What is the fate of Scammers if bitcoin later becomes a traceable Currency.

Linkkoin

member

Activity: 476

Merit: 88

Online Cryptocurrency Exchange

Quote from: ice18 on January 20, 2020, 03:20:39 AM

Bitcoin can be traced but the questions is "What is the purpose of tracing them if theres no case charged " like for example if one scammer is from country 1 and the victim is in country 2, and they finally traced the location and name of that person, will you really push to file a case? the expenses of filing a case might be bigger than the amount scammed thats why tracing them is not useful, just be very careful not to trust anybody online especially if involves money.

Usually, scammers do not scam a single person for nickels, but either few for huge amounts, or many, so then the class suit will not be unreasonably expensive.

supercanada1

sr. member

Activity: 798

Merit: 253

Quote from: Sadlife on January 20, 2020, 03:28:40 AM

That would basically ruin the very foundation of bitcoin like you said Bitcoin is a decentralize currency, if we try to modify/change the very foundation of Bitcoin who knows it may result in a massive dump because some people migrated because of the corrupt monetary system that control/exploit its citizens money, so they chose a system where they can freely control their own wallets and funds.

Yes, crypto is very attractive to people because of its decentralized nature. If it would be centralized people will not like to invest in it. To trace the activities of scammers multiple sites are working, and they will surely develop a technology that would be a solution of this problem also. It is the world of technology, and the experts working in the crypto market are working on this. Changing it to centralized system is not a good idea.

Sadlife

sr. member

Activity: 1400

Merit: 269

That would basically ruin the very foundation of bitcoin like you said Bitcoin is a decentralize currency, if we try to modify/change the very foundation of Bitcoin who knows it may result in a massive dump because some people migrated because of the corrupt monetary system that control/exploit its citizens money, so they chose a system where they can freely control their own wallets and funds.

ADamien

brand new

Activity: 0

Merit: 0

Thinking that Bitcoin is untraceable must be a big misconception about it. Moreover, Bitcoin can't become centralized crypto one day. Centralization means no economic freedom and, as a result, contradicts the basic thesis of Bitcoin philosophy.

riso2015

sr. member

Activity: 1246

Merit: 254

Trphy.io

Quote from: Mihaylovic on January 20, 2020, 12:48:08 AM

you can track the transactions already on blockchain. You can see from which wallet to which wallet. The amount of the transaction. Date... The only thing is the wallet addreses. It is very hard to find whose wallet it is. If the owner didn't identify or announce his address in somewhere or some platform...

Yes, if we do not fill KYC on an Exchange platform, it will be difficult to track the address that we use when transaction with Bitcoin. We can use addresses that are not from Exchange and we can sell Bitcoin with peer to peer, person to person. I don't think anyone can trace it.

Boov

sr. member

Activity: 868

Merit: 256

Quote from: nicolas1979 on January 20, 2020, 01:24:51 AM

It will become scammer nightmare but I think the technology and system still far away for helping. This moment already available many tips and software that can be use to track blockchain transactions but the problem is when crypto switch into currency the bridge is fall. Need innovation and creativity to built perfect system to handle this problem, if success law enforcement can be involve. Safety this become the biggest problem than down trend, like or not scammer make people scare to get involve with cryptocurrency.

Yes thats a great idea. But today the crypto acivities cannot be trace well it is good when in the future what you have said will happen. The transactions here is good if it is traceable to avoid scams and hacking of accounts by the crminals. And also it is good if they will be caught and in every cyber crime they have committed will have a hard punishment in order for them to refrain from doing it again and again.

nicolas1979

sr. member

Activity: 826

Merit: 252

It will become scammer nightmare but I think the technology and system still far away for helping. This moment already available many tips and software that can be use to track blockchain transactions but the problem is when crypto switch into currency the bridge is fall. Need innovation and creativity to built perfect system to handle this problem, if success law enforcement can be involve. Safety this become the biggest problem than down trend, like or not scammer make people scare to get involve with cryptocurrency.

wxxyrqa

full member

Activity: 1372

Merit: 133

The main task today is the recognition by the government of cryptocurrency as a digital asset, and then, according to the criminal code, any fraud will be prosecuted and each fraudster will be punished accordingly. I believe that in this situation, the amount of fraud in the cryptocurrency market will decrease.

gabbie2010

sr. member

Activity: 2842

Merit: 326

Vave.com - Crypto Casino

Quote from: ?? on ??

Speaking on the essence of the question asked, we can say with confidence that the situation with the punishment of fraud will change for the better if the state recognizes cryptocurrency as digital assets. That is, if the cryptocurrency is legalized, then any fraudulent actions on the cryptocurrency market will fall under the article of the criminal law. In this way, each victim will be able to file a lawsuit or application to law enforcement authorities.

