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.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

Quote from: AniviaBtc on April 16, 2021, 12:42:23 AM

Ponzi schemes using bitcoin are increasing when these adoptions are prevailing in our society.

Scammers will do anything and will go with the trend when people or investors are eager to invest on it and make it grow instantly.

We can't really fully make them vanish as there are people who will really make crimes just to keep themselves from poverty and crisis.

Bitcoin or not, ponzi scheme still exists outside crypto.
It is quite sad, because Bitcoin is being blamed for these scams while it is just a medium or an instrument for payment like fiat does except it isn't personal or p2p.

haidil

sr. member

Activity: 784

Merit: 252

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?.

It is very true that if it is seen in short it can be used for crime, for that the government must take part in controlling crypto. if used in a good way, there are many benefits

Kong Hey Pakboy

member

Activity: 1120

Merit: 68

Quote from: xiboothrezi on April 16, 2021, 01:50:56 AM

for a criminal, anything can be used as a crime. basically, it all depends on who is using it. let alone bitcoin, which is full of controversy, something that is common in society can be used for crime too.

when bitcoin, which is still the pros and cons in society, is used as a criminal tool, it will become big news, and many are increasingly afraid to use it. whereas, as you say, the facts are not that terrible as long as we are willing and able to adapt well.

The people who doesn't think that as bitcoin becomes more popular then the less likely it is going to be used for illicit activities is delusional, as @xiboothrezi says, criminal minds are going to use any means to do the thing that they do.

Lorence.xD

sr. member

Activity: 1624

Merit: 315

Leading Crypto Sports Betting & Casino Platform

Quote from: Gaaara on April 16, 2021, 01:21:34 AM

Crimes happens everywhere it is inevitable that bitcoin will be used for it too, to be fair laundering happens to fiat more often than to bitcoin, and as far as I'm concerned if crimes with bitcoin happens more frequent than of fiat I don't see any problem using it, I will still rather have my assets digitally than to put it in a bank that has less than 1% increase of investment. Bitcoin is more versatile so as long as these type of crime can be caught then it doesn't bother me that much.

With bitcoin getting more recognition, I think that we are going to see more bitcoin related laundering since more people are going to know about it. You are right that bitcoin is versatile and that it won't be a problem if the crimes are caught but the problem is that crimes overtime get more crafty as time goes by.

xiboothrezi

sr. member

Activity: 1246

Merit: 285

Quote from: Gaaara on April 16, 2021, 01:21:34 AM

~ Bitcoin is more versatile so as long as these type of crime can be caught then it doesn't bother me that much.

for a criminal, anything can be used as a crime. basically, it all depends on who is using it. let alone bitcoin, which is full of controversy, something that is common in society can be used for crime too.

when bitcoin, which is still the pros and cons in society, is used as a criminal tool, it will become big news, and many are increasingly afraid to use it. whereas, as you say, the facts are not that terrible as long as we are willing and able to adapt well.

Gaaara

hero member

Activity: 1106

Merit: 501

Crimes happens everywhere it is inevitable that bitcoin will be used for it too, to be fair laundering happens to fiat more often than to bitcoin, and as far as I'm concerned if crimes with bitcoin happens more frequent than of fiat I don't see any problem using it, I will still rather have my assets digitally than to put it in a bank that has less than 1% increase of investment. Bitcoin is more versatile so as long as these type of crime can be caught then it doesn't bother me that much.

Shasha80

sr. member

Activity: 1876

Merit: 318

I think the main reason why Bitcoin is still rejected by some countries is not because Bitcoin is widely used for crimes. Because if we look at the data,
of course, fiat is still more widely used for crime, I think this is just an excuse for the government to look for something bad about Bitcoin. In fact,
the government is only afraid that Bitcoin will replace fiat in the future. So a lot of crime news using Bitcoin is exaggerated.

DrearyUrbanite

sr. member

Activity: 756

Merit: 250

Quote from: uneng on April 16, 2021, 01:01:04 AM

Quote from: stomachgrowls on April 15, 2021, 06:41:24 PM

Quote from: uneng on April 15, 2021, 03:31:46 PM

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

Well, yesterday there was a thread on this forum saying only 1% of total bitcoin usage is related to illegal activity. It looks like you have found one of these few criminals using bitcoin which belongs to this tiny 1%. If we compare this percentage with the percentage of illegal activity though fiat currency we will conclude bitcoin is much less used in a wrong way than fiat.

