polynesia
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August 07, 2014, 01:25:00 AM |
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Right that since transacting in BTC is anonymous, it can be used by the bad guys on its maximum.  Well, it's considered to be *pretty* anonymous. Given some work, and enough people, it's still quite possible to trace a transaction back (even if you use multiple addresses). Blockchain sleuthing is something one of my friend likes to do in his spare time, actually o_o It is very easy for NSA and FBI to find out your identity if you do doggy thing with bitcoin. But would it be worth the effort involved? Even after Silk Road has been shut down, is the FBI going after individuals who purchased small quantities of pot? No, because it is probably not worth it. |
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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Bogleg
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August 07, 2014, 07:47:07 PM |
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Right that since transacting in BTC is anonymous, it can be used by the bad guys on its maximum. Well, it's considered to be *pretty* anonymous. Given some work, and enough people, it's still quite possible to trace a transaction back (even if you use multiple addresses). Blockchain sleuthing is something one of my friend likes to do in his spare time, actually o_o It is very easy for NSA and FBI to find out your identity if you do doggy thing with bitcoin. But would it be worth the effort involved? Even after Silk Road has been shut down, is the FBI going after individuals who purchased small quantities of pot? No, because it is probably not worth it. They will want to make an example to discourage drug users from buying illegal substance online. |
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Este Nuno
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amarha
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August 07, 2014, 07:52:35 PM |
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Right that since transacting in BTC is anonymous, it can be used by the bad guys on its maximum. Well, it's considered to be *pretty* anonymous. Given some work, and enough people, it's still quite possible to trace a transaction back (even if you use multiple addresses). Blockchain sleuthing is something one of my friend likes to do in his spare time, actually o_o It is very easy for NSA and FBI to find out your identity if you do doggy thing with bitcoin. But would it be worth the effort involved? Even after Silk Road has been shut down, is the FBI going after individuals who purchased small quantities of pot? No, because it is probably not worth it. They will want to make an example to discourage drug users from buying illegal substance online. People have been busted buying and selling drugs with bitcoin a few times already. |
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jjc326
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August 07, 2014, 07:56:51 PM |
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To answer the OP, absolutely it has AFFECTED it's value, but the question is to what extent? I think it has probably increased the price of BTC because people would be likely to use it for things like SR, so they have to buy it to get their drugs, so the price goes up. Maybe in the future it's not a good thing and could actually hurt it's value, especially if the government takes aim at it because of the negative stuff.
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polynesia
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Activity: 1358
Merit: 1000
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August 08, 2014, 01:40:04 AM |
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Right that since transacting in BTC is anonymous, it can be used by the bad guys on its maximum. Well, it's considered to be *pretty* anonymous. Given some work, and enough people, it's still quite possible to trace a transaction back (even if you use multiple addresses). Blockchain sleuthing is something one of my friend likes to do in his spare time, actually o_o It is very easy for NSA and FBI to find out your identity if you do doggy thing with bitcoin. But would it be worth the effort involved? Even after Silk Road has been shut down, is the FBI going after individuals who purchased small quantities of pot? No, because it is probably not worth it. They will want to make an example to discourage drug users from buying illegal substance online. True. They might want to make an example of some people. But would they try and go after all of them? Since most of the silk road bitcoins went to Mt Gox/other exchanges, the Fed could theoretically subpoena the exchanges, and get all their addresses. But are they doing it? |
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dontCAREhair
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August 08, 2014, 01:49:58 AM |
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I think it is, but it is probably increasing it's value as people buy large quantities of bitcoin so they can stay anon.
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MightyBTC
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August 26, 2014, 04:33:37 PM |
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Many people think bitcoin is anonymous and use bitcoin for illegal activities.Bitcoin transaction aren't monitored by particular authorities doesn't mean no one is doing so,committing Btc related illegal stuffs could throw you inside bars anytime.
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DhaniBoy
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August 26, 2014, 10:54:41 PM |
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I think not only illegal use of bitcoin affecting its value but also legal use can affecting its value, so the more people are use bitcoin, the more can be affecting its value, it depends on how often bitcoin is used for transaction ...
hopefully it is used only for legally
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botany
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August 27, 2014, 01:26:04 AM |
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Many people think bitcoin is anonymous and use bitcoin for illegal activities.Bitcoin transaction aren't monitored by particular authorities doesn't mean no one is doing so,committing Btc related illegal stuffs could throw you inside bars anytime.
You should probably separate btc from the crime. Committing illegal stuff (with any mode of transfer) could throw you behind bars. |
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AnnyHan
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August 27, 2014, 10:13:41 AM |
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I think it will affect in some extent becuase of more serious limitation by govenment.
