Illegal activities is giving cryptocurrencies a bad image

[adekogbe]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

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[nutriagrigia]

you should understand that in the real banking sector there are money thefts and hacker attacks are ten times higher. much more money is lost there than in the cryptocurrency market

[BITDV]

From the first time cryptocurrencies born, they have many image

1. Underestimate with cryptocurrencies function. Many people assume crypto wont work like cash, who want to accept crypto(people mindset at that time)

2. Crypto is scam because no one who want to give their money to others (my friends said). In fact, we didn't give money to others except  because they work as bounty hunter, translator, miner, etc. The purpose of this way is introduce cryptocurrencies to public and wish they interested to join using cryptocurrencies

3. Many people got scam because of crypto, let say ponzi schemes, pump and dump coin, failed project, scam ICO, failed ICO, etc. and then they blamming all cryptocurrencies.

from some example above is common people mindset for now. Need more educations for them, and also regulations. By theway they provide regulations such as KYC, otherwise most of crypto user not agree with KYC process.

What do you think about KYC? and do u have some ideas to make better regulations?

[masterrex]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

For me i believe in decentralization but how come decentralization will handle and dealing with the existing laws without honoring it, Thats why the crypto-space must be regulated to protect its users and to avoid fraudulent act that badly damaging the cryptocurrency space.

[odukoyaewatomi27]

It is very obvious that the only thing that is keeping crypto market from mass adoption. The illegal activities gives crypto a red trust and discourages institutional investors from joining the market.

[coaprotet]

Unfortunately, there is no way to fix this really. There are a lot of scams in our industry, but we have still not yet decided if we would implement more regulations to fix this or we would just stay anonymous and keep working in the same way as always.

[ashmodeus]

well, for global scale , Regulations is a hard things .

Many people got scam because of crypto, let say ponzi schemes, pump and dump coin, failed project, scam ICO, failed ICO, etc. and then they blamming all cryptocurrencies.

well , i have no idea about that.
we cant say they who blaming crypto is wrong.
since ICO have a high interest rate on that time, make people have a enthusiasm to ICO.
also ICO easy to created.

What do you think about KYC? and do u have some ideas to make better regulations?

nope.
like i say before , Regulations is a huge scale problem.

[AjithBtc]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

What the publication has done is completely a inappropriate content. What they've mentioned about the market as well as with the total sum of funds lost through cryptocurrency on various occasions of scam, theft and other illegal ways is good. It should've been given with a comparative study or some comparative data of same that has happened through fiat. Only through that it is possible for people to understand which is better. Looking at this people get a bad image over cryptocurrency while What is happening through is far higher than the mentioned $4.3 billion.

[tabas]

For the reference, these are the articles:
Cyber Criminals Netted $4.3B From Crypto-Related Crime in 2019: Study
CipherTrace estimates crypto industry lost $4.3B to cyber criminals in 2019, identifies "exit scam" as concerning trend

[TheClownSong]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

Technology is like a double-edged sword, which can be used for good and also to commit criminal acts. It all depends on the user and in all sectors there are always good fraudsters in the stock market or other investments. Cryptocurrency is a new type of investment and is now in great demand by investors and this makes scammers try to cheat others. I think indeed we must be careful so that our wallets are safe and avoid fraud

[Sacramentus]

Cryptocurrency is not the only industry or place with illegal activities. You only know about this because cryptocurrency is about transparency and so what ever happens in it, everyone is aware. Have you taken out time to research on banks and other financial sector?

[qwizzie]

I do believe some cryptocurrencies got a bad image due to a lot of media attention on their associated illegal activities, but at the same time
those cryptocurrencies have very little actual usage / transactions in those illegal activities.

Link : https://blockonomi.com/ciphertrace-crypto-money-laundering-ending/

Bitcoin’s privacy is considerably inferior to the privacy protections Monero and Zcash make possible, but BTC is still the money of choice in these dark markets.
Why? It appears to be because bitcoin is simply easier to use in these contexts, CipherTrace explained:

“[Our] results show that privacy coins are barely used in dark markets and at dark vendor sites (e.g. only 4% of instances involve Monero (XMR) […]What this suggests is
that while privacy coins may seem like a boon to criminals, drug gangs and terrorists, the barriers to entry for buying and selling Monero and other anonymous tokens makes
them impractical for most dark market purchases and ransomware payments. They are most useful as a payment rail and to obfuscate chain hopping to more liquid tokens.”

Of course, bitcoin mixers can provide users with privacy, but one can safely assume that not everyone on the dark web is resorting to mixers. In that sense, more and more
dark web activities are having their transactions permanently open-sourced on the Bitcoin blockchain.

See also : https://dashnews.org/private-bitcoin-transactions-over-double-all-privacy-focused-cryptocurrencies-combined/

Even the usage of illegal activities through Bitcoin simply pales in comparison with illegal activities through FIAT and its traditional banking system.

[InwardContour]

I also believe regulations to an extent is required for crypto to gain mainstream adoption. A lot of criminal and illegal activities going on in crypto space, hiding under the privilege that crypto transactions are somewhat anonymous. From ICO scams to other criminal activities. Recently kidnappers started demanding for bitcoin or privacy coin ransome which is not right, going deep to restrain crypto adoption. Also people use crypto for illegal transactions on darkweb. All these things can't be reduced without regulations, although regulations has its own downsides.

