Crypto being way better when it comes to tracking - what we always said

[fiulpro]

https://cointelegraph.com/news/twitter-hack-shows-that-crypto-is-easier-to-investigate-than-fiat-say-industry-law-experts

Time and again there has been a feud between Bitcoins supporter and the Government . Government always said how cryptocurrencies are not a good option since they can be used for illegal purposes and therefore should be banned .

Twitter hack did steal a lot from people but at the same time the fact that the government was able to track down those people do prove that whatever claims they might make about cryptocurrencies being problematic and used for money laundering and other stuff , they are forgetting the fact that it's so transparent that it can destroy the whole corrupted body itself. Maybe this is the reason why they are scared of the Bitcoins.

I do believe through this we learned a few lessons .

- how one should be there extra cautious online
- how Bitcoins needs to be recognized as a good thing by the government not a competition or be negatively associated.

[hatshepsut93]

Government always said how cryptocurrencies are not a good option since they can be used for illegal purposes and therefore should be banned .

This is not true, very few countries have banned Bitcoin, and even if you hear some criticism of Bitcoin from single government officials, it's not the same as the entire government wanting to ban Bitcoin. There's even examples of government officials supporting Bitcoin.

Twitter hack did steal a lot from people but at the same time the fact that the government was able to track down those people do prove that whatever claims they might make about cryptocurrencies being problematic and used for money laundering and other stuff , they are forgetting the fact that it's so transparent that it can destroy the whole corrupted body itself. Maybe this is the reason why they are scared of the Bitcoins.

This is likely one of the reasons why Bitcoin wasn't banned so far, if criminals make mistakes, it's really easy to catch them. If you ban Bitcoin and other crypto, criminals will have more reasons to move to Monero.

[Charles-Tim]

This is likely one of the reasons why Bitcoin wasn't banned so far, if criminals make mistakes, it's really easy to catch them. If you ban Bitcoin and other crypto, criminals will have more reasons to move to Monero.

Scam has been existing before cryptocurrencies  were created, in this modern time, people still mostly use fiats to scam, even if bitcoin and all other cryptocurrencies  are banned, scammerw will still always make use of fiats to scam. There are many ways scammers o this successfully in a way they can even not be traceable. In some instances, bitcoin and other cryptocurrencies  are traceable than fiats.

[hatshepsut93]

Scam has been existing before cryptocurrencies  were created, in this modern time, people still mostly use fiats to scam, even if bitcoin and all other cryptocurrencies  are banned, scammerw will still always make use of fiats to scam. There are many ways scammers o this successfully in a way they can even not be traceable. In some instances, bitcoin and other cryptocurrencies  are traceable than fiats.

Fiat currencies are used for everything way more than Bitcoin, so it's really a non-statement to say that fiat is used more for scams, money laundering, etc. Just because this problem exists with fiat, doesn't mean that we should ignore it in Bitcoin. After all, we all dream about a world where Bitcoin is used for everything, so we need to be ready to solve those problems.

Traceability is only one part of it though, immutability is also playing the role here. I believe Bitcoin really did contribute to the growth of ransomware, because most ransoms require Bitcoin or other crypto, and this scheme wouldn't work well with any centralized payment system, as accounts would be very quickly shut down, and large sums of money are hard to move without KYC. This is the cost of having more freedom - some people will use it for bad things. But I believe that the good use cases are much more common than the bad ones.

[tabas]

- how Bitcoins needs to be recognized as a good thing by the government not a competition or be negatively associated.

They are starting to recognize it as they find the value of it growing back again. They will not ignore it as it's giving the attention of everyone who looks after the price but not what it is.
Just like any other payment options that we have in our economy, bitcoin can be an alternative of it. They don't have to look at it as something negative which they can't benefit.

[Innerpumper]

- how Bitcoins needs to be recognized as a good thing by the government not a competition or be negatively associated.

They are starting to recognize it as they find the value of it growing back again. They will not ignore it as it's giving the attention of everyone who looks after the price but not what it is.
Just like any other payment options that we have in our economy, bitcoin can be an alternative of it. They don't have to look at it as something negative which they can't benefit.

Looking like a high-end person will always see the negative side of Bitcoin. I see it for myself. Even today already some countries already use Bitcoin as an alternative currency and are very good in some areas of business as well. I hope it will happen in my country. And they don't look at the negative side of bitcoins.

[taufik123]

Bitcoin always has pros and cons about the technology it uses which is integrated with the blockchain, so that any transactions carried out in bitcoin will be easily tracked by anyone, this is transparent. Not all governments think that bitcoin is only used as a criminal and illegal destination. Bitcoin also still has a positive side that will be useful. tracking people who hacked on twitter is certainly proof that bitcoin is very useful for tracking crimes committed.

