Crime funded by bitcoin

[johnwest]

it's not necessary and crime has and will be funded with every currency in the world, USD and EUR aren't exceptions and the anonymity of BTC is a myth since everything is in the blockchain and public, unlike Bank transactions that are more anonymous (since only a judge order can give you access to these).

That is one of the important features why Terrorists and other illegal groups use BTC and some other crypto currencies to their advantage and hide their transactions from the legal authorities. I have heard some of the black money holders in my country use BTC to hide their money.

[Ashtville]

This isn't much of a problem, as law authorities in US already shown the approach which is targeting the criminals themselves rather than the currency that can be easily replaced with another one, the fall of SilkRoad and a dozen of marketplaces in the darkweb already shown that.

[ChrisPop]

Crime can be funded with anything: from cash,gold,silver to bitcoin. So all these methods can be hardly traced,not only bitcoin. I don't see any major reason why bitcoin price would decrease if it is used in crimes. Most surely us dollars are used in crimes daily and the price doesn't fall right? 

[bit-tard]

No one can entirely deny some bitcoins are being used for illegal activity, for example funding drug dealers and some other criminals, but these are punished themselves not bitcoin.
Bitcoin is a currency and should be treated as one, being used by bad people isn't hard to expect at all.

[YuginKadoya]

This isn't much of a problem, as law authorities in US already shown the approach which is targeting the criminals themselves rather than the currency that can be easily replaced with another one, the fall of SilkRoad and a dozen of marketplaces in the darkweb already shown that.

Well I think that Crimes that involve in the use of bitcoin really exist and I think there are a lot of it hidden in the Dark Web that really needs the authorities attention, but I think the tittle is not really proper because bitcoin is not funded anyone, not even criminal or rich people, the people that has a huge amount bitcoin did, or maybe some big whales that funded them that are really using the sum of bitcoin for illegal purpose,

[chennan]

it's not necessary and crime has and will be funded with every currency in the world, USD and EUR aren't exceptions and the anonymity of BTC is a myth since everything is in the blockchain and public, unlike Bank transactions that are more anonymous (since only a judge order can give you access to these).

That is one of the important features why Terrorists and other illegal groups use BTC and some other crypto currencies to their advantage and hide their transactions from the legal authorities. I have heard some of the black money holders in my country use BTC to hide their money.

Well that honestly isn't very smart.  If they post their wallet address in order to receive donations, or if it gets known to authorities in your country in some kind of way, then they literally can see how much Bitcoin that wallet has.  Plus authorities will also be able to view where those Bitcoins came from and where they will go to from that wallet and so on through blockchain analysis.

[mrayazgul]

No one can entirely deny some bitcoins are being used for illegal activity, for example funding drug dealers and some other criminals, but these are punished themselves not bitcoin.
Bitcoin is a currency and should be treated as one, being used by bad people isn't hard to expect at all.

At the first mention of the fact, there were zero regs involving Bitcoin so it was open season. these days, the press and the polictically controlled media centers just put it out there ever so often to keep the fires burning because they hate bitcoin, it is no more or less used than FIAT for crime

[FasTroy]

Crime can be funded with anything: from cash,gold,silver to bitcoin. So all these methods can be hardly traced,not only bitcoin. I don't see any major reason why bitcoin price would decrease if it is used in crimes. Most surely us dollars are used in crimes daily and the price doesn't fall right? 

You are right, There is no sense when we said that bitcoin price would decrease because if it is used in crimes. Because peoples can use dollars or any real or digital currency for this things.
Maybe bitcoin is most used for crimes, because it's more secure and anonymous. It used in darknet too. So killers would sure want to use it than other any currencies.

[Omega Weapon]

Since bitcoin is not traceable and is not being regulated by any legal entity, then where it is spent may not be monitored or recorded. Then I guess yes, it is highly possible to use bitcoin to money launder funds for crimes. Bitcoin is fluid within the internet which makes it easy for users to utilize it in multiple ways. In order to track down illegal transactions, the government would have to regulate bitcoin just like paper money or fiat. As to whether it would affect its price would depend on the demand and supply.

Mistake, bitcoin is very traceable, unlike bank accounts anyone can see the amount you have spent and where you sent your money, bitcoin is used in those criminal activities because you do not need to go through economic institutions that could collaborate with security agencies, also since bitcoin was designed to be used online then it has advantages over other forms of payment.