Bitcoin illicit transactions are less than 1%

How these numbers to be accurate that 1% of bitcoin usage does involved illegal activity? Im aint saying that this is rampant but im bit sure that it is higher that 1%
but how we do consider the percentage on this one with fiat? Grin

You can check the full report on the link I provided above. It was a study conducted by a blockchain analytics firm, Chainalysis, which resulted on that 1%.

And fiat illegal transactions are between 2%-4%, higher than bitcoin. They probably take the statistics of all fiat transactions during a fixed period of time and calculate from this total amount what percentage match the illegal activities on that same period, so they have an estimation.

Quote from: stomachgrowls on April 15, 2021, 06:41:24 PM

With anonymity and being decentralized then theres no doubt that these are the best recipes on committing illegal things.It isnt intended for such usage but
there are people who would make use this advantage.

After all, it seems bitcoin isn't so anonymous like people imagine.

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?

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

Quote from: stomachgrowls on April 15, 2021, 06:41:24 PM

Quote from: uneng on April 15, 2021, 03:31:46 PM

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

Well, yesterday there was a thread on this forum saying only 1% of total bitcoin usage is related to illegal activity. It looks like you have found one of these few criminals using bitcoin which belongs to this tiny 1%. If we compare this percentage with the percentage of illegal activity though fiat currency we will conclude bitcoin is much less used in a wrong way than fiat.

Bitcoin illicit transactions are less than 1%

How these numbers to be accurate that 1% of bitcoin usage does involved illegal activity? Im aint saying that this is rampant but im bit sure that it is higher that 1%
but how we do consider the percentage on this one with fiat? Grin

You can check the full report on the link I provided above. It was a study conducted by a blockchain analytics firm, Chainalysis, which resulted on that 1%.

And fiat illegal transactions are between 2%-4%, higher than bitcoin. They probably take the statistics of all fiat transactions during a fixed period of time and calculate from this total amount what percentage match the illegal activities on that same period, so they have an estimation.

Quote from: stomachgrowls on April 15, 2021, 06:41:24 PM

With anonymity and being decentralized then theres no doubt that these are the best recipes on committing illegal things.It isnt intended for such usage but
there are people who would make use this advantage.

After all, it seems bitcoin isn't so anonymous like people imagine.

AniviaBtc

sr. member

Activity: 1120

Merit: 272

First 100% Liquid Stablecoin Backed by Gold

Ponzi schemes using bitcoin are increasing when these adoptions are prevailing in our society.

Scammers will do anything and will go with the trend when people or investors are eager to invest on it and make it grow instantly.

We can't really fully make them vanish as there are people who will really make crimes just to keep themselves from poverty and crisis.

Sithara007

legendary

Activity: 3346

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

I don't know whether Alexander Vinnik is actually guilty of the crimes they are accusing him of. As far as I know, he was one of the owners of BTC-e (although he is denying this), and that exchange was one of the very few which stood up to the authorities and refused to do KYC of its users. And that may be the real reason why he is being imprisoned. All these money laundering charges - I don't think that there is any truth in them. The authorities can make up stories and they are experts in that. We have already seen that during the trial of Ross Ulbricht.

ultrloa

legendary

Activity: 2758

Merit: 1228

Quote from: AmoreJaz on April 15, 2021, 06:46:02 PM

Quote from: verita1 on April 15, 2021, 06:02:27 PM

Criminals will never end they are all over the world, be it the usual criminals such as drug cartels, organized crime, gang members or in this case cyber criminals. People should not take cyber criminals into account as an excuse not to invest in bitcoin and cryptocurrencies. IMO, people should gain knowledge about cryptocurrencies with the means we have (Social networks, TV, Internet, etc.) so that they can take advantage of and overcome the crisis in which we are currently living.

exactly! everywhere, whether in fiat or crypto, there will always be crime. so if you are afraid of the crime committed by such entity, then, one should be afraid of touching fiat, right? so yeah, it is all up to you if you will believe all these negativities. it is on you how you will use it appropriately and to your advantage.
i guess, ignorance is also a big factor why they perceive things on a different perspective

To many misconception regarding to this as others think that there are so many crimes by using bitcoin since they see so much from it on social media sites but in reslity almost all means of transaction whether its fiat,gold or what other assets which have value is used for fraudulent activities thats why we shouldn't be one sided on possibilities. If our ignorance will make use go away by using bitcoin well we might get outdated on new technology.

AmoreJaz

legendary

Activity: 3122

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Quote from: verita1 on April 15, 2021, 06:02:27 PM

Criminals will never end they are all over the world, be it the usual criminals such as drug cartels, organized crime, gang members or in this case cyber criminals. People should not take cyber criminals into account as an excuse not to invest in bitcoin and cryptocurrencies. IMO, people should gain knowledge about cryptocurrencies with the means we have (Social networks, TV, Internet, etc.) so that they can take advantage of and overcome the crisis in which we are currently living.

exactly! everywhere, whether in fiat or crypto, there will always be crime. so if you are afraid of the crime committed by such entity, then, one should be afraid of touching fiat, right? so yeah, it is all up to you if you will believe all these negativities. it is on you how you will use it appropriately and to your advantage.
i guess, ignorance is also a big factor why they perceive things on a different perspective

stomachgrowls

hero member

Activity: 3010

Merit: 794

Quote from: uneng on April 15, 2021, 03:31:46 PM

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

Well, yesterday there was a thread on this forum saying only 1% of total bitcoin usage is related to illegal activity. It looks like you have found one of these few criminals using bitcoin which belongs to this tiny 1%. If we compare this percentage with the percentage of illegal activity though fiat currency we will conclude bitcoin is much less used in a wrong way than fiat.

Bitcoin illicit transactions are less than 1%

How these numbers to be accurate that 1% of bitcoin usage does involved illegal activity? Im aint saying that this is rampant but im bit sure that it is higher that 1%
but how we do consider the percentage on this one with fiat? Grin

With anonymity and being decentralized then theres no doubt that these are the best recipes on committing illegal things.It isnt intended for such usage but
there are people who would make use this advantage.

verita1

member

Activity: 1358

Merit: 81

Criminals will never end they are all over the world, be it the usual criminals such as drug cartels, organized crime, gang members or in this case cyber criminals. People should not take cyber criminals into account as an excuse not to invest in bitcoin and cryptocurrencies. IMO, people should gain knowledge about cryptocurrencies with the means we have (Social networks, TV, Internet, etc.) so that they can take advantage of and overcome the crisis in which we are currently living.

oktana

sr. member

Activity: 1680

Merit: 288

Eloncoin.org - Mars, here we come!

Sadly, we can't do anything about that. As far as Bitcoin is decentralized and allows anyone to use it without providing private documents/sensitive information, there's no way to stop crimes executed with Bitcoin. And that's not unusual because every good thing always have that bad part. The only thing I think we can do is to use Bitcoin properly to set examples. This way, we may be making about 10% effort.

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

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

Well, yesterday there was a thread on this forum saying only 1% of total bitcoin usage is related to illegal activity. It looks like you have found one of these few criminals using bitcoin which belongs to this tiny 1%. If we compare this percentage with the percentage of illegal activity though fiat currency we will conclude bitcoin is much less used in a wrong way than fiat.

Bitcoin illicit transactions are less than 1%

ropyu1978

hero member

Activity: 1904

Merit: 510

They will not care what the profit tool is, whether it is fiat or bicoin or other, because every pro must have a cons, there is good there will be evil, if you say the first signs of evil with bitcoin, it is nothing more than a handful of people who want dropping bitcoin, because maybe they are jealous of seeing bitcoin growing day by day, some of them will continue to try to keep bitcoin for their personal needs .. criminals are still criminals, they will still use methods to destroy other people with their various ridiculous reasons ..

lienfaye

hero member

Activity: 3010

Merit: 629

Bitcoin used as tool to scam people and money laundering issue are just a few reasons on why it has a bad impression for people who are not really into it. I mean those who dont have deep knowledge about bitcoin might think negatively towards it just by reading or seeing on the news a bias content showing the negative sides of using bitcoin.

