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Author Topic: Can Bitcoin also lead to corruption ?  (Read 49778 times)
speem28
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April 11, 2017, 05:02:34 PM
 #1

We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?

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April 11, 2017, 05:08:07 PM
 #2

Corruption is to Bitcoin like air is to a bird. It's the natural environment. Greed, lack of regulation, possible anonymity, irreversible transactions. It's a perfect formula.

As an actual ledger it can't be corrupted and that may well help reduce overall corruption elsewhere. Many things surrounding it carry a fairly nasty smell.

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April 11, 2017, 05:19:02 PM
 #3

You just said it yourself. Because of money corruption can always happen as not all politicians are as nice as they are appear on some people or the

voters rather. In the end people will still prioritize themselves and their preferred persons over strangers. Yah it is easy to track their transactions using

the blockchain explorer but most people uses multiple addresses and is still generating so how can you know if that particular address is theirs? . After

that they can just buy a hardware wallet, store it in a box and just bury it somewhere.  The problem is hiding the exchange of your fiat to bitcoin.

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April 11, 2017, 06:38:29 PM
 #4

i wonder why bitcoin always be linked with things that are not good such as corruption, money laundering or drugs but in this case in my point of view bitcoin cannot lead people to corruption because it all pure from the bottom of their heart to starting corruption but indeed bitcoin could be the tool to storing corruption money

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April 11, 2017, 06:49:30 PM
 #5

I think bitcoin can be used as the instrument for corruption. Today bitcoin stays not so known and not so many people knoe about it. But in nearly future when bitcoin will be spreaded on our daily life and more people will talk about it politicians or businessmen can start to use bitcoin for their financial operations. The main factor here is that with bitcoin you can hide your indentity and such corruption money making can have place to be very often.
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April 11, 2017, 07:18:55 PM
 #6

What kind of corruptions you are talking about? Bribes? Money laundering? Insider trading? Every single one of those existed before bitcoin and they will exist after it. If bitcoin made being corrupted easier, so what? Internet also made so many crimes possible. People even can hire hitmen from the internet. Do we blame the internet for that? No. Every technological advancement comes with pros&cons.

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April 11, 2017, 07:22:23 PM
 #7

Wealth can very much lead to corruption. Provided that Bitcoin favors anonymity it is quite easy for people that are not ethical to slip into corrupted or at least non legal practices.














 

 

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April 11, 2017, 07:28:36 PM
 #8

We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?

You just said it, bitcoin is money so therefore it was included in the system of corruption. Whatever the kinds, ways or any related term to that, bitcoin can be an instrument to lead corruption everywhere.

Always remember that all illegal activities that fiat is included is similar to what bitcoin can be associated of. It's the usual and expected thing to happen in bitcoin. To covered that activities, same principle to fiat money system are applied that will include prevention.

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April 11, 2017, 07:37:32 PM
 #9

i wonder why bitcoin always be linked with things that are not good such as corruption, money laundering or drugs but in this case in my point of view bitcoin cannot lead people to corruption because it all pure from the bottom of their heart to starting corruption but indeed bitcoin could be the tool to storing corruption money

It's obvious that bitcoin has value so no questions if ever it can be linked to any illegal activities since no doubt that using bitcoin gives comfortability to it's user and we are living proof that. Even salt back in ancient times used as part of illegal activities since it was considered as gold.

We will not have a currency that is not prone to illegal activities. Illegal activities are already part in our money system since the beginning of financial transactions.

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April 11, 2017, 07:42:27 PM
 #10

What kind of corruptions you are talking about? Bribes? Money laundering? Insider trading? Every single one of those existed before bitcoin and they will exist after it. If bitcoin made being corrupted easier, so what? Internet also made so many crimes possible. People even can hire hitmen from the internet. Do we blame the internet for that? No. Every technological advancement comes with pros&cons.

correct, crime is everywhere, but I think to make corruption in the form of btc was minimal happen, because I think btc has a very transparent transactions, might be the kind of corruption such as money laundering, corruption referred to by op.

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April 11, 2017, 07:47:46 PM
 #11

We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?

Of course, so long as Bitcoin remains precious and valuable not everyone will pursue it with a clean mind and so I can believe there can be elements of corruption that surrounds Bitcoin.



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April 11, 2017, 07:55:33 PM
 #12

We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?

Bitcoin is just a tool for payment.  It is simply a code that enable us to have a peer to peer transaction.  Good things or bad things depends on the person who is holding Bitcoin.  A person can use Bitcoin to hep other people while it can also be used to ruin one's reputation.  When people forget morality and hungers for more power with Bitcoin then yes it can really lead to corruption.  Just observe what is happening around the Bitcoin environment and you really know when people desires for control of Bitcoin, the desire can lead them to corruption.

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April 11, 2017, 08:13:15 PM
 #13

We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?
Just like the internet is used for good and the bad,Bitcoin can also be used the same.
Whether bitcoin exist or not,corruption would exist for ever.
With bitcoins,doing corruption would be much easier to do.
Bitcoin is mainly created for decentralization and some give it a bad name by using it for illegal activities.
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April 11, 2017, 08:17:47 PM
 #14

I think there are a lot of definitions of the word corruption in the dictionary and I think, Bitcoin can lead to corruption based from the definition that I know. Corruption for me, is when people use something but that something is not for that people but for other purpose or other people, though in bitcoin it can be called on another word. For example, I am running a signature campaign, lets say it is A signature campaign. My campaign manager is X and been my partner for 6 years. I trusted him so much, that I put the whole 10 bitcoins to the address of the campaign. After that I didn't hear about him or what happened to my bitcoins, as far as I know, he run off with my bitcoins, and used it not the way it will be used.



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April 11, 2017, 08:31:50 PM
 #15

We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?
yes and it is wrong to consider bitcoin as responsible for corruption as we can see that corruption is present everywhere more before existence of bitcoin.

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April 11, 2017, 08:42:17 PM
 #16

We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?

Bitcoin is set of computer codes that allows peer-to-peer payment. It has no concept of corruption. Corruption is done by human beings behaving without morals - basically the criminal riff-raff types.

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April 11, 2017, 08:55:02 PM
 #17

The answer lies on the surface.

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April 11, 2017, 09:05:49 PM
 #18

Corruption with bitcoin is even more easy.There is no refund option with bitcoin so we cant get our stolen money  back if we didnt get colaterral or If he is maybe from same coutry like as and we can proof that but it is really hard to proof it.Also bitcoin is anonymously so nobody cant track it so it is easy for use for mafia.
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April 11, 2017, 09:14:52 PM
 #19

Human have greedy character inside, the corruption there will always be.
Bitcoin designed as decentralized currency with transparent ledger, every transaction tracked and show to public.
Let say government used bitcoin, is there any chance have a corruption? Yes. It's all depends on the government system, it's means how they manage the address for every funds, manage address for every people, and how they track them, they can utilize bitcoin system network.

Corruption is human error, greedy and system failure.

I think there are a lot of definitions of the word corruption in the dictionary and I think, Bitcoin can lead to corruption based from the definition that I know. Corruption for me, is when people use something but that something is not for that people but for other purpose or other people, though in bitcoin it can be called on another word. For example, I am running a signature campaign, lets say it is A signature campaign. My campaign manager is X and been my partner for 6 years. I trusted him so much, that I put the whole 10 bitcoins to the address of the campaign. After that I didn't hear about him or what happened to my bitcoins, as far as I know, he run off with my bitcoins, and used it not the way it will be used.

I think that's called as scam/fraud.
AFAIK corruption is used in government environment, who abuse an asset/wealth/position.
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April 11, 2017, 09:32:56 PM
 #20

I think there are a lot of definitions of the word corruption in the dictionary and I think, Bitcoin can lead to corruption based from the definition that I know. Corruption for me, is when people use something but that something is not for that people but for other purpose or other people, though in bitcoin it can be called on another word. For example, I am running a signature campaign, lets say it is A signature campaign. My campaign manager is X and been my partner for 6 years. I trusted him so much, that I put the whole 10 bitcoins to the address of the campaign. After that I didn't hear about him or what happened to my bitcoins, as far as I know, he run off with my bitcoins, and used it not the way it will be used.

You can just simplify it by saying, to exploit people and or do that is immoral. 



Definitely  anything that can bring power or trigger greed can corrupt people.  Bitcoin like money is no exemption.  Bitcoin can give people power, financial capability, and fame.  If a person cannot get enough of these with Bitcoins then he can turn into a corrupt person exploiting everything he can to get more of what Bitcoin offers.

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