[Xester]

Do not think too much about how will the authorities could combat it.  But it is possible that bitcoin is use for criminality by certain groups.  Because it is easy for them to do illegal transactions without being caught.  The payment for new recruits to their group would be through bitcoins.  But still many people uses bitcoin for good purposes.

[NEWGOODOUBLE]

Crime can be funded with anything: from cash,gold,silver to bitcoin. So all these methods can be hardly traced,not only bitcoin. I don't see any major reason why bitcoin price would decrease if it is used in crimes. Most surely us dollars are used in crimes daily and the price doesn't fall right? 

Thats right dude, I think it would be easier to do funded with cash because no one can track it. There will be no evidence and so on. I do not think it's just a bitcoin made for crime funded. But there are many others including cash

[JimmieA]

This is really no-one knows for sure, I still hear about  crimes use  btc for money laundering but that is still a question. But I know for sure that tech criminals are paying attention to btc, to btc source code packs, fortunately it's very secure.

[DoublerHunter]

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.

That is one of the features that can make bitcoin price goes down because of the anonymity but to be honest, bitcoin is not fully anonymous because in blockchain where all the data were recorded you can easily see the wallet and locate it because of the address of bitcoin and yes some of the people already done that because just like in coinbase you can track down a wallet by just using his address and contacting the support of coinbase to help you to track down the scammer or criminal.

[SoulBargain]

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.

Somehow there is but not Bitcoin really is the one who funds it. Its like fiat really which can be used in legally or illegally, for charity or crimes. That really depends on how the person holding it would use it. Regulation and support of the government is needed to counter this and remain order.

[TastyChillySauce00]

No one can entirely deny some bitcoins are being used for illegal activity, for example funding drug dealers and some other criminals, but these are punished themselves not bitcoin.
Bitcoin is a currency and should be treated as one, being used by bad people isn't hard to expect at all.

At the first mention of the fact, there were zero regs involving Bitcoin so it was open season. these days, the press and the polictically controlled media centers just put it out there ever so often to keep the fires burning because they hate bitcoin, it is no more or less used than FIAT for crime

A clear clue of which side the media in. The currency doesn't have a brain to spend itself for criminal activities or even for drugs, the human who use it and the media still blame bitcoin, that's really funny but ironic.
Though the same case goes for the USD they just don't give a shit because it doesn't give them the advantage of mocking USD instead make them lose.
Just one thing, enough with this bullshit made by the media, there's nothing they could make as a news but bullshit.

[Baofeng]

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.

Somehow there is but not Bitcoin really is the one who funds it. Its like fiat really which can be used in legally or illegally, for charity or crimes. That really depends on how the person holding it would use it. Regulation and support of the government is needed to counter this and remain order.

Indeed. That is why governments are putting up a strict regulations on bitcoin because they don't want criminals to take advantage of its anonymous nature. But I think is not bitcoins fault, because even with fiat, you can still transact and create criminality if you want. So we do't need to put the blame on bitcoin and how it is design.

[minime]

Crime funded by Cash?

[bitbob82]

Crime can be funded with anything: from cash,gold,silver to bitcoin. So all these methods can be hardly traced,not only bitcoin. I don't see any major reason why bitcoin price would decrease if it is used in crimes. Most surely us dollars are used in crimes daily and the price doesn't fall right? 

You are right, There is no sense when we said that bitcoin price would decrease because if it is used in crimes. Because peoples can use dollars or any real or digital currency for this things.
Maybe bitcoin is most used for crimes, because it's more secure and anonymous. It used in darknet too. So killers would sure want to use it than other any currencies.

yes crime funded does not any concern with the price of bitcoin, some people may be using bitcoin for illegal activities, but they are not only using bitcoin but may be USD also but still USD is one of the most popular currency of the world.

[pearlmen]

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.

Anyone who is committing crime and hidng under bitcoin is only making attention focus on his activities because when government beams his search light in that regard there is no way he won't be sloppy in other areas like William Ulbrich who could think because he using TorTor or bitcoin, he is invisible but I tell you, its not going to last forever as  the sloppiness will give him out at a point or the other. And funny enough, he was not convicted for using bitcoin, but what he used it for.

[pixie85]

Crimes are part of everything because people are always looking for easy money. You have IRS scammers calling you and threatening to put you in jail if you don't pay your taxes by buying a gift card and sending them the code! Does that make the IRS responsible in any way?
Where there's money there's crime.