Crime funded by bitcoin

[MyBTT]

Since Bitcoin was ever released, I've thought of the possibility of this. Will crimes be easily funded now due to bitcoin and it's anonymity? How do you think the authorities will combat this? Will this lead to a decline in the price of bitcoin? I've had this on my mind for a while now and I would like to hear your guys opinions.

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[Mia Wallace]

Since Bitcoin was ever released, I've thought of the possibility of this. Will crimes be easily funded now due to bitcoin and it's anonymity? How do you think the authorities will combat this? Will this lead to a decline in the price of bitcoin? I've had this on my mind for a while now and I would like to hear your guys opinions.

I think this is one of the most started topic in this forum.Lets say that bitcoin is not anonymous,it has an open ledger and how could that be anonymous and every transaction is lodged in the public ledger,it is easier for the authorities to catch the culprits ,see for example how FBI caught  ‎Ross William Ulbricht‎ who ran silk road and confiscated all of his earnings in bitcoin.

[Ryan Dugan]

Bitcoin is not the problem and never has been the problem. Such thinking is simple minded and people who think this way are almost always certainly no ones. Crime can be funded without money did you know that ? Crime can be fueled by hatred .  Blaming bitcoin is like blaming the internet for pedophiles. Anything can be used for good or bad.

[piebeyb]

What if the crime is funded by paper currency or some kind of stuff like gold, will it also be the same fate as you say bitcoin 

[Black House Up]

A crime could also be funded by regular money... And if bitcoin is disabled, why not make a new currency which only criminals use?

[Jody.Drummer]

Very influential for bitcoin, many people assume that bitcoin can carry out a crime transaction, and that could weaken the bitcoin.

[jc89]

First of all, crimes are not funded by bitcoin, but they are funded with bitcoin. Your title made bitcoin evil that bitcoin is a large entity that is the cause of crimes. You may misled people with that.

The association of bitcoin and crimes will never stop, does it? If criminals want to use bitcoin as their fund can we do something? None. If the criminals want to use fiat in funding their dirty work can we do something? None . So why on Earth are some people giving a damn about how people want to use bitcoin? Maybe they are just too bored in their lives and continually criticize Bitcoin to deeds where people are to be blamed.

[Tyrantt]

Well since bitcoin is almost anonymous, can be sent anywhere without any information about the sender and receiver and is relatively fast, it's a perfect tool for funding dodgy businesses and criminal activities and it's pretty normal, fiat has been used for that for a long time and will still be used.

In short, Bitcoin with it's characteristics is very good for criminal funding since it's been widely used on dark web and on the infamous SilkRoad.

[cramcram21]

Bitcoin is not the problem and never has been the problem. Such thinking is simple minded and people who think this way are almost always certainly no ones. Crime can be funded without money did you know that ? Crime can be fueled by hatred .  Blaming bitcoin is like blaming the internet for pedophiles. Anything can be used for good or bad.

Totally true but don't you think that there are tons of people who turned into pedophiles because they have watch some in the internet?
And that started their desire for child?

[MANNYKURSH]

With the war in south island side in the phillippines
I think they found alot of computer equipment in the ISIS haven they were operating out of with bitcoin transactions to fund bank accounts to purchase their ammunition for the guns they were fight the government there with.

[slaman29]

Here's a simple scenario: Small time street druglord wants to clear $1million weekly. Today, this is 350 BTC. Who at all, if possible, can facilitate exchanging that volume of Bitcoin into fiat without getting noticed?

Or should said druglord purchase mining rig to ensure all his staff and dealers get paid in Bitcoin?

[mindrust]

Since Bitcoin was ever released, I've thought of the possibility of this. Will crimes be easily funded now due to bitcoin and it's anonymity? How do you think the authorities will combat this? Will this lead to a decline in the price of bitcoin? I've had this on my mind for a while now and I would like to hear your guys opinions.

Authorities has no power. They won't be able to stop bitcoin. Never.

If they were able to do it, they would have caught the wannacrypt hacker already. The only chance they have is to examining the software code for hints and that's not about bitcoin. Unless the criminal decides to spend his coins, nobody ever will know who is. Maybe years after when everybody forgot about this day, the hacker will try to get some other full anonymous coins for his bitcoins from an infamous exchange and nobody will ever able to track him down.

Bitcoin is not the perfect tool for criminals tbh. Because as soon as they move their money, it will hit the news. They can't spend it easily, they can't go to the banks. Stolen bitcoins are pretty much dead coins. I assume every major exchange website and mixing services are keeping tracks of those bad addresses but in the long term, they won't able to keep tracks and they won't care eventually.

If they start to collect coins as monero however... now that's the perfect tool.

[shield132]

Since Bitcoin was ever released, I've thought of the possibility of this. Will crimes be easily funded now due to bitcoin and it's anonymity? How do you think the authorities will combat this? Will this lead to a decline in the price of bitcoin? I've had this on my mind for a while now and I would like to hear your guys opinions.

