Illegal use of Bitcoin affecting its value?

deluxeCITY

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Quote from: dankkk on September 21, 2014, 12:59:16 PM

Quote from: botany on September 21, 2014, 08:07:18 AM

Quote from: leannemckim46 on September 20, 2014, 04:37:03 PM

Quote from: furlong on September 20, 2014, 11:09:56 AM

All that matters is it getting used, the rest doesnt matter.

If a significant portion of bitcoin related commerce is for illegal uses then anyone who is associated with bitcoin or that owns bitcoin would be somewhat associated with illegal activity (it would be implied they are somehow involved). If it is only a small percentage of the overall level of commerce then people who use and own bitcoin would likely not be implied to be associated with illegal activity

I doubt if a significant portion of bitcoin related commerce is for illegal uses.

Ross had accumulated ~144K bitcoin from commissions from SR in only ~2 years. He likely paid the site expenses and his living expenses out of the site commissions so the 144k bitcoin is the site profit (after Ross's living expenses).

I think it is safe to say that SR was a significant portion of bitcoin related commerce up until it was shut down

This is a great example as to how much bitcoin related commerce was/is taking place on illegal dark market websites. Other examples would include the fact that SR2 was hacked back early this year and well over $4 million was stolen

Eastwind

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Which one is the largest site accepting BTC?

dankkk

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Quote from: botany on September 21, 2014, 08:07:18 AM

Quote from: leannemckim46 on September 20, 2014, 04:37:03 PM

Quote from: furlong on September 20, 2014, 11:09:56 AM

All that matters is it getting used, the rest doesnt matter.

If a significant portion of bitcoin related commerce is for illegal uses then anyone who is associated with bitcoin or that owns bitcoin would be somewhat associated with illegal activity (it would be implied they are somehow involved). If it is only a small percentage of the overall level of commerce then people who use and own bitcoin would likely not be implied to be associated with illegal activity

I doubt if a significant portion of bitcoin related commerce is for illegal uses.

Ross had accumulated ~144K bitcoin from commissions from SR in only ~2 years. He likely paid the site expenses and his living expenses out of the site commissions so the 144k bitcoin is the site profit (after Ross's living expenses).

I think it is safe to say that SR was a significant portion of bitcoin related commerce up until it was shut down

botany

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Quote from: leannemckim46 on September 20, 2014, 04:37:03 PM

Quote from: furlong on September 20, 2014, 11:09:56 AM

All that matters is it getting used, the rest doesnt matter.

If a significant portion of bitcoin related commerce is for illegal uses then anyone who is associated with bitcoin or that owns bitcoin would be somewhat associated with illegal activity (it would be implied they are somehow involved). If it is only a small percentage of the overall level of commerce then people who use and own bitcoin would likely not be implied to be associated with illegal activity

I doubt if a significant portion of bitcoin related commerce is for illegal uses.

Eastwind

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Quote from: leannemckim46 on September 20, 2014, 04:37:03 PM

Quote from: furlong on September 20, 2014, 11:09:56 AM

All that matters is it getting used, the rest doesnt matter.

If a significant portion of bitcoin related commerce is for illegal uses then anyone who is associated with bitcoin or that owns bitcoin would be somewhat associated with illegal activity (it would be implied they are somehow involved). If it is only a small percentage of the overall level of commerce then people who use and own bitcoin would likely not be implied to be associated with illegal activity

ditto

leannemckim46

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Quote from: furlong on September 20, 2014, 11:09:56 AM

All that matters is it getting used, the rest doesnt matter.

If a significant portion of bitcoin related commerce is for illegal uses then anyone who is associated with bitcoin or that owns bitcoin would be somewhat associated with illegal activity (it would be implied they are somehow involved). If it is only a small percentage of the overall level of commerce then people who use and own bitcoin would likely not be implied to be associated with illegal activity

TD131

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Quote from: furlong on September 20, 2014, 11:09:56 AM

All that matters is it getting used, the rest doesnt matter.

Exactly

furlong

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All that matters is it getting used, the rest doesnt matter.

BeeTeeSea

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Any use is good for BTC.

Eastwind

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Quote from: tinkersay on September 18, 2014, 02:45:46 AM

Bitcoin is used as payment for illegal activities, but is dollar. So what then?

