealing and implementing other missions. Currently, the State is conducting specific regulations for Bitcoin.

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

Quote from: DrearyUrbanite on April 17, 2021, 04:47:35 AM

Quote from: uneng on April 16, 2021, 12:59:10 PM

Quote from: DrearyUrbanite on April 16, 2021, 01:11:02 AM

Does the study refer to BTC only? Would be interesting to know because there is also Monero and other coins which are more likely to be used by criminals. Ca Chainalysis do anything about those anonymity coins?

They claim the study refers to crypto currencies in general, between 2017-2020 time period. So I believe monero and other coins are included.
Talking about bitcoin specifically the percentage of illegal activity is even lower, reaching to 0,5% compared to the total volume of transactions.

I see, makes sense for Bitcoin as it is relatively easily traceable unless you use shady on and off ramps (exchanges without any KYC at all). The risk is of course to get scammed when you deposit at such exchanges.

In the end any money will be used to commit crimes, no matter what the type of money is. Digital, cash, pseudonymous or anonymous, it doesn't matter.

Even centralized digital money will eventually be used to commit crimes. There are always ways to play the system and criminals will find those ways.

Yes, that is the point. Money is money and will be always used for some criminal activities, doesn't matter if it's fiat, bitcoin or even precious metals like gold, diamonds and so on. Actually any valuable and tradeable good will be used by criminals and it doesn't mean we should ban, fear or look these goods in a bad way too. However, with bitcoin the popular opinion is more strict, because people tend to fear what they don't know or understand.

fladnaG

member

Activity: 89

Merit: 30

I think that fiat is used for fraudulent schemes much more often than crypto.

haidil

sr. member

Activity: 784

Merit: 252

Quote from: nebuch on April 19, 2021, 03:45:08 AM

I think this kind of issue is not surprising anymore since Bitcoin is widely used by scammers to scam innocent people globally. This is very unfortunate for those who will dive this easy money with flowering words of promises. There are a lot of victims globally because of Bitcoin fake investment. Majority those who are innocent and wants yo become rich easily are the normal victims. I hope this kind of crime will stop immediately because not all investors are really rich. Some borrowed money just to invest and then no more food to eat. The result is depression.

For current crimes it will be difficult to stop. There are many ponzi ponzi scams on behalf of bitcoin and also many ordinary investors who are deceived. for that the government must be able to be more assertive in monitoring the theft fraud and so on

nebuch

member

Activity: 588

Merit: 11

I think this kind of issue is not surprising anymore since Bitcoin is widely used by scammers to scam innocent people globally. This is very unfortunate for those who will dive this easy money with flowering words of promises. There are a lot of victims globally because of Bitcoin fake investment. Majority those who are innocent and wants yo become rich easily are the normal victims. I hope this kind of crime will stop immediately because not all investors are really rich. Some borrowed money just to invest and then no more food to eat. The result is depression.

Kittygalore

member

Activity: 868

Merit: 63

Quote from: christhemaner on April 17, 2021, 06:14:46 AM

Fiat is also used in crimes. This is just an excuse to say that bitcoin is used in crime.

If it can move money or make money then it will be used for crime no matter what, the problem with this one is that people that are against bitcoin and cryptocurrency are more vocal than the people that supports it so we will see FUDs more often than what we expect, best to ignore because we can't get anything out of it if we fight it.

mbe48

full member

Activity: 994

Merit: 105

Yes, it depends on its use. If Crypto is misused, maybe state security will act. But this is one form of why Crypto legality is still being discussed. But apart from that, countries that don't accept Crypto also have certain policies. For example, it is possible for crypto to replace fiat currency. But Crypto is great for long-term investing. If my statement is missing, please correct it ...

haidil

sr. member

Activity: 784

Merit: 252

Quote from: big kid on April 16, 2021, 08:18:31 AM

Some people will always find a way to make a crime. With btc, altcoins or even fiat. LOL fiat was used for centuries in crime world.

That's right, it's not only crypto that can be made for crime, fiat currency has also been used for a long time. it's just that the government is afraid of it. and also they don't think of positive things that can be used

imstillthebest

full member

Activity: 1638

Merit: 122

thats not what you called early sign because the crime is already comitted but they think they have an advantage of comitting crimes in the early stages of btc adoption .
it can be effective because btc users have less knowledge in the early time's and there are less authorities that that is guarding that time but now that btc adoption has increased ,
crimes do also increased but more authorities now are on guard to caught the criminals . they shouldnt be afraid to allow btc

pinggoki

sr. member

Activity: 1666

Merit: 426

Actually this is not new anymore in which there are also crimes that bitcoin has been into, just like for example those ponzi schemes that the front is cryptocurrency especially bitcoin in which they are using bitcoin as a front in order for them to perform their scam activities and just like what you've been reported or share to us that bitcoin has been used into money laundering, that isn't new to us anymore because many people know that bitcoin is hidden in which they can hide their money by using cryptocurrency.

christhemaner

newbie

Activity: 30

Merit: 0

Fiat is also used in crimes. This is just an excuse to say that bitcoin is used in crime.

