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Author Topic: Can Bitcoin also lead to corruption ?  (Read 50873 times)
IdVerification
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July 18, 2017, 04:38:23 AM
 #501

Corrupt Governments Tend to Declare Bitcoin Illegal: Analysis
posted: 7/17/2017
https://cointelegraph.com/news/corrupt-governments-tend-to-declare-bitcoin-illegal-analysis

It would make sense that governments with increased corruption would be interested in increased bitcoin control.
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July 18, 2017, 01:54:16 PM
 #502

Yes for sure it is as government will dazzled of how much bitcoin worth and how much bitcoin could give them what they want. Even now government is already corrupt what more if the official currency is bitcoin.

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July 18, 2017, 01:59:09 PM
 #503

Yes for sure it is as government will dazzled of how much bitcoin worth and how much bitcoin could give them what they want. Even now government is already corrupt what more if the official currency is bitcoin.

Of course, even foods are being used for corruption how much more is cryptocurrency that almost leaves no trail if you are careful. It is more safe and easily transferrable. It leaves no real mark unless you encash it and it can be programmed to run itself even without physical commands or interaction.
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July 18, 2017, 02:06:19 PM
 #504

I think so. Well, there are several ways to make your bitcoin transaction undetectable, and I think it can be used for corruption. Well, basically bitcoin is also commonly used for illegal transactions, so of course it can be used for corruption purposes.

                                                                               
                 
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July 18, 2017, 11:24:45 PM
 #505

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 as we all know it is very open to anyone,  which can be use gor legal and illegal matters.
Moreover, there are people out there who are greed were they abused bitcoin for bad purposes such as money laudering, and corruption. Let us not abuse bitcoin for any such a bad things reason.

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July 18, 2017, 11:47:05 PM
 #506

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 as we all know it is very open to anyone,  which can be use gor legal and illegal matters.
Moreover, there are people out there who are greed were they abused bitcoin for bad purposes such as money laudering, and corruption. Let us not abuse bitcoin for any such a bad things reason.
They are in control of their money therefore we cannot prevent them of doing what they want including money laundering. Now, the government are very serious with it's battle againts illegal activities hence we should be aware of that so we will not gonna suffer the consequences.

I know there are illegal activities where it is possible using our bitcoin but we should be a responsible user.

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July 19, 2017, 05:41:40 PM
 #507

Everything, including bitcoin,  that is mistreated can lead to corruption. The latter can be used in many other different ways; drugs, weapons, and so on.
If someone has wicked intentions, he will use it for wicked ones. If he has good intentions, he will use it for good ones. And that's the cycle of life. I think that bitcoin should be used to end poverty.
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July 19, 2017, 05:53:04 PM
 #508

The bitcoin is untraceable currency so there is more chances are there that Bitcoin will be used for illegal activities like corruption, drug dealing, funding to terrorism like these many ways we can use Bitcoin. But it depends on person nature. See I will use it for good purpose but others feeling is not same like me right.
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July 19, 2017, 06:01:59 PM
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It does make it easier. It's a great way to hide assets and move them in secret. Wasn't it why the Chinese multi-billionaires got into it years ago?
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July 19, 2017, 06:27:31 PM
 #510

Everything, including bitcoin,  that is mistreated can lead to corruption. The latter can be used in many other different ways; drugs, weapons, and so on.
If someone has wicked intentions, he will use it for wicked ones. If he has good intentions, he will use it for good ones. And that's the cycle of life. I think that bitcoin should be used to end poverty.
I do agree with you. If something has value, one day, it will be crash. Therefore, you should split your money and your property into many assets so that you can save your money from the crash and rebuild from the amount which you save. If the segwit2x does not succeed, the high possibility that bitcoin will be dumped and the price will be extremely terrilbe

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July 19, 2017, 06:51:47 PM
 #511

Greediness and selfishness is the root of corruption! Money is not the cost of corruption but many though it is.corruption is a state of mind and not a materials thing. Bitcoin cannot stop corruption as bitcoin is not a state of mind but a cryptocurrency.
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July 19, 2017, 06:58:28 PM
 #512

It does make it easier. It's a great way to hide assets and move them in secret. Wasn't it why the Chinese multi-billionaires got into it years ago?

In the current format yes but if governments embraced bitcoin (or other altcoins) its also a way to prove where and how they have spent their funds.

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July 20, 2017, 07:31:36 AM
 #513

I think so. Well, there are several ways to make your bitcoin transaction undetectable, and I think it can be used for corruption. Well, basically bitcoin is also commonly used for illegal transactions, so of course it can be used for corruption purposes.
Yes, in that case bitcoins are not to be blamed. The anonymity is a great feature though. If we talk about corruption, currently there are numerous instances where corruption on large scale is done via fiat currency. We can’t blame the means of corruption. Evil minds are responsible for corruption.

Black money is the paper money that is illegally used. So there are multiple other ways of committing corruption with fiat currency.
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July 20, 2017, 01:41:42 PM
 #514

Greediness and selfishness is the root of corruption! Money is not the cost of corruption but many though it is.corruption is a state of mind and not a materials thing. Bitcoin cannot stop corruption as bitcoin is not a state of mind but a cryptocurrency.
yes greediness and the wishes to make more and more money is the root cause of corruption. bitcoin has noting to do to stop corruption. i think even people can use it as tool for corruption. but i  think currently most of of the people do not have knowledge about bitcoin.
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July 20, 2017, 02:06:42 PM
 #515

There is a lot of corruption that we know of, and it doesn't exist because of dollars or Bitcoin.

It exists becuase people see a way to gain X amount of resources by being corurpt. It doesn't matter what the resource is, as long as there is something to gain by being dishonest people will do it.

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July 21, 2017, 04:54:20 PM
 #516

The bitcoin is untraceable currency so there is more chances are there that Bitcoin will be used for illegal activities like corruption, drug dealing, funding to terrorism like these many ways we can use Bitcoin. But it depends on person nature. See I will use it for good purpose but others feeling is not same like me right.
As you have said that it depends upon the person that what type of a person is using it and with what intentions is he using bitcoin ?

All the illegal activities which are threat to a healthy society are already present in the society and are being done with the regulated currency we have. One thing more I would like to mention is that bitcoin is anonymous but the exchanges where you buy and sell bitcoin and from where you get the cash after selling your bitcoin is traceable because all of them follow KYC and AML regulations.
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July 21, 2017, 11:28:07 PM
 #517

The bitcoin is untraceable currency so there is more chances are there that Bitcoin will be used for illegal activities like corruption, drug dealing, funding to terrorism like these many ways we can use Bitcoin. But it depends on person nature. See I will use it for good purpose but others feeling is not same like me right.
As you have said that it depends upon the person that what type of a person is using it and with what intentions is he using bitcoin ?

All the illegal activities which are threat to a healthy society are already present in the society and are being done with the regulated currency we have. One thing more I would like to mention is that bitcoin is anonymous but the exchanges where you buy and sell bitcoin and from where you get the cash after selling your bitcoin is traceable because all of them follow KYC and AML regulations.

Bitcoin doesn't lead to corruption now but as it is known by more people, they will start to use bitcoin in corruption purposes. And proving it won't be easy as happened in money.
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July 21, 2017, 11:44:08 PM
 #518

I think so. Well, there are several ways to make your bitcoin transaction undetectable, and I think it can be used for corruption. Well, basically bitcoin is also commonly used for illegal transactions, so of course it can be used for corruption purposes.
Bitcoin has the facility to be used as a secret and invisible storage of money and transactions, and I think it's only natural that many people use bitcoin for something illegal. Such as corruption, money laundering, etc. Of course we can not forbid it, because in bitcoin you are free to do anything
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July 22, 2017, 03:10:58 AM
 #519

Anything that is related to money can certainly be entered by corruption, not least the bitcoin itself. If the governments of most of the world's major nations have legalized it, then they have contributed to the process, but it does not rule out that bitcoin transactions are easy to trace, making people afraid of cheating. And a bitcoin satt will be a facility for transactions that are free of all kinds of cheats.
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July 22, 2017, 03:15:45 AM
 #520

Anything that is related to money can certainly be entered by corruption, not least the bitcoin itself. If the governments of most of the world's major nations have legalized it, then they have contributed to the process, but it does not rule out that bitcoin transactions are easy to trace, making people afraid of cheating. And a bitcoin satt will be a facility for transactions that are free of all kinds of cheats.

Bitcoin transactions are told still to be traceable yet, it is still anonymous but not really anonymous. It is a little confusing but that is the truth.
Also, corruption cannot be applied on bitcoin by the government unless they pass a budget for a certain project of a country or a village, and then the higher ups stole some money out of it to use for satisfying their needs.

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