[Red-Apple]

i disagree.
all the illegal activities are happening more in fiat systems specifically banks. the fraudulent activities that a bank alone does isn't even going to be 1/10 of what happens in the entire cryptocurrency market.

what gives cryptocurrencies a "bad image" is two things.
first is the FUD in the media that sometimes is even funded by the same corrupted banks that have felt threatened by bitcoin that they think they can no longer pull their scams.
and second is by the large number of shitcoins that keep on being created in the altcoin market and scam people with their pump and dumps.

[TrevorS]

Of course, such things spoil the reputation of cryptocurrency. But the coin always has two sides, and who is responsible for which side to show people?
The answer is media.
The media will always do what is beneficial to those who benefit from it, which means if cryptocurrency is needed, you can both denigrate and make a saint.

[FLHippy]

It is a free market, free for everyone. This market will learn you how to live in a freedom, without any intermediary, insurance or any support that help you. Only you are responsible for your funds, moves.. You don´t like freedom?

[Wittny]

Too much scam in cryptocurrency is giving cryptocurrency another name, too much fraudulent activities, too much of ico scam, too much of doing fake self drop and bounty, i just pray and believe all this is been resolved soon.

[sana54210]

All those stories that is being told by government are just unnecessary excuses, if the government really wants the illegal activities to reduce, they have the power to do so through regulation, which I believe they ought to have been debating on by now.

There is no system that does not come with illegal activities so far it has to do with money, you still cannot compare the illegal activities around cryptocurrency to fiat, If we are to talk about fiat own, we will be counting trillions of dollars already, but yet, government has not stopped printing the useless fiat that is leading to this major illegal activities, and cryptocurrency that would have halted that, they are not supporting it and I think what they ought to have really done is to accept it but just look for a way to bring control into it.

[Msworld83]

There is no how that we will not see such act in the mix of a great ones as every good must have a bad side too, which we all need to work more hard to let people see more of it good side than the bad one so we can all win together in respective if how bad people want to take the glory down.

[BlackFor3st]

Illegal activities are not only in crypto currencies therefore we cannot really say that illegal activities became rampant because of crypto currencies instead even without crypto currencies illegal activities are already there.

Though hacking of crypto exchanges are the very top priorities of black hackers right now as they can easily get millions of money without any trace if they can successfully bypass the security of any exchange.

[Ulven]

Unfortunately encryption lives the worst moments, Because of the subversive acts that are exposed by scammers, I think in the near future encryption will find the perfect way to eliminate those.

[cabron]

You should realize that its not blockchain that makes some crypto transaction illegal, its those people behind the transactions. Blockchain only offers transparency of all transactions which means the ledgers are there for all to check that a particular transaction happened but beyond that blockchain ain't going to jail those criminals. Its the governments responsibility to keep the rules so indeed regulation is needed.

[Febo]

Illegal activities is giving cryptocurrencies a bad image

Anything illegal gives a bad image to anything, so why not an innovation. Difference is that new things have more room for illegal activities then some old things. There was way more crime on Wild west 150 years ago as on today's west. At least in % of population. Things needs time to mature. But crime had never stop an innovation.

[Bravext]

People hate what they don't understand and really hate what they don't know, this is a simple fact. Money or raw cash has been used to do so many illegal activities and I haven't heard anybody talking about banning the use of money in the world, the internet is the same, who can count how many illegal activities has been done with the internet? Nobody is talking about banning it, people would always find ways to commit crimes with any new innovation and that shouldn't be a basis for banning it.

[K4C]

Criminals would always be criminals and where there is innovation and money involved, you can bet that there would be criminals there too, these criminals are giving Cryptocurrencies a bad image but let us not forget that good guys exist in the space too and are giving crypto a positive image, let's focus in that and try to always research before falling into any scams.

[el kaka22]

I think this period of crypto has been in the past and not anymore. Yes there was a time when bitcoin was equal to drug selling and all bad stuff that dark net markets were doing and during those times people saw bitcoin as something illegal whereas bitcoin wasn't illegal, what people were doing with those bitcoins were the illegal stuff but it was so unseparable that nobody really understood it.

Nowadays, people know bitcoin is just a currency and you can make money with it so they see it as an investment nowadays and not a bad thing which created a wave of people buying bitcoins in order to get rich and that is not good because bitcoin is not something like that however if that is what it takes for people to stop seeing bitcoin as a bad thing and start seeing as a good thing than I am fine with it.

[alexforneus]

And due to it blockchain as technology are starting to position itself like something different from crypto. There are a lot of dark money here

[coin-investor]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

I just want to add the recent Ponzi scheme that's dumping Bitcoin in the market just yesterday over $3 billion were scammed to 10 million investors, the amount has now doubled this year alone,

You can read the article here
https://cointelegraph.com/news/3b-ponzi-scheme-is-now-allegedly-dumping-bitcoin-by-the-hundreds

It's coming from a ponzi scheme Plustoken and they are in existence just last year imagine it's only one year yet they've generated over $2 billion investment, the authorities from Vanuatu have made an arrest already and they turn it over to the Chinese authorities, Chinese are really very much into Ponzi scheme now

https://cointelegraph.com/news/3b-ponzi-scheme-is-now-allegedly-dumping-bitcoin-by-the-hundreds

[jouns]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

The point here is not even theft and fraud, but that the continued existence of the asset is impossible without its regulation at the legislative level. Further development of all projects using tokenization depends on regulation.

