Wen_Moon
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March 28, 2018, 02:18:16 PM |
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Anything involving overly large amounts of Fiat risks corruption. Bitcoin isn't going to be immune to it.
Satoshi originally wanted bitcoin to be mine-able by your everyday PC user so someone can use their spare cpu power to mine BTC when they want. As it became worth a lot of fiat to mine BTC, huge mining pools stood up, discovering that GPU/ASIC chips can be used to mine, ramping the mining difficulty up so high that it effectively eliminated the possibility for your everyday average person to be able to use their cpu to mine. Now these miner's or groups of miner's have a large stake in bitcoin and therefore have more control over the coin than was ever originally intended.
GPU mining software didn't exist when satoshi made btc nor did the technology behind ASIC chips, he couldn't account for these things. As Fiat was pumped into BTC it drove many others to find these other methods, lowering the overall decentralization of bitcoin a bit. This could arguably not be corruption, but it certainly hasn't helped btc along.
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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independence
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March 28, 2018, 02:42:41 PM |
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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?
Any currency can participate in corruption, including Bitcoin. But if you compare Bitcoin on the level of possible use for corrupt schemes, Bitcoin is less suitable for this. Because Bitcoin is less anonymous, if you compare it with cash and anonymous crypto-currencies. Using iphone you can bribe a person, but that does not mean that his company is guilty of corruption. |
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Alaissa Ganda
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March 28, 2018, 03:27:11 PM |
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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?
Corruption is every where but I think we all know what is wrong and right things that we should do. I think that bitcoin is far from corruption because huge money is good for those people who are very patient and hard working to have it as long as they did not harm any other people it is just a token for them and I do not consider it as a corruption or a crime. |
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terrong
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March 28, 2018, 03:41:25 PM |
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It will.
Most of people now are greedy who wants to own a lot of money they want to be rich and surpassed others so definitely bitcoin will be lead too in any corruption to government or in a company that accept btc. All we can do is continue to be positive so that the bitcoin does not break.
bitcoin has been widely used to store assets from corruption so they remove traces by buying btc. it is not good for bitcoin sustainability as it will be bad news for people who do not know about bitcoin yet |
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pthnmj
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March 28, 2018, 04:38:33 PM |
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It seems difficult for bitcoin leading to corruption since there's a blockchain technology which works behind bitcoin. The blockchain technology can not just reduce but in fact eliminate corruption, as blockchain is a shared ledger which is shared either publicly or privately between multiple entities. All transactions are recorded on the blockchain, and once added these records cannot be deleted or updated.
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Etherlevis128
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March 28, 2018, 04:40:45 PM |
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Corruption is not a good work in our society. Generally, it depends on your mind which you want.If you want this,you will able to do corruption by using Bitcoin.Because, Bitcoin is like a sky and corruption is like a bird which is able to fly in this area.
I fully agree that Bitcoin can even be useful to corrupt people who have the strength of anonymity for crypto currency, can use it for their own purposes. As of my country I think many people are abusing the use of bitcoin. They only do activities that are negative. See from the way it works, of course bitcoin can make it easy to do various financial transactions. This can facilitate the perpetrators of corruption to hide their wealth. This is what we have to think about, there must be a rule that regulates the use of bitcoin. There must be an active role of government to support the use of bitcoin in the community. |
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cepedacharles
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March 28, 2018, 04:43:59 PM |
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Yes it could lead to the corruption especially if the government would be able to take hold of it. Everything that comes along the way that has the government holding it will always lead to corruption because they know there is a big money there. And it can be a tool for corruption. We all can see how this crypto currency performs in the market. In this way, it could attract a lot more and more people becomes.very interrested to bitcoin. It can tempt anybody to do bad things because of the benefit someone can get through bitcoin.
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Wilfrer
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March 28, 2018, 05:05:52 PM |
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I think yes. Because of its anonymity, participants are always anonymous to the sender and receiver. Therefore, no one knows whether the truth of corruption has taken place or not. So, there are so many people who come to Bitcoin for this, because of their freedom and not bound by law
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Orino Suimuri
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March 28, 2018, 05:24:32 PM |
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Anything that has value can be used to corrupt someone, so of course bitcoin is no exception.
