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Author Topic: What is the fate of Scammers if bitcoin later becomes a traceable Currency.  (Read 1921 times)
Yourhomeboy
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December 05, 2019, 04:37:20 PM
Last edit: December 06, 2019, 10:45:45 AM by Yourhomeboy
 #1

Bitcoin as a currency that is decentralized, they is no Headquarters for Bitcoin and it has no Central office where they distribute information concerning Bitcoin, Like illicit transactions that money was lost but recovered after some investigations through the distributed information.

like someone said on my previous thread that more people will be comfortable using bitcoin if these features comes into place.

Share your thoughts.
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December 05, 2019, 04:48:12 PM
 #2

"if bitcoin later becomes a traceable Currency"

Well, bitcoin is already traceable. In fact, you can look at the transactions being made right now through block explorer sites like Blockchain.com[1]. Hence why you mostly see funds stolen by hackers being stationary, as they definitely wouldn't want to be sending the funds on exchanges as this would most definitely expose who they are.


[1] https://www.blockchain.com/btc/unconfirmed-transactions

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December 05, 2019, 05:13:13 PM
 #3

"if bitcoin later becomes a traceable Currency"

Well, bitcoin is already traceable. In fact, you can look at the transactions being made right now through block explorer sites like Blockchain.com[1]. Hence why you mostly see funds stolen by hackers being stationary, as they definitely wouldn't want to be sending the funds on exchanges as this would most definitely expose who they are.

Excatly.  People have the wrong idea that bitcoin is anonymous, but only if used with that specfic objective and cautious.

Blockchain is an open book. More open and more traceable than fiat transactions. You just need to know how to look.

There are many services like walletexplorer which also allows any user to connect different public addresses.
So, if scammers are dumb they can be easily be traced.

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December 05, 2019, 05:41:48 PM
 #4

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There are many services like walletexplorer which also allows any user to connect different public addresses.
So, if scammers are dumb they can be easily be traced.
With wallet explorers what happens to the recovered money.
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December 05, 2019, 06:58:19 PM
 #5

There are many scammer sin this space unfortunately, but some of the bigger ones are slowly getting caught as more and more people track and trace through the Blockchain and they get reported. People thinking that just because they are using Bitcoin, that they can just carry on doing their dirty business, they are mistaken. More and more countries are regulating the Digital Currency and Bitcoin space, so there are going to be more and more people chasing the Bad guys so it were. Cash is less traceable than Bitcoin because bitcoin transactions can be traced on the blockchain, which is an immutable ledger after all. Things will improve as more and more scammers get caught and end up in the courthouse and tried. We need more effective regulations, that is fore sure and more people taking a stand against the scammers who want to malign this industry at large.


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December 05, 2019, 07:39:39 PM
 #6

Quote
There are many services like walletexplorer which also allows any user to connect different public addresses.
So, if scammers are dumb they can be easily be traced.
With wallet explorers what happens to the recovered money.
If you take a look at walletexplorer does, you'll see that it just connects the address to a specific wallet and shows the list of all transactions related to the address the person typed in. So basically, nothing happens to anyone, since the ID is still hidden. Perhaps by 'traceable', you meant that one would be able to see who moved money where. In that case, it would at least be evident who has whose money (though not where this person is or how to make this person give up the money). But this will never happen because the community will strongly oppose this move since it would devaluate what Bitcoin is in many ways.

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December 05, 2019, 09:33:48 PM
 #7

"if bitcoin later becomes a traceable Currency"

Well, bitcoin is already traceable. In fact, you can look at the transactions being made right now through block explorer sites like Blockchain.com[1]. Hence why you mostly see funds stolen by hackers being stationary, as they definitely wouldn't want to be sending the funds on exchanges as this would most definitely expose who they are.


[1] https://www.blockchain.com/btc/unconfirmed-transactions

I think stolen funds are usually the opposite of stationary - thieves move them between addresses and then send them to mixing service, usually multiple times and through different services, and then look for p2p trades or other exchange methods that are more private then centralized exchanges. Even with chainanalysis, it's hard and not worth it to trace amounts that aren't too big. So, many thieves end up unpunished, even though Bitcoin's privacy is seemingly weak.

