Crypto does NOT fund terrorism

[alani123]

What the U.S. government dubs as "global terrorism" is actually a very big part of the worldwide population. Large parts of Syria, Lebanon, all of Gaza, Afghanistan, Iran... See, the issue with this fact is that there's not enough crypto for everyone. The U.S. has fought against many countries and groups as part of its efforts categorized under the flag of "war on terror". If you ONLY take the Afghanistan operations into account, the total cost was $2.313 trillion for the United States. That alone is almost double than all of cryptos market cap...

So where do you think the money for "terrorism" comes from? Well, it's the banks again... Surprise, right?


So make no mistake. When someone tells you that bitcoin or crypto in general funds terrorism, the only correct answer is that if we're concerned about that, we should completely close down banks because they are the primary funding source for all terrorism.

[o48o]

What the U.S. government dubs as "global terrorism" is actually a very big part of the worldwide population. Large parts of Syria, Lebanon, all of Gaza, Afghanistan, Iran... See, the issue with this fact is that there's not enough crypto for everyone. The U.S. has fought against many countries and groups as part of its efforts categorized under the flag of "war on terror". If you ONLY take the Afghanistan operations into account, the total cost was $2.313 trillion for the United States. That alone is almost double than all of cryptos market cap...

So where do you think the money for "terrorism" comes from? Well, it's the banks again... Surprise, right?
-cut-

So make no mistake. When someone tells you that bitcoin or crypto in general funds terrorism, the only correct answer is that if we're concerned about that, we should completely close down banks because they are the primary funding source for all terrorism.

Obviously it's not all happening in crypto space, it doesn't even have liqudity for that, but you can't say it wouldnt happen at all. If it gets funded by fiat money, why wouldn't it be funded with cryptos as well. I mean even north korea steals crypto as it's handy to them for transactions not getting blocked. That bank account did

You cropped out this part from the article

Israel has also frozen cryptocurrency accounts used to solicit donations for Hamas, the statement said.

I would argue that crypto isn't used only to fund terrorists and criminals, like we all know, and most people have good intentions, but obviously everyone uses it. It would be weird that only criminals and terrorists would exclude cryptocurrencies. In fact criminals and terrorists will use the tech that works for them. If the tech is good enough, they will use it. As everyone else will sooner or later.

But right now the majority from money laundering comes from elsewhere as it's way easier to wash ludicrous amounts of money in traditional way, then trying to use some mixer to obfuscate the origin of money. When in reality that what gets you flagged for FATF.

[PX-Z]

It's any kind of money or anything with value to be in fact. Criminals doesn't choose, but crypto is the best way to do it especially for anonymous or pseudonymous transactions. Don't be one sided and sugarcoat crypto transactions coz it's one the disadvantage and advantage of using it. Money laundering uses anything, besides cash, crypto is well-used as well.

[Hispo]

At this point, I no longer give any credit to the talking point of Bitcoin or any other cryptocurrency being a game changer when comes to making the funding of terrorist activities easier around the globe. It has already proven in the past with many examples that both terrorists and money launderers still seek for FIAT in cash as their main tool to break the traceability of their money.

I would dare to bet Hamas and other factions which are willing to use violence for the sake of their own political fight, stake more 100$ bills than Bitcoin or any other decentralized asset.  
Of course, the mainstream media does all in their power not to explicitly call out the wrongdoing by banks, if possible.

[DeathAngel]

It’s just lazy FUD by people with an agenda. What do they think war, drugs, prostitution, trafficking & a whole host of other deplorable things are mostly funded by? Yes that’s right, fiat currencies. The FUD is getting embarrassing now, bitcoin is going nowhere. Their scare tactics don’t work, bitcoin is here & growing all the time. They are powerless to stop increasing adoption. Just like the dinosaurs died out, they will too.

[cabron]

It’s just lazy FUD by people with an agenda. What do they think war, drugs, prostitution, trafficking & a whole host of other deplorable things are mostly funded by? Yes that’s right, fiat currencies. The FUD is getting embarrassing now, bitcoin is going nowhere. Their scare tactics don’t work, bitcoin is here & growing all the time. They are powerless to stop increasing adoption. Just like the dinosaurs died out, they will too.

Old Fud but it's not to manipulate the market, it is to seize assets.  It gives them a reason to freeze some funds though so the narrative is there and whatever people believe doesn't matter. They will just do it without proof.  It wouldn't be a surprise anymore if we hear news about BTC being confiscated from exchanges because it's linked to an address of someone from Gaza or Iran.

This bill is just one. It's gonna be one step at a time.
UK passes bill to enable authorities to seize Bitcoin used for crime

[JeromeTash]

Or we could also look at it the other way around. The money the US Government sends to the likes of Israel to Terrorize Palestine Civilians should also be considered Terror Funding, and we are damn sure it is done through the US dollar. I don't think those that lost their loved ones in Iraq, Syria, Libya, Afghanistan etc, look at American soldiers as Heroes but rather terrorists! So why does it have to be only one way?

One way or the other, America is also funding terrorists using the USD and has been doing so for so many decades but guess what? They always try to make crypto the scapegoat.

[Gozie51]

One way or the other, America is also funding terrorists using the USD and has been doing so for so many decades but guess what? They always try to make crypto the scapegoat.

Crypto attacks and accuse is nothing more than flimsy but the reason is because of they still want to have a hold on control with USD which has been used along time to manipulate the system and make some countries dependent. America never allows country or any factor pose threats to the dollar. So I'm not surprised when crypto is accused for aiding terrorism while lots of dollars is used to support wars whose purpose is elimination of human beings, same purpose terrorism and war.

