What is the fate of Scammers if bitcoin later becomes a traceable Currency. - page 7.

doomistake

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Quote from: mk4 on December 05, 2019, 11:48:12 AM

"if bitcoin later becomes a traceable Currency"

Well, bitcoin is already traceable. In fact, you can look at the transactions being made right now through block explorer sites like Blockchain.com[1]. Hence why you mostly see funds stolen by hackers being stationary, as they definitely wouldn't want to be sending the funds on exchanges as this would most definitely expose who they are.

[1] https://www.blockchain.com/btc/unconfirmed-transactions

Correct, it is traceable but we can't yet track the whole thing and give an accurate result of who is the hacker, something like that, where he live, how old is he, so on and so forth, maybe that was OP wanted to say, to have a more advance tracing process.

All that we could track also as of now is the IP address (hoping the hacker or scammer is not using a VPN), that uses different IPs whenever they want to.

youdacapt

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GOD is TRUE

Quote from: Genemind on December 12, 2019, 10:40:07 AM

There are already plenty of ways to make to trace Bitcoin transactions. As for me, if Bitcoin would be more traceable in the future, scammers will still their own strategies and techniques to look for new victims. They will always find ways to fool people because Bitcoin is convertible to money which is also known to be the root of all evil. Scammers will still exist no matter what the changes are.

at least efforts to reduce the total number of frauds can occur actively with strict tracking, large fraud schemes will continue to camouflage, but are able to make a big impact for fraud on a small scale. If we talk about reputation, it must be built with cleansing from regular activities that come from downstream.

Genemind

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There are already plenty of ways to make to trace Bitcoin transactions. As for me, if Bitcoin would be more traceable in the future, scammers will still their own strategies and techniques to look for new victims. They will always find ways to fool people because Bitcoin is convertible to money which is also known to be the root of all evil. Scammers will still exist no matter what the changes are.

Wintersoldier

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Upon the invention of technology such as cryptocurrency, there is also a wider security features being invented. It is not just decentralization and anonymity is the feature we could get from blockchain and crypto, if there are scammers, these technology will not just protect them but could also track their other business through the blockchain info. In that regards, scamming is really a risky way of earning money. If they tend to be busted, other innocent people might be entangled with their cases and could be blamed as well. So, we as a regular cryptocurrency users, we should also be aware and be serious about the transactions that we have each and every time.

memedennis

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well , scammers may lose jobs somehow , but the aim of bitcoin as a Decentralized digital currency and means of payment will be defeated.

Kambal2000

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I know that one day scammers will have their own fate that they will lose something much bigger than they got from the people, so once somebody took advantage over me and scam me, I just move on immediately as I know that someday someone will scam them too, life is a circle, I can still earn what I lost, so I don't worry much about it and focus on earning more.

muratsink

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Quote from: JC btc on December 09, 2019, 10:26:41 AM

Quote from: imutlinda on December 09, 2019, 10:18:23 AM

Quote from: iram3130 on December 08, 2019, 11:40:32 PM

After reading so many replies on how we can trace back the owner of addresses, I hope you have understood the concept on how Bitcoin works. There are still ways to be anonymous and transact but its too hard with present technology.

I also believe that the anonymity in crypto is quite high, so people who cheat are certain they manipulate when making transactions. may be tracked but need accuracy and access to be able to track the transactions made, and certainly requires special handling with experts

Maybe not now and it will take time but fore sure that time will come they will be traceable, there is nothing impossible in this world, everything can be created and everything can be learned and can do one day, just like cryptocurrency, who would have thought this is possible, I din't even imagine this when I didn't know this yet, so I am looking forward that scammers can be traced.

Everything can be create but how to make it worth and popular around the world, if some one try to make new coin how to build and have higher price like bitcoin is not easy, they get many problem by how to promote become interested like bitcoin and want to get investor, bitcoin need process how wake up with higher price and keep get much profit for making transaction later.

Lauren Smith

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Quote from: chaoscoinz on December 11, 2019, 07:58:29 AM

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.

As of right now, many people aren't worried about transactions being logged and traced, but I'm sure theres a cyber crime unit somewhere in the world piecing together tech that will be able to trace transactions to physical addresses or something of that nature.
I sincerely believe that the future of Blockchain and crypto will get a lot more transparent if governments are willing to work with developers, merchants and entrepreneurs in this sector. We need to reach a middle ground with the policy makers and regulators.

Dude they cant even do this now. They never will be able to trace like that. You cant just track someone. If it was that easy the police would track dangerous criminals with the greatest of ease. If you cannot track something like fines how will they track millions of transactions?

chaoscoinz

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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.

As of right now, many people aren't worried about transactions being logged and traced, but I'm sure theres a cyber crime unit somewhere in the world piecing together tech that will be able to trace transactions to physical addresses or something of that nature.
I sincerely believe that the future of Blockchain and crypto will get a lot more transparent if governments are willing to work with developers, merchants and entrepreneurs in this sector. We need to reach a middle ground with the policy makers and regulators.

red4slash

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Quote from: KnightElite on December 11, 2019, 02:05:06 AM

Are you even sure that the bitcoin is still not traceable? There is a misconception that is existing on the market and it is the anonymously of bitcoin. People think that bitcoin transaction is not traceable but in a reality it can be trace through blockchain. Scammers will not be traceable if they will use bitcoin mixers and tumblers service where the goal of its platform is to confuse the blockchain so that the transaction will never be traceable.

Bitcoin transactions can indeed be tracked but as far as I know transactions can be manipulated, so there are people using it by manipulating transactions. actually it can be tracked but the people doing the tracking must have a lot of access between markets and also have quite good knowledge in conducting data investigations

KnightElite

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Are you even sure that the bitcoin is still not traceable? There is a misconception that is existing on the market and it is the anonymously of bitcoin. People think that bitcoin transaction is not traceable but in a reality it can be trace through blockchain. Scammers will not be traceable if they will use bitcoin mixers and tumblers service where the goal of its platform is to confuse the blockchain so that the transaction will never be traceable.

BartS

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Quote from: pooya87 on December 05, 2019, 11:38:55 PM

scammers don't rely on traceability or lack of it. instead they rely heavily on gullibility of people to fall for the obvious scams. if you ever looked at how scams take place and use your head, you can always see that majority of them are too obvious that you'd be surprised how people got scammed in first place. and in less obvious ones, still the greed and gullibility plays a big role.
so whether bitcoin is traceable or not, does not change anything for scammers. they will continue doing what they have always done, even before bitcoin...

That is why regardless of how advanced is our technology the best way to protect yourself is to use your common sense, which is unfortunately something that many people do not use in this market because they are to used to the fiat system in which if you make a mistake the bank is behind you in order to protect you.

But in the market of cryptocurrencies you are your own bank and if you make a mistake there is no one that can do anything to get those coins back.

th3nolo

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Quote from: bitmover on December 05, 2019, 12:13:13 PM

Quote from: mk4 on December 05, 2019, 11:48:12 AM

"if bitcoin later becomes a traceable Currency"

Well, bitcoin is already traceable. In fact, you can look at the transactions being made right now through block explorer sites like Blockchain.com[1]. Hence why you mostly see funds stolen by hackers being stationary, as they definitely wouldn't want to be sending the funds on exchanges as this would most definitely expose who they are.

Excatly. People have the wrong idea that bitcoin is anonymous, but only if used with that specfic objective and cautious.

Blockchain is an open book. More open and more traceable than fiat transactions. You just need to know how to look.

There are many services like walletexplorer which also allows any user to connect different public addresses.
So, if scammers are dumb they can be easily be traced.

There are ways to use Bitcoin anonymously, it' s just that nowadays getting Bitcoins without having to go through a KYC process is pretty impossible so we're fucked. Even if we use a Bitcoins mixer to get anonymous bitcoins, and someone uses our Bitcoins for illegal activities we would have to prove that we weren't using those Bitcoins to avoid jail.

heidikim

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Bitcoin is already traceable. But the identity of the crooks is hard to reach. Stolen bitcoins can be removed from the system. Similar situations were experienced in the Ethereum. Now let's talk about the real problem. CZ made a statement. At Binance, they hacked into the system and the btc was stolen. They talked about getting the bitcoin chain back. That would be a terrible operation.

cotton ball

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Quote from: coin-investor on December 09, 2019, 11:37:17 AM

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.

Bitcoin will not reach this height or popularity, if they implement traceable transactions, it is the best feature of Bitcoin decentralized and untraceable, although, with the present tie-up with the exchange, it has become more traceable, we should keep it that way because people are adopting it because of this feature and to me, it's Bitcoin's best feature.

If bitcoin not have popularity maybe not one want to label their project with bitcoin name and always safety investing with bitcoin and altcoin, after bitcoin raise above $16k many people want to make business using bitcoin name although have scheme project by giving fake earning for investor and take bitcoin as their source to make investor interested.

Zackgeno96

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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.

Speaking frankly if traceable transactions were involved in bitcoin then it wouldn't have been such a huge success as every transaction would have been traced back to its owner. Bitcoin became popular when darknet websites became accepting it as a means to pay just because of its pseudo anonymous nature. I personally feel safe while using bitcoin because my identity is safe and no one can track my records.

darkangel11

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Don't let others control your BTC -> self custody

If it becomes traceable there will still be 2 major problems standing between the police and the scammers. The first one is personal information. Even if you trace coins back to the scam you will have to know who the scammer was. How are you going to do it? Scammer steals coins in 2018 and then sells them in a DEX exchange in 2020. It's now 2025. You don't know who that was and even if you find out what are you going to do? Chase him around the world for a 100k USD?
What about prescription of the offense? It can take 10 or 20 years before you're able to fully trace BTC.

coin-investor

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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.

Bitcoin will not reach this height or popularity, if they implement traceable transactions, it is the best feature of Bitcoin decentralized and untraceable, although, with the present tie-up with the exchange, it has become more traceable, we should keep it that way because people are adopting it because of this feature and to me, it's Bitcoin's best feature.

Voland.V

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Bitcoin has the same or less security as blockchain technology.

In parallel there are 2 processes:

1) Bitcoin covers more and more supporters and capital, is used as a means of payment.
Most Bitcoin owners use it only as a means of accumulating and storing capital.
This is a minus!

2) Technologies are developing that can crack any cryptography using public and private keys. These technologies are developing very fast. Worst of all, the pace of their development is not predictable. First of all, it is quantum computing, which is provided to users as a service through a network. Just pay the money and use it. This is problem. This is negative for us.

If we compare the rate of development of these two processes, look at the result in 5-10 years, we will see the faster pace of development of process No. 2).

And finally, encryption on elliptic curves is probably no longer reliable. But no one ever admits this to us. There are many benefits to those who are silent.

In fact, in military affairs and in intelligence, asymmetric cryptography is never used, only symmetric.

Is there an answer to this question?

JC btc

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Quote from: imutlinda on December 09, 2019, 10:18:23 AM

Quote from: iram3130 on December 08, 2019, 11:40:32 PM

After reading so many replies on how we can trace back the owner of addresses, I hope you have understood the concept on how Bitcoin works. There are still ways to be anonymous and transact but its too hard with present technology.

I also believe that the anonymity in crypto is quite high, so people who cheat are certain they manipulate when making transactions. may be tracked but need accuracy and access to be able to track the transactions made, and certainly requires special handling with experts

Maybe not now and it will take time but fore sure that time will come they will be traceable, there is nothing impossible in this world, everything can be created and everything can be learned and can do one day, just like cryptocurrency, who would have thought this is possible, I din't even imagine this when I didn't know this yet, so I am looking forward that scammers can be traced.

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