3 ms·

Bitcoin has revolutionized the black market economy.

bitxbitxbitcoin 6y ago
Bitcoin has definitely done that but more importantly it has revolutionized the Shadow Economy - which is a lot larger than most people realize.
- hfsp 6y ago
  The USD remains the choice of the cartels and professional money launderers. After all, pro crooks do not want to leave an eternal trace of their transactions on a public ledger on the internet.
  - bushbaba 6y ago
    Disagree. There’s a reason terrorists such-as hamas, al queda, isis choose to use btc. https://www.coindesk.com/us-prosecutors-attempt-to-seize-bitcoin-allegedly-tied-to-al-qaeda https://www.coindesk.com/us-prosecutors-attempt-to-seize-bit...
  - SEJeff 6y ago
    This so much ^ The FBI has already proven pretty well that with a big enough dragnet (and resource that places like the NSA absolutely have), they can associate people to wallet addresses. It just takes slipping up a single time and they'll find you.
    - jackTheMan 6y ago
      If it is the interest of FBI, also according to this article, in some places an email address is enough to open an account: https://www.bnnbloomberg.ca/booming-crypto-market-a-potential-haven-for-money-laundering-1.1502161 https://www.bnnbloomberg.ca/booming-crypto-market-a-potentia... so not sure about the claim.
      - SEJeff 6y ago
        https://www.coindesk.com/fbi-used-bitcoin-trail-to-catch-russian-rapper-accused-of-money-laundering https://www.coindesk.com/fbi-used-bitcoin-trail-to-catch-rus... https://www.justice.gov/opa/pr/two-chinese-nationals-charged-laundering-over-100-million-cryptocurrency-exchange-hack https://www.justice.gov/opa/pr/two-chinese-nationals-charged... https://www.justice.gov/opa/pr/ohio-resident-charged-operating-darknet-based-bitcoin-mixer-which-laundered-over-300-million https://www.justice.gov/opa/pr/ohio-resident-charged-operati... The upside of crypto currencies is decentralization, but a public ledger is public to law enforcement as well. With time and serious funding they often can link wallets to people. I’m not saying it is good, only as a matter of fact it is a thing.

Bitcoin has definitely done that but more importantly it has revolutionized the Shadow Economy - which is a lot larger than most people realize.

hfsp 6y ago
The USD remains the choice of the cartels and professional money launderers. After all, pro crooks do not want to leave an eternal trace of their transactions on a public ledger on the internet.
- bushbaba 6y ago
  Disagree. There’s a reason terrorists such-as hamas, al queda, isis choose to use btc. https://www.coindesk.com/us-prosecutors-attempt-to-seize-bitcoin-allegedly-tied-to-al-qaeda https://www.coindesk.com/us-prosecutors-attempt-to-seize-bit...
- SEJeff 6y ago
  This so much ^ The FBI has already proven pretty well that with a big enough dragnet (and resource that places like the NSA absolutely have), they can associate people to wallet addresses. It just takes slipping up a single time and they'll find you.
  - jackTheMan 6y ago
    If it is the interest of FBI, also according to this article, in some places an email address is enough to open an account: https://www.bnnbloomberg.ca/booming-crypto-market-a-potential-haven-for-money-laundering-1.1502161 https://www.bnnbloomberg.ca/booming-crypto-market-a-potentia... so not sure about the claim.
    - SEJeff 6y ago
      https://www.coindesk.com/fbi-used-bitcoin-trail-to-catch-russian-rapper-accused-of-money-laundering https://www.coindesk.com/fbi-used-bitcoin-trail-to-catch-rus... https://www.justice.gov/opa/pr/two-chinese-nationals-charged-laundering-over-100-million-cryptocurrency-exchange-hack https://www.justice.gov/opa/pr/two-chinese-nationals-charged... https://www.justice.gov/opa/pr/ohio-resident-charged-operating-darknet-based-bitcoin-mixer-which-laundered-over-300-million https://www.justice.gov/opa/pr/ohio-resident-charged-operati... The upside of crypto currencies is decentralization, but a public ledger is public to law enforcement as well. With time and serious funding they often can link wallets to people. I’m not saying it is good, only as a matter of fact it is a thing.