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Author Topic: Could Al-Qaeda use Bitcoin ?  (Read 4108 times)
Yankee (BitInstant)
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Charlie 'Van Bitcoin' Shrem


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May 05, 2012, 04:22:36 PM
 #41

They could be using it for money transfers because it helps them transfer money without being detected.
Only if you are extremely careful. It's difficult to be completely anonymous with bitcoin.

+1

This is very true.

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Enkel
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May 06, 2012, 05:11:47 AM
 #42

Your right, it does sound like that.
However, in this case Im the one going to jail if I dont allow the probing.

I'm new to bitcoins and just learning.  But I've dealt with security in the US financial verticle for a while.  Judging by a quick look around your site.  I'm not totally sure if or how you would be regulated.  It doesn't look like you deal with actual cash. Unless you physically accept cash (as in dollars/checks) or disperse cash to individuals (I didn't see this, but I could have missed it), then your obligations are likely defined by your interface institutions.

What you should to do is write up a risk mitigation plan (based on your interfaces) that you can present in the event that your services are questions by any authorities. Then implement it.  That will give you standing for having considered the issue and addressed it within the current regulatory requirements. It will also save a lot of fumbling if you're drawn into any investigation or some sort of an audit.

As a minimum, you need a data destruction policy (that would be part of your risk mitigation plan) that is followed religiously - even if you do not have the entire risk mitigation plan.  I say this because IF an investigation is started the first thing you will have to justify is any deleted data.  Without a written plan (with evidence of enforcement), they can try to claim that you deleted 'evidence' or force you into expensive data mining to answer obtuse questions.

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May 06, 2012, 05:16:24 AM
 #43

Banks have standards and things to prevent their facilities to be used against money laundering and terrorism

I think any Bitcoin Business / Exchange where one can trade over a certain limit for Bitcoin should have some sort of compliance and procedures in place.

Doesent have to be as strict or pain in the ass as the banking institutions, but we still need to come off as we are trying

The easiest way to accomplish this would be to limit transfers above the cut-off limit (e.g. USD$10k w/the same day) to only those institutions that are regulated.  This doesn't prevent them from making multiple transfers, but even US banks don't document multiple small transfers.

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May 06, 2012, 08:54:18 PM
 #44

Could Al-Qaeda use Bitcoin ?
Is it possible that they are already using it ?

Has anyone thought about the possibility of them using the coinbase to send messages to, or to activate Sleeper Cells in the US and abroad ?
It's quite possible that there just might be someone in a cave somewhere in the Middle East, currently able to stay in contact with operatives thanks to Bitcoin.

Should there be an Anti-Terrorist Bitcoin Organization who monitors blocks and transactions for this very reason ?


You are living in a fantasy world. What on earth would al-Qaeda want to use BitCoin for when they could use cash? Given the very few ways to cash in or out large sums and the very many ways to move large amounts of cash around any terrorist use of BitCoin would be just plain silly. It's possible to send messages from anywhere to anywhere without the massive complexity of hiding them in BitCoin's blockchain.

Stop spreading American media style fear because it doesn't belong here. Every time you get molested at an airport, or get your papers checked by some psycho who really just wants an excuse to give you a really bad day remember your irrational fear of Al-Qaeda caused you to live in permanent fear of your own government. The terrorists won and they are called the TSA.

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1ngldh


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May 06, 2012, 10:28:52 PM
 #45

Could Al-Qaeda use Bitcoin ?
Is it possible that they are already using it ?

Has anyone thought about the possibility of them using the coinbase to send messages to, or to activate Sleeper Cells in the US and abroad ?
It's quite possible that there just might be someone in a cave somewhere in the Middle East, currently able to stay in contact with operatives thanks to Bitcoin.

Should there be an Anti-Terrorist Bitcoin Organization who monitors blocks and transactions for this very reason ?


You are living in a fantasy world. What on earth would al-Qaeda want to use BitCoin for when they could use cash? Given the very few ways to cash in or out large sums and the very many ways to move large amounts of cash around any terrorist use of BitCoin would be just plain silly. It's possible to send messages from anywhere to anywhere without the massive complexity of hiding them in BitCoin's blockchain.

Stop spreading American media style fear because it doesn't belong here. Every time you get molested at an airport, or get your papers checked by some psycho who really just wants an excuse to give you a really bad day remember your irrational fear of Al-Qaeda caused you to live in permanent fear of your own government. The terrorists won and they are called the TSA.
Truth, he speaks it.

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