Don't you have ever visited torrents and saw bitcoin adress for donation in footer or somewhere? Also darknet is using bitcoin as payment way because of bitcoin nature, it's anonimity. They can be easily funded but also still there is need to make that black money - white and for that people are using bitcoin mixers. Bitcoin and high anonimity in internet is awesome combination too.

[Taki]

Since Bitcoin was ever released, I've thought of the possibility of this. Will crimes be easily funded now due to bitcoin and it's anonymity? How do you think the authorities will combat this? Will this lead to a decline in the price of bitcoin? I've had this on my mind for a while now and I would like to hear your guys opinions.

I think this is one of the most started topic in this forum.Lets say that bitcoin is not anonymous,it has an open ledger and how could that be anonymous and every transaction is lodged in the public ledger,it is easier for the authorities to catch the culprits ,see for example how FBI caught  ‎Ross William Ulbricht‎ who ran silk road and confiscated all of his earnings in bitcoin.

All the roads of bitcoin can be seen, so it is not anonymous. But there is a crypto currency which is totally anonymous, it is called Zcash with that coin you can't see who and where the transaction accepted. No doubt  this coin can be used for some illegal activity. 

[MostHigh]

Bitcoin is not anonymous. Every transaction is recorded in aa ledger so it is almost impossible to be off the grib with transactions. Using bitcoin for crime is done the same way all other currencies can be used.

[erikalui]

Since Bitcoin was ever released, I've thought of the possibility of this. Will crimes be easily funded now due to bitcoin and it's anonymity? How do you think the authorities will combat this? Will this lead to a decline in the price of bitcoin? I've had this on my mind for a while now and I would like to hear your guys opinions.

I think this is one of the most started topic in this forum.Lets say that bitcoin is not anonymous,it has an open ledger and how could that be anonymous and every transaction is lodged in the public ledger,it is easier for the authorities to catch the culprits ,see for example how FBI caught  ‎Ross William Ulbricht‎ who ran silk road and confiscated all of his earnings in bitcoin.

All the roads of bitcoin can be seen, so it is not anonymous. But there is a crypto currency which is totally anonymous, it is called Zcash with that coin you can't see who and where the transaction accepted. No doubt  this coin can be used for some illegal activity. 

Zcahs doesn't have a huge market cap compared to even Ether but yes, its price shows that it can be used for illegal activities as it cannot be traced.

However, bitcoins will still be exploited by these terrorist and gambling organizations who find it easier to convert stolen fiat cash into bitcoins and transfer it to different countries as well as buy arms and guns. Only KYC regulations cannot stop this as documents too can be faked. Many exchanges are imposing on these regulations to stop fraudulent transactions now.

[HaXX0R1337]

A crime could also be funded by regular money... And if bitcoin is disabled, why not make a new currency which only criminals use?

Here is the twist here,there is a coin for criminals too  ,hope you have heard about concoin ,they are dubbed as the most dangerous cryptocurrency in the world as it is a digital Currency for Prison inmates it seems   i am not sure how true those things are and how they are going to work,either way it is an interesting concept. i would care less if crimes are funded by bitcoin concoin or fiat,if the legal system is strong the criminals will be caught no matter what method they use.

[NoNetwork]

Since Bitcoin was ever released, I've thought of the possibility of this. Will crimes be easily funded now due to bitcoin and it's anonymity? How do you think the authorities will combat this? Will this lead to a decline in the price of bitcoin? I've had this on my mind for a while now and I would like to hear your guys opinions.

It has a high possibility, because of it's anonymity and price, no one would be declining the offer. And even these criminals used bitcoin as a payment to the crimes they commit,we can't stop them from doing so.

[GreenBits]

A crime could also be funded by regular money... And if bitcoin is disabled, why not make a new currency which only criminals use?

Here is the twist here,there is a coin for criminals too  ,hope you have heard about concoin ,they are dubbed as the most dangerous cryptocurrency in the world as it is a digital Currency for Prison inmates it seems   i am not sure how true those things are and how they are going to work,either way it is an interesting concept. i would care less if crimes are funded by bitcoin concoin or fiat,if the legal system is strong the criminals will be caught no matter what method they use.

ROFL how is this supposed to work? Do they tattoo transactions on each other, or use cigarettes?

But now that I think about it, seriously, how the hell is this supposed to work?  They don't have phones, if they did, they could just have bitcoin.  Like, it's illegal for them to have phones/ computer access, if they use a proxy to enter transactions then again, might as well use bitcoin..

Ah! Concoin is soap on a rope!

[Fredomago]

i think if you are already into bitcoin for some time and you already here inside the forum for quite some time there's already a topic here regarding to bitcoin use for illegal activities, and this also part of it, i think if this will be use to fund any small crime it will not be detected right away but if the crime would be a terrorist or really big one for sure the government will use any sources to trace it up.