What happens in the aftermath of a Bitcoin funded terrorist attack? - page 2.

arklan

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Quote from: traderman on February 16, 2015, 02:23:39 PM

So you believe that the only way terrorist organization can acquire bitcoin is to buy it with us currency? very short sighted, no? LocalBitcoins? hacking? use your imagination.

dude, local bitcoins still needs currency... but yea, theft/hacking is of course an option too. except the theft of any significant amount (like the bter hack today) is readily known, and the addresses involved are then known and can be tracked.

traderman

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So you believe that the only way terrorist organization can acquire bitcoin is to buy it with us currency? very short sighted, no? LocalBitcoins? hacking? use your imagination.

Quote from: Possum577 on February 16, 2015, 01:39:22 PM

I don't think it's a matter of time.

You don't summarize the article so I will, the article identifies the concern that since governments can put monitoring control over large transactions they can keep tabs on the financial moves of terrorist organizations. The article also states that these monitoring controls don't exist for bitcoin, so bitcoin enables terrorist organizations to move and use money unseen from government.

What the article DOESN'T mention or acknowledge is that the only way for a terrorist organization to acquire bitcoin in large quantities is to us government controlled fiat to buy bitcoin. That transaction would be the trigger to the government that a terrorist organization is making some financial moves. It may force governments to act on suspected terrorist organizations earlier than usual, but I don't think bitcoin will enable terrorism any more than using dollars does. It's possible to counterfeit fiat...not bitcoin, which makes doing business (for a terrorist) more expensive.

arklan

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yea, cause of the whole blockchain - every transaction being traceable and known - built in to bitcoin, the second the government got wind of any organization they wanted to monitor having a bitcoin address, or even considering such, they'd track every transaction of every coin to that address back to the minting of the coins. wouldn't even be hard, once they had an address to start from.

bearbear

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Quote from: Possum577 on February 16, 2015, 01:39:22 PM

I don't think it's a matter of time.

You don't summarize the article so I will, the article identifies the concern that since governments can put monitoring control over large transactions they can keep tabs on the financial moves of terrorist organizations. The article also states that these monitoring controls don't exist for bitcoin, so bitcoin enables terrorist organizations to move and use money unseen from government.

What the article DOESN'T mention or acknowledge is that the only way for a terrorist organization to acquire bitcoin in large quantities is to us government controlled fiat to buy bitcoin. That transaction would be the trigger to the government that a terrorist organization is making some financial moves. It may force governments to act on suspected terrorist organizations earlier than usual, but I don't think bitcoin will enable terrorism any more than using dollars does. It's possible to counterfeit fiat...not bitcoin, which makes doing business (for a terrorist) more expensive.

+1

Good to see correct reading of those "easy to write, rushed; quick and dirty; randomly generated article with some appealing titles ...

Possum577

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Loose lips sink sigs!

I don't think it's a matter of time.

You don't summarize the article so I will, the article identifies the concern that since governments can put monitoring control over large transactions they can keep tabs on the financial moves of terrorist organizations. The article also states that these monitoring controls don't exist for bitcoin, so bitcoin enables terrorist organizations to move and use money unseen from government.

What the article DOESN'T mention or acknowledge is that the only way for a terrorist organization to acquire bitcoin in large quantities is to us government controlled fiat to buy bitcoin. That transaction would be the trigger to the government that a terrorist organization is making some financial moves. It may force governments to act on suspected terrorist organizations earlier than usual, but I don't think bitcoin will enable terrorism any more than using dollars does. It's possible to counterfeit fiat...not bitcoin, which makes doing business (for a terrorist) more expensive.

BillyBobZorton

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We'll get bad press and they'll try to ban it, meanwhile cash funded terrorist happens everywhere and they dont try to ban cash.

traderman

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I hope something like this never happens, but I am pretty sure it is only a matter of time.

http://www.btcfeed.net/uncategorized/bitcoin-used-terrorists-matter-time/

Topic: What happens in the aftermath of a Bitcoin funded terrorist attack? - page 2. (Read 1712 times)