Illegal use of Bitcoin affecting its value? - page 7.

polynesia

legendary

Activity: 1358

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Quote from: sed on July 27, 2014, 05:53:07 PM

Quote from: deepestfear on July 27, 2014, 03:10:15 AM

Unlikely, BTC is use agnostic. Utility is utility, legality does not matter unltimately

No but the earlier posts were right about the fact that during 2012 and 2011 if/when btc hit the popular media it was alway "this thingy is used by criminals to make crime easier". Nowadays the perceptions in the media have changed in that we usually don't hear this tagline about criminals. I personally think that these sorts of perceptions do affect adoption which does in turn affect valuation.

There is no such thing as bad publicity. The earlier media reports did help expand the awareness of bitcoin.

joshraban76

sr. member

Activity: 252

Merit: 250

I wouldn't say that using bitcoin for illegal purchasing of things like drugs and such would affect the value at all. It is not just bitcoin that is used to purchase these kind of things. Money we all carry in our pockets on a daily basis can be used for such things but does the value drop on those because it is used for purchasing illegal goods? Not at all.

sed

hero member

Activity: 532

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Quote from: deepestfear on July 27, 2014, 03:10:15 AM

Unlikely, BTC is use agnostic. Utility is utility, legality does not matter unltimately

No but the earlier posts were right about the fact that during 2012 and 2011 if/when btc hit the popular media it was alway "this thingy is used by criminals to make crime easier". Nowadays the perceptions in the media have changed in that we usually don't hear this tagline about criminals. I personally think that these sorts of perceptions do affect adoption which does in turn affect valuation.

gambian-

newbie

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The price dropped then dramatically increased on the day of the Silk Road closure. I'm not sure what impacts Bitcoin for better or worse when it comes to illegal use.
Boggles me

bitcoin4eva

sr. member

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I don't think it has a negative affect to the value. I think it has a positive one. Illegal purposes still play a big role in it and more people use the currency.

Erdogan

legendary

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There is no illegal use of bitcoins and there can never be.

yayayo

legendary

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Not everything that is outlawed in some countries can be considered morally illegitimate. And the other way around.

That said, I don't think that *illegal* use of bitcoin has a great influence on price. But I say that *any* use has a great influence on price.

More use = higher prices.

ya.ya.yo!

RobertDJ

full member

Activity: 155

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Quote from: jbrnt on July 26, 2014, 02:40:12 PM

Illegal uses of bitcoin has both positive and negative effect on bitcoin.

Some people will buy bitcoin, probably lots, exclusively for illegal trades. Some people will misunderstand bitcoin as a currency for illicit goods and slow down adoption. Governments will clamp down on bitcoin with strict regulations against money laundering, but in turn legitimise bitcoin as an taxable asset.

Who can be sure which side is more dominant?

I think this is true, especially so during bitcoin's early days when, I would think that a lot of people used it to buy illegal drugs on SR, which likely drove up the price. I also don't think it was a consistence that the price of bitcoin skyrocketed shortly after it made front page news that you could use bitcoin to buy illegal drugs anon on the internet.

johnd7

newbie

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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?

i think it effects badly even killing bitcoin in some countires.

MegaHustlr

hero member

Activity: 601

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Vote 4fryn :)

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?

Yeah, it probably has. Bitcoin got its start buy being used to buy such things. It doesn't effect the price negtively but positvely. You can buy all these things with fiat money as well remember.

deepestfear

sr. member

Activity: 291

Merit: 250

Unlikely, BTC is use agnostic. Utility is utility, legality does not matter unltimately

harlenadler

sr. member

Activity: 430

Merit: 250

Agent of Chaos

Remember that the bitcoin drug trade started it all. Don't forget where we came from. Cool

tee-rex

hero member

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Quote from: jbrnt on July 26, 2014, 02:40:12 PM

Illegal uses of bitcoin has both positive and negative effect on bitcoin.

Some people will buy bitcoin, probably lots, exclusively for illegal trades. Some people will misunderstand bitcoin as a currency for illicit goods and slow down adoption. Governments will clamp down on bitcoin with strict regulations against money laundering, but in turn legitimise bitcoin as an taxable asset.

Who can be sure which side is more dominant?

According to the Roman emperor Vespasian, pecunia non olet ("money does not stink")! Wink

sandykho47

sr. member

Activity: 252

Merit: 251

Knowledge its everything

i think because illegal use of BTC, the value won't down & maybe went up because they usually but a large amount of BTC
Maybe people (who not use BTC) think BTC used for bad purpose only

painlord2k

sr. member

Activity: 453

Merit: 254

If BTC (or any) currency can not be used for illegal/illicit purposes it is a lousy form of currency.
If it can not be used for illicit or illegal purposes, then it is entirely controllable by the government and it is not yours; it is theirs.

jbrnt

hero member

Activity: 672

Merit: 500

Illegal uses of bitcoin has both positive and negative effect on bitcoin.

Some people will buy bitcoin, probably lots, exclusively for illegal trades. Some people will misunderstand bitcoin as a currency for illicit goods and slow down adoption. Governments will clamp down on bitcoin with strict regulations against money laundering, but in turn legitimise bitcoin as an taxable asset.

Who can be sure which side is more dominant?

Daniel91

legendary

Activity: 3374

Merit: 1824

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.

powerguy

newbie

Activity: 52

Merit: 0

cash is also used for illegal purposes and also diamonds are used for money laundering as they are small and expensive

jambola2

legendary

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Quote

Illegal use of Bitcoin effecting its value?

I think you mean affecting

I believe that Silk road started out the initial interest in Bitcoin , but now it is harmful , as everytime something like this falls , it causes a media shitstorm against Bitcoin.
We need to convince small businesses to start accepting Bitcoin and making them believe that it is a currency for drug abusers and mobs is not a good way to start.

tee-rex

hero member

Activity: 742

Merit: 526

Quote from: boraf on July 26, 2014, 09:07:42 AM

Cash has illegal use also, don't see its value being affected.

Its value IS affected by illegal uses. Try to cash out a million dollars and you will learn the difference between pure electronic money (completely traceable and non-anonymous) and real paper banknotes in your suitcase.

Topic: Illegal use of Bitcoin affecting its value? - page 7. (Read 7904 times)