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Author Topic: Can Bitcoin also lead to corruption ?  (Read 50873 times)
thet
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September 11, 2017, 06:58:49 AM
 #821

Yes, bitcoin can be transfer easily to someone without any verification unlike with banks there some papers before making transaction.

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September 11, 2017, 07:27:13 AM
 #822

Yes, it can lead to even heinous corruption. This is because its transaction are not traceable, it is decentralized. You can send your bitcoin from America to Asia without being traced and once there is a mistake in the transfer, it is gone to another wallet or lost in the wind of network challenges. I mean, is an individual business, no bank to support you in any trace, we have fake wallets that can swallow your bitcoin when sent to it. I heard of such lost of huge bitcoin to a fake wallet recently. Pathetic news

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Rhosadah
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September 11, 2017, 07:41:29 AM
 #823

I think it's going to be so hard for corruption in bitcoin because Blockchain has the potential to make it more efficient, make quicker settlements and so that economic activity will get higher with less corruption and fraud. In addition, it will cause us to live as a more honest and transparent society, "he concluded.
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September 11, 2017, 12:47:37 PM
 #824

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.

Yes correct. What corruption are you talking about? Because we are all know that there is corruption everywhere, Corruption always happen because of money. Everyone leads to corruption especially those people is so desperate to have more money or to be rich.
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September 11, 2017, 01:56:52 PM
 #825

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'm not sure that in bitcoin there is a corruption. Maybe there's none. It could be either scam. All managers here in this forum have their own perspective for the successful of their project and if corruption exists here maybe their project fail.
Bitcoins are very safe to sue and corruption is associated with them just by haters who can’t see bitcoins knocking out their shitty coins. Bitcoins are helping to improve the economies of the countries and here some dumb people are trying to make people scare of digital world and bitcoins by associating corruption with them.
Even if you say that corruption is just the opinion of the haters. I think it is wrong. i myself admit that bitcoin is used for illegal activities. such as corruption, money laundering, etc. although it is not seen because of an anonymous factor but it is true. for example a few years ago there was a criminal who wanted to bomb in a mall. he asked for a 100 btc ransom (to keep his identity uncovered) to disable the bomb. it's a simple example..
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September 11, 2017, 07:36:52 PM
 #826

Yes, you are proper totally. Bitcoin can lead to corruption as tackle of sender and receiver is anonymous which helps make it one particular of the most secure approaches to transfer bribes.
Black Angel
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September 11, 2017, 11:12:07 PM
 #827

I think without bitcoin corruption has also happened, if they use bitcoin for money laundering of course we can not blame bitcoin because before there know bitcoin they also divert their money to another bank type.
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September 12, 2017, 03:25:18 AM
 #828

We all know that everyone can be corrupt when it comes in money. Since nowadays bitcoin is consider as as money too. And I think there is a possibility to lead anyone to corruption because bitcoin is not illegal and it can't be controlled by anyone.
Quietman
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September 12, 2017, 04:12:08 AM
 #829

Corruption can happen anywhere. When there are greedy people there's corruption that takes place too. If the people who holds bitcoin are corrupt then bitcoin can lead to corruption as well. If only people will be true and wont let their self interest to get rich ruin them, it will be a bright future for all of us.
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September 12, 2017, 04:33:53 AM
 #830

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, I believe that there's a possibility becauae still, it involves money. And as long as money is involved into something, corruption will always be present. I'm nit sure on how corruption works in Bitcoin since it is decentralized, maybe it is on ICO projects or campaigns which is related to Bitcoin something like that.


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drachman
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September 12, 2017, 11:00:26 PM
 #831

Till now I haven't heard anyone using Bitcoins for the payment of bribes. Perhaps the bureaucrats and the government officials are not tech savvy enough to accept the bribes in Bitcoin. But rather than Bitcoin, I would suggest anonymous currencies such as BlackBytes, DeepOnion and Monero for this purpose. Because I doubt that Bitcoin is 100% anonymous.
While we have not seen this yet I think that as bitcoin gets more attention and adoption from the public cases like that are going to begin to happen which is going to be really troublesome for the police because even if they identify the guilty person they are not going to be able to get the money back.