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itsAj
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August 27, 2014, 11:14:28 AM |
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Right that since transacting in BTC is anonymous, it can be used by the bad guys on its maximum. Well, it's considered to be *pretty* anonymous. Given some work, and enough people, it's still quite possible to trace a transaction back (even if you use multiple addresses). Blockchain sleuthing is something one of my friend likes to do in his spare time, actually o_o It is very easy for NSA and FBI to find out your identity if you do doggy thing with bitcoin. But would it be worth the effort involved? Even after Silk Road has been shut down, is the FBI going after individuals who purchased small quantities of pot? No, because it is probably not worth it. They will want to make an example to discourage drug users from buying illegal substance online. True. They might want to make an example of some people. But would they try and go after all of them? Since most of the silk road bitcoins went to Mt Gox/other exchanges, the Fed could theoretically subpoena the exchanges, and get all their addresses. But are they doing it? Law enforcement generally likes to go after the "big fish" when it comes to drug trade so they can make an example of them. There are really too many people that commit drug related crimes to try to prosecute all of them (the court system would be overloaded). Sometimes smaller users of drugs will get caught in this in order for the government to catch the bigger fish. |
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waterpile
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August 27, 2014, 01:04:51 PM |
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It may have positive and negative effects. Like the silk road when it was operating the price went up
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mustang77
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August 27, 2014, 01:42:19 PM |
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Yup Silk Road type places actually make BTC really useful.
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Ayers
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August 27, 2014, 02:42:04 PM |
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the whole silk road event was a bad thing for bitcoin, because federal just dumped all btc seized
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tee-rex
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August 27, 2014, 02:45:19 PM |
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the whole silk road event was a bad thing for bitcoin, because federal just dumped all btc seized
They didn't dump all bitcoins as far as I know, only a small part of what they had seized (DPR's coins are intact). And I wouldn't call the auction for selling that part as dumping either (they were not sold on an exchange that could negatively impact the price). |
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botany
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August 27, 2014, 04:35:38 PM |
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the whole silk road event was a bad thing for bitcoin, because federal just dumped all btc seized
They didn't dump all bitcoins as far as I know, only a small part of what they had seized (DPR's coins are intact). And I wouldn't call the auction for selling that part as dumping either (they were not sold on an exchange that could negatively impact the price). They dumped the coins. We should be thankful that the buyer is still holding the coins and didn't try to make a quick buck by flippping them over. |
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Ayers
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Activity: 2604
Merit: 1023
Leading Crypto Sports Betting & Casino Platform
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August 27, 2014, 06:17:01 PM |
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the whole silk road event was a bad thing for bitcoin, because federal just dumped all btc seized
They didn't dump all bitcoins as far as I know, only a small part of what they had seized (DPR's coins are intact). And I wouldn't call the auction for selling that part as dumping either (they were not sold on an exchange that could negatively impact the price). there is a proof of that? last time i checked i read that they dumped all of them |
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tee-rex
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August 27, 2014, 09:00:02 PM |
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the whole silk road event was a bad thing for bitcoin, because federal just dumped all btc seized
They didn't dump all bitcoins as far as I know, only a small part of what they had seized (DPR's coins are intact). And I wouldn't call the auction for selling that part as dumping either (they were not sold on an exchange that could negatively impact the price). there is a proof of that? last time i checked i read that they dumped all of them of the first results from Google. Quoting below the relevant part: ...the Marshals Service is auctioning off 29,000 bitcoins, part of the assets seized in the October 2013 Silk Road bust and arrest of Ross Ulbricht (the coins being auctioned were held on Silk Road servers; the Marshals still hold another 110,000 coins that were on Mr. Ulbricht’s computer). That’s a big chunk of digital change to drop on the market. For another thing, the outcome will show where some pretty sophisticated, big investors really value bitcoin. You could actually have done it yourself, couldn't you? |
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counter
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August 27, 2014, 11:16:18 PM |
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I guess what you have to ask yourself is have drugs being illegal effected the value on the black market? Is downloading music, movies etc illegally any less popular? The answer is no it makes no difference or it makes the price higher.
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wasserman99
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August 28, 2014, 03:14:43 AM |
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the whole silk road event was a bad thing for bitcoin, because federal just dumped all btc seized
They didn't dump all bitcoins as far as I know, only a small part of what they had seized (DPR's coins are intact). And I wouldn't call the auction for selling that part as dumping either (they were not sold on an exchange that could negatively impact the price). there is a proof of that? last time i checked i read that they dumped all of them The government only sold 30k of the more then 120k of the btc that was seized. The 30k that were sold were auctioned off and someone named tim draper won the auction who is planning on selling/distributing them in places where it is difficult to buy bitcoin today. TL;DR no the government did not dump all the SR coins on the market |
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