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Author Topic: Crypto is a poor form of money for terrorists.  (Read 293 times)
TycheChi
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September 09, 2018, 05:06:31 AM
 #1

Crypto is a poor form of money for jihadists because they usually need to purchase goods with cash often in areas with unreliable technology.

According to this Forbes article

So they don't have computers, bitcoin merchants, fibre optics or 4G coverage in the dusty dessert or hideout hills.

According to Yaya Fanusie, director of analysis for the Foundation For Defense of Democracies Center on Sanctions and Illicit Finance: “Cold hard cash is still king"

So will they ban cash to prevent terrorism ? That would be some good hype to get the next bull run started !

According to the Forbes article a group called Mujahideen Shura Council (MSC) in the Environs of Jerusalem - was able to lure only two contributions for a total of a little over $500 in weeks of a 2016 online campaign. MSC sounds like a Microsoft certification. Perhaps the contributions were accidental and two suckers are still waiting for their online courses.

So not only is it terrible to use for the terrorists - their supporters appear to be crypto broke too.

Sounds like a business opportunity for a gun dealer to accept jihad coin. Make sure to use escrow. You cannot trust terrorists.
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September 12, 2018, 07:03:18 PM
 #2

It’s true underworld peoples are using crypto for their internal transaction because no one can control this crypto market even government also can't control this market. That’s why al Qaeda and Islamic State and other terrorist groups are using crypto.
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September 12, 2018, 09:00:05 PM
 #3

the terrorist organisations uses fiat currency too,  so crypto shouldnt been seen as an aid to terrorrism, terrorism has been here, long before cryptocurrencies came into being, and they have also been funded before crypto was invented.
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September 12, 2018, 09:19:12 PM
 #4

I honestly find this article to be a complete bogus. Crypto is not for jihadis or terrorists. And even if it was, the main countres that we consider to be a hub for terrorists, over there crypto are banned. And there are parts in some countries where there are not even access to clean water, let alone have access to the equpment to get engaged in the crypto market


They are in fact saying that the attempts to procure funds with crypto have been made but the results were pathetic, which is great for crypto. I've seen many opinions about it being the preferred money for terrorist organization and that it potentially could become even more popular among them in future.
Worrying about them using cryptocurrencies is a waste of time. ISIS is defeated and people in islamic countries are more worried about lack of work and money than extremists blowing up their houses.

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September 12, 2018, 09:21:23 PM
 #5

You know what you are doing right now just by sharing this news? You are just trying to ruin the image of cryptocurrencies in front of the people who are new here and yet to have a grasp over the whole idea of cryptocurrencies. Fiat money is traceable and centralized yet there have been millions of terrorism funding and money laundering which is continuing till now but we tend to ignore these parts too.
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September 12, 2018, 10:51:22 PM
 #6

When and If terrorists start carrying out their acts of terrorism while using cryptos like bitcoin to make purchases for arms and ammunitions, it will spell a whole lot of bad news for cryptocurrency in general as it will paint cryptocurrency in a negative light.
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September 12, 2018, 10:58:01 PM
 #7

this is one of the reasons why many countries prohibit the use of bitcoin, they fear bicoin is misused by irresponsible people, so the government has difficulty in overcoming it, and the decision is made with the prohibition of bitcoin. We must stay away from criminal things in using bitcoin. .

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September 12, 2018, 11:21:41 PM
 #8

No but crypto is for all,we can use it either we are poor or rich but there are some people that using it for illegal activities such as hiring criminal by also paying bitcoin,so if you are using this make sure that you will use it for goods.

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September 12, 2018, 11:51:49 PM
 #9

This is actually true. Unlike the US$ which has a fixed rate, cryptocurrencies fluctuates in value. So if they get paid with cryptocurrencies, the price or rate may decrease in time and so they would have lost a significant amount of value. In the real sense, crypto does present a number of advantages for its users but it is not yet as liquid or flexible as fiat in terms of use. And so if I were a terrorist, I would still go for fiat.

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September 13, 2018, 01:42:18 AM
 #10

I honestly find this article to be a complete bogus. Crypto is not for jihadis or terrorists. And even if it was, the main countres that we consider to be a hub for terrorists, over there crypto are banned. And there are parts in some countries where there are not even access to clean water, let alone have access to the equpment to get engaged in the crypto market


Its very obvious that is not for jihadist or terrorist because they choose to live isolated in a mountainous country or region. So its going to be difficult for them to send/received funds unless they themselves go down in the city which is risky or have someone to do it for them, but still communications is vital so they can be track. So its not really suited for them. They think that they can take advantage of crypto, but no way that bitcoin or any other crypto could be the new era of terror money. So I'm not surprised if they decided to go back to fiat to funds their activity, but sooner or later authorities will be one step ahead of the game and will track their every movement by following the paper trail.

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September 13, 2018, 02:22:00 AM
 #11

I honestly find this article to be a complete bogus. Crypto is not for jihadis or terrorists. And even if it was, the main countres that we consider to be a hub for terrorists, over there crypto are banned. And there are parts in some countries where there are not even access to clean water, let alone have access to the equpment to get engaged in the crypto market


They are in fact saying that the attempts to procure funds with crypto have been made but the results were pathetic, which is great for crypto. I've seen many opinions about it being the preferred money for terrorist organization and that it potentially could become even more popular among them in future.
Worrying about them using cryptocurrencies is a waste of time. ISIS is defeated and people in islamic countries are more worried about lack of work and money than extremists blowing up their houses.

