I don't think that there is a way to link one wallet to the real-life address because it just a wallet without any information. Other people don't know who is the owner of that wallet.
It could attract the money laundering to grow, but I am sure that the governments will have a way to detect the fraudulent. The government can watch someone's bank account, and if he transferred a big amount of money, then the government can trace to whom he sent the money. After that, the government will do something with the owner of that account and the person who was receiving the money.
I am sure that the government can take a red line if someone wants to use crypto for money laundering.
Topic: How can some fraudulent people be discouraged from using cryptocurrency ? - page 2. (Read 326 times)
March 19, 2019, 02:38:12 AM
March 18, 2019, 11:47:16 PM
Before I joined crypto space, I used to watch some series where cryptocurrency is used as a payment for business there.
So I was wondering what is this cryptocurrency till I joined last year.
I have come to understand the reason why these people use cryptocurrency as a medium of payment.
1. It's easier to conceal large sum of money with cryptocurrency.
2. There's no way of tracking or tracing the funds directly to the owner of the wallet in real life.
3. It's actually a safe means of doing payment since you have no need carrying large sums with you.
I frown at number 2 and I ask if there's a way to link one's wallet to his or her real life address?
So I was wondering what is this cryptocurrency till I joined last year.
I have come to understand the reason why these people use cryptocurrency as a medium of payment.
1. It's easier to conceal large sum of money with cryptocurrency.
2. There's no way of tracking or tracing the funds directly to the owner of the wallet in real life.
3. It's actually a safe means of doing payment since you have no need carrying large sums with you.
I frown at number 2 and I ask if there's a way to link one's wallet to his or her real life address?
Basically, we should increase the security of our platforms, to only allow one account per person, not allowing them to duplicate their activity and spread fraudulent activities on the crypto space. In that case, they might be discouraged though.
March 18, 2019, 11:17:17 PM
IMHO anonymity in crypto is just a matter of time. If you can see all wallets changing balances this can be analyzed and with low volumes like now, it can be easily solved with different algos. Another question is the bridge where you can change your money on fiat, where all criminal can be caught.
Exactly, tracking everyone's crypto transactions is time consuming and privacy breaching, just regulate the mediums where crypto gets converted to fiat.
March 18, 2019, 11:28:00 AM
IMHO anonymity in crypto is just a matter of time. If you can see all wallets changing balances this can be analyzed and with low volumes like now, it can be easily solved with different algos. Another question is the bridge where you can change your money on fiat, where all criminal can be caught.
March 18, 2019, 11:19:50 AM
Exactly as the regular fiat people. Dollar has been around for centuries now, gold and coins have existed for millenias yet there are still people who have scammed other people and some of them went to jail or some of them even got away with their scam and never seen any consequences of their actions.
The fact that if you "steal" peoples money even if not directly out of their pockets but in a some conman type of scamming way it is still seen as stealing and you go to jail hasn't stopped people from doing it at all. You still have people who scam people and go to jail, so if jail is not something you can discourage them to do why do you think you could somehow stop the crypto scammers either ?
It is not possible, make it known very clearly that you will go to jail if you scam people even in crypto world but that would just slow it a bit, you can't stop it at all.
The fact that if you "steal" peoples money even if not directly out of their pockets but in a some conman type of scamming way it is still seen as stealing and you go to jail hasn't stopped people from doing it at all. You still have people who scam people and go to jail, so if jail is not something you can discourage them to do why do you think you could somehow stop the crypto scammers either ?
It is not possible, make it known very clearly that you will go to jail if you scam people even in crypto world but that would just slow it a bit, you can't stop it at all.
March 18, 2019, 08:54:33 AM
Of course not, because one of the main principles of cryptocurrency is anonymity, and its violation is already undermining the denial of cryptocurrency, but there is another way, if the wallet owner passed kyc, he could leave his data.
March 18, 2019, 08:40:46 AM
Actually we can track the transactions by simply knowing the wallet address or transaction id so it is more convenient than tracking a fiat transaction,and it is just a blind theory to say people doing crimes were using crypto currencies.