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September 14, 2017, 10:49:16 AM
 #832

Bitcoin can even lead to more corruption, because it is a decentralized and anonymous system and difficult to trace who gave how much to whom on which day.


It can happen as well. I think there is nothing in this world which cannot happen. If we talk about this thing that Bitcoin will lead us to corruption, then I think it will not be the Bitcoin who will lead us to corruption but the people who will be using it for the sake of corruption. Bitcoin itself is neither good nor bad but it is we who will either use it for legal earnings or illegal activities.

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September 14, 2017, 12:25:21 PM
 #833

Well this question has its answer already, bitcoin is money, soo the difference is digital money, how many scams had happened on the last 7 years with a lot different projects supporting bitcoin and crypto? I dont see why would bitcoin be able to stop corruption, is the same question about the use of bitcoin, some says its connected to dark marketplace, but each user is able to choose where to spend its coins the same happens with fiat for a long period.
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September 14, 2017, 12:27:20 PM
 #834

The corrupts don´t need bitcoin for their corruption. Bitcoin offers privacy in transactions, true, just like bank accounts in tax havens. The corrupts have already their system and will not change it to adapt it to a currency that banks don´t like, especially when they don´t need it and because bitcoin, after all, always leaves a trace.
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September 15, 2017, 10:32:23 AM
 #835

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?
A good question. If we think about it, bitcoin might be used for corruption. Bitcoin is a anonymous currency and does not require any taxation on it. Bitcoin is totally decentralized so it does not even have any price limitation. Also you don't have any limit on purchasing bitcoins. Bitcoins can be used by anyone in any amount. You can also purchase bitcoin of millions of dollars without actually knowing anyone know about it. Just you have to exchange your money silently.
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September 15, 2017, 11:39:46 AM
 #836

Money itself is not the roots of corruption neither can bitcoin leads to corruption. The roots of corruption is greedy and selfishness. Many people who are born into influence and wealthy family are corrupt because corruption has it roots in greedy

Yes and that officially causes a lot of corruption. If we think properly, all the money obtained in corruption is declared as the black money as people do not pay taxes for it. All the black money can be transferred to bitcoins and then it can be legally be converted to white money.

It can cause a heavy exchange of black money to white money. But there is not much profit in storing all the black money in bitcoins as they would require to pay certain taxes for withdrawing their bitcoins.
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September 15, 2017, 11:41:40 AM
 #837

Bitcoin is a currency so what makes you think it would be safe from corruption? Isn't buying illegal things and money laundering through bitcoin a form of corruption? Bitcoin is not leading to corruption, it IS drenched in corruption the moment people realize they can do all sort of things in bitcoin.
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September 17, 2017, 09:32:44 PM
 #838

It is genuinely verging on foolish to claim that a standard advance is since of some administration mediation. By and by, I preserve to the summary that the ideal an administration can do is not to wreck excessively or meddle also profound with the improvement of modern society. As this kind of, they can exacerbate issues awfully nevertheless they can scarcely enhance them a excellent deal. It resembles present day excavators, even though numerous if not every single one of them may be pleasant folks independently, nonetheless together, as a framework, they are as rebel and heartless as some other entrepreneur out there never ever going to budge on sucking in positive aspects
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September 17, 2017, 10:01:06 PM
 #839

Well, that may defend on how you perceive bitcoin. Fiat is also often used in corruption ceases so why not bitcoin?
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September 17, 2017, 10:10:25 PM
 #840

Where there is money there is also corruption. Fiat is corrupted as hell. We have an inflation of over 2000% in the last 100 years in USD alone so since Bitcoin is limited to 21 million coins we can assume that Bitcoin it is a safer bet. In conclusion, corruption is where money is.

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