Is the anonymity of Bitcoin causing problem globally ? - page 2.

gribble

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Quote from: ethersphere on May 17, 2017, 08:17:43 AM

If bitcoin transactions are masked (which can easily be done), it allows for money laundering operations from illegal activities/theft/hacks. Its definitely "causing some problems" by enabling/facilitating the operations of these illegal organizations. Even with KYC checks done by bitcoin exchanges, it's not enough to definitively single out people involved in these operations.

Yup, will be difficult for getting peoples who made criminal with bitcoin
because there are not identity needed when use bitcoin,
we can not find the peoples who made criminal with bitcoin
especially small criminal with bitcoin.

densuj

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I don't think anonymity of bitcoin causing problem globally, bitcoin can be tracked if we know the wallet of bitcoin, although there are bitcoin mixing service, for big problem (illegal activities globally using bitcoin) the police can ask helping to the owners of bitcoin mixing service to track the bitcoin.

iamTom123

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Quote from: centralbanksequalsbombs on May 16, 2017, 04:07:41 PM

Bitcoin IS NOT ANONYMOUS and is basically a dream-come-true for records available to police globally and agencies equivelent to FBI & IRS to have freely accessible bitcoin ledger data that will not change and can be used in a court against you. No need to subpoena private banks or for them to request you provide the records. its PUBLIC, just need to match some IP data/telecom/username/login/geographical pattern data.

Well, this is quite opposite of what I understand about Bitcoin and thank you for enlightening me on the subject of Bitcoin anonymity. Of course, there are many proven ways to cover the tracks if one is really good on what he is doing. The fact that hackers are using Bitcoin that can be telling us that Bitcoin is an effective tool for their illegal activities. However, this is not really the problem of Bitcoin and I think right now authorities mostly in the Western countries are already aware of this fact.

ethersphere

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If bitcoin transactions are masked (which can easily be done), it allows for money laundering operations from illegal activities/theft/hacks. Its definitely "causing some problems" by enabling/facilitating the operations of these illegal organizations. Even with KYC checks done by bitcoin exchanges, it's not enough to definitively single out people involved in these operations.

White Christmas

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Quote from: bitllionaire on May 16, 2017, 04:15:54 PM

Quote from: GetClams.com on May 16, 2017, 03:09:59 PM

Bitcoin is not anonymous but if you are clever you can cover your tracks using other coins and exchanges. And governments are very opposed to anonymous crypto. I see a battle coming in the future over this issue.

yes bitcoin is not anonymous but the person who is holding bitcoin is really anonymous, but i am hopeful that it is not causing problem globally. hope that bitcoin will be economically helpful for the people of the world. as it is already helpful for those people who do not have any day job and they have invested even a little amount of money in trading. or those people who do not have any money and they are still earning bitcoin from joining a signature campaign in bitcointalk.org forum.

Exactly its not anonymous because many people who use technology know what bitcoin is. Butbin every transaction its also true that they are anonymous because this serves as their protection and privacy for them. I think it will not be a problem because as of now bitcoin helps a lot people who used it.

Xester

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Quote from: Immakillya on May 17, 2017, 12:47:06 AM

Bitcoin is anonimous. But not really. You can't buy bitcoin without giving your identity. But this ransomware is a different case. The hackers can't be trace on his btc address only. That's why the authorities still have no idea who the hackers are. I think its the perfect hacking in history. Because no trace at all and it worldwide. 150 countries, absolute incredible.

Yes it is true that even if bitcoin is anonymous but the moment you use an exchanger to convert your coins into cash or to use your cash to buy bitcoins the site will first require you to submit some legal identification for verification. After which you can be allowed to do some transactions. The wannacry ransomware on the other hand uses some kind of code so they can remain invisible to the eyes of the searching authorities.

kpcian

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In my opinion, since Bitcoin is an anonymous so you can'tbe tracked. but in future, it may be a problem. In recent times we've experienced a lot of hacking and currency trafficking, in which the culprit demands Bitcoin against those cases so concerned authorities may focus on the identity of those people,
When it will occur then Bitcoin may rethink about the procedure.

cr1776

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Quote from: absy on May 16, 2017, 03:04:27 PM

We know that "anonymity" is one of the main characteristic of Bitcoin and many people love to use Bitcoin because of this feature but is this causing problems worldwide?

The recent Wannacry Ransomware attack is the biggest Ransomware attack in the history and the hacker/attacker has asked to pay in "Bitcoins" because it can't be traced . What can be done in this type of situations?

A group or individual has also threatened a big company in our country to pay him certain ( big) amount of money in BTC otherwise their employees would face many problems . Payments from other methods ( which hackers or attackers used before ) was traceable but what about Bitcoins ? What can be done ?

That is like asking if computers, Windows bugs, NSA leaks, cash, the internet, air or water is causing a problem globally. After all crooks use them too and without any one of them the Wannacry scheme would fail. They are all neutral tools that can be used for good or bad..

One thing that can be done is to write software that is more secure, don't write software with government backdoors, and use traditional law enforcement techniques to trace bitcoin if needed.

hatshepsut93

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Quote from: absy on May 16, 2017, 03:04:27 PM

We know that "anonymity" is one of the main characteristic of Bitcoin and many people love to use Bitcoin because of this feature but is this causing problems worldwide?

The recent Wannacry Ransomware attack is the biggest Ransomware attack in the history and the hacker/attacker has asked to pay in "Bitcoins" because it can't be traced . What can be done in this type of situations?

A group or individual has also threatened a big company in our country to pay him certain ( big) amount of money in BTC otherwise their employees would face many problems . Payments from other methods ( which hackers or attackers used before ) was traceable but what about Bitcoins ? What can be done ?

All those things also apply to cash, yet there is no general opinion that cash is a "money for criminals". If something is used with malicious intent, it doesn't mean that it should be banned, just like with guns - they don't kill people, people kill people. Also, banning Bitcoin won't solve anything, criminals will always find a method to make their transactions. I think owners of exchanges and other services should cooperate with investigation if there's solid proof that criminals have used their services.

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Quote from: machinek20 on May 17, 2017, 05:31:48 AM

I think yes, it is not directly causing global problem, but bitcoin anonymity gives a new way to do bad things, a lot of people think that bitcoin cant be tracked so they are safe to do bad things with bitcoin, but actually the transaction can be tracked, so it almost the same doing bad things using fiat

Not certainly. That's not the reason why it's causing problem globally. What more reason is the issue regarding that and also its legality. Actually, anonymity makes currency better but problem.

machinek20

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I think yes, it is not directly causing global problem, but bitcoin anonymity gives a new way to do bad things, a lot of people think that bitcoin cant be tracked so they are safe to do bad things with bitcoin, but actually the transaction can be tracked, so it almost the same doing bad things using fiat

absy

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Quote from: Sadlife on May 16, 2017, 11:23:58 PM

Bitcoin's anonymity is great cause you dont have to type your personal information and dont get victimized by identity theft like paypal thousand of credits information being leaked online and getting used for financial gain, bitcoin helps you from those kind of things
But also not everything is perfect there are also some disadvantages to it like being used in illegal ways like what you have mention ransomware but the question is bitcoin really to blame or the users?

Right , when we take a look at the pros and cons of Bitcoin we can easily come to a conclusion that Bitcoin is by far useful than any other currency online but If this becomes a big issue and government need to take some action then they will find one proper disadvantage and may make a rule against the usage of Bitcoin in some countries ( Like our country which doesn't monitor the crypto-currencies ) .

Quote from: Immakillya on May 17, 2017, 12:47:06 AM

Bitcoin is anonimous. But not really. You can't buy bitcoin without giving your identity. But this ransomware is a different case. The hackers can't be trace on his btc address only. That's why the authorities still have no idea who the hackers are. I think its the perfect hacking in history. Because no trace at all and it worldwide. 150 countries, absolute incredible.

We can actually buy Bitcoin without giving our identity .

DoublerHunter

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We don't need to lie because it is true that anonymity is one of the causing problem in some of the conflicts that we have now especially the ransomware attacks. They choose bitcoin to be their payment method because bitcoin is anonymous and cannot be traced so they have the advantage and they can get payments without being track down.

orpel

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Many crooks are using Bitcoin on order to finance their activities.
I think that they can do it with or without the Bitcoin.
The crimes will happen either way and the dark-net/terrorists can find their way no matter what.

The question is what the world and the countries can do in order to regulate it.

bitbunnny

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Bitcoin has lost a great deal of its anonimity so far but still is convenient for criminal activities and atractive to hackers. One of the reasons is the value of Bitcoin and the fact that it could be easily used for different goods and services in the darkmarket.

davis196

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Quote from: absy on May 16, 2017, 03:04:27 PM

We know that "anonymity" is one of the main characteristic of Bitcoin and many people love to use Bitcoin because of this feature but is this causing problems worldwide?

The recent Wannacry Ransomware attack is the biggest Ransomware attack in the history and the hacker/attacker has asked to pay in "Bitcoins" because it can't be traced . What can be done in this type of situations?

A group or individual has also threatened a big company in our country to pay him certain ( big) amount of money in BTC otherwise their employees would face many problems . Payments from other methods ( which hackers or attackers used before ) was traceable but what about Bitcoins ? What can be done ?

Many cryptocurrencies are anonymous ,but bitcoin is the most popular amd with the most stable price and that`s why the hackers are using it.
If they were using some weak altcoin,the altcoin`s price would collapse.

Immakillya

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Bitcoin is anonimous. But not really. You can't buy bitcoin without giving your identity. But this ransomware is a different case. The hackers can't be trace on his btc address only. That's why the authorities still have no idea who the hackers are. I think its the perfect hacking in history. Because no trace at all and it worldwide. 150 countries, absolute incredible.

olushakes

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Quote from: absy on May 16, 2017, 03:04:27 PM

We know that "anonymity" is one of the main characteristic of Bitcoin and many people love to use Bitcoin because of this feature but is this causing problems worldwide?

The recent Wannacry Ransomware attack is the biggest Ransomware attack in the history and the hacker/attacker has asked to pay in "Bitcoins" because it can't be traced . What can be done in this type of situations?

A group or individual has also threatened a big company in our country to pay him certain ( big) amount of money in BTC otherwise their employees would face many problems . Payments from other methods ( which hackers or attackers used before ) was traceable but what about Bitcoins ? What can be done ?

This issue is a serious one and I am sure the way this unscrupulous individuals are abusing the anonymity characteristics is definitely not what Satoshi had in mind from the beginning and this pose more problem than we could imagine because since small guys are exploiting this means, then others will start seeing it that way which may force the hand of government if it becomes unbearable or if they don't have the technical capacity to trace where the funds are going into. With this getting to a head, ban will be the best option thereby price comes crashing. Its really a problem.

emezh10

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Bitcoin can be a really big problems when it comes in the government because bitcoin is anonymous in the sense of it is really digital we cant know the trase of the transaction so bitcoin can be use in such a illegal transactions and more applicable in it so it cant be trase by the government they really doing it in the black market.

Kakmakr

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Bitcoin gives you no more anonymity than cash gives you. So if you use cash, you would be more anonymous than when you would be using Bitcoin. The pseudo-anonymity is necessary to protect your financial privacy and unfortunately some people take advantage of that to commit crimes.

Question : Are you going to shut down the internet, because people use that to spread Randsomware OR that it is being used by criminals? < Unfortunately you have to take the good with the bad in these situations >

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