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Author Topic: Can Bitcoin also lead to corruption ?  (Read 50873 times)
Samarkand
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August 15, 2017, 09:48:05 AM
 #681

Yes because Bitcoin is like money, and money is a medium used for corruption. Actually it will ultimately depend on the user. Anyone can use it for good, while others may use it for illegal means. Since Bitcoin is not traceable, people may think of using it for illegal activity since they may get away with it. Or they could use Bitcoin for money laundering acts. These are just some of the corrupt practices that a person may do with the use of Bitcoin.

This is not true. Bitcoin is not as anonymous as people think. There are already several blockchain analytics startup, which
try to link BTC addresses to users. It is not that difficult. Just cooperate with a large exchange or something like Coinbase and
you are looking at more than 9 million users. Then you can already start linking the withdrawal addresses to real identities, because
most exchanges require KYC in order to comply with AML regulations.

Tracing transactions gets difficult as soon as mixing services are used, conversions to altcoins are performed
or other steps are taken in order to disguise the flow of funds.

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August 15, 2017, 03:52:16 PM
 #682

I have not heard more examples of corruption with the use of bitcoin. It will be difficult to do as most people don't know what it is and don't have the necessary amount of bitcoins. Besides, any action on the Internet are easier to track than Fiat.
I don’t really think Bitcoin is leading to corruption, because corruption has been from the start even with Fiat. Rather I will say that Bitcoin might make it quite easy for them due to its anonymity.

Being anonymous is not only the reason bitcoin can lead to illegal things. Basically it is human nature as all human always want to misuse a new technology. Honestly this is what happening with bitcoins.
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August 15, 2017, 04:13:38 PM
 #683

One of the disadvantages with Bitcoin is that it can be used for criminal activities, such as the payment of ransom, bribes.etc. And as long as the receiver decides not to convert his coins to fiat, it is almost impossible to trace him.

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August 15, 2017, 04:18:47 PM
 #684

The issue of corruption is not even limited to the bitcoin alone as anything that have to do with people pursuing selfish interest can lead to corruption and not even something as money. Even food, position, evaluation among other things. Whether bitcoin will not lead to corruption is just a step from what we already know and it doesn't change the behaviour of a corrupt individual so he has learned and know how bitcoin works, then he is sure to apply his skills there.




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August 15, 2017, 06:20:31 PM
 #685

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?
Lets suppose that you start to cut new coins, sell the cutting equipment to all the "pioneers" and start buying those coins from them at continuously growing prices. In time, more people get interested in your new coins and at some point invest in them far more than you have ever paid to the cutting "pioneers" mentioned above. What would you do, if you could stop buying those new coins of yours from the crowd? And if eventually you would stop buying them back, would it be a corruption? In any case it would be one more Ponzi scheme, just a little beat more complicated (since there would be more coin creators, not just you alone, but their ability to cut new coins would be limited by the equipment sold to them by you; and since you would produce and sell that equipment you would be controlling the total production numbers of those coins).
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August 15, 2017, 07:05:05 PM
 #686

DEFINITELY!! as bitcoin is anonymoous money transfers and withdrawals are unknown this is the safest way to corruption...
but i hope corruption will stop to the whole world as only poor people suffers on it..
thats why rich get richer and poor stays poor

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August 15, 2017, 07:27:34 PM
 #687

It can't lead the corruption countries which have already problem with corruption will use that payment system to make it easier but in countries where laws and police are working to make corruption less posible it would be really easy prove that corruption happend and it can take liability from people who made ilegal action
I think it's not necessary to be hypocritical not to admit that bitcoin really helps corruptors to launder money from corruption they do, how not bitcoins have an anonymous nature and they can hide their corrupt money in bitcoin safely, I think nobody knows this is happening or No, because of the anonymous nature of it
It’s not only the case with bitcoins. The paper money is also leading to corruption. The world is currently facing too much corruption. Even before the invention of bitcoins, there was corruption. No matter what kind of money system we have, it has flaws and same is the case with bitcoins.
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August 15, 2017, 10:16:32 PM
 #688

Yes because Bitcoin is like money, and money is a medium used for corruption. Actually it will ultimately depend on the user. Anyone can use it for good, while others may use it for illegal means. Since Bitcoin is not traceable, people may think of using it for illegal activity since they may get away with it. Or they could use Bitcoin for money laundering acts. These are just some of the corrupt practices that a person may do with the use of Bitcoin.

