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Author Topic: What if i end buying BTC from someone that's some big criminal the cops're watching?  (Read 1275 times)
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April 13, 2011, 11:00:27 PM
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This kinda worries me, what if i when i buy some bitcoins i end up depositing money on the bank account that belongs to some major criminal that the police is spying on to gather evidence to arrest (or see who the criminal is associated with) ?

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April 13, 2011, 11:04:21 PM
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I imagine it would be like working at a store and accepting cash from a drug dealer to buy some milk. Just because the cash was ill gotten doesn't mean you are doing anything wrong. I guess, hope the law enforcement is sane enough to realize that.

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April 13, 2011, 11:04:48 PM
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This kinda worries me, what if i when i buy some bitcoins i end up depositing money on the bank account that belongs to some major criminal that the police is spying on to gather evidence to arrest (or see who the criminal is associated with) ?
If major criminals were using Bitcoins already the exchange rate would probably be higher. Smiley

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April 14, 2011, 01:30:49 AM
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If major criminals were using Bitcoins already the exchange rate would probably be higher. Smiley

They will be.  Count on it.

In fact, I'd venture a guess that use of Bitcoin by criminals will be a major tipping point for its success.
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April 14, 2011, 01:36:10 AM
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If major criminals were using Bitcoins already the exchange rate would probably be higher. Smiley

They will be.  Count on it.

In fact, I'd venture a guess that use of Bitcoin by criminals will be a major tipping point for its success.

My guess is porn. Imagine the user- "Yes dear, I need to buy these Bitcoins to play this online game. It's pretty fun". Beats having all these odd payments on credit cards!

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April 14, 2011, 02:10:18 AM
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My guess is porn. Imagine the user- "Yes dear, I need to buy these Bitcoins to play this online game. It's pretty fun". Beats having all these odd payments on credit cards!

Well, yeah.  There's porn.  In fact one (at least) of the forum members runs three or four sites that take Bitcoin.

But the success of this currency is not going to depend on websites that take 1 or 2 or 5 Bitcoin at a time.  It will depend on reliable transactions *beginning* at five figures, and going into six or seven.

And *that* is where a new Bitcoin client will have to focus:  on 'splitting' Bitcoins into their intended - but never implemented - eight decimal places.

With only 21 million of them, I suspect we'll need the added functionality pretty soon now.

I see on the charts they're over a US Dollar...
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April 14, 2011, 02:15:43 AM
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But the success of this currency is not going to depend on websites that take 1 or 2 or 5 Bitcoin at a time.  It will depend on reliable transactions *beginning* at five figures, and going into six or seven.

And *that* is where a new Bitcoin client will have to focus:  on 'splitting' Bitcoins into their intended - but never implemented - eight decimal places.

With only 21 million of them, I suspect we'll need the added functionality pretty soon now.

I see on the charts they're over a US Dollar...

It's really easy to implement, it's all there just not in the standard GUI. It'll happen soon I'm sure.

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April 14, 2011, 02:19:01 AM
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This kinda worries me, what if i when i buy some bitcoins i end up depositing money on the bank account that belongs to some major criminal that the police is spying on to gather evidence to arrest (or see who the criminal is associated with) ?

Maybe the thing to worry about is that the cops won't have a freaking clue about coins and will just see you ship a grand to whomever they are watching and assume you are buying whatever illicit thing the criminal is in to.

That kind of incompetence is an argument against police not bitcoin.

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April 14, 2011, 10:55:42 PM
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Maybe the thing to worry about is that the cops won't have a freaking clue about coins and will just see you ship a grand to whomever they are watching and assume you are buying whatever illicit thing the criminal is in to.

That kind of incompetence is an argument against police not bitcoin.

Law enforcement has historically (okay, in the early-to-mid 90s anyway) been quite behind technological developments, especially when it comes to disruptive technology. I imagine there will be quite a few snafus between law enforcement and the Bitcoin Community before law enforcement finally learns how to get along with bitcoins.
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April 14, 2011, 11:06:40 PM
 #10

Maybe the thing to worry about is that the cops won't have a freaking clue about coins and will just see you ship a grand to whomever they are watching and assume you are buying whatever illicit thing the criminal is in to.

That kind of incompetence is an argument against police not bitcoin.

Law enforcement has historically (okay, in the early-to-mid 90s anyway) been quite behind technological developments, especially when it comes to disruptive technology. I imagine there will be quite a few snafus between law enforcement and the Bitcoin Community before law enforcement finally learns how to get along with bitcoins.

If a bitcoin is worth $100 a few bitcoiners will be able to afford high class lawyers.

I imagine a bounty would also be raised for a class action lawsuit.

 Smiley
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