[Jolly.Roger]

I do believe some cryptocurrencies got a bad image due to a lot of media attention on their associated illegal activities, but at the same time
those cryptocurrencies have very little actual usage / transactions in those illegal activities.

Link : https://blockonomi.com/ciphertrace-crypto-money-laundering-ending/

Bitcoin’s privacy is considerably inferior to the privacy protections Monero and Zcash make possible, but BTC is still the money of choice in these dark markets.
Why? It appears to be because bitcoin is simply easier to use in these contexts, CipherTrace explained:

“[Our] results show that privacy coins are barely used in dark markets and at dark vendor sites (e.g. only 4% of instances involve Monero (XMR) […]What this suggests is
that while privacy coins may seem like a boon to criminals, drug gangs and terrorists, the barriers to entry for buying and selling Monero and other anonymous tokens makes
them impractical for most dark market purchases and ransomware payments. They are most useful as a payment rail and to obfuscate chain hopping to more liquid tokens.”

Of course, bitcoin mixers can provide users with privacy, but one can safely assume that not everyone on the dark web is resorting to mixers. In that sense, more and more
dark web activities are having their transactions permanently open-sourced on the Bitcoin blockchain.

See also : https://dashnews.org/private-bitcoin-transactions-over-double-all-privacy-focused-cryptocurrencies-combined/

Even the usage of illegal activities through Bitcoin simply pales in comparison with illegal activities through FIAT and its traditional banking system.

Quite right, crimes in the traditional financial much more than in the crypto.

[ganeshramk]

This is absolutely right. These illegal people are looking the very nice long term opportunities. They are not realizing that for sure.

[Coltpython]

Without regulation, cryptocurrency will continue to be erratic, volatile and unreliable. Scams from crypto projects alone is one thing to contend with. Now add the problems of manipulation as well from both whales and some exchanges and you will see that a lot still needs to be done

[drumamat]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

I agree that illegal activity provides a negative perspective to people who do not understand cryptocurrency. I agree that cryptocurrency is regulated by the government. With government regulations, people who are not familiar with cryptocurrency will think that cryptocurrency is not a tool for criminal activity but an official investment tool

Why did you decide that the government can solve this problem? You just decided to give up and are ready for someone to solve everything for you?I believe in the power of the community and hope that it will attract people to the mass use of cryptocurrencies.And the fact that someone uses cryptocurrencies for bad things does not mean that absolutely everyone treats cryptocurrencies negatively.

[Dannev]

you should understand that in the real banking sector there are money thefts and hacker attacks are ten times higher. much more money is lost there than in the cryptocurrency market

There's no market that is not vulnerable to hackers attacks and stuff. Corruption is everywhere and cryptocurrency world is not left out. That's is not to say that crime and illegalities dwell more in the crypto space.

[xiboothrezi]

Illegal activities are not new in this world. not only in cryptocurrency, but illegal activities will also always exist in all fields because there are always people who try to commit fraud to get the maximum profit even at the expense of others. we need to understand that all things have positive and negative sides, ordinary people will only look bad if there are many illegal activities, whereas other benefits are still many if we are able to prepare security and understand every risk.

[pinkpanther03]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

Just like Bitcoin when it was started during 2009 many of the community underestimated what could it be in the future, lot of negative thoughts were it is a piece of shit ponzi scheme according to them but after a years most big investors embraced, believed and supported bitcoin where it became the reason to make its price value got increased in the market up to now look at the price of bitcoin, smae goes with altcoins they also faced that kind circumstances, only sad things was during 2018 most of the ico became an instrument by the scammers that's the good image of altcoins became bad in the sight of many here.

[BennyK]

I don't buy the idea that cryptocurrency is the only currency or means of funding or facilitating payment within illegal activities. Cryptocurrency were launched some few years back but the question is, where these illegal activities not in existence years and centuries before cryptocurrencies were launched? Let's leave crypto to be and learn to appreciate such innovative and revolutionary technology of our time.

[SirLancelot]

You’re saying the happening. A lot of people now sees Bitcoin as a very bad thing, cause they now believe that it is a currency that is being used by criminals and people who make use of the dark web. Bitcoin is good, just that those bad people are now taking advantage of it and using it to carry out their evil activities on the web without being caught. Lastly was the hackers that hacked Binance and then made use of a coin mixer and the way it is now I don’t think they are going to be caught, cause it seems to be like they are gone for good, making use of a coin mixer makes a coin difficult to trace.

So, this time around I wonder how they are going to be traced. It is stories like this that makes people see Bitcoin as something bad and it causes more hatred for crypto. We really need to find ways to stop such things from happening.

[suvo05]

This is why some counties impose ban on cryptocurrency trading. Rather than looking at its usability and the technology some of the gov look this as a threat to the country. So I think its really a challenge for the crypto developer and the Gov ensure that the crypocoin will not be used in any illegal activities .

