Illegal activities is giving cryptocurrencies a bad image

Iyanu14

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Quote from: adekogbe on August 13, 2019, 08:03:23 AM

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

Truly there are various illegal activities in the crypto space because of its decentralized nature. This is one of the reasons why probably many countries government are not ready to legalise it. But nowadays, several efforts are in place to mitigate these activities and that is why crypto is gaining more trust among individuals and governments.

justdimin

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This is an old topic, it is not like this at all right now. Back in the day there was too many illegal activities going on but also it was basically the most common thing people used it for, not like it is gone now and nobody uses it, it is still number one in darknet, probably stuff like monero or any privacy coin as well however it is not a big deal anymore. Why? Because back in the day there wasn't much you can do aside from using it for illegal activities, you had to either save it or trade it but you couldn't spend it on too many things since there wasn't too much adoption, so people used it on darknet markets.

Nowadays it is not like that, there are way more stuff you can use, plus trading and finances became a big part of it, everyone tries to make more profits using bitcoin.

10BTCaDay

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Quote from: suvo05 on June 07, 2020, 01:40:42 PM

I don't know why people used to blame cryptocurrencies for illegal activities. Even if somehow the cryptocurrencies get a ban then the people who do the illegal activity will find a new way of their activities.

this is the only negative thing which they can talk about crypto to slow its development. cryptocurrencies are really very convenient for use in illegal activities, but I think that a huge amount of fiat currency is also used in black business

suvo05

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I don't know why people used to blame cryptocurrencies for illegal activities. Even if somehow the cryptocurrencies get a ban then the people who do the illegal activity will find a new way of their activities.

cabron

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Now that there is a need for cashless transactions because of the pandemic, the regulations might just be approved to make it possible for unbanked to make transactions without the need to touch bills which is what is to be avoided this time.

The illegal activities are always there since the time without bitcoin, its even easier to make untraceable transactions with real cash than with bitcoin.

iv4n

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I don't agree with headline and topic, illegal activities are just that, illegal activities committed by people. We can't blame a tool that helps us all, nobody blamed fiat for illegal activities committed with fiat, and that's how it's been done for centuries before crypto. Nothing new in this world, illegal activities will be always there, we can think about whether crypto solve some existing problems in fiat or not?! Can we have better organization with less corruption with crypto!? if answer is yes then it's all it's matters!

ATSgrowth

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The cryptocurrency sphere gives freedom to all persons, but that also means freedom to all scammers that take could use this opportunity in many dangerous ways. But in the end we know that only 10% of all transactions are connected with criminal activities like money laundering etc.

sayulita

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Quote from: adekogbe on August 13, 2019, 08:03:23 AM

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

But the governments are not watching this fact that a lot of fiat currency is being used for the proposes of drug dealing and money laundering, they always try to hide this fact but they always say that Crypto is bad. The paper money is responsible for most of the drug trades in the world and also majority of illicit activities, even terrorism is being funded by cash itself. So how can they paint the image of Crypto as a bad currency. The thing is that they can't control Crypto and this is what they fear the most because they don't have any method of taxing it yet.

gabbie2010

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Quote from: Guryon_master on June 07, 2020, 09:48:34 AM

Quote from: adekogbe on August 13, 2019, 08:03:23 AM

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

Exactly! But expecting the government to act a total regulation to support blockchain is the thing that impossible to happen. Maybe because of the lack of understanding about it or because the government is aware that mass isn't yet ready to accept blockchain until now.

Until government studies blockchain technology whitepaper and scrutinize it while putting it on trial for it regulation to ascertain it workability if regulated unfortunately cryptocurrency is already being misused by fraudulent and corrupt individuals thus painting it in bad light while a credible government will not fold it arm and watch it citizens get defrauded using crypto without taking appropriate step to stop it.

Mianae

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Well this isn't the case. It's true numerous illegal activities occur mostly with cryptocurrency. This is also prevalent in the fiat World. The US $ is also used on the darkweb. The main reason why cryptocurrency is being attacked by the fed is because they cannot control it due to its decentralized nature. As cryptocurrency can be used illegally so is fiat currency.

nutriagrigia

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Quote from: Guryon_master on June 07, 2020, 09:48:34 AM

Quote from: adekogbe on August 13, 2019, 08:03:23 AM

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

Exactly! But expecting the government to act a total regulation to support blockchain is the thing that impossible to happen. Maybe because of the lack of understanding about it or because the government is aware that mass isn't yet ready to accept blockchain until now.