Indeed it's not hard tracking a transaction using a blockchain-explorer (except for privacy-coins) but assigning the transaction to a real person is much harder. The weak point are usually the exchanges so it might be possible for the law enforcement agencies to get in contact with them or they'll need a search warrant (might be hard if the exchange is in another country).
However you're right - I doubt that cryptocurrencies are used that often by criminals except for stuff like ransomware or as payment-method for markets in the "darknet".
March 18, 2019, 08:21:34 AM
Its actually more safer to use crypto as means of payment but tracking transactions is available on crypto ,that's why we have block explorer,ETH own is etherscan where you can track a transaction you send out from your wallet and you can confirm of it deliver or not
But not all payments can be done with crypto. Only special places can be used for crypto payments. What I know is that transactions can be traced to using etherscan if using erc20. Everything that happens in a bitcoin wallet or ethereum can certainly be tracked of course.These are only half accurate facts. Most financial transactions, whether using crypto or not, can be tracked. Bank accounts provide a way of tracking electronic transactions and since are linked to identities also satisfies all the KYC of states. Cryptocurrency in general have transactions stored on blockchains, which can be looked up.
Also traceability is not a feature of all crypto some make it purposefully so that you cannot trace them!
But it is not SAFER because of this at all. In fact, bank deposits are probably safer because insured by your goverment.
March 18, 2019, 07:20:55 AM
People and country don't use cryptocurrency because this is very risky like there's no assurance here base in different investment then actually a lot of users leave crypto already when they lose here but most of them are newbie only like they don't know how cryptocurrency really works still better to teach them little by little i'm sure in the future crypto world will accept by all people or country
March 18, 2019, 04:56:38 AM
Before I joined crypto space, I used to watch some series where cryptocurrency is used as a payment for business there.
So I was wondering what is this cryptocurrency till I joined last year.
I have come to understand the reason why these people use cryptocurrency as a medium of payment.
1. It's easier to conceal large sum of money with cryptocurrency.
2. There's no way of tracking or tracing the funds directly to the owner of the wallet in real life.
3. It's actually a safe means of doing payment since you have no need carrying large sums with you.
I frown at number 2 and I ask if there's a way to link one's wallet to his or her real life address?
So I was wondering what is this cryptocurrency till I joined last year.
I have come to understand the reason why these people use cryptocurrency as a medium of payment.
1. It's easier to conceal large sum of money with cryptocurrency.
2. There's no way of tracking or tracing the funds directly to the owner of the wallet in real life.
3. It's actually a safe means of doing payment since you have no need carrying large sums with you.
I frown at number 2 and I ask if there's a way to link one's wallet to his or her real life address?
Technically it’s an easy way to carry out money laundering activities
But the main concern for crypto currency for me, is the existent of scam icos , stos and also exit scam exchange platforms
March 18, 2019, 04:48:02 AM
I have come to understand the reason why these people use cryptocurrency as a medium of payment.
1. It's easier to conceal large sum of money with cryptocurrency.
Considering the huge amount that one will send to another, the fees are extremely cheap and became easier to receive it because with the increased volume of wallet developers that you can use.1. It's easier to conceal large sum of money with cryptocurrency.
2. There's no way of tracking or tracing the funds directly to the owner of the wallet in real life.
~
I frown at number 2 and I ask if there's a way to link one's wallet to his or her real life address?
If you know personally the owner of that address or has a label like the wallets here: https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html~
I frown at number 2 and I ask if there's a way to link one's wallet to his or her real life address?
But mostly, you are correct it's almost impossible to track the owner as no personal information attached for each transaction.
3. It's actually a safe means of doing payment since you have no need carrying large sums with you.
And almost impossible to send to the wrong address because of the number characters and all of them are uniquely made. March 18, 2019, 04:31:01 AM
Before I joined crypto space, I used to watch some series where cryptocurrency is used as a payment for business there.
So I was wondering what is this cryptocurrency till I joined last year.
I have come to understand the reason why these people use cryptocurrency as a medium of payment.
