Illegal activities is giving cryptocurrencies a bad image - page 3.

Twinkledoe

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Quote from: Lexurdania on April 24, 2020, 03:32:00 AM

Even though it's almost 10 years old after it was first traded, cryptocurrency still needs more time because the market or investors are very complex. In addition to regulatory requirements, cryptocurrency needs to be cleared of scammers because it affects the interest of new investors

Clearing scammers in crypto is very far from happening. Because they can launch their project anonymously and there is no central authority handling all these crypto projects, they have all the leeway to implement their project according to their standards. So the responsibility now leaves on crypto users. They should learn how to avoid being scammed by not investing on a project that he did not do any research or not leaving any coins for too long in crypto exchanges to avoid losses when that exchange is suddenly hacked.

xSkylarx

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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.

Becky666

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For point of correction, these things you have outlined that happened or are happening in the cryptocurrency industry, started from the traditional settings and not just happening with this emerging technology. Money laundering, corruption, theft, lack of transparency, and buying of hard drugs through fiats. Basically, the Fiat systems have this as a normal routinely; and has grown through the fiats to this emerging technology. In as much this acts never give fiats a bad image then, we shouldn't worry about it happening with this technology.

Kvalentine

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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

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

Lexurdania

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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

Even though it's almost 10 years old after it was first traded, cryptocurrency still needs more time because the market or investors are very complex. In addition to regulatory requirements, cryptocurrency needs to be cleared of scammers because it affects the interest of new investors

Christinebeauty

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There are corruption and theft everywhere. The governments are trying to find any means possible to paint cryptocurrency evil to the public. Majority of corruption that goes on are from the government offices. Even the banks get robbed despite their so called tight security system. blockchain transactions can be traced but don't forget when there is theft in government offices, the thieves are hard to find

Ozero

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Yes, losses from various fraudulent and other illegal actions in cryptocurrency in the amount of $ 4.3 billion this year alone is a very large amount. Undoubtedly, this is the result of the lack of clear rules of conduct in cryptocurrency and the result of permissiveness, and of course, anonymity of the participants in these relations. It seems that we will not do without state organizational regulation in cryptocurrency. Decentralization is good, but cryptocurrency scammers should not feel at ease here.

jorenpo

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cryptocurrencies is indeed the best choices of the criminals to use on an illegal activities. untraceable and irreversable transaction. we really need to find ways to stop this activities.

akirasendo17

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you're right its the main reason why coins are going down,
also scam's make people think twice on investing, that's what really is happening
people will need to be educate to where they really need to invest
helping them, will help them realize that these coins in the market is real and not any kind
of scheme so please spread and share educate everyone

Fundamentals Of

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Regulation is necessary when adoption of cryptocurrency will be at its fullest. We need regulation to make sure cryptocurrencies are used within the legal bounds, taxed accordingly, and monitored properly. But let us be extra careful what we wish for. Regulation by the government is only a hairline away from control. And the government, it seems to me, eyes control more than regulation. Regulation appears to be the euphemism they need in order to infiltrate the world of cryptocurrency.

Pelana vreo

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Blockchain brings transparency to everyone, but some countries still reject cryptocurrency because of things like fraud and money laundering.
Before bitcoin and blockchain existed, there were many scams and several communication networks in private banks in my country were also hacked, I think blockchain is better than the banking system that has always been covered by the government, that their banks often suffer huge losses because of several things

ryzaadit

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Ilegal activities all depend on what purpose that used to using crypto it's for a bad or good thing, you can see fiat/banked also used by a criminal for an ilegal activity like a drug seller, money laundry, etc. We have so many examples for like this, example like we can use a drug for medicine purpose but a asshole people use drugs to get jazzed. The problem its not on the technology, the problem it's on the users who use technology for criminal activity when we can use for a good thing.

gundala

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Quote from: SirLancelot on August 16, 2019, 12:17:45 AM

You’re saying the happening. A lot of people now sees Bitcoin as a very bad thing, cause they now believe that it is a currency that is being used by criminals and people who make use of the dark web. Bitcoin is good, just that those bad people are now taking advantage of it and using it to carry out their evil activities on the web without being caught. Lastly was the hackers that hacked Binance and then made use of a coin mixer and the way it is now I don’t think they are going to be caught, cause it seems to be like they are gone for good, making use of a coin mixer makes a coin difficult to trace.

