Topic: Government aid being scammed. If the same had happened through bitcoin? (Read 372 times)
September 12, 2020, 09:36:40 AM
For a country like India which still do have certain issues with regards to Bitcoin usage and have still unclear stand with regards to Bitcoin usage and adaptation, it would be impossible to impose issuing financial aids that is meant to be distributed among farmers and knowing Indian people which do still patronize using cash rather than digital currencies like Bitcoin, they would just surely prefer having financial cash aid assistance rather than transacting it into Bitcoin which is still unsafe from scammers which once funds have been sent out, it cannot already be recovered. It was just sad that such good project of giving out financial assistance by the government for its people was not being missed out by those scammers and still took advantage of the situation for the sake of their own good. What must be made done on this is to manage properly the system intended for the distribution of the funds so that it would be assured to be get by the people and not by those scammers.
September 12, 2020, 07:46:47 AM
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
Bitcoin obviously has some negative points as well. One of them, in certain situations, is irreversibility.The only "remedy" would be properly analyzing the txs and backtracing the employees so that whoever did it has to serve the right punishment. Otherwise, what'd happen is a mirrored situation of the Mt Gox funds: they're just gone. We'd probably just have a few hundreds of articles talking shit about Bitcoin and that's it.
Anything comes with a cost, including decentralization. That goes from stuff like losing your seed to anything else a third party cannot solve. However, these costs and negative points of decentralization will never exceed those of centralization. I'd rather live with the risk of losing my money through my own mistakes than live with the feeling of slavery and control.
September 12, 2020, 05:01:38 AM
Blockchain would provide a ton of transparency to the inner workings of government, but that's also exactly what government doesn't want since they thrive off of corruption and in efficiency. So I wouldn't ever expect any such things any time soon. At best, a trendy micro nation might do something like that but even that I think is unlikely.
The government wants secret things and not exposure, this is the reason that many don't want to adopt blockchain so far. They want expose the public dealings but they don't want things in government houses to be known. For them it is better that way, to keep certain things secret except when it is important to bring it to public. But the modern day life with blockchain is about open administration.
September 11, 2020, 01:02:45 PM
The funds could have been distributed using bitcoin and could be traced. You won't be able to get them back but it sounds like they were regularly paying these people so you could blacklist the address and stop sending transactions to that person or even press charges if need be. Bitcoin would be great to use because we could trace where it is all being spent and the goverment would not be able to hide anything or corrupt goverment officials.
September 11, 2020, 08:04:31 AM
In my country our prime minister announced PM Kisan Scheme to directly benefit the farmers and the people who are associated with agriculture. This has been distributed in three installments directly to the beneficiary's bank account. Government employees are responsible for it, but to ease it on covid lockdown relaxations were given on applications and approval. This is being used by the brokers and has scammed 110 crore rupees. Now investigation has been started and 32 crore rupees have been retrieved directly from the banks.
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
Source : The Indian Express
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
Source : The Indian Express
There would be a minor issue about the transparency because even though transactions would be stored and listed, if they will use bitcoin, the transaction made can’t be undone once confirmed. There could also be some sort of ghost accounts in which the corrupt and greedy politicians together with their underlings could produce, just to get more money.
In our country, there are many cases from graft and corruption wherein they will make an account using someone’s name to get the funds. They usually use the name of the dead for their wrongdoings. They could use this method too. Creating ghost accounts and sending cash aids to those are irreversible and can’t be traced, making it a great scapegoat, because their identities wouldn’t be at stake.
In addition, if bitcoin was used the time your government cash aid has been scammed, it would be most unlikely to get the money back because of bitcoin’s decentralized nature that values anonymity. And like what I said, once a transaction is confirmed, it can’t be taken back, as they could use many tools to make the address of the receiver untraceable. Unlike in banking wherein, they could freeze the account of the receiver and trace the transaction history.
September 11, 2020, 12:29:50 AM
They say that cryptocurrency and decentralization hides things and keep them anonymous, but the way I see it, centralized organizations are the ones that are good at hiding things, banks can keep a money like this or any one of the government officials can steal the money and no one will be able to tell what’s happening.
But when it’s Blockchain and cryptocurrency like bitcoin, there is nothing to hide, because everything is widely open to the public and everyone can look into them and know where the money is heading. And also when things go wrong they can still trace it just like they have been doing for years now and find out the people behind it.
But when it’s Blockchain and cryptocurrency like bitcoin, there is nothing to hide, because everything is widely open to the public and everyone can look into them and know where the money is heading. And also when things go wrong they can still trace it just like they have been doing for years now and find out the people behind it.