Well there's nothing new anymore if they raise a bitcoin laundering issue, its really possible for people who have bad intention on why they chose to use btc. However in fiat this is also happening and I think its inevitable to those people who like to take advantage the perks of using a decentralized currency because its cashless and easy to transfer for their own convenience.

Twentyonepaylots

sr. member

Activity: 1918

Merit: 370

All eyes are on bitcoin since it's still considered new comoared to fiat that have been servicing the people for millenia, so it would not be surprising if the people pick on bitciin this time. What makes me sick is how the media portrays bitcoin as the devil's currency or something when in fact what we just want is a decentralized currency that is not chaining us in debt or in turmoil.

Quote from: 20kevin20 on December 23, 2020, 05:30:53 PM

Quote from: rijaljun on December 17, 2020, 06:30:04 AM

Well that's really true money laundering is one of the cons of the Bitcoin since anyone can really hide their asset through Bitcoin and we all know that the addresses in bitocin are pseudonymous it can still be traceable. Well we can't really take that fact away from Bitcoin and other cryptocurrency.

It's easier to launder cash than Bitcoin, considering the currently available blockchain analysis tools we have. Criminals will never cease to find ways to do their crimes, be it with or without fiat/crypto's existence. As you said, the addresses are still traceable. Hence, it's actually an advantage for the authorities that they can clearly see who sent coins to who (and how much).

It is easier but is not as secure as bitcoin. Honestly I don't even know how these guys were able to catch the person and I commend them for that. Swiss banks have been the go to for a very long time but even them proved to be chained to a lord, so they aren't as reliable as they are in the past.

20kevin20

legendary

Activity: 1134

Merit: 1598

Quote from: rijaljun on December 17, 2020, 06:30:04 AM

Well that's really true money laundering is one of the cons of the Bitcoin since anyone can really hide their asset through Bitcoin and we all know that the addresses in bitocin are pseudonymous it can still be traceable. Well we can't really take that fact away from Bitcoin and other cryptocurrency.

It's easier to launder cash than Bitcoin, considering the currently available blockchain analysis tools we have. Criminals will never cease to find ways to do their crimes, be it with or without fiat/crypto's existence. As you said, the addresses are still traceable. Hence, it's actually an advantage for the authorities that they can clearly see who sent coins to who (and how much).

Wysi

sr. member

Activity: 1638

Merit: 261

This is just an attempt from government agencies who are against Bitcoin and to be honest it looks funny to point out crimes related to bitcoin where in such crimes has been taking ace from decades via alternative techniques. Let's not make Bitcoin a scapegoat here and I do agree that some hackers and kidnappers are asking ransom in Bitcoin to avoid traces but we should think of stoping them from commenting crimes in first place instead of terming Bitcoin as criminal's tool.

pixie85

hero member

Activity: 2184

Merit: 531

Quote from: Upgrade00 on December 14, 2020, 05:49:04 AM

From this source, you can see the actual scam metheld used and it wasn't Bitcoin;
"French prosecutors say Vinnik was one of the creators of a malicious software called “Locky” that was delivered through email. If downloaded, the recipient’s data was encrypted and they were asked to pay ransom in bitcoin to free it."

The ransom could have been paid in any other valuable commodity as ransom payment was a thing long before Bitcoin was invented.

He was also the owner of BTCe exchange that got shut down when he was arrested.

He's going to laugh when he comes out of prison. He only got 5 years and 100 thousand EUR fine and his malware stole millions and he made a lot of money running an exchange. He probably also stole some coins when the exchange disappeared so he should be good. I'd sacrifice 5 years of my life if I could later live like a millionaire.

Bitcoin has nothing to do with this guy and his scams.

Zionatin

sr. member

Activity: 906

Merit: 263

So you saying we all scammers and thieves? I can think of way worse crimes than money laundering. You don't need bitcoin to launder money you can use thousands of ways.
Crypto rejected? By who? Where? Now you making things up. Your post is bad and not well thought out at all.

My thoughts are that you will believe anything you read just about. Don't you think for yourself? We should be asking you what your thoughts are. So what are your thoughts?

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

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?.