[arpon11]

you should understand that in the real banking sector there are money thefts and hacker attacks are ten times higher. much more money is lost there than in the cryptocurrency market

The real theft are in governments and the banking system! But that did not justify the rate of scamming and fraudulent activities that are going on in crypto currency space. $3billion has just been currently moving to mixer service by a Ponzi scheme operator and that was investors money. If it is in the banking system at list bank could report it to governments financial crime bodies, because it is centralized those type of funds can be traced, unlike what is happening in cryptocurrencies' fraud.

[betty11]

We can't stop the bad guys from using technology, but we must find a way to protect our sides of the game to avoid failing for cheap scammers. I will be starting paid offline training on how to invest in cryptocurrency and secure wallet too. The fiat is been used more for illegal activities.

[Thanasis]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

Most of the money from the investors related to crypto losses due to the cryptocurrency exchange losses and from investing and the scam crypto projects but these can be easily avoided by following simple steps from the crypto holders like never store their cryptos on any exchanges for longer time and avoid investing on the new crypto projects because most of them are useless,regulations not going to change anything but it will cost the holders like taxation and other fees.

[old fart]

Before the invention of blockchain technology, there have been illegal activities. Money laundering has been going on even before bitcoin. Trying to discredit bitcoin or other cryptocurrencies using illegal activities isn't fair at all. Banks have been moving cash illegally, same as individuals.

[nwosuchristabe2]

It's quite unfortunate that despite the fact that high level scam and illicit activities are carried out using cryptocurrency, its still yet to be regulated by the government. The only way by which cryptocurrency can gain the much anticipated mass adoption is with regulation. Am proud of the United States government trying in their own capacity to keep the citizens protected and hope that much more would be done by other government authorities of more countries.

[sana54210]

This is why some counties impose ban on cryptocurrency trading. Rather than looking at its usability and the technology some of the gov look this as a threat to the country. So I think its really a challenge for the crypto developer and the Gov ensure that the crypocoin will not be used in any illegal activities .

I am sorry to that those countries are foolish is there anything that is pertaining to money that does not have its bad side?

It is their ability to control it that makes them government and worlds leader, would they because all the citizens of their countries are doing bad and ten kill them on everything? how are they able to manage money that is the root of all evil, I mean their own fiat where people have even used to commit lots of atrocities, how about banking system also, are they any saint into fraudulent activities also?

I think the reason why governments just do not want cryptocurrency is because they felt it will make them relinquish some of their powers to people, that is why trump made a statement and said crypto is for lawless people, he is indirectly saying people that wants to break out of a law they have created.

[Fredomago]

Before the invention of blockchain technology, there have been illegal activities. Money laundering has been going on even before bitcoin. Trying to discredit bitcoin or other cryptocurrencies using illegal activities isn't fair at all. Banks have been moving cash illegally, same as individuals.

Good point, before this industry has been known this illegal deed already exists, there's no need to incorporate illegal activities to crypto as bad doers will always find ways to take advantage of any possible venues to do whatever they've desire, even in Fiat and banking system we can also hear news that it's been used for laundering or any illegal transactions, it's the end users responsibilities to take care to avoid being labeled.

[Vektrum]

Thefts on exchanges most negatively affect the image of cryptocurrencies, but recently, exchange teams more often take measures to protect wallets and user funds. Some exchanges create reserve funds in case of hacking of the exchange and loss of part of user funds, and this is a positive trend that can increase the level of security of exchanges and increase the level of trust in cryptocurrencies.

[wattcrypto]

Too much scam in cryptocurrency is giving cryptocurrency another name, too much fraudulent activities, too much of ico scam, too much of doing fake self drop and bounty, i just pray and believe all this is been resolved soon.

I agree. There is a lot of unregulated and chaotic stuff happening in regards to crypto and where money is going. I think that companies like ciphertrace are really helping the current state imho

[gundala]

You’re saying the happening. A lot of people now sees Bitcoin as a very bad thing, cause they now believe that it is a currency that is being used by criminals and people who make use of the dark web. Bitcoin is good, just that those bad people are now taking advantage of it and using it to carry out their evil activities on the web without being caught. Lastly was the hackers that hacked Binance and then made use of a coin mixer and the way it is now I don’t think they are going to be caught, cause it seems to be like they are gone for good, making use of a coin mixer makes a coin difficult to trace.

So, this time around I wonder how they are going to be traced. It is stories like this that makes people see Bitcoin as something bad and it causes more hatred for crypto. We really need to find ways to stop such things from happening.

yes, such cases make ordinary people even more hesitant even afraid to use bitcoin and other cryptocurrencies. but if studied further, it is part of the risk, as well as various investments in the real world that are also at risk and have the opportunity to be stolen and used as a tool of crime.
cybercrime is indeed quite difficult to overcome, nothing is really safe on the internet. use the best protection, and don't forget to always pray that our funds are safe.

[ryzaadit]

Ilegal activities all depend on what purpose that used to using crypto it's for a bad or good thing, you can see fiat/banked also used by a criminal for an ilegal activity like a drug seller, money laundry, etc. We have so many examples for like this, example like we can use a drug for medicine purpose but a asshole people use drugs to get jazzed. The problem its not on the technology, the problem it's on the users who use technology for criminal activity when we can use for a good thing.