Well bitcoin is really tiny right now. Once it becomes a force worth several trillions I actually worry that some sick fuck may be able to amass a fortune big enough to cause a disaster. What if someone manages to buy some nukes and aims them to some city? we never know what the future awaits. I hope anyone that manages to amass a bitcoin fortune got there because they are bright enough to know better, not because they are fucked up in the head and easily triggered into causing a disaster.


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September 13, 2018, 03:27:47 AM
 #12

Linking cryptocurrencies with terrorism caused by the lack of government control in the sense that you do not need any documents to use it.
It is a scarecrow "made by governments" that fears people to keep away from those currencies.

I would like to draw attention to the interpretation of terrorism, it differs from one state to another, and not only to the ISIS or jihadi groups "that are far from the Islamic religion," So linking them to Islam is a big mistake  Smiley.

Terrorist organizations also include drug dealers who can access crypto easily.

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September 13, 2018, 03:46:09 AM
 #13

This article has vindicated Cryto as not been a terrorist tool for the procurement of illegal weapons. The plain truth is that: Terrorist prefer a swap of cash for weapon or goods for weapon. they try to avoid advance technology because they will be easily tracked. Lets hope with this report that the government change their critical view on Cryptocurrencies.
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September 13, 2018, 04:41:52 AM
 #14

I think it is true because they need cash for buying things and terrorists are very dangerous while they are highly intelligent too so they prefer those things which can be used every where and for now the bitcoin is not good for them to use because of it's usage is not possible without internet.

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September 13, 2018, 05:15:18 AM
 #15

no shit! all the funding is done through US dollar. all the things the terrorists buy are bought by US dollar. there is no place for cryptocurrencies among them. specially since it is harder to use due to lack of adoption and much easier to track majority of them specially bitcoin since they are not anonymous and have a public ledger of all transactions left out in the open for everyone to see! using US dollar won't leave a trace at all.

as for that "juhad coin" or whatever you want to call it, I would doubt its origins since I have seen all kinds of weird ICOs in the past year. the kids are starting to run out of ideas for their ICOs so they are now left with these things so it may even be one of the same kids who created another ICO like the energy tokens which were supposed to make "energy cheap" LOL. or a lot of absurd tokens that were created purely to make money and nothing else.

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September 13, 2018, 05:18:38 AM
 #16

Crypto is a poor form of money for jihadists because they usually need to purchase goods with cash often in areas with unreliable technology.

According to this Forbes article

So they don't have computers, bitcoin merchants, fibre optics or 4G coverage in the dusty dessert or hideout hills.

According to Yaya Fanusie, director of analysis for the Foundation For Defense of Democracies Center on Sanctions and Illicit Finance: “Cold hard cash is still king"

So will they ban cash to prevent terrorism ? That would be some good hype to get the next bull run started !

According to the Forbes article a group called Mujahideen Shura Council (MSC) in the Environs of Jerusalem - was able to lure only two contributions for a total of a little over $500 in weeks of a 2016 online campaign. MSC sounds like a Microsoft certification. Perhaps the contributions were accidental and two suckers are still waiting for their online courses.

So not only is it terrible to use for the terrorists - their supporters appear to be crypto broke too.

Sounds like a business opportunity for a gun dealer to accept jihad coin. Make sure to use escrow. You cannot trust terrorists.

yes it could be so, because crypto will not be able to get it by robbing
crypto is very detailed in the system
Crypto is also safe in my opinion

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September 13, 2018, 05:26:02 AM
 #17

You can also add to that statement, that all transactions are visible on the Blockchain and even if they used Mixer services, these transactions can still be traced back to them. We do not know who are behind many of the smaller Mixer services <It might be some government, collecting information.>

As you said, Cash is still King for most of the criminal activities that are done 100% anonymously with cash.  Grin I have yet to find a drug dealer that accept Crypto currencies on the streets for his/her goods. <Well, I am not interested in that junk, but someone would have mentioned it in some publication or news media outlet>  Tongue

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September 13, 2018, 05:26:31 AM
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 #18

North Korea is using crypto to prop up ti's regime, so maybe the other terrorists can't access it, but North Korea has done handsomely out of BTC and Altcoins because Pyongyang has made a coordinated hacker group that hacks  South Korean and other Asian Exchanges and already just in 2018 alone, KIM JONG UN made over 200 million USD worth of Bitcoin from the hacks. I also believe the bancor and coinrail hackers are North Korean, it just makes sense to me, that's who is doing it and getting away with it. Someone needs to make a protocol that can close down wallets or reverse transactions from hackers because Bitcoin and Ethereum don't protect against hacks.

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September 13, 2018, 05:28:24 AM
 #19

maybe terrorrist is currently still using money to be used as a transaction tool, but I think there may be some terrorists who currently use crypto, but it's just not maximal in its use because it is constrained by several factors such as internet networks and other access.

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September 13, 2018, 06:00:41 AM
 #20

Blockchain system is no doubt the best way to keep your asset from the preying eyes of government but then, it has serve as a tool to siphone illegal funds by corrupt persons. Any way out?
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