September 10, 2020, 11:20:17 AM
They can always track the transaction in bitcoin and cryptocurrencies as the transactions is transparent in the public ledger, the problem is when the authorities didn't even know what the blockchain is and how to use it. How come could they tract transactions in that way? That is why some government have already hiring blockchain experts to help them with issues regarding these. If government isn't really concern about this new technology, lots and lots of people will just fall to frauds.
This isn't really a problem, you don't need every citizen to know how to verify Bitcoin transactions, that would be a task for activist and journalists. You don't need to hire any blockchain experts for that, anyone with basic understanding of Bitcoin could do that.
People say that if bitcoin has been used it would have been more transparent, how?
You would just see thousands tx going from one address to thousands other, how would that help?
The fraud was no because of the way money was sent, the fraud was committed with false beneficiaries, bitcoin or cash or bank transfers the sums would have been still been paid and the same would have happened.
Yes, Bitcoin wouldn't eliminate all forms of fraud, it would only make some forms of fraud that rely on fake transactions harder to execute. But it's all just a theory anyway, no way any government in this world would adopt Bitcoin.
September 10, 2020, 09:38:42 AM
Theoretically, if Bitcoin was used, it could have been more transparent if they were required to report all the addresses and amounts used, but it would come with a risk of hacking or false hacking.
People say that if bitcoin has been used it would have been more transparent, how?
You would just see thousands tx going from one address to thousands other, how would that help?
The fraud was no because of the way money was sent, the fraud was committed with false beneficiaries, bitcoin or cash or bank transfers the sums would have been still been paid and the same would have happened.
But be clear that, such a mistake can't happen with bitcoin because everyone of these farmers will have a unique wallet address which shows digital currency supremacy over the fiats.
People have also a unique identification number and unique bank accounts, that didn't help at all.
You will achieve full control over it only if all the wallets and all the people are connected in a database that tracks all addresses used by a wallet, do you really want that?
As long as any official is allowed to create thousand of fake identities in one system he can do the same in another
We know that cryptocurrency transactions are fully transparent .
.No, they are not!
September 10, 2020, 09:35:17 AM
Theoretically, if Bitcoin was used, it could have been more transparent if they were required to report all the addresses and amounts used, but it would come with a risk of hacking or false hacking. Governments are pretty bad with cyber security, their servers get hacked quite often, now imagine if they used Bitcoin and their not only data, but their funds were also stolen. Another problem is that corrupt government officials could steal the coins and then claim it was a hack. In either scenario, there's zero chance of retrieving coins.
This is what I thought. When some corrupt people manipulate and create rumors that there is hacking, it will benefit them, they will make the scenario as neat as possible so as not to be caught.For the use of Bitcoin it will be more transparent because every transaction will be recorded on the blockchain so that the funds will be found where it ends. But it must be monitored together to avoid hacks that can occur.
I really hate it when some people manipulate money that is supposed to help the people to be more prosperous, it is a crime that cannot be forgiven.
September 10, 2020, 09:22:22 AM
Knowing fully well that bitcoin transactions are irreversible mean that, the funds can't be reverse as the government has done in this case(reversed the fiats). But be clear that, such a mistake can't happen with bitcoin because everyone of these farmers will have a unique wallet address which shows digital currency supremacy over the fiats. Though, bitcoin as an evolving technology can Still develope on this aspect which the world need it operate(reversible transactions made possible).
September 10, 2020, 09:06:09 AM
It seems to me that this is not the best use of bitcoin. Maybe they'll think again.
September 10, 2020, 08:55:54 AM
Theoretically, if Bitcoin was used, it could have been more transparent if they were required to report all the addresses and amounts used, but it would come with a risk of hacking or false hacking. Governments are pretty bad with cyber security, their servers get hacked quite often, now imagine if they used Bitcoin and their not only data, but their funds were also stolen. Another problem is that corrupt government officials could steal the coins and then claim it was a hack. In either scenario, there's zero chance of retrieving coins.
This is what I thought. When some corrupt people manipulate and create rumors that there is hacking, it will benefit them, they will make the scenario as neat as possible so as not to be caught.For the use of Bitcoin it will be more transparent because every transaction will be recorded on the blockchain so that the funds will be found where it ends. But it must be monitored together to avoid hacks that can occur.
I really hate it when some people manipulate money that is supposed to help the people to be more prosperous, it is a crime that cannot be forgiven.
September 10, 2020, 06:52:30 AM
If the government wanted, it would be possible to identify the culprits. Another big reason is that criminals leave their footprints when they commit crimes. It is difficult to say whether the government will legalize the cryptocurrency to prevent such crimes. But yes it is a good thing that the government can draw attention to the legitimacy of the cryptocurrency. I hope those who have committed this crime will be brought to justice.
