Illegal use of Bitcoin affecting its value?

[tshann004]

Has the use of Bitcoin for illegal things such as purchasing drugs, weapons, fraudulent documents and laundering money effected its value?

[Saffronix]

EDIT: i IT* may have, but I have no idea if it has been for better or for worse.

[SHA255]

Has the use of Bitcoin for illegal things such as purchasing drugs, weapons, fraudulent documents and laundering money effected it value?

I would say that in the early days sites like Silk Road likely has a positive impact on the price of bitcoin. I would say that this site likely cussed a lot of the early demand and press about bitcoin. Today I am not so sure about how these kinds of sites affect bitcoin.

[michaelwang33]

Has the use of Bitcoin for illegal things such as purchasing drugs, weapons, fraudulent documents and laundering money effected it value?

I would say that in the early days sites like Silk Road likely has a positive impact on the price of bitcoin. I would say that this site likely cussed a lot of the early demand and press about bitcoin. Today I am not so sure about how these kinds of sites affect bitcoin.

I agree, I think that buyers on illegal drug sites probably were behind a lot of the price appreciation from 2011 up until the bubble of 2013 as it made world headlines that you could buy drugs on the internet using bitcoin as this was when the price really started to rally strongly.

[dothebeats]

Illegal use of bitcoin doesn't affect its value imo. it only affects faster adoption rate because of its continued use in fraudulence, scams, and  extortion. In truth, bitcoin's value is backed up by these shady transactions. Criminals tend to use bitcoin as a form of payment because of its anonymity. </3

[serje]

Anyone who thinks BTC is anonymous is plain dull! On the internet nothing is secure! "There's no place you can hid, I'm coming on infra-red!"

http://www.youtube.com/watch?v=fISvc-yUU1A

[kaiy]

BTC purchased the drugs, weapons, and false documents and money-laundering.
This is exactly what criminals BTC that the value of the .
The BTC prices will not be affected by these factors.

[bitbaby]

You're right, I think it might affect it one day, so far I don't think it has but users who use Bitcoins to buy drugs should understand that they can not get away with it, sooner or later authorities will find out about it and they will get caught. And when it happens, it might affect its value as government will put more restrictions on bitcoins.

[polynesia]

As the bitcoin economy expands, the use of bitcoins in illegal transactions will cease to be significant (as a proportion of the bitcoin economy). Then its value will not be affected.

In early days, the value of bitcoin increased, due to SR demand for btc.

[boraf]

Cash has illegal use also, don't see its value being affected.

[tee-rex]

Cash has illegal use also, don't see its value being affected.

Its value IS affected by illegal uses. Try to cash out a million dollars and you will learn the difference between pure electronic money (completely traceable and non-anonymous) and real paper banknotes in your suitcase.

[jambola2]

Illegal use of Bitcoin effecting its value?

I think you mean affecting

I believe that Silk road started out the initial interest in Bitcoin , but now it is harmful , as everytime something like this falls , it causes a media shitstorm against Bitcoin.
We need to convince small businesses to start accepting Bitcoin and making them believe that it is a currency for drug abusers and mobs is not a good way to start.

[powerguy]

cash is also used for illegal purposes and also diamonds are used for money laundering as they are small and expensive

[Daniel91]

I don't think that Illegal use of Bitcoin will affect its value but I'm concern about reaction from USA and other Western governments if Bitcoin become famous like tool for money laundry.
This will be very bad for the development of Bitcoin and its global acceptance.

[jbrnt]

Illegal uses of bitcoin has both positive and negative effect on bitcoin.

Some people will buy bitcoin, probably lots, exclusively for illegal trades. Some people will misunderstand bitcoin as a currency for illicit goods and slow down adoption. Governments will clamp down on bitcoin with strict regulations against money laundering, but in turn legitimise bitcoin as an taxable asset.

Who can be sure which side is more dominant?

[painlord2k]

If BTC (or any) currency can not be used for illegal/illicit purposes it is a lousy form of currency.
If it can not be used for illicit or illegal purposes, then it is entirely controllable by the government and it is not yours; it is theirs.

[sandykho47]

i think because illegal use of BTC, the value won't down & maybe went up because they usually but a large amount of BTC
Maybe people (who not use BTC) think BTC used for bad purpose only

[tee-rex]

Illegal uses of bitcoin has both positive and negative effect on bitcoin.

Some people will buy bitcoin, probably lots, exclusively for illegal trades. Some people will misunderstand bitcoin as a currency for illicit goods and slow down adoption. Governments will clamp down on bitcoin with strict regulations against money laundering, but in turn legitimise bitcoin as an taxable asset.

Who can be sure which side is more dominant?

According to the Roman emperor Vespasian, pecunia non olet ("money does not stink")!

[harlenadler]

Remember that the bitcoin drug trade started it all. Don't forget where we came from.

[deepestfear]

Unlikely, BTC is use agnostic. Utility is utility, legality does not matter unltimately