BuNga_cute

full member

Activity: 1736

Merit: 116

Quote from: Bilgent on April 17, 2021, 04:57:56 AM

Quote from: Obi theo on December 14, 2020, 05:30:16 AM

When the world is gradually accepting bitcoin, the already made bitcoiners are using those little opportunity to commit various crimes with bitcoin.
A Russian was sentenced to French prison for bitcoin laundering.
Source : https://apnews.com/article/cryptocurrency-paris-money-laundering-bitcoin-russia-61b5109e954f494b80d51c452b3b18e2
It is also said that this is not his first crime using crypto currency.
This are one of the reasons crypto is still rejected .
What are your thoughts on these?.

This shouldn't be a reason for governments to reject Bitcoin. Because these kind of events already happen with fiat money also. There is no difference here because of that. Hence, I don't understand why some people still are trying to show this as a reason.

This is what makes me disappointed like you, always used as an excuse by the government because Bitcoin is used as a criminal activity.
What has happened to fiat a lot, this really seems unfair. I believe the government is very difficult to find reasonable reasons for rejecting Bitcoin.
Therefore, as soon as there is a crime related to Bitcoin, the news is immediately blown up. Things like this are not new, the government also
often does this, to make Bitcoin look bad in the public eye. But now information is easy to get and the public can compare the reality, so what
the government is doing in my opinion is futile. Because in the end the public knows what the government's plans really are.

Altcoinsintel

member

Activity: 342

Merit: 24

Quote from: Obi theo on December 14, 2020, 05:30:16 AM

A Russian was sentenced to French prison for bitcoin laundering.

Mate, this is an old story that is still in the courts after the arrest of Vinnik in 2017. It is a case of the stolen MtGox Bitcoins and the laundering throught Btc-e exchange. The trials of Vinnik will continue as he will be extradited next either in Russia or in the USA, probably the second. It is a very old story and the deeper you dig, basically stay out of it, it is not for us to care right now.

Bilgent

member

Activity: 518

Merit: 13

Quote from: Obi theo on December 14, 2020, 05:30:16 AM

When the world is gradually accepting bitcoin, the already made bitcoiners are using those little opportunity to commit various crimes with bitcoin.
A Russian was sentenced to French prison for bitcoin laundering.
Source : https://apnews.com/article/cryptocurrency-paris-money-laundering-bitcoin-russia-61b5109e954f494b80d51c452b3b18e2
It is also said that this is not his first crime using crypto currency.
This are one of the reasons crypto is still rejected .
What are your thoughts on these?.

This shouldn't be a reason for governments to reject Bitcoin. Because these kind of events already happen with fiat money also. There is no difference here because of that. Hence, I don't understand why some people still are trying to show this as a reason.

DrearyUrbanite

sr. member

Activity: 756

Merit: 250

Quote from: uneng on April 16, 2021, 12:59:10 PM

Quote from: DrearyUrbanite on April 16, 2021, 01:11:02 AM

Does the study refer to BTC only? Would be interesting to know because there is also Monero and other coins which are more likely to be used by criminals. Ca Chainalysis do anything about those anonymity coins?

They claim the study refers to crypto currencies in general, between 2017-2020 time period. So I believe monero and other coins are included.
Talking about bitcoin specifically the percentage of illegal activity is even lower, reaching to 0,5% compared to the total volume of transactions.

I see, makes sense for Bitcoin as it is relatively easily traceable unless you use shady on and off ramps (exchanges without any KYC at all). The risk is of course to get scammed when you deposit at such exchanges.

In the end any money will be used to commit crimes, no matter what the type of money is. Digital, cash, pseudonymous or anonymous, it doesn't matter.

Even centralized digital money will eventually be used to commit crimes. There are always ways to play the system and criminals will find those ways.

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

Quote from: DrearyUrbanite on April 16, 2021, 01:11:02 AM

Does the study refer to BTC only? Would be interesting to know because there is also Monero and other coins which are more likely to be used by criminals. Ca Chainalysis do anything about those anonymity coins?

They claim the study refers to crypto currencies in general, between 2017-2020 time period. So I believe monero and other coins are included.
Talking about bitcoin specifically the percentage of illegal activity is even lower, reaching to 0,5% compared to the total volume of transactions.

big kid

member

Activity: 333

Merit: 13

Some people will always find a way to make a crime. With btc, altcoins or even fiat. LOL fiat was used for centuries in crime world.

bosede1

member

Activity: 714

Merit: 16

To everything in life we will always have scammers and launderers, just imagine duping you of your own money this is bank-related so this sort is not starting today and because of the bad people or influencers the crypto world can't be out, down, or closed.

Topic: Early signs of crime with bitcoin. (Read 536 times)