This is not true. Bitcoin is not as anonymous as people think. There are already several blockchain analytics startup, which
try to link BTC addresses to users. It is not that difficult. Just cooperate with a large exchange or something like Coinbase and
you are looking at more than 9 million users. Then you can already start linking the withdrawal addresses to real identities, because
most exchanges require KYC in order to comply with AML regulations.

Tracing transactions gets difficult as soon as mixing services are used, conversions to altcoins are performed
or other steps are taken in order to disguise the flow of funds.
Tracing of bitcoins is always tough though. Even if the exchanges are trying this, there are very less chances they will succeed and associate links with the right person. Those who are using bitcoins they are smarter than these exchange holders. Only sharp people are using crypto currencies and they know the methods of making these things complicated.

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August 16, 2017, 05:46:36 PM
 #689

It may be not so much about tracing (till you "die", you won't leave the Matrix, even if your go to another side of universe), it may prove to be about leaving the sinking ship on time... "Good" things do not last forever you know...
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August 16, 2017, 05:57:55 PM
 #690

Corruption leads not bitcoin. This phenomenon exists due to the fact that in many countries, imperfect legislation. It is unnecessarily over-regulated and people have adapted to live in such conditions. Some pay for freedom, while others provide them with this freedom. Corruption is more often paid in cash than bitcoin.
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August 16, 2017, 08:57:38 PM
 #691

Have any exchanges doing corruption but is little number of exchanges doing this.
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August 17, 2017, 02:59:21 AM
 #692

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?
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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August 17, 2017, 03:07:22 AM
 #693

Well...considering the transparent transaction system inside the blockchain, Bitcoin will minimize the level of corruption.



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August 17, 2017, 03:21:09 AM
 #694

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?

i think not in bitcoin because the bitcoin is use online transaction i don't know how to be curruption using the decentralized currency, but not possible people there are many ways ideas if talking about money matter involve.

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August 17, 2017, 03:37:55 AM
 #695

I have not heard more examples of corruption with the use of bitcoin. It will be difficult to do as most people don't know what it is and don't have the necessary amount of bitcoins. Besides, any action on the Internet are easier to track than Fiat.
I don’t really think Bitcoin is leading to corruption, because corruption has been from the start even with Fiat. Rather I will say that Bitcoin might make it quite easy for them due to its anonymity.

Being anonymous is not only the reason bitcoin can lead to illegal things. Basically it is human nature as all human always want to misuse a new technology. Honestly this is what happening with bitcoins.
The most important factor is the nature of a person who always misuses the use of bitcoin, so bitcoin can be used as a treasure asset in the form of corruption. Crime is always based on opportunities such as the anonymous bitcoin nature by greedy people.

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Uberzugzug
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August 17, 2017, 03:49:48 AM
 #696

Corruption is everywhere.

With that, the answer is yes. Bitcoin can lead to corruption in such point that authorities may create a law making them earn money from all the Bitcoin transaction that people are doing. They may imply a tax for example which will be a requirement for people who invests on Bitcoin to pay that tax.
Samarkand
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August 17, 2017, 10:52:14 AM
 #697

Corruption is everywhere.

With that, the answer is yes. Bitcoin can lead to corruption in such point that authorities may create a law making them earn money from all the Bitcoin transaction that people are doing. They may imply a tax for example which will be a requirement for people who invests on Bitcoin to pay that tax.

And how would they collect the money they are owed due to a law like this?
This sounds completely unrealistic and would never be introduced.

Especially because financial regulations are not global, but differ greatly between
various jurisdictions.

oliver scott
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August 17, 2017, 02:23:39 PM
 #698

Any valuable thing and currency including bitcoin can be used for corruption because of human greed. Corruption will exist as long as there is human greed.
FUKT
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August 18, 2017, 04:27:57 PM
 #699

Well...considering the transparent transaction system inside the blockchain, Bitcoin will minimize the level of corruption.
Lets pay the corruptioners in bitcoins and make them transparent! Grin
krisnt80
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August 18, 2017, 05:31:39 PM
 #700

Bitcoin does have its value, it can be exchanged into fiat currencie, that can be used worldwide, being local currencie or dollar/euro or any other.  A lot scams projects camed online with bitcoin and altcoins, greedy people always looking for a way to take advantage of newbies, crypto isn’t different money when we talk about corruption and bad behavior, scammers will use fiat or crypto to damage others.
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