September 10, 2020, 06:51:01 AM
I don't know if the government will bring this issue under their law. But to be honest, it is very important to do this because if that happened then it would not be possible to recover the money very easily. In most Asian countries, Bitcoin and other online currencies have been declared illegal. Since the government is not legalizing all currencies, it is a great way to do crime. Even if the government needs it in the future, it is not certain whether cryptocurrency will be legalized.
September 09, 2020, 04:18:31 PM
Blockchain would provide a ton of transparency to the inner workings of government, but that's also exactly what government doesn't want since they thrive off of corruption and inefficiency. So I wouldn't ever expect any such things any time soon. At best, a trendy micro nation might do something like that but even that I think is unlikely.
September 09, 2020, 03:40:30 PM
In my country our prime minister announced PM Kisan Scheme to directly benefit the farmers and the people who are associated with agriculture. This has been distributed in three installments directly to the beneficiary's bank account. Government employees are responsible for it, but to ease it on covid lockdown relaxations were given on applications and approval. This is being used by the brokers and has scammed 110 crore rupees. Now investigation has been started and 32 crore rupees have been retrieved directly from the banks.
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
Source : The Indian Express
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
Source : The Indian Express
I dont know when it comes to remedy once these scheme do happen then its most not likely for those money to be given back but at least there would be some compensation or aid
and also the difference of transactions that do happen via Fiat and Cryptocurrency is different. We know that cryptocurrency transactions are fully transparent but when the time comes when scam happens
then theres no turning back of those funds yet tx are irreversible even if you do know that suspects wallet address then its still useless.Unlike when dealing up with Fiat where someone can
really sue out and do make investigations on where those funds go and recovery might really be possible.
September 09, 2020, 03:36:00 PM
If such transactions were made with bitcoin, there is no possible way such funds can be recovered. Although such transactions will be transparent, the funds can't be recovered.
This is one of the key characteristics of bitcoin. Enjoying the decentralization of bitcoin means sometimes, when issues like this evolve, we just have to make do with the fact that such funds are gone.
This is one of the key characteristics of bitcoin. Enjoying the decentralization of bitcoin means sometimes, when issues like this evolve, we just have to make do with the fact that such funds are gone.
September 09, 2020, 02:41:05 PM
In my country our prime minister announced PM Kisan Scheme to directly benefit the farmers and the people who are associated with agriculture. This has been distributed in three installments directly to the beneficiary's bank account. Government employees are responsible for it, but to ease it on covid lockdown relaxations were given on applications and approval. This is being used by the brokers and has scammed 110 crore rupees. Now investigation has been started and 32 crore rupees have been retrieved directly from the banks.
Corruption is the government is all around the globe, in my country (México) we used to make a joke... "You know why Mexico isn't the most corrupt country? because they pay to be in second place". And is normal for us to make a recapitulation when the elections come, to see how many steals the past governments. There are some crazy amounts.
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
Source : The Indian Express
Source : The Indian Express
If this happens with bitcoin, there is always the option to make a fork and send the transaction back until they steal the money, that's how you can recover them on cryptos, something similar happens to ETH in the DAO incident and a fork was the solution.
September 09, 2020, 02:33:42 PM
In my country our prime minister announced PM Kisan Scheme to directly benefit the farmers and the people who are associated with agriculture. This has been distributed in three installments directly to the beneficiary's bank account. Government employees are responsible for it, but to ease it on covid lockdown relaxations were given on applications and approval. This is being used by the brokers and has scammed 110 crore rupees. Now investigation has been started and 32 crore rupees have been retrieved directly from the banks.
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
Source : The Indian Express
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
Source : The Indian Express
If the fraud had happened with bitcoin payment, even that 32 crore would have lost. This money had been recovered because it was all done by the centralised banking channel and I hope the remaining amount will also be recovered slowly. In bitcoin, the entire 100 crores would have been lost because of the privacy feature of cryptocurrencies along with the power of bitcoin mixers. The recovery happened in fiat because of the KYC policy of the banks, at least some people were arrested.
In India, every new technology is seen as a threat, instead of seeing it as an opportunity. That's what is happening with bitcoin as well and the entire group of uneducated ministers are pulling up their socks to ban it through a law!
September 09, 2020, 09:25:32 AM
Well, the remedy is to look for the person who owns the wallet. If that fails, then I guess there is no other way to retrieve the lost funds. But then, since accountability should be practiced, the amount should still be returned in another manner. Those who were assigned to distribute the funds should be held responsible and asked to pay.
The problem, I suppose, is that the funds ended up in the hands of fake beneficiaries, right? If this is done in Bitcoin, there must be someone who is behind the wallets of those fake beneficiaries. That someone should be made to answer. Confiscation should follow.
The problem, I suppose, is that the funds ended up in the hands of fake beneficiaries, right? If this is done in Bitcoin, there must be someone who is behind the wallets of those fake beneficiaries. That someone should be made to answer. Confiscation should follow.
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