Maybe the proportion of BTC used for illegal activities is more than dollar. That is why we need more legal entities to accept BTC.

lamaze

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I really dont know if it affects its value. The only thing that should be done is to capture those who run illegal activities but bitcoin should not be affected by the anything.

tinkersay

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Bitcoin is used as payment for illegal activities, but is dollar. So what then?

omnidoge

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Quote from: misscointamer on September 17, 2014, 06:43:05 AM

Does the use of dollar affected the value of dollar? NO. More bitcoin to spend, the more it goes popular.

You have a point there. I think using bitcoin as a tool for illegal ways will make it more popular.

misscointamer

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Does the use of dollar affected the value of dollar? NO. More bitcoin to spend, the more it goes popular.

mymenace

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Smile

Quote from: tshann004 on July 25, 2014, 08:21:22 PM

Has the use of Bitcoin for illegal things such as purchasing drugs, weapons, fraudulent documents and laundering money effected its value?

since 2012 yes
since 2013 yes
since 2014 hell yes

with silk road and easy way to transfer money of course the price increased with higher usage

and then oooohhh shit

silk road gets busted and mtgox crumbles down goes the price. The main goods and services used for bitcoin disappears

this is me speculating above

but wait 2014 and more and more businesses start using bitcoin now over 60000 - look out 2015

just as illegal activities have utilised bitcoin it is now time for the legal options to give it a try, can you imagine the price rise then (maybe speculating)

Just as there is illegal use of bitcoin so is there illegal use of your countries national dollar for drugs, guns and anything else illicit

all types of currency are used for illegal activity

keithers

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This is the land of wolves now & you're not a wolf

I think govts have laid off pushing the media stuff about illicit goods and BTC, and have focused on the money laundering angle. I think they think it suits them better for the larger scale.

wasserman99

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Quote from: robstak on September 10, 2014, 09:07:30 PM

Quote from: leannemckim46 on September 10, 2014, 12:03:31 AM

Quote from: SW725 on September 09, 2014, 01:25:30 AM

Quote from: DaveSaldana123 on September 09, 2014, 01:24:50 AM

For me it will affect positively. Not negatively.

Kindly elaborate this one?

How much commerce was done on SR? It was a lot. IIRC Ross was guaranteeing the fiat value of bitcoin transactions held in escrow. So if the seller was willing to give a refund then the refund would be given in terms of dollars instead of bitcoin. This likely not only got more people to buy on SR but also got people into bitcoin.

The Silk Road issue made a great publicity, bitcoin became more popular and widely acceptable around the world. Any kind of exposure is good for bitcoin.

I don't think any publicity is necessarily good for bitcoin. I think that all the illegal uses of bitcoin have somewhat given it a bad name (although I also think this is slowly going away). I would argue that the illegal uses of bitcoin in it's very early days is what got it off of it's feed and allowed it to grow

botany

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Quote from: robstak on September 10, 2014, 09:07:30 PM

Quote from: leannemckim46 on September 10, 2014, 12:03:31 AM

Quote from: SW725 on September 09, 2014, 01:25:30 AM

Quote from: DaveSaldana123 on September 09, 2014, 01:24:50 AM

For me it will affect positively. Not negatively.

Kindly elaborate this one?

How much commerce was done on SR? It was a lot. IIRC Ross was guaranteeing the fiat value of bitcoin transactions held in escrow. So if the seller was willing to give a refund then the refund would be given in terms of dollars instead of bitcoin. This likely not only got more people to buy on SR but also got people into bitcoin.

The Silk Road issue made a great publicity, bitcoin became more popular and widely acceptable around the world. Any kind of exposure is good for bitcoin.

Yes, it generated curiosity among people. More people discovered bitcoin because of the publicity surrounding this.

inigthz

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Quote from: tshann004 on July 25, 2014, 08:21:22 PM

Has the use of Bitcoin for illegal things such as purchasing drugs, weapons, fraudulent documents and laundering money effected its value?

Nope. Just trader affecting the prices..

Daniel91

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Quote from: zimmah on September 12, 2014, 07:12:09 AM

are illegal uses of dollars affecting it's value?

i don't think so

if anything, it increases it.

money is worthless if it can't be used to do whatever you want with it.

I agree.
Value of bitcoin depends on Market, buying/selling and demand of this currency.
If people thinks they can make profit with bitcoin, ir use it for buying digital goods/services, value of bitcoin will rise.
Otherwise, value of bitcoin will go down.

Topic: Illegal use of Bitcoin affecting its value? (Read 7904 times)