I'm proud of France in this situation. In my country, even people who launder lots of fiat don't get sentenced to anything usually (because of high levels of corruption), let alone a crypto one! I'm glad that scam of any sort is taken seriously. However, I do share the concerns of others that Bitcoin fraud should be treated the same as fiat fraud and the type of money has nothing to do with the crimes committed and shouldn't lead to some reputation issues of the currency. It's the crime that is bad, not the type of money used to commit it.

rijaljun

sr. member

Activity: 1274

Merit: 267

Well that's really true money laundering is one of the cons of the Bitcoin since anyone can really hide their asset through Bitcoin and we all know that the addresses in bitocin are pseudonymous it can still be traceable. Well we can't really take that fact away from Bitcoin and other cryptocurrency.

davis196

hero member

Activity: 3164

Merit: 937

Your post follows the same pattern used by many FUDsters.
"Bla bla bla Bitcoin is used by criminals...blabla bla Bitcoin is used by scammers.
Here's proof:(Insert random lawsuit where the criminals and scammers were using cryptocurrencies)."
Op,what's the point of such forum posts?
If cryptocurrencies were 100% illegal in all countries around the world,do you think that scammers won't use crypto as a medium of exchange?I think that they will continue to use crypto payments.
The forbidden fruit is always more desired...

shane_gr

jr. member

Activity: 70

Merit: 1

These words are said by the opponents of Bitcoin and they know that with these words, they can change the minds of many people towards Bitcoin. But the main fans of Bitcoin, who are not few in number! Bitcoin is being traded and yet Bitcoin is now in the 20,000 channel.

Wawa2013

sr. member

Activity: 1666

Merit: 268

Many people get misleading information regarding Bitcoin, one of which is that many people think Bitcoin is widely used for illegal activities.
Even if we carry out an investigation properly, fiat currency is what is widely used for illegal activities. Maybe Bitcoin hater spread this
misleading news, fortunately now information is easy to get. So many people finally know the truth about Bitcoin, so nowadays more and
more people are investing in Bitcoin.

And I don't agree that many countries reject Bitcoin because Bitcoin is widely used for crimes, because the government also knows the truth
about Bitcoin. So the real reason Bitcoin was rejected, because the government cannot control Bitcoin and it is feared that it can replace
the role of fiat currency.

Rishabh riyz

sr. member

Activity: 357

Merit: 250

which currency isn't used as extortion money or for funding criminal activities ?
well anonymous nature of funds transaction in BTC may sound fishy and may be misused by criminals but it isn't like its untraceable by locating the wallet address transactions might be back traced ,
but the way people phrase this situation is wrong , the problem is criminals not them using BTC for their activities, even if they restrict the use of crypto currency the crime rate wouldn't go down , criminals would just use fiats like they are suing now.

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

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.

Nah! Far from it. It's just giving a dog a bad name so as to hang it. The real reason behind the skepticism in accepting Bitcoin doesn't line in criminals using it for illegal stuff, nah! The reason isn't farfetched. It's because Bitcoin as a decentralized asset doesn't give the government access to controlling the finance of citizens and other fiscal policy of governance which fiat allows the government. With Bitcoin and its limited supply, it would be very difficult to regulate government's monetary policies.

Slow death

legendary

Activity: 3164

Merit: 1127

Leading Crypto Sports Betting & Casino Platform

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.

talking about bitcoin and crime is a big joke, when we live in a world where we know that people are greedy to the point of committing crimes for anything that has value.

- there are hundreds of elephants being hunted by criminals

- there are hundreds of forests that have been destroyed by criminals for years

- there are hundreds of people who are being enslaved in the gold and diamond mines and rubies

- there are hundreds of corrupt people who steal billions of dollars from the government

bitcoin is far from being compared to many other crimes

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

A Russian was sentenced to French prison for bitcoin laundering.

it is still a very small number... FiAT and Gold have a much darker past. diamonds and oil are others that have black past

Crptomagma

member

Activity: 350

Merit: 37

★777Coin.com★ Fun BTC Casino!

I read these articles some days ago and o don’t think bitcoin should be blamed because literally anything that has value can be used for illegal activities. Fiat has been used for lots of illegal activities both money laundering, human trafficking and lots of unfavorable factors but still doesn’t make the currency bad. So if bitcoin is used to perpetuate crime then we shouldn’t blame it on the currency but try to device means to stop it. Bitcoin is a digital currency and is flexible for online platform.

avikz

legendary

Activity: 3080

Merit: 1500

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?.