I don’t think that the majority of people in the world will ever be able to understand what is the blockchain and what is the cryptocurrency. many simply do not need it. I believe that governments should introduce regulation and make this market legal.

palle11

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Quote from: Genemind on May 10, 2020, 07:49:56 PM

Both fiat and cryto is the same even fat is widely used to do illegal activities. I see no difference. The governement is just pointing fingers to crypto because they are afraid of it since it is decentralized. This had been going on since the day crypto gain fame, crypto used for scam, money laundering, transferring terrorist fund, and etc.

The government won't like to support what they won't have monopoly of. They are seeing btc as that and not really with the illegal excuses being made around it as you have rightly said. Because embezzlement is also going on with fiat.

Guryon_master

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Quote from: adekogbe on August 13, 2019, 08:03:23 AM

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

Exactly! But expecting the government to act a total regulation to support blockchain is the thing that impossible to happen. Maybe because of the lack of understanding about it or because the government is aware that mass isn't yet ready to accept blockchain until now.

thesmallgod

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There is nothing that have pros that does not have cons. The same thing with the fiat base system that we operate. Money are being embezzle, bank steal money from dead customers, individuals take part in fraud and forgery using fiat based currency. And the same thing is happening with crypto. Not long ago in my country, some groups of kidnapper were requesting for $10000 worth of bitcoin to be paid as ransom https://www.ccn.com/bitcoin-ransom-nigeria/ when it comes to rising against crypto, government will not look at the pros side of it but rather focus all their energy on the cons

RabbiTANK

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Crypto still have a lot to achieve, wars to fight, there are many illegal activities involved with Fiat currency but online money is just another story entirely, regulations can't stop this, the freedom online is marginal compare to offline, online is the perfect haven for illegal activities and nothing can change that.

HunterUnchained

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This is the case in the cryptocurrency industry unfortunately. The main reason for this is as a result of the fact that, the crypto industry deals majorly with anonymity making it difficult to have laid down rules in place to forestall issues of illegality. People can hide anywhere and perpetuate scams and other unscrupulous activities without the fear of being caught or prosecuted. Worst still is the fact that, the industry is unregulated making it extremely porous and available for anyone to employ for notorious activities.

New_order

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Quote from: adekogbe on August 13, 2019, 08:03:23 AM

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

Is this what you meant???

Regulation = scam free Huh

Well if this is it you are wrong, regulation can't make people have trust in crypto because there will always be scammers in this space, you want solution? How about some crypto safe haven for investor? Something that STO failed to do....how does this sound??? IEO did a good job already but just think about an exchange that guarantees any crypto you invest on with gov back up regulations?? That's what we need

rahmatullah9305

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I agree with you, because of scams and frauds upon investing on crypto, it could give a treat to several investors and newcomers to refrain from investing any cryptocurrency. Maybe some of the world government may ban cryptocurrency on their country because of lots of scams and fraudsters in it.

The point is do not easily trust anyone, because in the real world there are also many frauds, not only in cryptocurrency, so it all depends on us also in terms of believing or not, because if we look in detail many of the victims of fraud are they who easily believes in people he doesn't know.

lobo13hf

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Quote from: Genemind on May 10, 2020, 07:49:56 PM

Both fiat and cryto is the same even fat is widely used to do illegal activities. I see no difference. The governement is just pointing fingers to crypto because they are afraid of it since it is decentralized. This had been going on since the day crypto gain fame, crypto used for scam, money laundering, transferring terrorist fund, and etc.

That's true if both were the same but crypto gets more bad publication caused by this is a new thing that became widely used by so many people and the criminal act related to the crypto gets more massive publication. This is really bad for the image of crypto

LbtalkL

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It is true, Some people in my country if they heard bitcoin they will ignore or stay out of it. Because it was damaged by scammers and fraud or any kind of illegal activity. In previous years, there is so many scam site like cloud minding site that exist but now I only see a few of them. That is good I guess people now are educated about cryptocurrency not to believe those scam easily. We have some bad side but also we have some good side, our local bank release a bitcoin ATM which is good for the image of crypto, and more people will be curious and interested in it.

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