Illegal activities is giving cryptocurrencies a bad image - page 2.

Teraboy

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Quote from: betty11 on May 10, 2020, 08:15:59 PM

Bad actors are in every sector both Cryptocurrency and traditional system of banking. This they say to black mail Cryptocurrency because it's decentralized.

Im also thinking like that but the problem is the regulators were not seeing the illegal activities that happened in traditional economy as a bad as crypto.

This is the main problem. I thought that that doesn't make sense if that was related to the decentralized

Genemind

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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.

Saisher

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Quote from: adekogbe on August 13, 2019, 09:03:23 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

Blockchain is decentralized and opensource, it's a multi-billion dollar industry, where the money is the hackers will follow and try to manipulate and besides it exists in any industry, not only Cryptocurrency, this is the only industry where anyone can participate and cannot be regulated but still profitable even though the number of losses is very high.

tanjiran

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Quote from: betty11 on May 10, 2020, 08:15:59 PM

Bad actors are in every sector both Cryptocurrency and traditional system of banking. This they say to black mail Cryptocurrency because it's decentralized.

Basically, things will get worse if used by a criminal. Not only crypto, but even fiat can also be used as illegal activities. I think people are just not ready to accept the new financial system and technology.
Don't make fear an obstacle, but make it a motivation to study it well, so that we can adapt to find the best solution to avoid these negative actions.

betty11

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Bad actors are in every sector both Cryptocurrency and traditional system of banking. This they say to black mail Cryptocurrency because it's decentralized.

LostConfidence243

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Technology is uewd as like a double-edged sword, which can be used for good reason and also to commit criminal activities. It all depends on the user how they will act on it. Crypto is a new type of investment space which have great demand by investors , one other hand this makes scammers try to cheat on investors. Illegal activities is everywhere. Transparency on Cryptocurrency so far in good position rather regular banking system which extented is required for crypto to gain mainstream adoption .

matchi2011

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Quote from: gunungkembar on April 24, 2020, 09:33:18 AM

Quote from: Clark05 on April 24, 2020, 07:40:56 AM

We cannot avoid that the other people think bad about bitcoin or having a bad images because There is a lot of scam project and investment that use cryptocurrency to their illegal activities which is not good and I hope people mindset when they heae cryptocurrency is opportunity not a scam because that is what is people think about the crypto.

when there are many cryptocurrency projects that make a lot of people disappointed it will end up like this the name of cryptocurrency is bad and finally no one supports cryptocurrency anymore which will eventually make cryptocurrency prices difficult to go up hopefully this nightmare will not happen because if it does not exist digital currency in the future.

It won't if those who are inviting other people who don't have any idea what crypto is all about will provide proper information and not just all about investment, information drives will guide other people from that point they'll be able to determine which will be the right project to support and which one should be avoided. Those illegal activities will continue to exist but with right knowledge and understanding it will save a lot of potential investors.

demonica

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Quote from: Clark05 on April 24, 2020, 07:40:56 AM

We cannot avoid that the other people think bad about bitcoin or having a bad images because There is a lot of scam project and investment that use cryptocurrency to their illegal activities which is not good and I hope people mindset when they heae cryptocurrency is opportunity not a scam because that is what is people think about the crypto.

Isn't it usual for people to have differences in point of view? They normally judge the capabilities of cryptocurrency based on their understanding and experiences. For instance, when they had an unpleasant experience in cryptocurrency because of fraudulent projects, for sure it will affect their way of thinking like everything about it is bad. We should just accept it than to force people because at the end of the day cryptocurrency is capable of proving itself to people who doubt it.

minairia3

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SecureShift.io | Crypto-Exchange

In any kind of business there will be always illrgal activity. This cant be stop no matter how we avoid it. Cryptocurrency is a blockchain technology and this innovation even we dont like it are not free from vulnerable attacks by genius in computer technology whom using their intelligence for bad propaganda.

Tell me, is there a time where we dont have any record of hack on big platform? Even in a month period there will always be reported case of hack. Yet excluded those scam by small prey.

gunungkembar

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Quote from: Clark05 on April 24, 2020, 07:40:56 AM

We cannot avoid that the other people think bad about bitcoin or having a bad images because There is a lot of scam project and investment that use cryptocurrency to their illegal activities which is not good and I hope people mindset when they heae cryptocurrency is opportunity not a scam because that is what is people think about the crypto.

when there are many cryptocurrency projects that make a lot of people disappointed it will end up like this the name of cryptocurrency is bad and finally no one supports cryptocurrency anymore which will eventually make cryptocurrency prices difficult to go up hopefully this nightmare will not happen because if it does not exist digital currency in the future.

atjiat

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Quote from: totoy4741 on April 24, 2020, 08:40:58 AM

Quote from: Clark05 on April 24, 2020, 07:40:56 AM

We cannot avoid that the other people think bad about bitcoin or having a bad images because There is a lot of scam project and investment that use cryptocurrency to their illegal activities which is not good and I hope people mindset when they heae cryptocurrency is opportunity not a scam because that is what is people think about the crypto.

