Crime funded by bitcoin

[Yakamoto]

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.

Crimes will never really change their ease of funding, it just makes it potentially easier for networks to move money across really long distances with more anonymity than they would have otherwise. It doesn't necessarily make it easier for networks to move money if there is already some suspicion about their activities, however.

Chances are it will have no effect no the value of Bitcoin.

[Hazir]

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.

We had this discussion many time before. There are some point to consider:

1. Bitcoin is not as anonymous as people might think.
2. If something can be used by criminals to help them gain advantage - it is safe to assume they will use it.
3. Have you ever thought that cash is far more anonymous and 'crime friendly' that bitcoin will ever be?
4. If authorities will ever declare that bitcoin is 'evil'  simply because it can be used by wrong people they will become the biggest hypocrites ever.

[DOGE12321]

One cannot blame Bitcoin for starting crime. For instance, the internet is used for various cyber-crimes. Technology can be used for both good and bad. It depends on the user. Secondly, Bitcoin is not fully anonymous. It has an open ledger called the Blockchain. Every transaction made is logged in this ledger. If a crime is committed using Bitcoin, the transactions in the blockchain can be used to track the transactions of the criminals. Thus the blockchain itself is a safeguard against such crimes. Moreover, I don't see how crime decreases the price of Bitcoin. That does not make sense. It is not going to affect the price.

[khufuking]

Really decline in price !!! you did not follow the latest events ? Wannacry ransomware bitcoin was openly used for criminal acts and what happened ? the

price went from $1200ish to almost hitting $3000 now . so TBH i really do not know what you are talking about ? infact if bitcoin became a real  gateway

for criminals to get paid  its price will get higher .

[cindayou]

Bitcoin prices rose not because of crime using bitcoin. More because the news becomes viral and many people are looking for bitcoin so it becomes scarce and the price goes up. Nothing to do with evil

[Omega Weapon]

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.

Your logic does not make a lot of sense, bitcoin is just a tool if the criminals decide to use it then that is their call but I do not think that is going to make the price go any lower, just look at all the illegal things in the world, are they cheap? Of course not, if bitcoin became banned I think that will only make the price going higher since getting bitcoin will become more difficult and that always raise the price.

[mantra]

There is a crime financed with bitcoin, but not all. Only partially, maybe a small part. We can not say bitcoin is a source of funds for crime. Can not be equated, many other benefits that we can use from bitcoin, such as fast transactions, no administrative costs like in the bank and many other positive things

[v0rtecxz]

Most people who think bitcoints have a negative impact, because he has not really know about bitcoint and the benefits that can be taken from bitcoint, bitcoint can also bring a positive impact if someone is able to use it well, not for criminal acts

[krishnapramod]

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.

Yes, crimes were being funded before bitcoins and the anonymous nature of it makes it an easily available resource for illegal activities. It is the crimes to be blamed not the currency itself.

Silk Road, Tomáš Jiříkovský, Mt. Gox, Trendon Shavers, these were involved in illegal activities like drugs, money laundering, fraud and running Ponzi schemes. These were nabbed by FBI and other law enforcement agencies. So it is does not mean if you are doing something illegal with bitcoin makes you immune from its legal consequences. Every transaction you made is out there in public, mixers make it difficult to trace the trail, but enforcement agencies are working with encryption specialists to track down the whole source and nab down the offenders.

No, not everyone who is using bitcoins have bad intentions, they are the minority. Majority of us are law-abiding, tax-paying bitcoin users. So it would not affect the price, but it would tamper the reputation and give freedom to a few economists or random columnists to say that bitcoins have value only because of illegal usage.

[Cofee.BLUE]

Yes it is possible but crime is also funded by paper money so dont blame the bitcoin for all those internet crimes.Although we know that bitcoin is a big part in the different crime sites like silkroad because of the anonymity that you can get from it.But still,there lots of crimes that actually happened before bitcoin was intruduced.

