Europol Cybercrime Report: The Dark Side of Bitcoin is Coming Into Light

[koelen3]

Guns were invented to protect us but now bad people are using it to kill innocent people. Planes & Ships were invented to reach the farthest corners of the world but now bad people are using it to transfer illegal materials all over the world. The list can a long way for the inventions that were made for good and are being used to do bad. Why blame bitcoin??

Bitcoin is just another good invention that's being used by some bad people also.

Yes ! I never saw a gun killing someone , it has always been the bad guys

Have you missed the last episode of Breaking Bad?

The gun was mounted in the trunk by a human.

Man! i did missed it ! am still on season 3 , i got no time to watch it! but you have caused my interest to rise again
Thanks !
Going at it

[croato]

Ppl use lot of things for bad purposes so they sure use Bitcoin for also, but that is not Bitcoin problem and if there is no Bicoin they would use other ways to fund illegal activities. Problem are criminals and terrorists not Bitcoin.

[Mr Tea]

Not exactly true. The whole argument that dollars are the same as bitcoin is bs. You can't send dollars with same speed and convenience as bitcoin.

Can you not? PayPal and other such systems seem to transfer money instantly. You can't send bitcoins without there being a paper trail as it's all recorded on the blockchain so you could argue cash in a suitcase across the border is just as easily moved. I think the point people are trying to make is any excuse you have for bitcoin being used for bad things always applies to cash too, and in far greater numbers.

[traderman]

You can't send large amounts of cash on PayPal without verification.

Not exactly true. The whole argument that dollars are the same as bitcoin is bs. You can't send dollars with same speed and convenience as bitcoin.

Can you not? PayPal and other such systems seem to transfer money instantly. You can't send bitcoins without there being a paper trail as it's all recorded on the blockchain so you could argue cash in a suitcase across the border is just as easily moved. I think the point people are trying to make is any excuse you have for bitcoin being used for bad things always applies to cash too, and in far greater numbers.

[criptix]

You can't send large amounts of cash on PayPal without verification.

Not exactly true. The whole argument that dollars are the same as bitcoin is bs. You can't send dollars with same speed and convenience as bitcoin.

Can you not? PayPal and other such systems seem to transfer money instantly. You can't send bitcoins without there being a paper trail as it's all recorded on the blockchain so you could argue cash in a suitcase across the border is just as easily moved. I think the point people are trying to make is any excuse you have for bitcoin being used for bad things always applies to cash too, and in far greater numbers.

fiat is the way for criminal activities, everyone telling you something else just doesn't know better.
criminals dont use crypto, they have bankers that solve their needs.
a great example:

http://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International


the new HSBC scandal would be an actual case

[Mr Tea]

You can't send large amounts of cash on PayPal without verification.

Not exactly true. The whole argument that dollars are the same as bitcoin is bs. You can't send dollars with same speed and convenience as bitcoin.

Can you not? PayPal and other such systems seem to transfer money instantly. You can't send bitcoins without there being a paper trail as it's all recorded on the blockchain so you could argue cash in a suitcase across the border is just as easily moved. I think the point people are trying to make is any excuse you have for bitcoin being used for bad things always applies to cash too, and in far greater numbers.

That can be easily faked and I'm sure there are many easier ways to send large amounts of money. Bank transfers for one. Sophisticated criminals will now how to bend or get around regulations or rules quite easily as they do and have done.

[ajareselde]

You can't send large amounts of cash on PayPal without verification.

Not exactly true. The whole argument that dollars are the same as bitcoin is bs. You can't send dollars with same speed and convenience as bitcoin.

Can you not? PayPal and other such systems seem to transfer money instantly. You can't send bitcoins without there being a paper trail as it's all recorded on the blockchain so you could argue cash in a suitcase across the border is just as easily moved. I think the point people are trying to make is any excuse you have for bitcoin being used for bad things always applies to cash too, and in far greater numbers.

fiat is the way for criminal activities, everyone telling you something else just doesn't know better.
criminals dont use crypto, they have bankers that solve their needs.
a great example:

http://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International


the new HSBC scandal would be an actual case

Thats what i am saying all along, criminals are using whatever they can, its not like bitcoin made them criminals,and just like they can use bitcoin, they also use fiat, you cant ban everything just because some people misuse it. What can be done, and probably will, is to regulate exchanges, making them mark accounts that are using crypto for illegal activities.

cheers

[ChuckBuck]

You can't send large amounts of cash on PayPal without verification.