Can't deny the fact that bitcoin is used in many crimes worldwide, especially in darknet for drug or arms trade. Even criminals were using it for internal transactions! For money laundering, bitcoin and XMR has become a major tool for the criminals. Recently a Chinese man was caught in India who has been using bitcoin since last 3 years to launders millions of dollars. So this is a real threat!

Probably that's one of the major reasons why bitcoin is still not legal in many countries. But sadly, there will always be such people around us who will make illegal use of anything. These can't be uprooted, unfortunately!

so98nn

hero member

Activity: 2114

Merit: 603

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

[...]
This are one of the reasons crypto is still rejected .
What are your thoughts on these?.

I dont think just because crypto is being used for money laundering is the prime reason for its rejection?
That's a obsolete statement because every currency or commodity can be used to launder your "one form of the money into another".

I mean, the laundering itself means you hide your assets by covering it up with another asset. Whether it is bitcoin, fiat, gold or diamonds for that matter, they all can be used for the laundering of money.

Bitcoin, on the other hand has more potential than just money laundering.
It's technological advancement for easing day-today transaction or the way we make payments. Comparatively it might be slow, but it's giving us lot more opportunities than negative feedbacks.

It's a decade worth artwork, still under preparation. Give it time, and they will understand it has lot more positive things to accept it.

btc_angela

hero member

Activity: 2660

Merit: 551

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

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?.

Yes, you can say that it is one reason why crypto is rejected, but you have serious flaw in your argument. Just look at the old and traditional fiat system, it's been used to laundered money way before.

Just a couple of example that Banks are much worst as compare to bitcoin if you are talking about crimes.

Darker45

legendary

Activity: 2576

Merit: 1860

This has been debated and discussed over and over again that I thought this has already been made clear.

As a matter of fact, I don't think this reason is still sound today as far as rejecting Bitcoin is concerned. Fiat is used in countless of crimes, much much more than those which involve Bitcoin. Fiat is not rejected. What I'm saying is that you do not ban the use of knives simply because they have been used in countless of murders, robberies, injuries, and so on.

coinsolidation.org

jr. member

Activity: 68

Merit: 7

Hi,

I believe that the crime can be carried out with any type of asset with value. In the case of Bitcoin, I think there is more ignorance than cases like the one you are commenting on.

There will always be crimes in all types of financial actions (assets), the important thing is to have an overview and balance of the advantages and disadvantages of using cryptocurrencies as in the case of Bitcoin.

What is true is that Bitcoin, like the entire world of cryptocurrencies, has changed and will innovate financial processes at all levels.

Now time will decide if it continues to be adopted as a legal, simple and common means of transactions worldwide.

There will be some opponents saying bad things, there will be others in favor, but I believe that this is what enriches the market, the bad will always have a way to improve, the good will continue to grow, in short, let's remember that it is an innovative technology and that it is here to stay.

Regards,

LogitechMouse

legendary

Activity: 2576

Merit: 1043

Need A Campaign Manager? | Contact Little_Mouse

Is this still news??
Crimes regarding Bitcoin? Is this new??

As long as there is anything that has value, people will try to do anything just to scam or make crime using it and this case it is Bitcoin that has been used and it has been done for a long time already. Its already expected that this will continue and stopping it is almost impossible

. Whatever we do, there are still ignorant investors who are willing to invest in quick rich money schemes.

error08

hero member

Activity: 1036

Merit: 514

It's not a new thing or an early sign, crime using bitcoin is happening every day, as people will use everything that has value as a medium of exchange for a good or bad purpose.
The main thing that we have to focus on is the government's response to crypto because many countries have regulated bitcoin whether as an asset or commodity or as an alternative digital currency. It would be better if regulations allow the adoption of bitcoin as a currency for direct application as a means of payment, but as long as it does not hinder ownership or trade the cryptocurrency isn't bad as well.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: dothebeats on December 16, 2020, 05:02:43 PM

No matter what the financial tool is, expect that there will always be bad guys tarnishing the reputation of established fronts for their personal gain.