But there are some transactions that will not be easily traced and require permission from third parties, such as if the transaction uses a coin mixer service to eliminate the origin of the coin, this is a level of privacy that is done to eliminate traces of the transaction.

[tabas]

- how Bitcoins needs to be recognized as a good thing by the government not a competition or be negatively associated.

They are starting to recognize it as they find the value of it growing back again. They will not ignore it as it's giving the attention of everyone who looks after the price but not what it is.
Just like any other payment options that we have in our economy, bitcoin can be an alternative of it. They don't have to look at it as something negative which they can't benefit.

Looking like a high-end person will always see the negative side of Bitcoin. I see it for myself. Even today already some countries already use Bitcoin as an alternative currency and are very good in some areas of business as well. I hope it will happen in my country. And they don't look at the negative side of bitcoins.

If they don't look to the negative side of bitcoin, it must be a good sign that your country isn't going to prohibit it in the near future.
Very soon, most countries will have the thought and eventually understand the concepts what bitcoin actually is.

[Sadlife]

People claim that BTC is not a good replacement because it can be used for money laundering and tax evasion clearly doesn't know, what the Blockchain ledger is.
In fact the technology behind Bitcoins fix other issues in your banking system such as fractional reserve banking and quantitative easing which devalues other supply in circulation.

[squatter]

Lana Schwartzmann, chief compliance officer for Paxful, said regarding the Twitter hack “It’s quite amazing how different this is from what we’d see in the traditional fiat world. You’d never have this resolved so quickly.”

This is only true because the Twitter hackers were especially careless. They were using their own KYC-verified Coinbase accounts to transact on a hacking forum, OGUsers -- while doing nothing to hide their IP addresses. Then they tried to broker access to hacked Twitter accounts through the same forum.

It took just one central point of failure -- the forum database, which had been previously hacked. Law enforcement acquired a copy of it, and the rest is history.

I thought this was an especially vomit-worthy response from Coinbase:

Also speaking about Twitter, Coinbase’s chief compliance officer Jeff Horowitz agreed that it was part of a shifting narrative around crypto: “The story quickly changed to ‘how is crypto partnering with law enforcement to track this issue?’”

[Wexnident]

Time and again there has been a feud between Bitcoins supporter and the Government . Government always said how cryptocurrencies are not a good option since they can be used for illegal purposes and therefore should be banned .

They're basically making excuses so that their illegal action themselves are unable to be noticed/tracked. It's actually a lot easier for them to be tracked when there's an officially recognized address for each government organization's wallet after all. Also, the twitter hack was quickly tracked because of the carelessness of the hackers themselves. They didn't send them all to mixers, cashed out a few which lead to them being tracked, as well as a few of their fellow hackers just plain up confessed everything when they were caught. Add that to their young age, it was quite natural that their inexperience led them to being caught.

This is basically how past people were fearful of fire because it hurts them, when in reality if people actually bothered to learn about it, it'd be a pretty useful tool for our everyday lives.

[maxreish]

Some governments does have a different views and understanding about bitcoin thus making it to be illegal in their country.
But that doesn't mean all governments are not open minded about this new advanced technology. Even without bitcoin, fraudsters, scammers, illegal activities already been occured. It's just that nowadays, they've been using bitcoin making it to give bad reputations.

Anyway, we are in a new era now which cryptocurrency is being popular in different countries. We shall be optimistic  about the good use and impact of it in different aspects.

[pooya87]

that is misleading because as far as i understood the situation these twitter hackers (or most of the other criminals that were caught in the past) weren't caught because they were using bitcoin and through bitcoin blockchain analysis. instead they were all caught because they were using some centralized service (Coinbase in this case and most cases!) and that service revealed their identity.
for example there was a hacker a while ago who sent the hacked bitcoins to his Coinbase account and was also buying stuff from iTunes and were caught that way. he might as well never used bitcoin and were using something like PayPal.

[davis196]

Yes,Bitcoin is being used by criminals,hackers and scammers.
Yes,Bitcoin isn't fully anonymous and transactions can be tracked.
The "Twitter hackers" were pretty stupid for not hiding their tracks,so that's why they got caught.There are way smarter hackers and scammers that are going everything they can to hide their tracks and online blueprints,when dealing with Bitcoin.Such hackers are getting away with their crimes.
You can't prove a point here...

[20kevin20]

This is likely one of the reasons why Bitcoin wasn't banned so far, if criminals make mistakes, it's really easy to catch them. If you ban Bitcoin and other crypto, criminals will have more reasons to move to Monero.

