Topic: Illegal use of Bitcoin affecting its value? - page 5. (Read 7904 times)
Illegal use of bitcoin will not affect its value but the news often highlight that Bitcoin is the problem. Thats what causing the value to drop...
Has the use of Bitcoin for illegal things such as purchasing drugs, weapons, fraudulent documents and laundering money effected its value?
A few years ago this was the case, but these days BTC is used for so many legit purposes that it doesn't really matter. I think most of the value these days is determined by the supply/demand.
Illegal use of USD affecting its value?
Yes, it creates more demand for USD driving the price up.
Exactly! Same is true for anything of course.
So illegal use of Bitcoin does after all drive its exchange value up?
Utility of anything drives it's value up as it it increases it's (potential) usefulness.
Yes, but this is just one side of the coin, right? What if this utility is banned? Things suddenly become rather complicated, don't they?
Only if the banning takes away the utility. If the US bans breathing out tomorrow I doubt anyone in the US will be holding their breath indefinitely.
Bitcoin allows you to get access to many things, some of them obviously being illegal. Since it has a competitive edge before fiat in reaching illegal things (less risk being caught and whatnot), this presumably adds up to its utility. So the only way to prevent this is to ban Bitcoin?
Illegal use of USD affecting its value?
Yes, it creates more demand for USD driving the price up.
Exactly! Same is true for anything of course.
So illegal use of Bitcoin does after all drive its exchange value up?
Utility of anything drives it's value up as it it increases it's (potential) usefulness.
Yes, but this is just one side of the coin, right? What if this utility is banned? Things suddenly become rather complicated, don't they?
Only if the banning takes away the utility. If the US bans breathing out tomorrow I doubt anyone in the US will be holding their breath indefinitely.
Illegal use of USD affecting its value?
Yes, it creates more demand for USD driving the price up.
Exactly! Same is true for anything of course.
So illegal use of Bitcoin does after all drive its exchange value up?
Utility of anything drives it's value up as it it increases it's (potential) usefulness.
Yes, but this is just one side of the coin, right? What if this utility is banned? Things suddenly become rather complicated, don't they?
Illegal use of USD affecting its value?
Yes, it creates more demand for USD driving the price up.
Exactly! Same is true for anything of course.
So illegal use of Bitcoin does after all drive its exchange value up?
Utility of anything drives it's value up as it it increases it's (potential) usefulness.
Illegal use of USD affecting its value?
Yes, it creates more demand for USD driving the price up.
Exactly! Same is true for anything of course.
So illegal use of Bitcoin does after all drive its exchange value up?
Illegal use of USD affecting its value?
Yes, it creates more demand for USD driving the price up.
Exactly! Same is true for anything of course.
Back with Silkroad V1 it did affect bitcoin but now it doesn't.
Illegal use of USD affecting its value?
Yes, it creates more demand for USD driving the price up.
Illegal use of USD affecting its value?
Cash has illegal use also. Don't think it affect the value much.
As time has gone on, there has been less and less talk of the illegal uses of Bitcoin. I think this is because it has gotten a lot of legitimacy as the larger corporations are starting to recognize and accept it as a means of payment...
Yeah, I rarely see this brought up in mainstream articles these days. While two or three years ago no journalist would ever leave the fact that people buy drugs online with Bitcoin out of an article.
It's good to see the media not focus on such a small part of Bitcoin.
As time has gone on, there has been less and less talk of the illegal uses of Bitcoin. I think this is because it has gotten a lot of legitimacy as the larger corporations are starting to recognize and accept it as a means of payment...
Right that since transacting in BTC is anonymous, it can be used by the bad guys on its maximum. 
I agree that the senator demanding that Silk Road be taken down defiantly increased the public awareness and adaptation of bitcoin. It also indirectly proved just how safe it is to use bitcoin (and TOR) as it took years and massive amounts of government resources to shut down Silk Road and catch Ross.
Plus, eventually the government got lucky.
I agree that the senator demanding that Silk Road be taken down defiantly increased the public awareness and adaptation of bitcoin. It also indirectly proved just how safe it is to use bitcoin (and TOR) as it took years and massive amounts of government resources to shut down Silk Road and catch Ross.
Plus, eventually the government got lucky.
I agree that the senator demanding that Silk Road be taken down defiantly increased the public awareness and adaptation of bitcoin. It also indirectly proved just how safe it is to use bitcoin (and TOR) as it took years and massive amounts of government resources to shut down Silk Road and catch Ross.
Plus, eventually the government got lucky.
Well bad guys are doing this daily with cash
I simply wouldn't be here if Chuck Schumer didn't do that ridiculous Silk Road Youtube video. From right out of the Ron Paul camp, I came here and never looked back, because here are people not just threatening the US government, but actively undermining them. That was a clear proof-of-concept and I'd argue we're all indebted to Silk Road, to some extent, for Bitcoin's popularity today, an exponential expression of past adoption and evangelism.
I agree that the senator demanding that Silk Road be taken down defiantly increased the public awareness and adaptation of bitcoin. It also indirectly proved just how safe it is to use bitcoin (and TOR) as it took years and massive amounts of government resources to shut down Silk Road and catch Ross. Jump to: