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Author Topic: Making Bitcoin safer for the mainstream...could be catalyst for growth!  (Read 783 times)
Possum577
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June 22, 2015, 06:43:09 AM
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http://finance.yahoo.com/news/software-makes-harder-bitcoin-criminal-150624043.html;_ylt=AwrXnCegqodVeXkAfY7QtDMD;_ylu=X3oDMTByYnR1Zmd1BGNvbG8DZ3ExBHBvcwMyBHZ0aWQDBHNlYwNzcg--

One of the major reasons banks have been wary of accepting bitcoin as a viable currency has been the cryptocurrency's association with illegal activity — specifically money laundering.

Because banks are responsible for keeping track of inflows and outflows and ensuring that the money hasn't come from an illegal operation, they have been hesitant to embrace digital currencies. However, Elliptic, a London-based bitcoin startup says its latest software development could change all that.

Bitcoin Tracking
Elliptic is a program that is able to track a bitcoin's movement using blockchain, allowing banks to get a better picture of the source of a particular coin.

The software uses machine-learning in order to skim every corner of the web to track the movements of bitcoins. The company claims this technology could be the key in bringing bitcoin into mainstream use.

...of course this could also be used by Governments to track the currency over which they have no control.

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June 22, 2015, 05:15:52 PM
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All this would do is kill the end user's privacy and potentially put him in problem. You may be holding coins right now that come from some illegal activity on the deep web and you don't even know it. As soon as it all gets tracked down you could be put in trouble even if you are 100% innocent. Thats why Bitcoins fungibility sucks right now and we need more privacy measures which I hope come in the future. BIP47 afaik is related to this and looking pretty good.
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June 23, 2015, 03:26:41 AM
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Yeah, I guess for this to be viable for growth it would need to have significant and unwavering controls over where the monitoring begins and ends (which may even be impossible).

I like the idea of banks and business having more interest in the Project, but not at the expense of the anonymity that comes with this currency...like cash. Although cash isn't completely anonymous because you're tracked when you withdraw cash, which is nearly the only way to get cash aside from selling goods.

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June 23, 2015, 03:43:18 AM
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Yeah, I guess for this to be viable for growth it would need to have significant and unwavering controls over where the monitoring begins and ends (which may even be impossible).

I like the idea of banks and business having more interest in the Project, but not at the expense of the anonymity that comes with this currency...like cash. Although cash isn't completely anonymous because you're tracked when you withdraw cash, which is nearly the only way to get cash aside from selling goods.
so what can we do, all that is done for security and avoid corruption and so on, because it is very easy memyimpan proceeds of crime in the form of bitcoin, and it would disrupt the existing balance.

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June 23, 2015, 05:59:43 AM
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Yeah, I guess for this to be viable for growth it would need to have significant and unwavering controls over where the monitoring begins and ends (which may even be impossible).

I like the idea of banks and business having more interest in the Project, but not at the expense of the anonymity that comes with this currency...like cash. Although cash isn't completely anonymous because you're tracked when you withdraw cash, which is nearly the only way to get cash aside from selling goods.

There is no escape irrespective of anyone keep the cash or bitcoin or any currencies in the world, there would be always many sort of risk behind those people who has money and wealth. This is the same epic happening centuries ago, and there is no solutions for this even in future. The best way is to protect ourselves by our own way.

Possum577
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June 23, 2015, 06:46:06 AM
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Yeah, I guess for this to be viable for growth it would need to have significant and unwavering controls over where the monitoring begins and ends (which may even be impossible).

I like the idea of banks and business having more interest in the Project, but not at the expense of the anonymity that comes with this currency...like cash. Although cash isn't completely anonymous because you're tracked when you withdraw cash, which is nearly the only way to get cash aside from selling goods.

There is no escape irrespective of anyone keep the cash or bitcoin or any currencies in the world, there would be always many sort of risk behind those people who has money and wealth. This is the same epic happening centuries ago, and there is no solutions for this even in future. The best way is to protect ourselves by our own way.

Interesting point, so do you believe it's good that services are being made available for banks and companies to secure themselves in tracking bitcoin transactions because the onus is on the user to protect themself more so than the for protection of anonymity to be granted by the Bitcoin Project?

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June 23, 2015, 07:18:44 AM
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Yeah, I guess for this to be viable for growth it would need to have significant and unwavering controls over where the monitoring begins and ends (which may even be impossible).

I like the idea of banks and business having more interest in the Project, but not at the expense of the anonymity that comes with this currency...like cash. Although cash isn't completely anonymous because you're tracked when you withdraw cash, which is nearly the only way to get cash aside from selling goods.

There is no escape irrespective of anyone keep the cash or bitcoin or any currencies in the world, there would be always many sort of risk behind those people who has money and wealth. This is the same epic happening centuries ago, and there is no solutions for this even in future. The best way is to protect ourselves by our own way.

Interesting point, so do you believe it's good that services are being made available for banks and companies to secure themselves in tracking bitcoin transactions because the onus is on the user to protect themself more so than the for protection of anonymity to be granted by the Bitcoin Project?
Bitcoin being safer means to me that it is harder for someone to hack my account and steal my bitcoin.
I don't care thar much about tracking them when they are stolen, they can be sent around enough that is would impossible to do anything about it very quickly.

I wouldn't want to get done for holding stolen bitcoins, just because I bought some on an exchange that had previously been stolen and sold.
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June 24, 2015, 12:22:14 AM
 #8

The only thing the Bitcoin users need to know to make it safer is to be able to keep their coins secure, that's not getting their computers hacked and so on, the basic stuff.
That, or trust a legit company like Xapo.
All of this regulation bullshit is again the same excuse to spy on people with the argument of "it's for your security".

arallmuus
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June 24, 2015, 01:47:21 PM
Last edit: June 25, 2015, 07:03:11 PM by arallmuus
 #9

The software uses machine-learning in order to skim every corner of the web to track the movements of bitcoins.

Am I reading this correctly as if this "thing" is being used than everyone one of us will be at risk? Basically it is because we dont know the origin of our coins from, it could be a coin that was used to launder or it could be from the silkroad and other stuff.

This is surely not a way to make BTC mainstream but rather a way to turn BTC into something that is controllable which means that this "thing" is ditching the principle of the decentralized concept in BTC.
Personally , I would want to be able to track my coins if they are being stolen however with this there are also a risk exposed to me that this means that BTC is not a pesudo-anonymous currency anymore and also that I am exposed to the risk that my own coins could be coming from an underground operation which could means that I am associated with it

The only thing the Bitcoin users need to know to make it safer is to be able to keep their coins secure, that's not getting their computers hacked and so on, the basic stuff.

Not everyone is able to do so. The thing about keeping your coins safe requires some knowledge to do which is by setting a secure cold wallet and/or put it into a paper wallet. I'd assume that most dont know what exactly cold wallet means



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June 25, 2015, 12:48:38 PM
 #10

Anything which tracks you is not good for you regardless of your involvement in illegal activities or not. Freedom, privacy, these are our rights and we were born with it. We deserve it, and if the body which regulates it messes with it, you mess the regulation body aka fuck da government

arallmuus
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June 25, 2015, 07:33:29 PM
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Anything which tracks you is not good for you regardless of your involvement in illegal activities or not.

This is pretty much double standards, at one point it is great things which means that there will be less illegal activities that is involving BTC for the transactions and this would serve more confidence for people to start using it as this means it is the same as traditional FIAT which is regulated and trackable with difference that this will be in digital form

However on the other hands for those who have been involved in BTC then this totally means doom, basically because we dont know anything wether our coins has been tainted with illegal activites or not. People will be suspected for their involvement in an illegal activites if their coins are tainted with that stuff

So this is a more to a double standards things which is good for some point however it is not a good thing for some side. Depending on wether if you are new in crypto or not then this will makes such different benefit or loss for some people

Freedom, privacy, these are our rights and we were born with it.

Freedom doesnt exist anymore. Too many things are being regulated recently and people cant go freely anywhere they want and do stuff they like without having to worry about breaking some laws or so.

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June 26, 2015, 07:26:11 AM
 #12

we can find a compromise abount anonimity and regulation, it can be solved in some ways, via sidechain for example, who want to not be tracked will use the anonymous chain or via altcoin like dash(not the x11 version)

so you regulate bitcoin but who want to preserve his privacy will just go with the altcoin way

then they will probably want to regulate other chain too, but seeing how they are niche chain, i don't think they will bother, and anyway they can not do nothing to it
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June 26, 2015, 07:56:49 AM
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The mainstream probably will be comfortable to adopt bitcoin at least their bitcoin has some extent of security. IMO some legislation should come out and recognize bitcoin as money or property, which anyone steals or hacks, will be put in prison or fined . The money will be returned to the original owers. Bitcoin will be adopted widely at that time IMO.

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June 26, 2015, 01:30:04 PM
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http://finance.yahoo.com/news/software-makes-harder-bitcoin-criminal-150624043.html;_ylt=AwrXnCegqodVeXkAfY7QtDMD;_ylu=X3oDMTByYnR1Zmd1BGNvbG8DZ3ExBHBvcwMyBHZ0aWQDBHNlYwNzcg--

One of the major reasons banks have been wary of accepting bitcoin as a viable currency has been the cryptocurrency's association with illegal activity — specifically money laundering.

Because banks are responsible for keeping track of inflows and outflows and ensuring that the money hasn't come from an illegal operation, they have been hesitant to embrace digital currencies. However, Elliptic, a London-based bitcoin startup says its latest software development could change all that.

Bitcoin Tracking
Elliptic is a program that is able to track a bitcoin's movement using blockchain, allowing banks to get a better picture of the source of a particular coin.

The software uses machine-learning in order to skim every corner of the web to track the movements of bitcoins. The company claims this technology could be the key in bringing bitcoin into mainstream use.

...of course this could also be used by Governments to track the currency over which they have no control.

If coins are easily tracked that would defeat the whole purpose of having bitcoin in the first place. Having said all that, the answer is 'no' if you ask me to trade anonymity for the sake of accelerating bitcoin's growth. For them, it's not the anonymity that matters, it's whether they have the power and control to create a unit of bitcoin out of nowhere.

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June 26, 2015, 01:58:57 PM
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The mainstream probably will be comfortable to adopt bitcoin at least their bitcoin has some extent of security. IMO some legislation should come out and recognize bitcoin as money or property, which anyone steals or hacks, will be put in prison or fined . The money will be returned to the original owers. Bitcoin will be adopted widely at that time IMO.

The mainstream fears the volatility of Bitcoin's price more than they fear their security, basically because they are clueless to talk about how secure or insecure Bitcoin is compared to traditional banking and other wealth stores.
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