Bitcoin Forum

https://cointelegraph.com/news/twitter-hack-shows-that-crypto-is-easier-to-investigate-than-fiat-say-industry-law-experts (https://cointelegraph.com/news/twitter-hack-shows-that-crypto-is-easier-to-investigate-than-fiat-say-industry-law-experts)

Time and again there has been a feud between Bitcoins supporter and the Government . Government always said how cryptocurrencies are not a good option since they can be used for illegal purposes and therefore should be banned .

Twitter hack did steal a lot from people but at the same time the fact that the government was able to track down those people do prove that whatever claims they might make about cryptocurrencies being problematic and used for money laundering and other stuff , they are forgetting the fact that it's so transparent that it can destroy the whole corrupted body itself. Maybe this is the reason why they are scared of the Bitcoins.

I do believe through this we learned a few lessons .

- how one should be there extra cautious online
- how Bitcoins needs to be recognized as a good thing by the government not a competition or be negatively associated.

This is not true, very few countries have banned Bitcoin, and even if you hear some criticism of Bitcoin from single government officials, it's not the same as the entire government wanting to ban Bitcoin. There's even examples of government officials supporting Bitcoin.


This is likely one of the reasons why Bitcoin wasn't banned so far, if criminals make mistakes, it's really easy to catch them. If you ban Bitcoin and other crypto, criminals will have more reasons to move to Monero.

Scam has been existing before cryptocurrencies  were created, in this modern time, people still mostly use fiats to scam, even if bitcoin and all other cryptocurrencies  are banned, scammerw will still always make use of fiats to scam. There are many ways scammers o this successfully in a way they can even not be traceable. In some instances, bitcoin and other cryptocurrencies  are traceable than fiats.

Fiat currencies are used for everything way more than Bitcoin, so it's really a non-statement to say that fiat is used more for scams, money laundering, etc. Just because this problem exists with fiat, doesn't mean that we should ignore it in Bitcoin. After all, we all dream about a world where Bitcoin is used for everything, so we need to be ready to solve those problems.

Traceability is only one part of it though, immutability is also playing the role here. I believe Bitcoin really did contribute to the growth of ransomware, because most ransoms require Bitcoin or other crypto, and this scheme wouldn't work well with any centralized payment system, as accounts would be very quickly shut down, and large sums of money are hard to move without KYC. This is the cost of having more freedom - some people will use it for bad things. But I believe that the good use cases are much more common than the bad ones.

They are starting to recognize it as they find the value of it growing back again. They will not ignore it as it's giving the attention of everyone who looks after the price but not what it is.
Just like any other payment options that we have in our economy, bitcoin can be an alternative of it. They don't have to look at it as something negative which they can't benefit.

Looking like a high-end person will always see the negative side of Bitcoin. I see it for myself. Even today already some countries already use Bitcoin as an alternative currency and are very good in some areas of business as well. I hope it will happen in my country. And they don't look at the negative side of bitcoins.

Bitcoin always has pros and cons about the technology it uses which is integrated with the blockchain, so that any transactions carried out in bitcoin will be easily tracked by anyone, this is transparent. Not all governments think that bitcoin is only used as a criminal and illegal destination. Bitcoin also still has a positive side that will be useful. tracking people who hacked on twitter is certainly proof that bitcoin is very useful for tracking crimes committed.

But there are some transactions that will not be easily traced and require permission from third parties, such as if the transaction uses a coin mixer service to eliminate the origin of the coin, this is a level of privacy that is done to eliminate traces of the transaction.

If they don't look to the negative side of bitcoin, it must be a good sign that your country isn't going to prohibit it in the near future.
Very soon, most countries will have the thought and eventually understand the concepts what bitcoin actually is.

People claim that BTC is not a good replacement because it can be used for money laundering and tax evasion clearly doesn't know, what the Blockchain ledger is.
In fact the technology behind Bitcoins fix other issues in your banking system such as fractional reserve banking and quantitative easing which devalues other supply in circulation.

This is only true because the Twitter hackers were especially careless. They were using their own KYC-verified Coinbase accounts to transact on a hacking forum, OGUsers -- while doing nothing to hide their IP addresses. Then they tried to broker access to hacked Twitter accounts through the same forum.

It took just one central point of failure -- the forum database, which had been previously hacked. Law enforcement acquired a copy of it, and the rest is history.

I thought this was an especially vomit-worthy response from Coinbase:

They're basically making excuses so that their illegal action themselves are unable to be noticed/tracked. It's actually a lot easier for them to be tracked when there's an officially recognized address for each government organization's wallet after all. Also, the twitter hack was quickly tracked because of the carelessness of the hackers themselves. They didn't send them all to mixers, cashed out a few which lead to them being tracked, as well as a few of their fellow hackers just plain up confessed everything when they were caught. Add that to their young age, it was quite natural that their inexperience led them to being caught.

This is basically how past people were fearful of fire because it hurts them, when in reality if people actually bothered to learn about it, it'd be a pretty useful tool for our everyday lives.

Some governments does have a different views and understanding about bitcoin thus making it to be illegal in their country.
But that doesn't mean all governments are not open minded about this new advanced technology. Even without bitcoin, fraudsters, scammers, illegal activities already been occured. It's just that nowadays, they've been using bitcoin making it to give bad reputations.

Anyway, we are in a new era now which cryptocurrency is being popular in different countries. We shall be optimistic  about the good use and impact of it in different aspects.

that is misleading because as far as i understood the situation these twitter hackers (or most of the other criminals that were caught in the past) weren't caught because they were using bitcoin and through bitcoin blockchain analysis. instead they were all caught because they were using some centralized service (Coinbase in this case and most cases!) and that service revealed their identity.
for example there was a hacker a while ago who sent the hacked bitcoins to his Coinbase account and was also buying stuff from iTunes and were caught that way. he might as well never used bitcoin and were using something like PayPal.

Yes,Bitcoin is being used by criminals,hackers and scammers.
Yes,Bitcoin isn't fully anonymous and transactions can be tracked.
The "Twitter hackers" were pretty stupid for not hiding their tracks,so that's why they got caught.There are way smarter hackers and scammers that are going everything they can to hide their tracks and online blueprints,when dealing with Bitcoin.Such hackers are getting away with their crimes.
You can't prove a point here...

This. Easiest & quickest proof: Bitcoin vs Monero adoption. Monero is slowly pushed back, away from the usual customer's reach. I'd have to guess you'd be more likely to be tracked down and stalked by intel agencies if you were to hold XMR than if you were to hold BTC. It wouldn't surprise me if intel agencies already have some blockchain analysis teams undergoing some hard work behind the scenes.

If Bitcoin was completely uncontrollable, they'd ban it 100%. But I guess we all made mistakes along those many years of crypto experience. One little mistake means everything uncovered and forever recorded out there and available for the state or anyone else who is interested in this data. With cash, for example, tracing it is close to impossible without very in-depth investigation - with no cameras around, using burner phones and voice changers, there's no exact history behind a banknote registered anywhere. BTC is basically a trap for whoever wants to use it the illegitimate way thinking it's the perfect criminal's currency.

Financial regulators from different countries constantly interfere with the development of bitcoin. But despite this, it will no longer be possible to completely ban bitcoin. However, most people will prefer to remain on the legal side, without breaking the law, and thus will provide their entire data. Unfortunately, this completely contradicts the idea of ​​bitcoin.
Well, scammers will definitely try to find other options for scamming. It's time to get used to the fact that everything can be tracked sooner or later. Technology does not standstill. Any crime will be solved, so we must always understand what kind of activity we will be doing using cryptocurrencies.

The same can be said with fiat. Fiat is still the most used currency when doing illegal things. It even overshadowed cryptocurrency (at least for now). I don't know about your government but our government is really willing to accept legitimate business regarding cryptocurrency. The only thing our government is against are scams.


Bitcoin itself is actually uncontrollable. The only thing the government can control are third-parties that integrate Bitcoin or cryptocurrency. if you don't use those, then you'll most likely will never get tracked (With a little help of mixers)

That is still the pros and cons are still rolling where the government still considers this illegal even though in this modern world blockchain technology is very much needed to be integrated in the center of government, bitcoin still has many goals in terms of positive and transparent transactions in seeing the amount that is transacted but why This has not been legalized by the government because there is no control over bitcoin with the government so this is still in doubt.

But in crime, of course, there must also be elements including fiat money and coins, there will be a lot of scamer that happens because it has become a tradition of scamer that is done effortlessly.

Possibly part of the reasons. A truely corrupt and "powerful" person will really be very scared of technology like Bitcoin and its very important features. I also think some dislike the technology due to ignorance and misinformation.
If a cryptocurrency/currency is not as transparent as Bitcoin or even more transparent, it can be easily abused. All sort of evil could pass through it without most people knowing. True decentralization makes Proper Transparency possible. This's part of the reasons centralization of crypto must be avoided. People or/and Network/system handling lots of money need to very transparent and accountable.

I'll understand that they have that purpose before they decide to ban crypto which unlikely it also happens in the other countries that make them also to give support on it.

I'll give also the support this as we can easily trace Bitcoin/crypto transactions but the problem is knowing whos holding that funds if we keep anonymously. This is the case why the government isn't so much confident with it, but if we are able to eliminate such anonymity it probably can minimize illegalities that cause conflict with the government and its adoption. But that was difficult because people love crypto for its anonymous feature.

I don't think that it's so transparent that the elite are scared of it becoming so big it'll eventually expose them but I do believe they fear it's rise to prominence bothers them as they want to control the countries fiat and bitcoin challenges it.