Yeap, and not just financial tools specifically, tools in general are always going to be used for nefarious purposes, and there's really not much we can do about it. Especially knowing that Bitcoin is pretty much freedom money, people will always take advantage of that freedom. With that said, I'd like to take the optimistic approach and remember that there are a lot of people saving themselves from inflation(and governmental tyranny) because of this wonderful invention that is Bitcoin.

kano

legendary

Activity: 4592

Merit: 1851

Linux since 1997 RedHat 4

In fact, Bitcoin is traceable while fiat usually isn't.
... you normally can't spend Bitcoins you get, unless you transfer them to someone else via the public blockchain ...

This argument about Bitcoin has been around pretty much since Bitcoin existed.

As others have said, fiat has been doing this for centuries.
So we should get rid of fiat, since Bitcoin is easier to trace?

The actual issue is simply that many governments and financial institutions don't want Bitcoin, so they distort the facts to try to turn people away from Bitcoin.

As for the media - every media outlet wants people to read their articles, so they'll say whatever they think will get the attention of people, no matter if the title ignores facts.

abel1337

legendary

Activity: 2492

Merit: 1145

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: dothebeats on December 16, 2020, 05:02:43 PM

No matter what the financial tool is, expect that there will always be bad guys tarnishing the reputation of established fronts for their personal gain. Anyway, I’m sure this will not deter genuine users of bitcoin from using and investing on it, as was the case for most of us here still invested and believing in bitcoin. More of these nefarious activities will be prevalent now that bitcoin is hitting the shelves, so it always helps to be vigilant to not be a victim of such.

Right, criminals is still criminals whatever the method or platform they are taking advantage of to perform their method. It just happened that bitcoin is the logical choice for the criminal to use when he does his money laundering act. Of course, the dignity of bitcoin will be reduced to those who saw the bad side of it but those who have trust in bitcoin and has knowledge of it know that the features of bitcoin are good compare to the traditional system.

Rengga Jati

hero member

Activity: 2072

Merit: 656

Hire Bitcointalk Camp. Manager @ r7promotions.com

And how many people use Bitcoin for crimes?
Everyone will have their own motive to support the crimes that they are doing.
If there is not bitcoin or crypto, they will also say that another thing is supporting their crime and used for their crime.
So, we cannot determine it. many people also have been using fiat money for any criminal, money laundry, and other illegal activities.

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

This are one of the reasons crypto is still rejected .

as far as I know, the reason Bitcoin is rejected in some countries is not only related to the use of criminals. But more other reasons like they are afraid of the financial system of their country, risks, and more about government cannot control Bitcoin. Additionally, sometimes, they don't legalize Bitcoin as a tool of payment because they have authorized the "money" in their country is the Fiat itself, not a cryptocurrency.
And I also agree with @Upgrade00. Fiat is used for numerous criminals for a long long time ago. But none rejects it so far.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

No matter what the financial tool is, expect that there will always be bad guys tarnishing the reputation of established fronts for their personal gain. Anyway, I’m sure this will not deter genuine users of bitcoin from using and investing on it, as was the case for most of us here still invested and believing in bitcoin. More of these nefarious activities will be prevalent now that bitcoin is hitting the shelves, so it always helps to be vigilant to not be a victim of such.

Starka

newbie

Activity: 6

Merit: 0

You’re quite right of course, but the larger issue is government using these crimes to establish and enforce oversight...you know...to protect us. THAT my friends is the real criminal enterprise.

logfiles

copper member

Activity: 2170

Merit: 1827

Top Crypto Casino

Is this even news?
Even way before Bitcoin became widely known people with good and bad intentions used it a like. From trading normal good and items in exchange for bitcoin to using to buying banned drugs, weapons, money laundering etc. Bitcoin has seen it all from its infancy
Questions are;
1. Did money laundering start when Bitcoin was introduced
2. Did trading of banned substances and weapons start when Bitcoin was introduced?

If the answer is no, then why does it make news when such things happen in the bitcoin ecosystem?

abderrazak belkhir

full member

Activity: 1100

Merit: 169

I dont know what you mean but its really strange that people still talking about this idea...do you think that if bitcoin doesnt exist at all this persone will not commit any crime??
Do you think that the only motivation for this persone is the existence of bitcoin??

