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Author Topic: Can Bitcoin also lead to corruption ?  (Read 50880 times)
ladydark
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July 27, 2017, 08:02:59 AM
 #561

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 has nothing to do with corruption rate.Already,corruption is done by using the existing currencies.It is already happening even before bitcoin was created.It would also exist even if bitcoin dies.But the corrupted people may find it easy to handle corrupted money in bitcoins instead of paper currency.

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July 27, 2017, 08:12:22 AM
 #562

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 can't lead into corruption but it can be use by the individuals to do corruption. especially if some of the users of bitcoin are corrupter that's bad anyway if they abuse the usages of bitcoin.
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July 27, 2017, 09:36:19 AM
 #563

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 can't lead into corruption but it can be use by the individuals to do corruption. especially if some of the users of bitcoin are corrupter that's bad anyway if they abuse the usages of bitcoin.

Yes people can make bitcoin as a intrument for corruption because of its anonymity feauture so it easy for them to make transaction because everthing is done online.
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July 27, 2017, 09:51:02 AM
 #564

Now it's a hot issue about BTC e that has been shut down because its admission has been involved in a money laundering. Other than that there are also said that carrying a run of more than 6k bitcoin
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July 27, 2017, 11:03:41 AM
 #565

Now it's a hot issue about BTC e that has been shut down because its admission has been involved in a money laundering. Other than that there are also said that carrying a run of more than 6k bitcoin
Bitcoin was not involve in money laundering because it's just a currency or a payment system that cannot move with the users decision.
Just to make it clear here, it is the users who are liable for doing illegal activities such as money laundering, but, it's not as big as the amount of money being laundered using legal currency such as dollar.

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July 27, 2017, 12:37:12 PM
 #566

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.
Definitely true, just like today, bitcoin is not yet discovered by most of the leaders , I think there will be a big possibility that they might do a way to manipulate bitcoin but I hope Satoshi will make early plan for that.

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July 27, 2017, 12:47:41 PM
 #567

Now it's a hot issue about BTC e that has been shut down because its admission has been involved in a money laundering. Other than that there are also said that carrying a run of more than 6k bitcoin
Bitcoin was not involve in money laundering because it's just a currency or a payment system that cannot move with the users decision.
Just to make it clear here, it is the users who are liable for doing illegal activities such as money laundering, but, it's not as big as the amount of money being laundered using legal currency such as dollar.
We can't deny completely that money laundering is not taking place through bitcoin. In specific as the above mate described the amount of money being laundered through bitcoin is quiet low compared to the legal currencies thats been used around the world. This is most of the time described as an issue by users who has the willingness to invest but fear and stay away because of the decentralized system paving path for such activities.

 
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July 27, 2017, 03:04:28 PM
 #568

We all know that too much want of money is considered as greedy and greed leads to corruption it is because those people wasn't contented on what they have so they used to be one of the corrupt people present in the society especially in the government.I believe that Bitcoin has nothing to do with the corruption,but maybe yes it can because all the transactions of bitcoin are anonymous and the corrupt people needs such type of platform to save their black money and to transfer them anywhere without taxes and without government consideration. Everything can be use either in positive of negative way, this is the negative use of bitcoin to do corruption.. This is most of the time described as an issue by users who has the willingness to invest but fear and stay away because of the decentralized system paving path for such activities.
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July 28, 2017, 12:27:50 AM
 #569

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.
Definitely true, just like today, bitcoin is not yet discovered by most of the leaders , I think there will be a big possibility that they might do a way to manipulate bitcoin but I hope Satoshi will make early plan for that.
LOL, are you kidding me, satoshi has nothing to do with what will happen to the market anymore as
it is just a game of supply and demand and at the end of the day the whales will be the winner. Let's just hope more people
will adopt so manipulation will be lessen because it's impossible to be eliminated.
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July 28, 2017, 01:16:46 AM
 #570

Yes it can, because all the transactions of bitcoin are anonymous and the corrupt people needs such type of platform to save their black money and to transfer them anywhere without taxes and without government consideration. Everything can be use either in positive of negative way, this is the negative use of bitcoin to do corruption.
I think there's no need to cover up on this, bitcoin is famous all over the world and bitcoin is well known on the black market that bitcoin is a good currency for illegal activities and without you knowing already many people are using bitcoin for illegal transactions, it might also be corruption
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July 28, 2017, 02:13:08 AM
 #571

Yes it can, because all the transactions of bitcoin are anonymous and the corrupt people needs such type of platform to save their black money and to transfer them anywhere without taxes and without government consideration. Everything can be use either in positive of negative way, this is the negative use of bitcoin to do corruption.
I think there's no need to cover up on this, bitcoin is famous all over the world and bitcoin is well known on the black market that bitcoin is a good currency for illegal activities and without you knowing already many people are using bitcoin for illegal transactions, it might also be corruption
Maybe before bitcoin is widely known for illegal activities but now that legitimate companies are already accepting bitcoin, I think that would change the way people view bitcoin. We cannot deny that bitcoin can also be used for illegal transactions but it's the job of the authorities to stop those who are doing illegal activities. More progress will come and the good ones will remain in the minds of the people.