Not only that, by being anonymous, it's possible to use it - much more than other means of exchange - for unclear transactions.
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Lyne1982
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March 28, 2018, 05:28:58 PM |
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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?
Anything that involve money leads to corruption. If the person is greed and only wants money it is possible that even in terms of bitcoin he can do whatever the consequences and he corrupt. example those people who are engage in scamming, they are greed that they only want easy money and they don't want to work for it so they scam and corrupt others assets. |
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jeluhtajem
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March 28, 2018, 05:40:43 PM |
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Yes even crypto currencies can be affected by corruption after all it is just a currency and it all depends on the user on how or what do they use it. There are even lots of scam that is occuring with bitcoin like for example ponzi schemes suck ws cloud mining, hyip an other pyramid schemes that offers you to earn big amount of bitcoin that is to good to be true. Even fiat currencies can be used for corruption so its also the same with crypto currencies as long as there are users good or bad they can use their money however they like.
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lagsalot
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March 28, 2018, 05:44:43 PM |
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This is not a question of if, but a question of "how do you fight this anonymous type of corruption?"
Thank you for a very interesting topic.
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Etherlevis128
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March 28, 2018, 05:46:24 PM |
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Anything that has value can be used to corrupt someone, so of course bitcoin is no exception.
Not only that, by being anonymous, it's possible to use it - much more than other means of exchange - for unclear transactions.
I donot think bitcoin is helpful in it if anyone have to do corruption he can do it with anything. corruption do not depend on money. Suppose there is a corrupt person then he will do corruption in any way no matter that what the currency is in his country or in what currency he is working he will know that this currency is convertible and then he will convert it to his desired currency. So corruption depend on the people and not on the type of currency. |
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human2021
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March 28, 2018, 06:06:10 PM |
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With the anonymity of bitcoin, it can easily attract people to use it to corruption because they will have a clear and calm state of mind that they can easily hide from the other authorities because of the difficulties to track bitcoin down and that is why it is very open for corruption and can be abused by the people.
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missmaria
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March 28, 2018, 06:16:12 PM |
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I think that nearly every thing on this Earth may lead to the corruption; but BTC is easy to track - I can't say the same about fiat money.
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Whitly
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March 28, 2018, 06:27:32 PM |
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I think easily, bitcoin have one plus than other currency haven't - anonymity, even if every transaction is public and everyone can see sender and receiver addresses, it's still easly to hide it, by mixing. From other side bitcoin is not stable, as fiat, and person would lose money while cashing out bitcoins if bitcoin price will drop, so I'm not sure everyone will agree to take bitcoins as "bribe".
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reverseflash
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March 28, 2018, 08:22:44 PM |
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In my country the bitcoin is not considered profit, and the declaration is not required to specify it in tax, so it can be used for corruption diagrams and concealment of profit.
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coinluisa
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March 28, 2018, 09:46:43 PM |
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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?
In this crypto world you can also a lot of corrupt people it comes of money and we cannot stop that because it's up to people attitude. In ten people you always see 1 to 2 corrupt . |
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goldcoinminer
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March 29, 2018, 05:28:04 AM |
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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?
In this crypto world you can also a lot of corrupt people it comes of money and we cannot stop that because it's up to people attitude. In ten people you always see 1 to 2 corrupt . Money laundering is very popular in the crypto world, this will only be solve if the government will be more strict in implementing the rules and I think regulating bitcoin is a good thing so more people will be confident to use it and we will establish legality which brings popularity. |
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cpkozak
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March 29, 2018, 06:13:28 AM |
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Governments in many countries have imposed heavy management regulations on Bitcoin, arguing that it and other electronic currencies could be used for illegal activities. But that is just a phobia for the fact that Bitcoin is an intermediary exchange that is out of their control. Highly corrupt governments often claim that Bitcoin is illegal while well-regulated countries have an extremely friendly electronic money framework.
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