Mike Mayor

hero member

Activity: 966

Merit: 535

Maybe we should also ban gold and silver oh we use to trade in cattle so I guess we better ban cows too. If something has value criminals want it, it is honestly that simple.

Money laundering has been going on ever since the creation of trade. Even before coins were used. People had to pay cattle to the king or whatever and people could have "laundered" that cattle so they don't have to give cattle to the king. If some people can find a way not to pay for something they will.

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

Quote from: Upgrade00 on December 14, 2020, 05:49:04 AM

Fiat for a very long time has been used to perpetuate scams but has not been rejected yet. If something has value, which Bitcoin does, it could potentially be used as a means of receiving illegal funds, this does not make the asset or currency illegal of itself.

Many people do not know Bitcoin is money, also an asset. What will criminals like to steal? It will be money like fiat, gold, diamond. If bitcoin is attracting scammers, that means it is because it is money and also an asset. The fact still remain as you commented about it as fiat remains the most laundered money that is also used in terrorism financing. Before bitcoin were terrorism and criminals.

Carlton Banks

legendary

Activity: 3430

Merit: 3080

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

the Silk Road (and it's copycats) was the first reason that a majority of people became aware of Bitcoin, that was 2011

so criminals using Bitcoin is almost as old as the Bitcoin network

Perhaps the following will also be news to you: people have been behaving unethically using money since money began too. And also before money existed. Money gradually became a popular thing despite that.

irixo10

full member

Activity: 1078

Merit: 104

GoMeat - Digitalizing Meat Stores - ICO

Even if there is no Bitcoin, he can still carry out the laundering maybe through other means like fiat, or even art works, so the problems is not about Bitcoin being used the problem is from the individual and I think it is time we stopped using such case scenarios to judge Bitcoin and its use. Some people uses Bitcoin to carryout money laundering and some people are still building platforms which can also leverage Bitcoin as a payment option, Institutional investors are still buying it, thus means that irrespective of what negative thing people think about Bitcoin, it is now a valuable asset. Hence my thought is, just as fiat is being used for various purposes both good and bad purposes, and ever since then have not been rejected same is also the case with Bitcoin.

thesmallgod

full member

Activity: 1498

Merit: 129

I do not see the use of crypto for crime as the basis of rejection. everyday people commit crime and used fiat currencies. Just few days ago, Saudi Arabia prosecute business owners for money laundering https://www.arabnews.com/node/1776676/saudi-arabia, should we because of that ban the use of fiat currency? maybe because of the portability and flexibility that bitcoin offers, they think it is easy to use bitcoin for crime but there has not been any holistic view that bitcoin are mostly used for crime than the fiat currency. Do you even know how difficult it can be to sell large amount of crypto for fiat?. Most time you end up using CEX which might require you to present document for KYC and at the long run, your identity is no more anonymous and you can be caught

masterrex

full member

Activity: 1820

Merit: 107

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?.

Mate that was a personal motive, and does not reflect why Bitcoin is rejected in some countries. For me, the biggest issue/causes why Bitcoin was put on hold/rejected in some countries/territories is because of the regulatory issues/laws while some countries impose the ban on cryptocurrencies in order to protect their financial services/Finance base industry because they know already that Bitcoin and other cryptocurrencies are more efficient compared to the old system that most countries have using. just my opinion!

Upgrade00

legendary

Activity: 2114

Merit: 2248

Playgram - The Telegram Casino

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

This are one of the reasons crypto is still rejected .

Fiat for a very long time has been used to perpetuate scams but has not been rejected yet. If something has value, which Bitcoin does, it could potentially be used as a means of receiving illegal funds, this does not make the asset or currency illegal of itself.

From this source, you can see the actual scam metheld used and it wasn't Bitcoin;
"French prosecutors say Vinnik was one of the creators of a malicious software called “Locky” that was delivered through email. If downloaded, the recipient’s data was encrypted and they were asked to pay ransom in bitcoin to free it."

The ransom could have been paid in any other valuable commodity as ransom payment was a thing long before Bitcoin was invented.

Obi theo

member

Activity: 123

Merit: 25

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?.

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