[Pelana vreo]

Blockchain brings transparency to everyone, but some countries still reject cryptocurrency because of things like fraud and money laundering.
Before bitcoin and blockchain existed, there were many scams and several communication networks in private banks in my country were also hacked, I think blockchain is better than the banking system that has always been covered by the government, that their banks often suffer huge losses because of several things

[Fundamentals Of]

Regulation is necessary when adoption of cryptocurrency will be at its fullest. We need regulation to make sure cryptocurrencies are used within the legal bounds, taxed accordingly, and monitored properly. But let us be extra careful what we wish for. Regulation by the government is only a hairline away from control. And the government, it seems to me, eyes control more than regulation. Regulation appears to be the euphemism they need in order to infiltrate the world of cryptocurrency. 

[akirasendo17]

you're right its the main reason why coins are going down,
also scam's make people think twice on investing, that's what really is happening
people will need to be educate to where they really need to invest
helping them, will help them realize that these coins in the market is real and not any kind
of scheme so please spread and share educate everyone

[jorenpo]

cryptocurrencies is indeed the best choices of the criminals to use on an illegal activities. untraceable and irreversable transaction. we really need to find ways to stop this activities.

[Ozero]

Yes, losses from various fraudulent and other illegal actions in cryptocurrency in the amount of $ 4.3 billion this year alone is a very large amount. Undoubtedly, this is the result of the lack of clear rules of conduct in cryptocurrency and the result of permissiveness, and of course, anonymity of the participants in these relations. It seems that we will not do without state organizational regulation in cryptocurrency. Decentralization is good, but cryptocurrency scammers should not feel at ease here.

[Christinebeauty]

There are corruption and theft everywhere. The governments are trying to find any means possible to paint cryptocurrency evil to the public. Majority of corruption that goes on are from the government offices. Even the banks get robbed despite their so called tight security system.  blockchain transactions can be traced but don't forget when there is theft in government offices, the thieves are hard to find

[Lexurdania]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

Even though it's almost 10 years old after it was first traded, cryptocurrency still needs more time because the market or investors are very complex. In addition to regulatory requirements, cryptocurrency needs to be cleared of scammers because it affects the interest of new investors

[Kvalentine]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

And yet some inexperienced people are going against KYC process, the number of dollars lost would have been over 4.3 billion dollars if not for KYC verifications which can be used to stop money laundering and escape thefts around the globe

[Becky666]

For point of correction, these things you have outlined that happened or are happening in the cryptocurrency industry, started from the traditional settings and not just happening with this emerging technology. Money laundering, corruption, theft, lack of transparency, and buying of hard drugs through fiats. Basically, the Fiat systems have this as a normal routinely; and has grown through the fiats to this emerging technology. In as much this acts never give fiats a bad image then, we shouldn't worry about it happening with this technology.

[xSkylarx]

No system is free from bad activities, wven the so called government has surrounded with illegal activities. Issues with crypto being used for illegal activities and scam had been going around since crypto had the government's attention when it bloomed. Money laundering, ponzi scheme, stolen funds, terrorist fund and a lot more, name it.

[Twinkledoe]

Even though it's almost 10 years old after it was first traded, cryptocurrency still needs more time because the market or investors are very complex. In addition to regulatory requirements, cryptocurrency needs to be cleared of scammers because it affects the interest of new investors

Clearing scammers in crypto is very far from happening. Because they can launch their project anonymously and there is no central authority handling all these crypto projects, they have all the leeway to implement their project according to their standards. So the responsibility now leaves on crypto users. They should learn how to avoid being scammed by not investing on a project that he did not do any research or not leaving any coins for too long in crypto exchanges to avoid losses when that exchange is suddenly hacked.

[memed97]

And yet some inexperienced people are going against KYC process, the number of dollars lost would have been over 4.3 billion dollars if not for KYC verifications which can be used to stop money laundering and escape thefts around the globe

That's a very natural thing to happen, because you say they are inexperienced and oppose the process for KYC, even though it is very clear they will not lose more than 4.3 billion dollars if you want to do the KYC process.

[Bestmanbuka]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

The publication is right, because of the anonymity of the cryptocurrency transactions, it might be hard to to catch scammers and fraud and which is a very big concern for governments round the world the adopt it as a legal measure of exchange.
But asides that, even with Fiat currency, there are still scams all around the world and losses too, so I don't think that is enough reason for governments not to to fully adopt cryptocurrency as a means of exchange. Crime is inevitable in the our present world.

[Ken_terrance]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

The only place that crypto regulations can gain ground is crypto exchanges, many crypto projects are decentralized and belief me such projects can't be regulated, compulsory of KYC is a good start too

[Bonwin]

This is why some counties impose ban on cryptocurrency trading. Rather than looking at its usability and the technology some of the gov look this as a threat to the country. So I think its really a challenge for the crypto developer and the Gov ensure that the crypocoin will not be used in any illegal activities .