Not exactly true. The whole argument that dollars are the same as bitcoin is bs. You can't send dollars with same speed and convenience as bitcoin.

Can you not? PayPal and other such systems seem to transfer money instantly. You can't send bitcoins without there being a paper trail as it's all recorded on the blockchain so you could argue cash in a suitcase across the border is just as easily moved. I think the point people are trying to make is any excuse you have for bitcoin being used for bad things always applies to cash too, and in far greater numbers.

fiat is the way for criminal activities, everyone telling you something else just doesn't know better.
criminals dont use crypto, they have bankers that solve their needs.
a great example:

http://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International


the new HSBC scandal would be an actual case

Thats what i am saying all along, criminals are using whatever they can, its not like bitcoin made them criminals,and just like they can use bitcoin, they also use fiat, you cant ban everything just because some people misuse it. What can be done, and probably will, is to regulate exchanges, making them mark accounts that are using crypto for illegal activities.

cheers

Exactly, the largest scale crimes are being committed are by banks, like HSBC.

Basically faciliating the money laundering operation of the largest drug cartel in Mexico.

$9.4 Billion is way more than any Bitcoin related crime or cybercrime.

http://www.bloomberg.com/news/articles/2013-07-02/hsbc-judge-approves-1-9b-drug-money-laundering-accord

HSBC was accused of failing to monitor more than $670 billion in wire transfers and more than $9.4 billion in purchases of U.S. currency from HSBC Mexico, allowing for money laundering, prosecutors said.

You want real crime?  Look no further than the Banking system.

[OpenOcean]

http://www.rollingstone.com/politics/news/outrageous-hsbc-settlement-proves-the-drug-war-is-a-joke-20121213

Bitcoin doesn't even come close, on a per capita level, too.

[mayax]

Looks like there is some evidence emerging of bitcoin being used by some bad actors.

http://www.btcfeed.net/news/dark-side-bitcoin-coming-light/

over 95% from BTC is used by "bad" factors like black market.

[caga]

Looks like there is some evidence emerging of bitcoin being used by some bad actors.

http://www.btcfeed.net/news/dark-side-bitcoin-coming-light/

over 95% from BTC is used by "bad" factors like black market.

Well, that how people prefere to use it, and is how it will continue for long in the future. Specially the anonymity part.

[kevin08]

Looks like there is some evidence emerging of bitcoin being used by some bad actors.

http://www.btcfeed.net/news/dark-side-bitcoin-coming-light/

over 95% from BTC is used by "bad" factors like black market.

Well, that how people prefere to use it, and is how it will continue for long in the future. Specially the anonymity part.

I guess it's below 95% used by "bad" factors. Speculators must make a big percentage of use.

[Klestin]

If true, this will be excellent news for authorities.  It should help them easily round up some of those who financially support terrorist groups.  Being truly anonymous with Bitcoin is not easy and requires extreme diligence.  I hope they are using it, and that the authorities make some arrests.  It would be nice to have this false charge of "perfect tool for evil" exposed as a lie.

[traderman]

Actually its easy to be anonymous if you have some basic knowledge and do your homework.

If true, this will be excellent news for authorities.  It should help them easily round up some of those who financially support terrorist groups.  Being truly anonymous with Bitcoin is not easy and requires extreme diligence.  I hope they are using it, and that the authorities make some arrests.  It would be nice to have this false charge of "perfect tool for evil" exposed as a lie.

[calci]

Imagine what would be the size of the stack of that amount of money, if it was in Bitcoins.  However obviously it would make the government go against it.

[moriartybitcoin]

Bitcoin will be used by the good guys and the bad guys obviously