 
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July 28, 2017, 02:34:19 AM
 #572

Yes it can, because all the transactions of bitcoin are anonymous and the corrupt people needs such type of platform to save their black money and to transfer them anywhere without taxes and without government consideration. Everything can be use either in positive of negative way, this is the negative use of bitcoin to do corruption.
I think there's no need to cover up on this, bitcoin is famous all over the world and bitcoin is well known on the black market that bitcoin is a good currency for illegal activities and without you knowing already many people are using bitcoin for illegal transactions, it might also be corruption

i don't know how famous bitcoin in darkweb but i am sure in that place, people is buying and selling bitcoin too and maybe they used bitcoin for illegal activities but i think we don't know for what is exactly the transaction. but i guess in any of transaction, in darkweb or in here, there is any illegal activities which is using bitcoin as the payment but still we don't know which is the transaction.
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July 28, 2017, 03:20:46 AM
 #573

Of course it can happen, because the nature of bitcoin itself is not tangible. This makes it easier for greedy people to corrupt because they can easily save their corruption money into bitcoins without having to know how they do it.

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July 28, 2017, 05:34:18 AM
 #574

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 it would totally lead to corruption because we all know that those people wants to hide their transaction on society so that they will get more money from the people. They will use bitcoin as a platform that they dream off as it will not show how dirty they are, it'll give them more idea on how they gonna steal people's money.

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July 28, 2017, 08:04:22 AM
 #575

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?

Probably Yes, Since it decentralized. Any Gov't employee or regular employee, could transact under the radar. Less likely to be caught. To generalize, If there's Money involved expect that corruption will follow. Let's face it, Corruption can't be prevented most likely it will only get worst. People have their own way of using money, Good and Bad. Like what you've said, Greed is also part of our human nature and that's a fact. Deep in ourselves we are greedy, It's up to us if we will let it take over.

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July 28, 2017, 08:23:58 AM
 #576

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?
As what you say corruption is everywhere it is driven by greed. But luckily bitcoin is decentralized which means no banks are involved, banks are also corrupt for my opinion.  I don't think that corruption is involved yet to bitcoins or any other coins, maybe the maker or something. But lets hope corruption will not occur in this industry.

I agree, due to bitcoin being decentralized, the government has no means of intervening the market thus, lowering the potential chance of corruption. But since the price of bitcoins are highly volatile, corruption is still inevitable. Not to mention, due to the identities of people being unknown when transacting, this can also lead to illegal trading and transactions (i.e. money laundering, providing funds to criminal activities, etc.).
Well, I ought to disagree. Bitcoin being decentralized is one of the very reason that it can lead to corruption, because there is no way that they can track a certain transaction. So, knowing this, corrupt people in the government can use this feature to their advantage to hide or to convert their laundered money from the people.

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July 28, 2017, 08:29:35 AM
 #577

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?
Indeed. I agree that too much consumption of bitcoin leading to more money in exchange. Because of what bitcoin provides, such as instant money, people become greedy that they always want a large count of money in their pocket and even in their hands that is why corruption happens. But we cannot blame bitcoin with corruption because it is the human behaviour that count because of their too much want in money that is why they become greedy that leads to corruption. We must properly use bitcoin to avoid this matter.

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Napole0n
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July 28, 2017, 08:59:09 AM
 #578

Yes it can, because all the transactions of bitcoin are anonymous and the corrupt people needs such type of platform to save their black money and to transfer them anywhere without taxes and without government consideration. Everything can be use either in positive of negative way, this is the negative use of bitcoin to do corruption.
Yes it is true, and it is an irrefutable fact, anonymous makes everyone save money to bitcoin which is money from their corruption, even bitcoin is safer and can not be traced by anyone.

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July 30, 2017, 11:37:39 PM
 #579

Yes it can, because all the transactions of bitcoin are anonymous and the corrupt people needs such type of platform to save their black money and to transfer them anywhere without taxes and without government consideration. Everything can be use either in positive of negative way, this is the negative use of bitcoin to do corruption.
Yeah bitcoin has anonymous and decentralized facilities and that's what criminals or criminals use to do illegal activities.
The corrupt just need to wash their money into bitcoin and then they can convert it again to fiat without being seen. That's bitcoin expertise
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July 30, 2017, 11:42:54 PM
 #580

Yes it can, because all the transactions of bitcoin are anonymous and the corrupt people needs such type of platform to save their black money and to transfer them anywhere without taxes and without government consideration. Everything can be use either in positive of negative way, this is the negative use of bitcoin to do corruption.
Yeah bitcoin has anonymous and decentralized facilities and that's what criminals or criminals use to do illegal activities.
The corrupt just need to wash their money into bitcoin and then they can convert it again to fiat without being seen. That's bitcoin expertise


There are ways to track it though but with the use of mixing services it sure does help criminal activity a lot.

I have yet to hear of bitcoin being used in corrupt cases though, but I guess it's only a matter of time now.
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