Inasmuch as there are still controversies as to whether cryptocurrency and blockchain technology should be centralized or should remain as a decentralized entity, there will continue to be a problem. Governments will continue to look for excuses to discourage people from the use of cryptocurrency and to find ways of preventing investors from investing in crypto-related projects.
I think it is too late for them. Crypto is still and will continue to remain a safe haven for all.

[riso2015]

No system is free from bad activities, wven the so called government has surrounded with illegal activities. Issues with crypto being used for illegal activities and scam had been going around since crypto had the government's attention when it bloomed. Money laundering, ponzi scheme, stolen funds, terrorist fund and a lot more, name it.

Agree, and what's wrong is not Crypto/Bitcoin, but the person who committed the illegal act. We know that when Crypto was first born and also many online business pyramid or ponzi schemes were born, So many people are afraid of Bitcoin because it will result in losses. And finally now Crypto/Bitcoin still exists even though it has been hit by various storms   

[Clark05]

We cannot avoid that the other people think bad about bitcoin or having a bad images because There is a lot of scam project and investment that use cryptocurrency to their illegal activities which is not good and I hope people mindset when they heae cryptocurrency is opportunity not a scam because that is what is people think about the crypto.

[Crypto5060]

Illegal activities are everywhere in the world not it's not just synonymous with crypto. The problem with crypto is that because of its anonymity it makes it practically impossible to trace these activities.

[totoy4741]

We cannot avoid that the other people think bad about bitcoin or having a bad images because There is a lot of scam project and investment that use cryptocurrency to their illegal activities which is not good and I hope people mindset when they heae cryptocurrency is opportunity not a scam because that is what is people think about the crypto.

This is what I was thinking too. Scammers, business scam projects are giving Cryptocurrency a bad image and those who are not aware of this kind of venture are being corrupted of what they here and see. Once they fully learn and understand what cryptocurrency can bring in this generations they probably want to go in and say for themselves that its a good long tern investments.

[seagates]

People just dont understand that any currency has illegal activity

[atjiat]

We cannot avoid that the other people think bad about bitcoin or having a bad images because There is a lot of scam project and investment that use cryptocurrency to their illegal activities which is not good and I hope people mindset when they heae cryptocurrency is opportunity not a scam because that is what is people think about the crypto.

This is what I was thinking too. Scammers, business scam projects are giving Cryptocurrency a bad image and those who are not aware of this kind of venture are being corrupted of what they here and see. Once they fully learn and understand what cryptocurrency can bring in this generations they probably want to go in and say for themselves that its a good long tern investments.

the fact is that criminal activities using cryptocurrency in fact very negatively affect the reputation of the entire cryptocurrency market and even blockchain technology as well.  I believe that this phenomenon must somehow be fought.  if such problems did not exist, then on the part of governments we would not meet so many negative statements in the direction of cryptocurrency.  but nevertheless, no one can escape from reality, because cryptocurrency in any case will take its position in the global financial economic system.  Based on this, some organizations, structures and companies are already being created that will fight fraud on the cryptocurrency market and criminals who use cryptocurrency in their activities, including prosecuting those who avoid taxation through the anonymity of cryptocurrencies.

[gunungkembar]

We cannot avoid that the other people think bad about bitcoin or having a bad images because There is a lot of scam project and investment that use cryptocurrency to their illegal activities which is not good and I hope people mindset when they heae cryptocurrency is opportunity not a scam because that is what is people think about the crypto.

when there are many cryptocurrency projects that make a lot of people disappointed it will end up like this the name of cryptocurrency is bad and finally no one supports cryptocurrency anymore which will eventually make cryptocurrency prices difficult to go up hopefully this nightmare will not happen because if it does not exist digital currency in the future.

[minairia3]

In any kind of business there will be always illrgal activity. This cant be stop no matter how we avoid it. Cryptocurrency is a blockchain technology and this innovation even we dont like it are not free from vulnerable attacks by genius in computer technology whom using their intelligence for bad propaganda.

Tell me, is there a time where we dont have any record of hack on big platform? Even in a month period there will always be reported case of hack. Yet excluded those scam by small prey.

[demonica]

We cannot avoid that the other people think bad about bitcoin or having a bad images because There is a lot of scam project and investment that use cryptocurrency to their illegal activities which is not good and I hope people mindset when they heae cryptocurrency is opportunity not a scam because that is what is people think about the crypto.

Isn't it usual for people to have differences in point of view? They normally judge the capabilities of cryptocurrency based on their understanding and experiences. For instance, when they had an unpleasant experience in cryptocurrency because of fraudulent projects, for sure it will affect their way of thinking like everything about it is bad. We should just accept it than to force people because at the end of the day cryptocurrency is capable of proving itself to people who doubt it.

[matchi2011]

We cannot avoid that the other people think bad about bitcoin or having a bad images because There is a lot of scam project and investment that use cryptocurrency to their illegal activities which is not good and I hope people mindset when they heae cryptocurrency is opportunity not a scam because that is what is people think about the crypto.

when there are many cryptocurrency projects that make a lot of people disappointed it will end up like this the name of cryptocurrency is bad and finally no one supports cryptocurrency anymore which will eventually make cryptocurrency prices difficult to go up hopefully this nightmare will not happen because if it does not exist digital currency in the future.