This is what I was thinking too. Scammers, business scam projects are giving Cryptocurrency a bad image and those who are not aware of this kind of venture are being corrupted of what they here and see. Once they fully learn and understand what cryptocurrency can bring in this generations they probably want to go in and say for themselves that its a good long tern investments.

the fact is that criminal activities using cryptocurrency in fact very negatively affect the reputation of the entire cryptocurrency market and even blockchain technology as well. I believe that this phenomenon must somehow be fought. if such problems did not exist, then on the part of governments we would not meet so many negative statements in the direction of cryptocurrency. but nevertheless, no one can escape from reality, because cryptocurrency in any case will take its position in the global financial economic system. Based on this, some organizations, structures and companies are already being created that will fight fraud on the cryptocurrency market and criminals who use cryptocurrency in their activities, including prosecuting those who avoid taxation through the anonymity of cryptocurrencies.

seagates

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People just dont understand that any currency has illegal activity

totoy4741

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Quote from: Clark05 on April 24, 2020, 07:40:56 AM

We cannot avoid that the other people think bad about bitcoin or having a bad images because There is a lot of scam project and investment that use cryptocurrency to their illegal activities which is not good and I hope people mindset when they heae cryptocurrency is opportunity not a scam because that is what is people think about the crypto.

This is what I was thinking too. Scammers, business scam projects are giving Cryptocurrency a bad image and those who are not aware of this kind of venture are being corrupted of what they here and see. Once they fully learn and understand what cryptocurrency can bring in this generations they probably want to go in and say for themselves that its a good long tern investments.

Crypto5060

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Theagriverse.io

Illegal activities are everywhere in the world not it's not just synonymous with crypto. The problem with crypto is that because of its anonymity it makes it practically impossible to trace these activities.

Clark05

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We cannot avoid that the other people think bad about bitcoin or having a bad images because There is a lot of scam project and investment that use cryptocurrency to their illegal activities which is not good and I hope people mindset when they heae cryptocurrency is opportunity not a scam because that is what is people think about the crypto.

riso2015

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Trphy.io

Quote from: xSkylarx on April 24, 2020, 05:03:29 AM

No system is free from bad activities, wven the so called government has surrounded with illegal activities. Issues with crypto being used for illegal activities and scam had been going around since crypto had the government's attention when it bloomed. Money laundering, ponzi scheme, stolen funds, terrorist fund and a lot more, name it.

Agree, and what's wrong is not Crypto/Bitcoin, but the person who committed the illegal act. We know that when Crypto was first born and also many online business pyramid or ponzi schemes were born, So many people are afraid of Bitcoin because it will result in losses. And finally now Crypto/Bitcoin still exists even though it has been hit by various storms Grin

Bonwin

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Quote from: suvo05 on August 16, 2019, 02:36:41 AM

This is why some counties impose ban on cryptocurrency trading. Rather than looking at its usability and the technology some of the gov look this as a threat to the country. So I think its really a challenge for the crypto developer and the Gov ensure that the crypocoin will not be used in any illegal activities .

Inasmuch as there are still controversies as to whether cryptocurrency and blockchain technology should be centralized or should remain as a decentralized entity, there will continue to be a problem. Governments will continue to look for excuses to discourage people from the use of cryptocurrency and to find ways of preventing investors from investing in crypto-related projects.
I think it is too late for them. Crypto is still and will continue to remain a safe haven for all.

Ken_terrance

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Making Smart Money Work

Quote from: adekogbe on August 13, 2019, 09:03:23 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

The only place that crypto regulations can gain ground is crypto exchanges, many crypto projects are decentralized and belief me such projects can't be regulated, compulsory of KYC is a good start too

Bestmanbuka

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Quote from: adekogbe on August 13, 2019, 09:03:23 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

The publication is right, because of the anonymity of the cryptocurrency transactions, it might be hard to to catch scammers and fraud and which is a very big concern for governments round the world the adopt it as a legal measure of exchange.
But asides that, even with Fiat currency, there are still scams all around the world and losses too, so I don't think that is enough reason for governments not to to fully adopt cryptocurrency as a means of exchange. Crime is inevitable in the our present world.

memed97

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Quote from: Kvalentine on April 24, 2020, 04:33:52 AM

And yet some inexperienced people are going against KYC process, the number of dollars lost would have been over 4.3 billion dollars if not for KYC verifications which can be used to stop money laundering and escape thefts around the globe

That's a very natural thing to happen, because you say they are inexperienced and oppose the process for KYC, even though it is very clear they will not lose more than 4.3 billion dollars if you want to do the KYC process.

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