This. Easiest & quickest proof: Bitcoin vs Monero adoption. Monero is slowly pushed back, away from the usual customer's reach. I'd have to guess you'd be more likely to be tracked down and stalked by intel agencies if you were to hold XMR than if you were to hold BTC. It wouldn't surprise me if intel agencies already have some blockchain analysis teams undergoing some hard work behind the scenes.

If Bitcoin was completely uncontrollable, they'd ban it 100%. But I guess we all made mistakes along those many years of crypto experience. One little mistake means everything uncovered and forever recorded out there and available for the state or anyone else who is interested in this data. With cash, for example, tracing it is close to impossible without very in-depth investigation - with no cameras around, using burner phones and voice changers, there's no exact history behind a banknote registered anywhere. BTC is basically a trap for whoever wants to use it the illegitimate way thinking it's the perfect criminal's currency.

[lovesmayfamilis]

Financial regulators from different countries constantly interfere with the development of bitcoin. But despite this, it will no longer be possible to completely ban bitcoin. However, most people will prefer to remain on the legal side, without breaking the law, and thus will provide their entire data. Unfortunately, this completely contradicts the idea of ​​bitcoin.
Well, scammers will definitely try to find other options for scamming. It's time to get used to the fact that everything can be tracked sooner or later. Technology does not standstill. Any crime will be solved, so we must always understand what kind of activity we will be doing using cryptocurrencies.

[meanwords]

Time and again there has been a feud between Bitcoins supporter and the Government . Government always said how cryptocurrencies are not a good option since they can be used for illegal purposes and therefore should be banned .

The same can be said with fiat. Fiat is still the most used currency when doing illegal things. It even overshadowed cryptocurrency (at least for now). I don't know about your government but our government is really willing to accept legitimate business regarding cryptocurrency. The only thing our government is against are scams.

If Bitcoin was completely uncontrollable, they'd ban it 100%. But I guess we all made mistakes along those many years of crypto experience.

Bitcoin itself is actually uncontrollable. The only thing the government can control are third-parties that integrate Bitcoin or cryptocurrency. if you don't use those, then you'll most likely will never get tracked (With a little help of mixers)

[$crypto$]

Bitcoin always has pros and cons about the technology it uses which is integrated with the blockchain, so that any transactions carried out in bitcoin will be easily tracked by anyone, this is transparent. Not all governments think that bitcoin is only used as a criminal and illegal destination. Bitcoin also still has a positive side that will be useful. tracking people who hacked on twitter is certainly proof that bitcoin is very useful for tracking crimes committed.

But there are some transactions that will not be easily traced and require permission from third parties, such as if the transaction uses a coin mixer service to eliminate the origin of the coin, this is a level of privacy that is done to eliminate traces of the transaction.

That is still the pros and cons are still rolling where the government still considers this illegal even though in this modern world blockchain technology is very much needed to be integrated in the center of government, bitcoin still has many goals in terms of positive and transparent transactions in seeing the amount that is transacted but why This has not been legalized by the government because there is no control over bitcoin with the government so this is still in doubt.

But in crime, of course, there must also be elements including fiat money and coins, there will be a lot of scamer that happens because it has become a tradition of scamer that is done effortlessly.

[Ucy]

Maybe this is the reason why they are scared of the Bitcoins.

Possibly part of the reasons. A truely corrupt and "powerful" person will really be very scared of technology like Bitcoin and its very important features. I also think some dislike the technology due to ignorance and misinformation.
If a cryptocurrency/currency is not as transparent as Bitcoin or even more transparent, it can be easily abused. All sort of evil could pass through it without most people knowing. True decentralization makes Proper Transparency possible. This's part of the reasons centralization of crypto must be avoided. People or/and Network/system handling lots of money need to very transparent and accountable.

[Kelvinid]

https://cointelegraph.com/news/twitter-hack-shows-that-crypto-is-easier-to-investigate-than-fiat-say-industry-law-experts

Time and again there has been a feud between Bitcoins supporter and the Government . Government always said how cryptocurrencies are not a good option since they can be used for illegal purposes and therefore should be banned .

I'll understand that they have that purpose before they decide to ban crypto which unlikely it also happens in the other countries that make them also to give support on it.

I'll give also the support this as we can easily trace Bitcoin/crypto transactions but the problem is knowing whos holding that funds if we keep anonymously. This is the case why the government isn't so much confident with it, but if we are able to eliminate such anonymity it probably can minimize illegalities that cause conflict with the government and its adoption. But that was difficult because people love crypto for its anonymous feature.