I have a bad feeling about the hacking event which was happened not too long ago where they managed to steal some big amount of money from the people who take their bait on the twitter page of the known personals. I mean this thing could be just some propaganda to make Bitcoin look bad to the people. As you can see they used BTC as their tools to promote their fraudulent acts which involve the BTC way of investing. They used BTC as props to let the people think BTC was not good after all except for those who really knew BTC. they are the one who is exempted with this accusations. We really need to bury this kind of incident because its not sound so good to the BTC market especially in the place where the people are about to invest on BTC for the first time.

To be honest, I think these arguments are weak. For instance, if people were transferring money via their banking accounts, there would be a good chance of the possibility to reverse the transactions and get the money back because banks usually transfer money in about 24 hours from the time the payment was made, so the money technically remains on one's bank account and via contacting support it's possible not to send it. Secondly, if the scammers gave a bank account number or something like that, would not banks be able to identify the people, like, very fast? Instead, while Bitcoin transaction history is public, many scammers get away with their deeds because it's not that easy to identify the owners of the addresses.

FUD like this and even worse than this have always been around. whether this was the FUD itself or unrelated but used as FUD doesn't matter. in the end they keep spreading negative information about bitcoin which is why the adoption has been this little and price is still this low instead of being hundreds of thousands already.
but the good news is that in the long run, the effects of FUD shrinks as people see more bitcoin usage in real life and that is clearing a lot of things up for them.

Oh come on, don't be silly. Imagine how many fiat thefts and frauds happen every day - do they ever make fiat seem bad? They don't. If there's anything to blame, it's the guys who've hacked.

People took their bait a decade ago when Windows ransomeware requesting USD and impersonating FBI was a thing. If someone decides whether Bitcoin is good or not based solely on events of cybercrimes, that's just a silly way of thinking from start to end tbh.

I don't think anyone is scared of BTC at the moment, honestly. We've reached the point where we're losing ground in front of authorities. The ball is now in their hands and they play well enough to turn BTC for most people into the best surveillance tool.

Less transparent coins like Monero exist. While I haven't really heard much of thefts or crimes done using it, it's slowly getting pushed back while BTC gets "adopted". Wonder why.

Not the bitcoin was not good but the scammers that scammed people. Bitcoin will never be bad even it will be use in a bad deeds instead the person that used it is a bad. Anyway,there are many scams have happened involving bitcoin but you can see that until now the demand for bitcoin continues to increase which has led to its ever-increasing value.

The government elites certainly stay away from the transparency provided by blockchain technology. They don't want to be too exposed to what they are doing. actually crypto transaction traces can be removed by using a coin mixer service and this can be an alternative to eliminating traces of transactions made by anyone. But there is no denying that crypto is the technology of the future with good tracking without anyone being able to erase it.

I don't know but I read somewhere that everything in the blockchain can be trace even if it goes through mixers, it only make transactions difficult to trace but it's not untraceable, that's why I like about blockchain as it cannot be tampered unlike the centralized system, and if this will be implemented, it will be good for humanity as we will see if our government is transparent to us or not.



Indeed, transactions will remain online forever, that's how sophisticated the blockchain is.

That cryptocurrency is not anonymous or is pseudonymous as they say, is something that has been known for a very long time now, and has been pointed out by so many people a lot of times. I think these hackers and scammers deserves what they are getting, they deserved to be caught since they have chosen to do what’s wrong because they need money, instead of looking for legit means to earn that money, despite that things might be difficult, but they still have to, because that can’t be an excuse.

And OP, you did make a good point there, maybe the government are scared of cryptocurrency because they know for sure that it’s going to tackle corruption. If the world should start making use of cryptocurrency, that means that it will be easy to trace everything that they are doing, and this way they wouldn’t be able to carry out their corruptions, because the public will always see it. I can’t tell about this for sure, but let’s hope that someday we get to find out why they don’t want to adopt cryptocurrency, because if it’s based on money laundering, that’s not an excuse.

Bitcoin transactions can be tracked because the traces can never be erased on blockchin but if they are smart enough they can break the trails of their transaction but its still possible to trace back them if there is enough pressure from the government on the service where hackers used to break its trails.The government never wanted to give complete transparency is one reason other reason is most of the government officials doesn't understand the crypto related things.

Government should consider the way to make bitcoin better and forget about this conspiracy. Everyone know fiat too is been used for illicit things and it is also guilty of laundering. So just because it is used for all this bad thing, shall will now say they should ban fiat. You look for a better approach to reduce the extent of wrongly use of a technology for bad things while you improve the important aspect of the crypto

There is a lot of controversy about the application of blockchain technology to government. because no matter how small the transaction is, it can be easily traced without being able to delete it. If some elements intend to corrupt it will be easily discovered. This system could be a threat to political elites who are naughty. It still takes time to apply this advanced technology.

Actually people who say Bitcoin is widely used for fraud are people who are less knowledgeable, actually if they study Bitcoin properly they
will understand that Bitcoin is transparent and easy to trace. Unlike the fiat which has been used for a long time for fraud and more difficult
to trace. As proof, the twitter hack is easier to track and eventually the perpetrator can be caught immediately.