1. It's easier to conceal large sum of money with cryptocurrency.
2. There's no way of tracking or tracing the funds directly to the owner of the wallet in real life.
3. It's actually a safe means of doing payment since you have no need carrying large sums with you.
I frown at number 2 and I ask if there's a way to link one's wallet to his or her real life address?
So I was wondering what is this cryptocurrency till I joined last year.
I have come to understand the reason why these people use cryptocurrency as a medium of payment.
1. It's easier to conceal large sum of money with cryptocurrency.
2. There's no way of tracking or tracing the funds directly to the owner of the wallet in real life.
3. It's actually a safe means of doing payment since you have no need carrying large sums with you.
I frown at number 2 and I ask if there's a way to link one's wallet to his or her real life address?
Well, fraudulent activities are existent in all aspects of life
So with crypto currency bringing easy means of payment across the world
So it’s easy to move millions of dollars through crypto currency by just buying bitcoin
March 18, 2019, 04:15:17 AM
Yes, that is you go dig deeper on the technical aspects of blockchain. There are company who specializes on this one like: https://www.chainalysis.com/.
And that is why there are a lot of mixing or tumbling services just like in my signature. This is a way to hide your address and your coins by mixing it to make you more "anonymous".
And that is why there are a lot of mixing or tumbling services just like in my signature. This is a way to hide your address and your coins by mixing it to make you more "anonymous".
March 18, 2019, 03:54:53 AM
Actually we can track the transactions by simply knowing the wallet address or transaction id so it is more convenient than tracking a fiat transaction,and it is just a blind theory to say people doing crimes were using crypto currencies.
March 18, 2019, 03:39:16 AM
When we get to use cryptocurrency on each and everything, this becomes more effective. However things change or move, the fraudulent people's involvement will be found around. As cryptocurrency is completely functional through the internet any form of transaction can be tracked. This way it provides the transparency, if the end user is known then the entire anonymity goes off.
March 18, 2019, 02:27:02 AM
Its actually more safer to use crypto as means of payment but tracking transactions is available on crypto ,that's why we have block explorer,ETH own is etherscan where you can track a transaction you send out from your wallet and you can confirm of it deliver or not
But not all payments can be done with crypto. Only special places can be used for crypto payments. What I know is that transactions can be traced to using etherscan if using erc20. Everything that happens in a bitcoin wallet or ethereum can certainly be tracked of course. March 18, 2019, 02:24:48 AM
For payment issues using Crypto, I think because they are safer and easier. So they don't need to use cash to travel anywhere. In addition, this Crypto value can change and that means when Crypto recipients can benefit from rising market prices.
March 18, 2019, 02:23:14 AM
Before I joined crypto space, I used to watch some series where cryptocurrency is used as a payment for business there.
So I was wondering what is this cryptocurrency till I joined last year.
I have come to understand the reason why these people use cryptocurrency as a medium of payment.
1. It's easier to conceal large sum of money with cryptocurrency.
2. There's no way of tracking or tracing the funds directly to the owner of the wallet in real life.
3. It's actually a safe means of doing payment since you have no need carrying large sums with you.
I frown at number 2 and I ask if there's a way to link one's wallet to his or her real life address?
Since any blockchain being used encryption on its transaction and it looks impossible to know the real life address except that person was registering on the centralized exchange site that gives KYC as a mandatory for all participants or users.So I was wondering what is this cryptocurrency till I joined last year.
I have come to understand the reason why these people use cryptocurrency as a medium of payment.
1. It's easier to conceal large sum of money with cryptocurrency.
2. There's no way of tracking or tracing the funds directly to the owner of the wallet in real life.
3. It's actually a safe means of doing payment since you have no need carrying large sums with you.
I frown at number 2 and I ask if there's a way to link one's wallet to his or her real life address?
that's the only possible thing
March 18, 2019, 02:17:28 AM
Its actually more safer to use crypto as means of payment but tracking transactions is available on crypto ,that's why we have block explorer,ETH own is etherscan where you can track a transaction you send out from your wallet and you can confirm of it deliver or not
March 18, 2019, 02:06:55 AM
Everything is curled from what kind of cryptocurrency you are talking about. You can use anonymous cryptocurrencies in which it is impossible to track transactions between wallets.
Jump to: