Terrorists Turn to Bitcoin for Funding, and They’re Learning Fast (NYT article)

squatter

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STOP SNITCHIN'

Quote from: bitart on August 20, 2019, 03:26:31 PM

Why would they use bitcoin if they can use the US dollar? Cash has no track record and they don't need to exchange bitcoin to USD and after to cashout the USD to get the cash they want in the end...

They do use the US dollar, quite a lot more than Bitcoin I'm sure. But how is Nathaniel Popper supposed to spin that into a New York Times article? Grin

Quote from: SirLancelot on August 20, 2019, 11:34:32 PM

If this news is true, it will only hasten up the government to put regulation in place, at least with regulation, it will still be difficult for them to use because if KYC, before they can move money in and out of the market at large quantity, at least they will do KYC and with KYC, government will be able to trace them easily.

That's the argument, anyway. Get ready for $1,000 KYC thresholds -- if not outright mandatory KYC -- to use most Bitcoin exchanges, services, etc. Enjoy the wild west while we still have it. It won't be around much longer!

SirLancelot

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I don’t find this new as an issue at all, first, it will boost the income of that market cap, the more they demand for bitcoin, the more the price of bitcoin increase to favor us, but I would not be happy at that, because it would be at the death of another person, we all know what terrorist organization stands for, if they are being funded easily, they will unleash lots of terror on people and take lots of lives even if it will affect our won investment.

If this news is true, it will only hasten up the government to put regulation in place, at least with regulation, it will still be difficult for them to use because if KYC, before they can move money in and out of the market at large quantity, at least they will do KYC and with KYC, government will be able to trace them easily.

bitart

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Why would they use bitcoin if they can use the US dollar? Cash has no track record and they don't need to exchange bitcoin to USD and after to cashout the USD to get the cash they want in the end...
It's much easier to use cash and it doesn't need any technical knowledge, smartphones or computers and internet connection. Cash is just totally offline and can be used in the middle of the desert/forest/sea, just everywhere... and much faster than bitcoin...
In the beginning of the internet, it was used to download mp3 music and for some other illegal activities, but after people started to use it for everyday purposes now... maybe bitcoin is only needs some time to have the proper adoption to let everyday people start using it...

scambust

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Quote

Bitcoin has been slower to take off among terrorists in part because of its technical sophistication, terrorism experts said. Terrorist groups have also had methods of using the traditional financial system without needing Bitcoin.

Technically sophisticated? Why I think building improvised explosive devices is much more harder to understand than how to send a bitcoin transaction. This second sentence talks about the USD-based banking system, ban the dollar.

squatter

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STOP SNITCHIN'

What a headline! Popper is at it again! Tongue

It shouldn't surprise anyone that militant and terrorist groups are trying to raise funds with Bitcoin. They've already been doing it for years in dribs and drabs. At least they're apparently getting smarter -- no longer storing funds in one address, or at Coinbase.

Quote from: Oliva Chen on August 19, 2019, 08:21:33 PM

"require cryptocurrency exchanges to do a full identity check on anyone sending digital tokens out of a wallet"? This would violate the principle of decentralization

Exchanges aren't decentralized. Governments can target centralized entities with regulations and law enforcement. Bitcoin network unaffected.

Anonylz

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How long have Terrorism been in existence, what has been their mode of funding - fiat i am sure, and that does paint a negative view on fiat, but now that terrorist are beginning to use btc, the media would always want to twist it around and try to paint a negative view on btc, they are always looking for a way to say something bad, like it is btc's fault more people are accepting it.

timerland

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Quote from: jaocoincrypto18 on August 19, 2019, 10:01:21 PM

This report maybe true or not but i think the issue of terrorism funding was already neutralized thru regulation long time ago that is why the individual that engages in crypto exchanges are now strictly monitored thru KYC and some measures to prevent money laundering activities.

Terrorism funding was never done with purely, or even majority BTC transactions. Money laundering and terrorism are still usually funded with fiat currencies to this date.

Quote from: linenoise on August 19, 2019, 11:59:59 PM

Only terrorism? Usually to make something very unpopular the news stories include other horrible things like human trafficking, underage porn, and all the other things to turn your nose at. This will of course lead to further reasons to have strong KYC laws like the ones currently being encouraged for every exchange. If governments are regulating and not banning that's overall a good thing.

What are you trying to say? That the article should have mentioned BTC's involvement with human trafficking and underage porn? The article is made purely to create FUD before the next bull run, and it's tried to link 2 very different things together, whilst ignoring the importance of fiat currencies, which are predominantly used.

This fake news isn't a good reason for new KYC laws, it's fake news being manipulated, and I believe you've been fooled.

Lucius

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Which is worse, people who write such idiotic articles or ones who post link to them?

This is not about anything new, but about recycled news which are for some strange reason repeated from time to time. Since this is US newspaper we should not be surprised by their obsession with terrorism and the fight against terror.

There are currently no more serious terrorist organizations in the world, and there will be none until there is a need for them. And when something like that happens, it's certainly not going to be funded with Bitcoin, but with the good old US dollar.

Something is pop in head of Mr.Popper, i suggest he go for a head examination

buwaytress

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Totally old hat news.

Been covered to death by less traditional media who support the terrorist label of Hamas, and yet, even with ALL that coverage, Hamas actually hasn't gotten much funding to its Bitcoin wallets. In the four months after they launched this donation campaign, Elliptic traced only 0.6 BTC or so. I sincerely doubt much has changed in the few months since that calculation.

0.6 BTC. What a scary figure.

Carlton Banks

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Ok then, NY Times

terrorist organisations have a long history
we know from this history that there are alot of spies in mid-level leadership roles in terrorist organisations

so it's pretty likely that at least some of this is all being performed by spy agencies anyway (your tax dollars at work, lol)

if you believe the spy agencies' stories about this issue, it's because they're "fighting terrorism from the inside". can't make an omlette without breaking a few eggs, huh guys?

Kakmakr

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You know, terrorist can use anything to fund their activities. We have seen people smuggling diamonds in their rectum to sell on the black market to fund these terrorists. So trying to stop them from using Bitcoin would be like stopping everyone from entering a country with Gold and diamonds in their possession. Roll Eyes

The terrorists are also using the Internet to spread the word about their activities and also to recruit people for their war. Are you going to shutdown the Internet, because these terrorists are using it for their activities? Tongue

AmoreJaz

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Quote from: Herbert2020 on August 20, 2019, 01:42:02 AM

lol, where is NYT article about when US invented terrorists in the region mainly Al Qaeda and ISIS back in the days of their war with Russia and CIA was literary funding these terrorists using the good old US dollar? and they still do fund them through USD because they benefit from the terror they are causing even if this demon they created is biting everyone in the ass.

Quote from: Artemis3 on August 19, 2019, 07:29:52 PM

What do you think this "news" would do to affect bitcoin price? Or increase adoption, by Streisand effect?

nothing. it is not the first bullshit the media publishes against bitcoin and it won't be the last.

they can write and create more mass media scare but no one can stop the continuous usage of BTC or other crypto esp for those who are legitimately using it. they are only using the ignorance of most ordinary people when it comes to cryptocurrencies. and they are instilling negative notion to them
however, for crypto users like us, we just ignore such bs articles. we know the real nature of crypto. and crypto life moves on...

avikz

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My question to the author of the article is,

Was fiat never involved in terrorism financing? Cryptos came into picture just 10 years ago and started gaining popularity and momentum sjnce 2017. How was terrorism being financed prior to that??

Every new technology comes with pros and cons. But that doesn't mean that we need ban it. There are ways to deal with risks and that's the route we have to take. For this reason only, I support the guidelines given by FATF in G20 summit.

People can scream to support anonymity but that's not going to solve the problem. Proper implementation of KYC and AML acts can reduce such illicit activities and save commoners like us!

To OP's question, such news can neither impact nor increase the adoption rate of bitcoin. It's just a news with a very limited reach and effect!

Herbert2020

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lol, where is NYT article about when US invented terrorists in the region mainly Al Qaeda and ISIS back in the days of their war with Russia and CIA was literary funding these terrorists using the good old US dollar? and they still do fund them through USD because they benefit from the terror they are causing even if this demon they created is biting everyone in the ass.

Quote from: Artemis3 on August 19, 2019, 07:29:52 PM

What do you think this "news" would do to affect bitcoin price? Or increase adoption, by Streisand effect?

nothing. it is not the first bullshit the media publishes against bitcoin and it won't be the last.

Wind_FURY

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FUD. But if terrorists believe it's useful for them, then what can you do? They also find fiat useful, everyone is OK with it. Cool

OP, plus can you make just a summary of the article?

linenoise

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Only terrorism? Usually to make something very unpopular the news stories include other horrible things like human trafficking, underage porn, and all the other things to turn your nose at. This will of course lead to further reasons to have strong KYC laws like the ones currently being encouraged for every exchange. If governments are regulating and not banning that's overall a good thing.

btc_angela

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This is no news, it has been reported in the past already, so I don't know what's the reason behind this article as this time. The only reason I can think of is to create another FUD because bitcoin is having another mini bull run.

Some example:

2018 - https://www.forbes.com/sites/nikitamalik/2018/08/31/how-criminals-and-terrorists-use-cryptocurrency-and-how-to-stop-it/#55d2cbf93990

2018 - https://www.coindesk.com/crypto-use-is-a-fringe-activity-among-terrorists-says-think-tank

2017 - https://www.coindesk.com/u-s-think-tank-finds-rising-bitcoin-price-linked-terrorist-interest

2017 - https://www.straitstimes.com/asia/se-asia/fears-over-bitcoin-use-in-terror-financing

jaocoincrypto18

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This report maybe true or not but i think the issue of terrorism funding was already neutralized thru regulation long time ago that is why the individual that engages in crypto exchanges are now strictly monitored thru KYC and some measures to prevent money laundering activities.

timerland

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Well, I read the NY times article, and I can't help but feel like the article is extremely useless and was only written by a "trusted" mainstream news site to cause more FUD relating to BTC.

Sure, BTC is used to do illegal activities and do horrible things, but look at fiat currencies. If cash was not invented until now, there is no way it would have been allowed on the streets, it is way too risky for governments and is perfect for crime.

Quote from: Oliva Chen on August 19, 2019, 08:21:33 PM

"require cryptocurrency exchanges to do a full identity check on anyone sending digital tokens out of a wallet"? This would violate the principle of decentralization

It's already happening with most big crypto exchanges, and regulations are likely going to take over in the next couple of years. The only thing we have left are the DEX's that haven't fallen left, and I have a feel a lot of them are going to get seized in future years.

bryant.coleman

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Just another baseless news story to pump FUD into the Bitcoin market. The largest and most powerful terrorist organization of all time, the Islamic State of Iraq and the Levant never got interested in Bitcoin because they found it too complex to use. Most of their funding came in the form of fiat currency, worth billions of USD per year. There is no evidence to prove that any other terrorist organization, including the Al Qaeda, Al Shabab or the Al Nusra Front have ever used Bitcoin or any other cryptocurrency.

There are two incidents which could remotely link Bitcoin with the ISIS. First, a woman from New York named Zoobia Shahnaz was found guilty of sending funds worth $150,000 to the ISIS. These funds were sent with fiat cash, but about 40% of that was received after Zoobia sold her Bitcoins. In another case, authorities have suspected the easter day bombing perpetrators of receiving some of their funds in BTC. But in both the cases, there is no direct connection.

Topic: Terrorists Turn to Bitcoin for Funding, and They’re Learning Fast (NYT article) (Read 222 times)