So, this time around I wonder how they are going to be traced. It is stories like this that makes people see Bitcoin as something bad and it causes more hatred for crypto. We really need to find ways to stop such things from happening.

yes, such cases make ordinary people even more hesitant even afraid to use bitcoin and other cryptocurrencies. but if studied further, it is part of the risk, as well as various investments in the real world that are also at risk and have the opportunity to be stolen and used as a tool of crime.
cybercrime is indeed quite difficult to overcome, nothing is really safe on the internet. use the best protection, and don't forget to always pray that our funds are safe.

wattcrypto

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Quote from: Wittny on August 14, 2019, 04:47:03 PM

Too much scam in cryptocurrency is giving cryptocurrency another name, too much fraudulent activities, too much of ico scam, too much of doing fake self drop and bounty, i just pray and believe all this is been resolved soon.

I agree. There is a lot of unregulated and chaotic stuff happening in regards to crypto and where money is going. I think that companies like ciphertrace are really helping the current state imho

Vektrum

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Thefts on exchanges most negatively affect the image of cryptocurrencies, but recently, exchange teams more often take measures to protect wallets and user funds. Some exchanges create reserve funds in case of hacking of the exchange and loss of part of user funds, and this is a positive trend that can increase the level of security of exchanges and increase the level of trust in cryptocurrencies.

Fredomago

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Quote from: old fart on August 16, 2019, 04:16:27 AM

Before the invention of blockchain technology, there have been illegal activities. Money laundering has been going on even before bitcoin. Trying to discredit bitcoin or other cryptocurrencies using illegal activities isn't fair at all. Banks have been moving cash illegally, same as individuals.

Good point, before this industry has been known this illegal deed already exists, there's no need to incorporate illegal activities to crypto as bad doers will always find ways to take advantage of any possible venues to do whatever they've desire, even in Fiat and banking system we can also hear news that it's been used for laundering or any illegal transactions, it's the end users responsibilities to take care to avoid being labeled.

sana54210

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Quote from: suvo05 on August 16, 2019, 01:36:41 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 .

I am sorry to that those countries are foolish is there anything that is pertaining to money that does not have its bad side?

It is their ability to control it that makes them government and worlds leader, would they because all the citizens of their countries are doing bad and ten kill them on everything? how are they able to manage money that is the root of all evil, I mean their own fiat where people have even used to commit lots of atrocities, how about banking system also, are they any saint into fraudulent activities also?

I think the reason why governments just do not want cryptocurrency is because they felt it will make them relinquish some of their powers to people, that is why trump made a statement and said crypto is for lawless people, he is indirectly saying people that wants to break out of a law they have created.

nwosuchristabe2

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It's quite unfortunate that despite the fact that high level scam and illicit activities are carried out using cryptocurrency, its still yet to be regulated by the government. The only way by which cryptocurrency can gain the much anticipated mass adoption is with regulation. Am proud of the United States government trying in their own capacity to keep the citizens protected and hope that much more would be done by other government authorities of more countries.

old fart

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Before the invention of blockchain technology, there have been illegal activities. Money laundering has been going on even before bitcoin. Trying to discredit bitcoin or other cryptocurrencies using illegal activities isn't fair at all. Banks have been moving cash illegally, same as individuals.

Thanasis

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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

Most of the money from the investors related to crypto losses due to the cryptocurrency exchange losses and from investing and the scam crypto projects but these can be easily avoided by following simple steps from the crypto holders like never store their cryptos on any exchanges for longer time and avoid investing on the new crypto projects because most of them are useless,regulations not going to change anything but it will cost the holders like taxation and other fees.

Topic: Illegal activities is giving cryptocurrencies a bad image - page 3. (Read 1229 times)