[coynedterm]

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.

You said true , but still you need to think about the reality behind this , suppose two person made deals for any illegal purpose and then they transaction of 100k $ value , so now think how he can use this money for himself , because he can't use it until he sell it for bank money .
Now suppose he successfully sold his all money then what he will tell to the bank system or will give statement that from.where he made this profit and in big bulk amount  , in this way he will caught really in an government rules for the taxation and illegal work .
So I don't think that this is simple to make illegal work with Bitcoin .

[the rise]

Yes it is possible but crime is also funded by paper money so dont blame the bitcoin for all those internet crimes.Although we know that bitcoin is a big part in the different crime sites like silkroad because of the anonymity that you can get from it.But still,there lots of crimes that actually happened before bitcoin was intruduced.

Bitcoin has a sharper side where there are no regulatory rules governing the prevention and prosecution of bitcoin crime cases. This gap can't be monitored by the government so that the circulation of criminal businesses using bitcoin can't be beaten by global law. This is a serious problem but not binding on everyone because it is only done by a certain person.

[Kakmakr]

If you had to choose between using a stolen credit card or fake bank account and Bitcoin, what would you use. Remember one thing, Bitcoin is pseudo anonymous and even if you use the correct methods to be anonymous, you would still have to trust the 3rd party services that you used, to make these transactions anonymous.

There are several grey areas with Bitcoin and little or no grey areas with stolen credit cards and fake bank accounts. The fiat systems with all their regulations are just as anonymous as Bitcoin, when you use stolen identities.

[dinofelis]

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 would think it is the principal value of crypto.  After all, why would we need a "freedom money" ?  To use it when our freedoms are denied.  Who denies us our freedoms ?  State and law.  When we do things that are denied to us by state and law, by definition, we are doing illegal things, and hence we are "criminals".  So the only genuine usage of a "freedom currency" is to use it for "criminal purposes".  After all, for all other purposes, allowed and framed by law and state, we can use fiat.

So, crypto ONLY has a meaning as "criminal's money", and that's exactly what's good about it.

[qwertyup23]

Possibly but not always. Violators will always look for ways on how to fund crimes and bitcoin is among the options that are available to them. Obviously, paper money is the most common way of funding but anything can be considered as a payment, for as long as they hold value.

[TIDOVEE]

the crime I think can be funded with bit coin now I the internet fraud, account hacking- cryptocurrency scams. what we can still do to minimize that is to be security conscious.

[Remainder]

for me I think bitcoin is already used sense before by law abiding citizen or groups like scammer, hackers or even ISIS.
and even the wannacry group that created ransomware worn that infect many computer worldwide is using bitcoin as payment to unlock its worm.

[LodisMcguire]

Like some of us say,bitcoin is not purely anonymous,but there are some alt coin that make their transaction anonymous
So if someone using bitcoin for like money laundering,the demand will rise and so is the price,and same for altcoin if they choose to invest to altcoin rather than bitcoin

[TravelMug]

for me I think bitcoin is already used sense before by law abiding citizen or groups like scammer, hackers or even ISIS.
and even the wannacry group that created ransomware worn that infect many computer worldwide is using bitcoin as payment to unlock its worm.

But bitcoin is not to blame with all of this. Yes, it may have been used by hackers or even terrorist group, but the point is bitcoin technology should not be at fault here. This is not what Satoshi designed his bitcoin, but the criminals has found a loophole and exploit it to their advantage. But you also have to think that USD also has been a tool that the criminals have been using for hundreds of years.

[Warkop]

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 do not think that would happen if somebody intended to use Bitcoin well, because Bitcoin is not for crime and you can not turn on Bitcoin by yourself, because Bitcoin is the same digital currency as paper money used to do every transaction every day with Every Person Around the Country, this may be all the factors of social jealousy against Banks, who do not want to compete with Bitcoin.
Maybe this is just my opinion