It won't if those who are inviting other people who don't have any idea what crypto is all about will provide proper information and not just all about investment, information drives will guide other people from that point they'll be able to determine which will be the right project to support and which one should be avoided. Those illegal activities will continue to exist but with right knowledge and understanding it will save a lot of potential investors.

[LostConfidence243]

Technology is uewd as like a double-edged sword, which can be used for good reason and also to commit criminal activities. It all depends on the user how they will act on it. Crypto is a new type of investment space which have great demand by investors , one other hand this makes scammers try to cheat on investors. Illegal activities is everywhere. Transparency on Cryptocurrency so far in good position rather regular banking system which extented is required for crypto to gain mainstream adoption .

[betty11]

Bad actors are in every sector both Cryptocurrency and traditional system of banking.  This they say to black mail Cryptocurrency because it's decentralized.

[tanjiran]

Bad actors are in every sector both Cryptocurrency and traditional system of banking.  This they say to black mail Cryptocurrency because it's decentralized.

Basically, things will get worse if used by a criminal. Not only crypto, but even fiat can also be used as illegal activities. I think people are just not ready to accept the new financial system and technology.
Don't make fear an obstacle, but make it a motivation to study it well, so that we can adapt to find the best solution to avoid these negative actions.

[Saisher]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

Blockchain is decentralized and opensource, it's a multi-billion dollar industry, where the money is the hackers will follow and try to manipulate and besides it exists in any industry, not only Cryptocurrency, this is the only industry where anyone can participate and cannot be regulated but still profitable even though the number of losses is very high.

[Genemind]

Both fiat and cryto is the same even fat is widely used to do illegal activities. I see no difference. The governement is just pointing fingers to crypto because they are afraid of it since it is decentralized. This had been going on since the day crypto gain fame, crypto used for scam, money laundering, transferring terrorist fund, and etc.

[Teraboy]

Bad actors are in every sector both Cryptocurrency and traditional system of banking.  This they say to black mail Cryptocurrency because it's decentralized.

Im also thinking like that but the problem is the regulators were not seeing the illegal activities that happened in traditional economy as a bad as crypto.

This is the main problem. I thought that that doesn't make sense if that was related to the decentralized

[LbtalkL]

It is true, Some people in my country if they heard bitcoin they will ignore or stay out of it. Because it was damaged by scammers and fraud or any kind of illegal activity. In previous years, there is so many scam site like cloud minding site that exist but now I only see a few of them. That is good I guess people now are educated about cryptocurrency not to believe those scam easily. We have some bad side but also we have some good side, our local bank release a bitcoin ATM which is good for the image of crypto, and more people will be curious and interested in it.

[lobo13hf]

Both fiat and cryto is the same even fat is widely used to do illegal activities. I see no difference. The governement is just pointing fingers to crypto because they are afraid of it since it is decentralized. This had been going on since the day crypto gain fame, crypto used for scam, money laundering, transferring terrorist fund, and etc.

That's true if both were the same but crypto gets more bad publication caused by this is a new thing that became widely used by so many people and the criminal act related to the crypto gets more massive publication. This is really bad for the image of crypto

[rahmatullah9305]

I agree with you, because of scams and frauds upon investing on crypto, it could give a treat to several investors and newcomers to refrain from investing any cryptocurrency. Maybe some of the world government may ban cryptocurrency on their country because of lots of scams and fraudsters in it.

The point is do not easily trust anyone, because in the real world there are also many frauds, not only in cryptocurrency, so it all depends on us also in terms of believing or not, because if we look in detail many of the victims of fraud are they who easily believes in people he doesn't know.

[New_order]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

Is this what you meant???

Regulation = scam free

Well if this is it you are wrong, regulation can't make people have trust in crypto because there will always be scammers in this space, you want solution? How about some crypto safe haven for investor? Something that STO failed to do....how does this sound??? IEO did a good job already but just think about an exchange that guarantees any crypto you invest on with gov back up regulations?? That's what we need

[HunterUnchained]

This is the case in the cryptocurrency industry unfortunately. The main reason for this is as a result of the fact that, the crypto industry deals majorly with anonymity making it difficult to have laid down rules in place to forestall issues of illegality. People can hide anywhere and perpetuate scams and other unscrupulous activities without the fear of being caught or prosecuted. Worst still is the fact that, the industry is unregulated making it extremely porous and available for anyone to employ for notorious activities.

[RabbiTANK]

Crypto still have a lot to achieve, wars to fight, there are many illegal activities involved with Fiat currency but online money is just another story entirely, regulations can't stop this, the freedom online is marginal compare to offline, online is the perfect haven for illegal activities and nothing can change that.

[thesmallgod]

There is nothing that have pros that does not have cons. The same thing with the fiat base system that we operate. Money are being embezzle, bank steal money from dead customers, individuals take part in fraud and forgery using fiat based currency. And the same thing is happening with crypto. Not long ago in my country, some groups of kidnapper were requesting for $10000 worth of bitcoin to be paid as ransom https://www.ccn.com/bitcoin-ransom-nigeria/ when it comes to rising against crypto, government will not look at the pros side of it but rather focus all their energy on the cons

[Guryon_master]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

Exactly! But expecting the government to act a total regulation to support blockchain is the thing that impossible to happen. Maybe because of the lack of understanding  about it or because the government is aware that mass isn't yet ready to accept blockchain until now.