Well, with legalization combined with regulations, scammers will be punished appropriately, and our loss can be repaid or compensated appropriately, even when looking into a more distant future, the scam in crypto and bitcoin will be reduced very quickly, a clean investment environment for investors. However, this tracking means our income will be disclosed to the government and cannot be evaded as in the past, profits will fall when market manipulation will not be allowed to appear before the government, the government always stabilizes the market

That is area where transactions of bitcoin should be taken care of particularly regulations and encouraging mandatory KYC for hodlers thus issue of scamming would stop when transactions becomes traceable such a criminal would be prosecuted and sentenced to imprisonment however many cryptocurrencies hodlers are of the view that they prefers to remain anonymous that is why they prefers cryptos whch gives room for untraceable means of payment etc.

ice18

hero member

Activity: 2492

Merit: 542

Bitcoin can be traced but the questions is "What is the purpose of tracing them if theres no case charged " like for example if one scammer is from country 1 and the victim is in country 2, and they finally traced the location and name of that person, will you really push to file a case? the expenses of filing a case might be bigger than the amount scammed thats why tracing them is not useful, just be very careful not to trust anybody online especially if involves money.

Mihaylovic

sr. member

Activity: 910

Merit: 255

Quote from: riso2015 on January 20, 2020, 02:03:40 AM

Quote from: Mihaylovic on January 20, 2020, 12:48:08 AM

you can track the transactions already on blockchain. You can see from which wallet to which wallet. The amount of the transaction. Date... The only thing is the wallet addreses. It is very hard to find whose wallet it is. If the owner didn't identify or announce his address in somewhere or some platform...

Yes, if we do not fill KYC on an Exchange platform, it will be difficult to track the address that we use when transaction with Bitcoin. We can use addresses that are not from Exchange and we can sell Bitcoin with peer to peer, person to person. I don't think anyone can trace it.

Exactly. If you want to stay anonymous. It is not very hard. You have to avoid using your own wallet when you transfer to exchange platforms or other people. And you should avoid from making KYC very often.

Mihaylovic

sr. member

Activity: 910

Merit: 255

Quote from: Yourhomeboy on December 05, 2019, 11:37:20 AM

Bitcoin as a currency that is decentralized, they is no Headquarters for Bitcoin and it has no Central office where they distribute information concerning Bitcoin, Like illicit transactions that money was lost but recovered after some investigations through the distributed information.

like someone said on my previous thread that more people will be comfortable using bitcoin if these features comes into place.

Share your thoughts.

you can track the transactions already on blockchain. You can see from which wallet to which wallet. The amount of the transaction. Date... The only thing is the wallet addreses. It is very hard to find whose wallet it is. If the owner didn't identify or announce his address in somewhere or some platform...

RealMalatesta

legendary

Activity: 2338

Merit: 1124

Even right now Bitcoin can be traced and it has been done a lot of times. I have even seen someone that traced his scammer Bitcoin to Binance, though I don’t know if he later got his money back or whatever happened because I didn’t follow up with his story. You can trace a coin but the thing is that you won’t know the identity of the person, I guess only if it lands on an exchange.

Crypto scammers has been caught a lot of times. That’s why a lot of them are now making use of crypto mixers so that they can’t be traced, just like the Binance hackers. Scammers are stubborn, even if Bitcoin becomes traceable they will still trying their luck lol.

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

From the very begininig Bitcoin was misused because of anonimity, that is not the secret, and not only for scams but also for much more serious crimes like child pornography, drugs, illegal weapons, money laundering and similar.
Comparing to years ago Bitcoin has lost a great deal of anonimity and transactions and Bitcoin wallets are much more traceable. That is maybe bad news for honest Bitcoin users but it's good for law enforcement agencies that will much easier trace the criminals. To my opinion loss of anonimity has also a good component.

acroman08

legendary

Activity: 2520

Merit: 1113

Quote from: Boov on January 18, 2020, 12:46:19 PM

Quote from: Ozero on January 18, 2020, 11:52:35 AM

Cryptocurrency fraud has always been, is and will be. The global Internet is very convenient for all sorts of scammers. We cannot see them and do not know where they are, and cryptocurrency is very susceptible to various abuses with trust. In addition, the efforts of many state law enforcement agencies are necessary here, and this is a complex bureaucratic system that works very slowly and while fraudsters feel very comfortable. It will take a lot of time to clearly establish an international struggle against this evil.

If and only if the cryptocurrencies transactions will be traceable in the future, I think the number of the population if the scammer will be leasen because they will be afraid on what punishment awaits for them if they will still imvolve in scams in the future. And I think those scammer who will be left are those who are too smart and intelligent to think always an idea for a great escape.

there was news a few months ago that a massive dark web child porn users were tracked using bitcoin transactions and the Authorities made arrests in different parts of the world after they tracked
the people who used bitcoin to transact to the website. bitcoin has been traceable all these years as long as you know where to look or how to do it but I'd like them(criminals) to keep thinking that
bitcoin is untraceable and hope to make a mistake just like the paedophiles did.

Boov

sr. member

Activity: 868

Merit: 256

Quote from: Ozero on January 18, 2020, 11:52:35 AM

Cryptocurrency fraud has always been, is and will be. The global Internet is very convenient for all sorts of scammers. We cannot see them and do not know where they are, and cryptocurrency is very susceptible to various abuses with trust. In addition, the efforts of many state law enforcement agencies are necessary here, and this is a complex bureaucratic system that works very slowly and while fraudsters feel very comfortable. It will take a lot of time to clearly establish an international struggle against this evil.

If and only if the cryptocurrencies transactions will be traceable in the future, I think the number of the population if the scammer will be leasen because they will be afraid on what punishment awaits for them if they will still imvolve in scams in the future. And I think those scammer who will be left are those who are too smart and intelligent to think always an idea for a great escape.

Ozero

full member

Activity: 2142

Merit: 183

Cryptocurrency fraud has always been, is and will be. The global Internet is very convenient for all sorts of scammers. We cannot see them and do not know where they are, and cryptocurrency is very susceptible to various abuses with trust. In addition, the efforts of many state law enforcement agencies are necessary here, and this is a complex bureaucratic system that works very slowly and while fraudsters feel very comfortable. It will take a lot of time to clearly establish an international struggle against this evil.

Voland.V

full member

Activity: 224

Merit: 120

The owners of Bitcoin are the most advanced, progressive and brave people.
Not knowing anything for sure, only "maybe" we buy something we do not fully understand.
You have illusions that we create for ourselves. If you do it for fun, it's exciting, it can be like a game for adults.
If you invest a lot of money in Bitcoin, your money, use this technology to store your capital - that's not clear.
Money loves a solid foundation.
Bitcoin has, so far, a very raw, unambiguously undefined foundation for anyone. Although it is a modern tool for financial freedom, it is not complete...

Sanugarid

full member

Activity: 1442

Merit: 153

★Bitvest.io★ Play Plinko or Invest!

Quote from: ?? on ??

Quote from: Argoo on January 13, 2020, 11:45:10 AM

Quote from: malekbaba on January 10, 2020, 01:44:17 AM

By trace, OP meant, finding the details of the owner of any account. From 1 account money was sent into another. Suppose Mr x sent money to Mr y. Who is Mr x? Who is Mr y? No one knows. Unless y send funds into centralized exchanges. What if they sent money into BTC mixer? What if they trade for p2p?
And no one really cares if the BTC amount is small. We only caught a few hackers.

Of course, if someone sends Bitcoin from one wallet to another and these funds remain motionless, then in the absence of other transactions, no one will establish the owners of these wallets. Also, if someone steals the cryptocurrency and transfers it to a new wallet and it remains without movement, the thief can not be installed. However, cryptocurrency is not stolen so that it is without movement. Most often, thieves and scammers lack patience and they make mistakes. Now states are joining together to fight crimes related to cryptocurrency. This is quite natural.

the good news with the joining of countries to fight the crime of bitcoin, I think it will foster trust in anonymity. and I don't think it's hard to track down the bad guys. sometimes it is better indeed for the government to find out, despite tax transparency but there is definite protection from the government

government data collection is important because if there are data on crypto users, then crimes like this can be tracked by him, and if crypto can really be tracked then fraud will be reduced, but to expect absolutely no fraud might not be able to because they certainly will find a way to manipulate the transaction.

If this is gonna happen, I think that is the best way to know who the scammers are by knowing their every transaction. I think also if we upgrade some of the things here in the forum or in every exchange like we should have better KYC in which you need some personal ID that only admin can see so they can see if you are scamming other people. If you lose your money because of them that is their fault and can report them. I am just thinking and giving my own idea maybe there are also disadvantages to that but if we continue thinking we can come up to a better way to trace every scammer.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Quote from: suzanne5223 on January 17, 2020, 06:51:05 AM

Quote from: ?? on ??

If bitcoin later becomes a traceable currency or can be tracked by the government. I think the fate of scammers might be dangerous for them to trick people with their illegal activities because there will be chances that they could now get arrested or go to jail and the money that they stoled would return.

Dont be deceived by the decentralized in nature of bitcoin because Bitcoin transaction are still traceable since all transaction are ever saved on blockchain ledger and if bitcoin tx are not traceable those online previous crypto scammer who're once captured wont be and there will be no need for the use of bitcoin tumbling site.

It's also a misconception that Bitcoin is completely and easily traceable - when you know what you are doing it's actually quite hard and expensive to trace transactions with existing tools, which is why scammers, hackers and other criminals walk free - its just not worth the effort, unless the crime is truly large. It's also easier to hide smaller amounts of coins than larger amounts, so that's another reason why scammers are getting away with stealing bitcoins.

Topic: What is the fate of Scammers if bitcoin later becomes a traceable Currency. (Read 2195 times)