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December 05, 2019, 09:38:38 PM
 #8

Bitcoin is traceable currency, it's not anonymous. Obviously, it's not that easy to find who is who there. And scammers are smart enough to hide traces. One of ways for scammers to clean their Bitcoins is to use mixer.
If you take a look at walletexplorer does, you'll see that it just connects the address to a specific wallet and shows the list of all transactions related to the address the person typed in. So basically, nothing happens to anyone, since the ID is still hidden. Perhaps by 'traceable', you meant that one would be able to see who moved money where. In that case, it would at least be evident who has whose money (though not where this person is or how to make this person give up the money). But this will never happen because the community will strongly oppose this move since it would devaluate what Bitcoin is in many ways.
You're right basically. But it's possible to trace things on blockchain after looking deeper into it, especially if scammer make mistakes. Scammer just have to send Bitcoins to crypto exchange and he can be busted. Even random guy easy can find which address belongs to which exchange. I'm not even talking about feds. Then just they have to request exchange to give information about user and that's it. This is how users of children porn website were found for example:
https://www.wired.com/story/dark-web-welcome-to-video-takedown-bitcoin/




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December 05, 2019, 10:12:09 PM
 #9

Bitcoin as a currency that is decentralized, they is no Headquarters for Bitcoin and it has no Central office where they distribute information concerning Bitcoin, Like illicit transactions that money was lost but recovered after some investigations through the distributed information.

like someone said on my previous thread that more people will be comfortable using bitcoin if these features comes into place.

Share your thoughts.
As said, blockchain is an open book. Download whole blockchain and you'll have whole data of all of transactions but why is bitcoin still considered as anonymous? It also depends on you to make transaction anonymous by using mixers and etc, then things are getting harder. So for them small people aren't alarm but they won't turn their back if there is illicit transaction where big guys are involved, then they'll try their best to dig and find them.
Just see yourself, every day more and more news are published where they say, some people that were laundering bitcoin, were found, hackers whom stole money, were found. Governments are getting better in transaction tracking everyday.
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December 05, 2019, 11:08:42 PM
 #10

bitcoin address is currently your id, for example in the philippines
your bitcoin address needs verification from an online wallet where you submit KYC, to be able to be approved and be able to withdraw
thats means its already tracesable , since you already have the identity, even in other countries and exchanges they are also require kyc so as of now its already tracesable, unless you put fake identity which I think you can't do

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December 05, 2019, 11:53:49 PM
 #11

What is the faith of scammers....
I was really curious to hear about although my bet would have been on the majority being atheist.
Fate not faith!!!!!!

As for their fate, nothing will change whatever you do, scammers will still be around, just as the ones camming over Paypal or MoneyGram or whatever are still actively doing their job. Even here there are scammers who are fully doxxed and still continue to pop every now and then and still try to make some quick money from some newbie. There are known scammers that have been arrested and now are free and enjoying their hidden stash, too few have been convicted.

"if bitcoin later becomes a traceable Currency"

Well, bitcoin is already traceable. In fact, you can look at the transactions being made right now through block explorer sites like Blockchain.com

What most people think of traceable in their way of "improving" bitcoin is the never to be done with idea of whitelist addresses or stuff like that.
So that every address would be linked to a known person and when you make a transaction 12gm1SGr4WVdso2pukhT3fykcrVW3mYA8P you can check that the address is listed as being a verified address on binance or coinbase.

And God helps us if any of those "marvelous" ideas gain some traction.


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December 06, 2019, 01:06:59 AM
 #12

I am going to assume you understand the basics of how bitcoin works and that currently you can track all transactions. I'm going to assume you mean what happens if tumblers disappear, I assume thieves will sell coins otc in black markets for other altcoins and attempt to launder them. Thieves are scum in my book, I can't stand them, they're the worst part of crypto, unfortunately it attracts a lot of them.
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December 06, 2019, 01:17:08 AM
 #13

What do you mean by saying "if bitcoin later becomes a traceable currency"  are you trying to say if the exact locations of people using Bitcoin can be traceable or mean the transaction details can be traceable ? While for transactions made of the bitcoin blockchain network, it can be easily traced but for the locations of people making transactions on the network, it is quite untraceable since a lot of people using Bitcoins use vpn to mask their  IP addresses. This means that scammers have nothing really to be worried.

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December 06, 2019, 01:17:43 AM
Merited by vapourminer (1)
 #14

The most advertised part of Bitcoin is the "anonymity". This word is currently thrown with Bitcoin as if it's really anonymous, well it's not. It's just like what others have said and the correct term for that is pseudo-anonymous which means that there are still connections towards a username or something to that sense.

