Tainted bitcoin keh...

[Amphenomenon]

Merry Christmas everyone. You know when it comes to tainted bitcoin it's actually annoying when one thinks about it especially as a Nigerian.

The unfairness in this regard is obvious to anyone who can think critically. Fiat currencies will continue to be the major currency for illicit acts in a country, notably under-developing countries like Nigeria.

While there isn't any actual data from any sources to back this, it's still obvious looking at every aspect of crime and unfairness in the country. Acts such as bribery, paying ransom to bandits or kidnappers, and other forms of corruption are carried out with our Fiat and yet, they still can't differentiate it but will continue to speak of the illicit crime bitcoin has been used for as a currency, choosing which is acceptable and not.

Whereas with Fiat, no one can differentiate them. You can literally be given money paid as ransom by the bank and you will never be aware this ever occurred including the banks themselves. The same issues are found with the digital Fiat currencies.

I believe every governments know the truth but looking for a way to suppress bitcoin growth or have a free share of it for themselves.

[DubemIfedigbo001]

Whereas with Fiat, no one can differentiate them. You can literally be given money paid as ransom by the bank and you will never be aware this ever occurred including the banks themselves.

What we see now in Nigeria is massive corruption in the government, the government has a way of tracking every cash line specially given to anybody. In the early days of bank robbery, I have witnessed people arrested because money stolen from bank safe which the serial number ranges were documented were seen in their possession and investigation ensured until the real criminals were apprehended.

Fast forward to the recent case of kidnapping, if the government and banks wanted to cooperate with individuals, they can give the specific set of cash to them for ransom and alert the police to begin tracking the distribution of that money, but what we see here is a compromised government, responsible for the insecurity, so those expertise are swept under the carpet.

I believe every governments know the truth but looking for a way to suppress bitcoin growth or have a free share of it for themselves.

I don't like the idea of tainted bitcoin. It makes it look as though some bitcoin are worth more than the others and it is a government control tool to limit the use of cryptocurrency and of course track coins acquired from illicit activities. The only problem is that even innocent people end up victimized if they receive the coins for legal anonymous payments.

Good thing the taint is in its tx history, there are some features like CoinJoin and services like mixers that can help alter its history and make the assumed taint harder to figure out.

[Akaenyi]

Bitcoin haters will do anything possible to give it a bad name so don't be surprised about tainted Bitcoin since we know that there are far more tainted fiat. No matter what anybody or Bitcoin unfriendly country says about it it doesn't stop it's adoption and reputation that it has achieved. The reason why some government try not to see anything good about Bitcoin is that it is decentralized and beyond their control.

I have never heard that kidnappers and bandits are demanding and accepting Bitcoin as ransom, the reason is simple because Bitcoin transactions can be traced. The criminals prefer physical cash as ransom which cannot be traced yet the government don't have a problem with giving their traditional currency a bad name. Bitcoin has proven that it is a store of value whether anybody or country choose to call it tainted or not.

[Hatchy]

I believe every governments know the truth but looking for a way to suppress bitcoin growth or have a free share of it for themselves.

To me, tainted Bitcoin is a made up concept used to point fingers. You don't actually see tainted coins on chain. Politicians get away with corruption all the time, and that money just goes right back into the banking system and gets redistributed. Nobody labels that cash as corrupt. The government only attacks Bitcoin because they're frustrated that they can't control it

[Karl_3000]

I believe every governments know the truth but looking for a way to suppress bitcoin growth or have a free share of it for themselves.

To me, tainted Bitcoin is a made up concept used to point fingers. You don't actually see tainted coins on chain. Politicians get away with corruption all the time, and that money just goes right back into the banking system and gets redistributed. Nobody labels that cash as corrupt. The government only attacks Bitcoin because they're frustrated that they can't control it

I do not like this comparison at all, politicians can also have bitcoin which is bought from a stolen money, if people and the government do not know the politician money has stolen money used to buy the coins, there is nothing that will happen.

Another one are the yahoo guys that are using bitcoin, USDT and other coins, so far their bad works are not known, some of them remain registered on exchanges and using it without anything happening.

Tainted coins are different from blacklisted coins, if you are linked to a tainted coin and you are able to prove the source of the coin and you are innocent, the coin will be released to you back but it can take time. Although this is one of the disadvantages of using centralized exchanges.

[Jegileman]

Whereas with Fiat, no one can differentiate them. You can literally be given money paid as ransom by the bank and you will never be aware this ever occurred including the banks themselves. The same issues are found with the digital Fiat currencies.

I believe every governments know the truth but looking for a way to suppress bitcoin growth or have a free share of it for themselves.

They prefer to use the word tainted in order to disregard the name of the digital currency. It is very clear that fiat currencies are also used for illegal stuffs and they can never be called another name but money, not tainted money. This is because of the marginalisation between this two currencies. One is centralized and the other one is decentralized. So when the government which is a centralized entity wants to control the both of them, it’ll give credit more to its own centralized currency more than it’ll ever give to the one that is decentralized. Just know that both currencies have the tainted and neat one, but we will never see the government pointing at its own currency as tainted even though it is obvious that it is.

[Realwhot]

It is not the fault of Bitcoin that people are using Bitcoin as a way to do their wrong things. Bitcoin just like normal money so it is now left for the government to stop those crimes instead of backlashing Bitcoin. You even said it that now government fiat is still used which is very true.
Bitcoin is harder to trace more than normal government fiat so you should expect that they will use it so that they can hide their tracks.

[sokani]

While there isn't any actual data from any sources to back this, it's still obvious looking at every aspect of crime and unfairness in the country.

Actually, there is.

The US Treasury Department has released a three-year report on money laundering and terrorist financing, revealing that fiat is the top choice of currency for financial criminals. Based on the report, fiat currency, a government-issued currency, is still the top choice for financial criminals to launder the proceeds of crime. Concerns have always centered on the possibility of crypto-assets being used for nefarious reasons, however, the US Treasury Department just released something that dispels these anxieties.

Acts such as bribery, paying ransom to bandits or kidnappers, and other forms of corruption are carried out with our Fiat and yet, they still can't differentiate it but will continue to speak of the illicit crime bitcoin has been used for as a currency, choosing which is acceptable and not.

They can be differentiated. In developed countries, the law enforcement agencies use marked bills in drug bust operations, kidnapping, hijacking cases, etc. So, even if the criminals escape after receiving the money, they can be caught when they try to spend it.

https://lsd.law/define/marked-money

[Felicity_Tide]

~snip

I believe every governments know the truth but looking for a way to suppress bitcoin growth or have a free share of it for themselves.

It's very sickening to see how easy it is for the government of this country_{(and every other country as well)}, to label things that are true as false, and false as true. They're very good at creating false standards, thereby telling us what to believe and what not to. Just like you said, money from crimes finds a way of ending up in the Bank, and everyone acts as if nothing happened.

I think it is hypocritical on the part of the government. Creating false standards while doing the complete opposite. It is easier for them to target Bitcoin because of it's level of transparency and other features that it offers, that deem too truthful to align with how the government is runned.