[palle11]

Both fiat and cryto is the same even fat is widely used to do illegal activities. I see no difference. The governement is just pointing fingers to crypto because they are afraid of it since it is decentralized. This had been going on since the day crypto gain fame, crypto used for scam, money laundering, transferring terrorist fund, and etc.

The government won't like to support what they won't have monopoly of. They are seeing btc as that and not really with the illegal excuses being made around it as you have rightly said. Because embezzlement is also going on with fiat.

[nutriagrigia]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

Exactly! But expecting the government to act a total regulation to support blockchain is the thing that impossible to happen. Maybe because of the lack of understanding  about it or because the government is aware that mass isn't yet ready to accept blockchain until now.

I don’t think that the majority of people in the world will ever be able to understand what is the blockchain and what is the cryptocurrency. many simply do not need it. I believe that governments should introduce regulation and make this market legal.

[Mianae]

Well this isn't the case. It's true numerous illegal activities occur mostly with cryptocurrency. This is also prevalent in the fiat World. The US $ is also used on the darkweb. The main reason why cryptocurrency is being attacked by the fed is because they cannot control it due to its decentralized nature. As cryptocurrency can be used illegally so is fiat currency.

[gabbie2010]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

Exactly! But expecting the government to act a total regulation to support blockchain is the thing that impossible to happen. Maybe because of the lack of understanding  about it or because the government is aware that mass isn't yet ready to accept blockchain until now.

Until government studies blockchain  technology whitepaper and scrutinize it while putting it on trial for it regulation to ascertain it workability if regulated unfortunately cryptocurrency is already being misused by fraudulent and corrupt individuals thus painting it in bad light while a credible government will not fold it arm and watch it citizens get defrauded using crypto without taking appropriate step to stop it.   

[sayulita]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

But the governments are not watching this fact that a lot of fiat currency is being used for the proposes of drug dealing and money laundering, they always try to hide this fact but they always say that Crypto is bad. The paper money is responsible for most of the drug trades in the world and also majority of illicit activities, even terrorism is being funded by cash itself. So how can they paint the image of Crypto as a bad currency. The thing is that they can't control Crypto and this is what they fear the most because they don't have any method of taxing it yet.

[ATSgrowth]

The cryptocurrency sphere gives freedom to all persons, but that also means freedom to all scammers that take could use this opportunity in many dangerous ways. But in the end we know that only 10% of all transactions are connected with criminal activities like money laundering etc.

[iv4n]

I don't agree with headline and topic, illegal activities are just that, illegal activities committed by people. We can't blame a tool that helps us all, nobody blamed fiat for illegal activities committed with fiat, and that's how it's been done for centuries before crypto. Nothing new in this world, illegal activities will be always there, we can think about whether crypto solve some existing problems in fiat or not?! Can we have better organization with less corruption with crypto!? if answer is yes then it's all it's matters!

[cabron]

Now that there is a need for cashless transactions because of the pandemic, the regulations might just be approved to make it possible for unbanked to make transactions without the need to touch bills which is what is to be avoided this time.

The illegal activities are always there since the time without bitcoin, its even easier to make untraceable transactions with real cash than with bitcoin.

[suvo05]

I don't know why people used to blame cryptocurrencies for illegal activities. Even if somehow the cryptocurrencies get a ban then the people who do the illegal activity will find a new way of their activities.

[10BTCaDay]

I don't know why people used to blame cryptocurrencies for illegal activities. Even if somehow the cryptocurrencies get a ban then the people who do the illegal activity will find a new way of their activities.

this is the only negative thing  which they can talk about crypto to slow its development. cryptocurrencies are really very convenient for use in illegal activities, but I think that a huge amount of fiat currency is also used in black business

[justdimin]

This is an old topic, it is not like this at all right now. Back in the day there was too many illegal activities going on but also it was basically the most common thing people used it for, not like it is gone now and nobody uses it, it is still number one in darknet, probably stuff like monero or any privacy coin as well however it is not a big deal anymore. Why? Because back in the day there wasn't much you can do aside from using it for illegal activities, you had to either save it or trade it but you couldn't spend it on too many things since there wasn't too much adoption, so people used it on darknet markets.

Nowadays it is not like that, there are way more stuff you can use, plus trading and finances became a big part of it, everyone tries to make more profits using bitcoin.

[Iyanu14]

It is no coincidence that a technology that facilitates a lot of illegal practices is the technology that is have troubles gaining approval from world governments.

I read a recent publication that says, According to CipherTrace: Thefts, scams and other misappropriation of funds from  crypto holders and exchanges have resulted in a $4.3 billion in losses in the year 2019 so far, and this will likely go on until there is sufficient oversight for cryptocurrencies and blockchain related activities because the world givernments cannot relinquish control to the masses in the way that the blockchain wants.

Regulations is needed to attain mass adoption

Truly there are various illegal activities in the crypto space because of its decentralized nature.  This is one of the reasons why probably many countries government are not ready to legalise it.  But nowadays, several efforts are in place to mitigate these activities and that is why crypto is gaining more trust among individuals and governments.