Topic: Illegal use of Bitcoin affecting its value? - page 3. (Read 7882 times)
for me this also helps in gaining popularity
I would say that gambling sites are generally illegal in the United States. Although the reason for being as such is nothing more then a technicality. It is illegal to gamble across states lines because states want to be able to heavily regulate and tax casino operations.
States try and tax as much as they can. Even Amazon collects state sales tax in a large number of states.
Tough to implement that model in online casinos though....
Has the use of Bitcoin for illegal things such as purchasing drugs, weapons, fraudulent documents and laundering money effected its value?
Yes, in the beginning the first market for Bitcoin besides pizza were for gambling and drug sites such as the Silk road along with other legitimate reasons that said it wasn't such a bad thing since it started in that segment and grew from there to the early mainstream usage we are witnessing now.
Well there is the legal grey area around online gambling websites, I recall Satoshidice having issues with US users of its site a while back but allowing other gambling jurisdictions to use it.
So I considered it sort of illegal but not illegal in that case, but what I meant is that some of the earliest uses came from there and it grew to more mainstream uses over time.
Cash has illegal use and it didn't affect its value.
Bitcoin will have the same issue as cash when it comes to illegal use.
Bitcoin will have the same issue as cash when it comes to illegal use.
I don't think that Illegal use of Bitcoin will affect its value but I'm concern about reaction from USA and other Western governments if Bitcoin become famous like tool for money laundry. This will be very bad for the development of Bitcoin and its global acceptance.
It affects the adoption rate I guess. Or even the value. I for once was scared away from BTC back in the good ol 0.1$ per coin days. Fuck my life, if I really looked into it instead of being scared away by how Bitcoin was used by criminals, I would be filthy rich by now. Oh fuck the fucking thing.
Has the use of Bitcoin for illegal things such as purchasing drugs, weapons, fraudulent documents and laundering money effected its value?
Yes, in the beginning the first market for Bitcoin besides pizza were for gambling and drug sites such as the Silk road along with other legitimate reasons that said it wasn't such a bad thing since it started in that segment and grew from there to the early mainstream usage we are witnessing now.
Well there is the legal grey area around online gambling websites, I recall Satoshidice having issues with US users of its site a while back but allowing other gambling jurisdictions to use it.
So I considered it sort of illegal but not illegal in that case, but what I meant is that some of the earliest uses came from there and it grew to more mainstream uses over time.
legendary
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Has the use of Bitcoin for illegal things such as purchasing drugs, weapons, fraudulent documents and laundering money effected its value?
Yes, in the beginning the first market for Bitcoin besides pizza were for gambling and drug sites such as the Silk road along with other legitimate reasons that said it wasn't such a bad thing since it started in that segment and grew from there to the early mainstream usage we are witnessing now.
Well there is the legal grey area around online gambling websites, I recall Satoshidice having issues with US users of its site a while back but allowing other gambling jurisdictions to use it.
So I considered it sort of illegal but not illegal in that case, but what I meant is that some of the earliest uses came from there and it grew to more mainstream uses over time.
Has the use of Bitcoin for illegal things such as purchasing drugs, weapons, fraudulent documents and laundering money effected its value?
Yes, in the beginning the first market for Bitcoin besides pizza were for gambling and drug sites such as the Silk road along with other legitimate reasons that said it wasn't such a bad thing since it started in that segment and grew from there to the early mainstream usage we are witnessing now.
legendary
Activity: 2884
Merit: 1115
Leading Crypto Sports Betting & Casino Platform
Has the use of Bitcoin for illegal things such as purchasing drugs, weapons, fraudulent documents and laundering money effected its value?
Yes, in the beginning the first market for Bitcoin besides pizza were for gambling and drug sites such as the Silk road along with other legitimate reasons that said it wasn't such a bad thing since it started in that segment and grew from there to the early mainstream usage we are witnessing now.
the whole silk road event was a bad thing for bitcoin, because federal just dumped all btc seized
They didn't dump all bitcoins as far as I know, only a small part of what they had seized (DPR's coins are intact). And I wouldn't call the auction for selling that part as dumping either (they were not sold on an exchange that could negatively impact the price).
there is a proof of that? last time i checked i read that they dumped all of them
TL;DR no the government did not dump all the SR coins on the market
I guess what you have to ask yourself is have drugs being illegal effected the value on the black market? Is downloading music, movies etc illegally any less popular? The answer is no it makes no difference or it makes the price higher.
the whole silk road event was a bad thing for bitcoin, because federal just dumped all btc seized
They didn't dump all bitcoins as far as I know, only a small part of what they had seized (DPR's coins are intact). And I wouldn't call the auction for selling that part as dumping either (they were not sold on an exchange that could negatively impact the price).
there is a proof of that? last time i checked i read that they dumped all of them
One of the first results from Google. Quoting below the relevant part:
Quote
...the Marshals Service is auctioning off 29,000 bitcoins, part of the assets seized in the October 2013 Silk Road bust and arrest of Ross Ulbricht (the coins being auctioned were held on Silk Road servers; the Marshals still hold another 110,000 coins that were on Mr. Ulbricht’s computer). That’s a big chunk of digital change to drop on the market. For another thing, the outcome will show where some pretty sophisticated, big investors really value bitcoin.
You could actually have done it yourself, couldn't you?
the whole silk road event was a bad thing for bitcoin, because federal just dumped all btc seized
They didn't dump all bitcoins as far as I know, only a small part of what they had seized (DPR's coins are intact). And I wouldn't call the auction for selling that part as dumping either (they were not sold on an exchange that could negatively impact the price).
there is a proof of that? last time i checked i read that they dumped all of them
the whole silk road event was a bad thing for bitcoin, because federal just dumped all btc seized
They didn't dump all bitcoins as far as I know, only a small part of what they had seized (DPR's coins are intact). And I wouldn't call the auction for selling that part as dumping either (they were not sold on an exchange that could negatively impact the price).
They dumped the coins. We should be thankful that the buyer is still holding the coins and didn't try to make a quick buck by flippping them over.
the whole silk road event was a bad thing for bitcoin, because federal just dumped all btc seized
They didn't dump all bitcoins as far as I know, only a small part of what they had seized (DPR's coins are intact). And I wouldn't call the auction for selling that part as dumping either (they were not sold on an exchange that could negatively impact the price).
the whole silk road event was a bad thing for bitcoin, because federal just dumped all btc seized
Yup Silk Road type places actually make BTC really useful.
It may have positive and negative effects. Like the silk road when it was operating the price went up
Right that since transacting in BTC is anonymous, it can be used by the bad guys on its maximum. 
Well, it's considered to be *pretty* anonymous. Given some work, and enough people, it's still quite possible to trace a transaction back (even if you use multiple addresses). Blockchain sleuthing is something one of my friend likes to do in his spare time, actually o_o
It is very easy for NSA and FBI to find out your identity if you do doggy thing with bitcoin.
But would it be worth the effort involved?
Even after Silk Road has been shut down, is the FBI going after individuals who purchased small quantities of pot?
No, because it is probably not worth it.
They will want to make an example to discourage drug users from buying illegal substance online.
True. They might want to make an example of some people. But would they try and go after all of them?
Since most of the silk road bitcoins went to Mt Gox/other exchanges, the Fed could theoretically subpoena the exchanges, and get all their addresses. But are they doing it?
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