There are tools already being used to check if there are illegal activity in the Bitcoin Blockchain like Crystal [1]

Quote from: Rachel Wolfson
"Using a unique clustering algorithm, Crystal can determine which bitcoin address belongs to certain users. The solution also utilizes web crawlers and manual registration on various services to name the entities and assign them a risk score based on the type of service. Crystal, which has assisted financial institutions and law enforcement in identifying and tracing criminal activities such as extortion and money-laundering, assigns a risk score based on every bitcoin address that has ever appeared in the blockchain.”[1]


[1] - https://www.forbes.com/sites/rachelwolfson/2018/11/26/tracing-illegal-activity-through-the-bitcoin-blockchain-to-combat-cryptocurrency-related-crimes/

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December 06, 2019, 02:28:22 AM
 #15

Quote
There are many services like walletexplorer which also allows any user to connect different public addresses.
So, if scammers are dumb they can be easily be traced.
With wallet explorers what happens to the recovered money.

That is if the scammers is a fool. Do you really think they are? There is already a plan before everything will happen.
What they say about being traceable is you could see where the funds is going (wallet address) but that doesn't mean you know who the owner of the wallet is. Unless, as I said it the scammer is an idiot for connecting his idiot profile into his wallet leading for him to be imprisoned.

Next is the question about the recovery. The police will need a proof to whomever the owner of the scammed coins is or it will stay at their possession until someone proves he owns this.

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December 06, 2019, 02:34:32 AM
 #16

"if bitcoin later becomes a traceable Currency"

Well, bitcoin is already traceable. In fact, you can look at the transactions being made right now through block explorer sites like Blockchain.com[1]. Hence why you mostly see funds stolen by hackers being stationary, as they definitely wouldn't want to be sending the funds on exchanges as this would most definitely expose who they are.


[1] https://www.blockchain.com/btc/unconfirmed-transactions
Correct, unlike cash or bank transactions we can see the whole history of how coins have moved to different wallets, the only thing in which bitcoin helps is that if you have never revealed your identity to the ones that you're dealing with, then your identity is safe and no one knows that you are the one that was holding those coins at that particular time.

But we know that governments are making huge efforts to try to make exchanges comply and force them to ask for your personal information.
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December 06, 2019, 03:29:37 AM
 #17

How many scammers who scam people with fiat have been caught? Not all of them because majority don't  use real identity, same applies to scammers of btc or crypto most of them don't use their real identity to scam online, peop6 use fake id on exchange, even if btc becomes traceable someday i doubt the authorities will going after each scammers online, it will be a huge workload,
Hackers are more clever than use their real identity to hack unfortunately, those are the big fish that needs the attention of the authorities.

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December 06, 2019, 04:14:05 AM
 #18

"if bitcoin later becomes a traceable Currency"

Well, bitcoin is already traceable. In fact, you can look at the transactions being made right now through block explorer sites like Blockchain.com[1]. Hence why you mostly see funds stolen by hackers being stationary, as they definitely wouldn't want to be sending the funds on exchanges as this would most definitely expose who they are.


[1] https://www.blockchain.com/btc/unconfirmed-transactions

You are being naive...

Try to find someones world residence by looking at his virtual addresses...

That's the thing why if bitcoin becomes a traceable currency it will be good against scammers.
Currently it's anonymous, you can not trace who the real world user is, what's that person name, address, phone and so on.

Hackers get your funds if you provide such access to those private key addresses.
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December 06, 2019, 04:20:57 AM
 #19

You are being naive...

Try to find someones world residence by looking at his virtual addresses...

1. That's the thing why if bitcoin becomes a traceable currency it will be good against scammers.
Currently it's anonymous, you can not trace who the real world user is, what's that person name, address, phone and so on.

2. Hackers get your funds if you provide such access to those private key addresses.

What? We're talking about the traceability of the money here.

1. Bitcoin is ALREADY traceable, and it's definitely not anonymous. It's just pseudonymous, because like you said, you can not affiliate a wallet address to a certain person, well, unless that person sends the funds to an exchange or centralized service. But again, the blockchain is fully public and transparent.

2. Well, duh.

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December 06, 2019, 04:38:55 AM
 #20

scammers don't rely on traceability or lack of it. instead they rely heavily on gullibility of people to fall for the obvious scams. if you ever looked at how scams take place and use your head, you can always see that majority of them are too obvious that you'd be surprised how people got scammed in first place. and in less obvious ones, still the greed and gullibility plays a big role.
so whether bitcoin is traceable or not, does not change anything for scammers. they will continue doing what they have always done, even before bitcoin...

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