[Natsuu]

Well technically, it is not crypto’s main purpose to fund terrorism. But we cannot be certain that criminals wont use crypto to for their illegal activities, thats when miney laundrring happens. I mean cryptocurrencies are like any other financial tool that are not inherently designed to fund illegal activities or terrorism but their relative anonymity and ease of use can attract criminals looking to exploit these features. Money laundering becomes a concern when illicitly obtained funds are converted into cryptocurrencies and it becomes challenging for authorities to track these transactions. Terrorist have these unexplainable funds that these fake news try to confuse us by blaiming it solely to crypto.

[mu_enrico]

It does, just like any other money and gold as well. People can use any means to fund terrorism and crypto is just one of them, however, I disagree with parties that accuse most of the money laundering or terrorism funding happening in the crypto space. I'd say it mainly occurs with fiat, just like most purchases people make are with fiat money.

[Die_empty]

So make no mistake. When someone tells you that bitcoin or crypto in general funds terrorism, the only correct answer is that if we're concerned about that, we should completely close down banks because they are the primary funding source for all terrorism.

The most secure way to fund terrorism is cash because it is difficult to trace or track it. I live in a country where kidnappings are popular and only in one case have the criminals asked for cryptocurrency as ransom. The preferable means of payment is cash. We all know that anti-bitcoin forces will always spread these lies about using bitcoin to fund terrorism. These lies are finally losing their power because more people are now aware that just like fiat is misused by criminals this is also the same thing the crypto space is facing.

[Gyfts]

The banks are better at hiding terrorism funds than something like Bitcoin would ever be. Every BTC transaction's logged and public. Wouldn't be difficult for large amounts of BTC to be traced to certain addresses controlled by terror organizations

Meanwhile, Banks will funnel funds into criminal organizations and the banks won't disclose any of the transactions.

[OgNasty]

Crypto might not fund terrorism as a whole and it for certain doesn’t come anywhere near the terrorist financing that fiat currencies including the dollar do, but making a blanket statement that crypto doesn’t fund terrorism is probably not true. If it can be used for evil, it probably will. This isn’t unique to cryptocurrencies though.

[Wiwo]

This has been the propaganda for a long and only those that have the first-hand knowledge of what the currency usage and transfers entail,  first we have to know that crypto amounts to nearly 1% of the total amount of wired transfers and terrorism findings so for that we have to kick off our mind from buying into this misconception and this will make up for your overall experience and expectations.

Many banks accounts and even banks executives have been cut up in the web of terrorism financing cases against them,  e.g the just passed central bank governor in my country Nigeria is currently facing an arms deals cases and it all involves terrorism financing and this is banks executives that we all should have thought will be law-abiding and transparent.

[Hispo]

Crypto might not fund terrorism as a whole and it for certain doesn’t come anywhere near the terrorist financing that fiat currencies including the dollar do, but making a blanket statement that crypto doesn’t fund terrorism is probably not true. If it can be used for evil, it probably will. This isn’t unique to cryptocurrencies though.

I believe that Bitcoin and crypto is not as much as a big deal in financing groups of terror as many news media wants the average person to believe it is, because heads in terrorist organizations using BTC would imply they have managed to secure a network of weapons, tactical gear, information, explosives and fake documentation, all of it which they could pay with crypto assets, which is very unlikely to pull off, in reality all those illegal network work and are likely to continue to work with Cash and specially with USD.
I have got the impression that since BTC has continuing to increase acceptance among people living in inflationary countries and in countries under sanctions, media based in the United States of America have done all in their power to further push the narrative of Bitcoin being used to fund their existencial enemies.

[Volimack]

Crypto don't fund terrorism. But many terrorism connect with crypto. Because is the safest way for the illegal transaction because this kind of hard or impossible to find who do transactions. That's why criminals were trying to do illegal acts they are chose the way for illegal transaction. That's why I think crypto don't fund terrorism but terrorism use the way for their illegal transactions.

[Dunamisx]

What else do we expect than something like this, when you're using any form of a centralized institution and they are having authority over your financial economy, you're not free at all, such has happened already in the case of Russia and Ukraine war, some account under centralized Institutions got freezed for some reasons that states bridging against the rules of law over the swift ban, so i expect something similar here with the incidence of Israel and Hamas.

[paxmao]

Such an old topic... if it were for terrorism funding, arms dealing, drug dealing and slavery, the champion across the world would be the US dollar. Is that why we should ban or stop the use of dollar notes? Is the US dollar bad?

The treatment that crypto receives in the media is usually biased, like it was the internet in the beginning - something dangerous that people should be scared of an avoid because it si "full of gangsters".

[DeathAngel]

It’s just another lazy excuse to use a stick to beat bitcoin. We have geriatric fools like Elizabeth Warren in Congress, seemingly highly motivated to diss bitcoin. It won’t work, bitcoin & its army of holders don’t care. By the way, crypto accounts for such a tiny % of crime in comparison to fiat. Their FUD is weak, they are going to have to try much harder.

[passwordnow]

It's always the case that whoever have this propaganda is going to spread the misinformation that they're, the terrorists are being funded through cryptocurrencies. They'll say that of course they can't use banks wherein it's obvious that terrorists have access to the banking system because they've got hands scattered all over in every place where they are operating. The problem with this tracing is that there's a secrecy law from the banks where they can't just open someone's account if there's no court order. We should accept it that no matter how good the entire crypto market shows to the world, there will always be this display and description about it that it's being used to fund terrorism, money laundering, illegal activities, drugs, etc. All of those will be directed to crypto as if the cash doesn't have something to do with those activities that they're harder to trace because there's no blockchain where they can follow the path of its transactions where it is being sent.