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I think it is likely that there will be a real world kidnapping where the kidnappers demand a Bitcoin ransom. Once this happens, Bitcoin will get rapidly regul

I think it is likely that there will be a real world kidnapping where the kidnappers demand a Bitcoin ransom. Once this happens, Bitcoin will get rapidly regulated out of existence by governments. Imagine if it follows the usual stereotypical news coverage. An attractive, photogenic American woman goes to a foreign country and gets kidnapped. Later the kidnappers send ransom demands with a Bitcoin address. This would be wall-to-wall 24/7 news coverage on all the major channels. After that, the public would likely support almost any type of regulation on crypto-currency.

billytetrud 6y ago
Kidnappers can also demand dollars for ransom. Are governments going to regulate dollars out of existence? Or are you saying they'll just use it as an excuse to harass bitcoin?
- RcouF1uZ4gsC 6y ago
  Dollars are a little different in that transferring large amounts anonymously is hard. Collecting the ransom is probably the point of highest vulnerability and that is something law enforcement agencies like the FBI have used to catch kidnappers. However, with cryptocurrency, that vulnerability is mitigated a lot, and that completely changes the dynamics. There is a reason, the ransomware attackers aren't demanding suitcases of cash at pre-ordained meeting sites.
  - jude- 6y ago
    Good thing, then, that Bitcoin is anything but anonymous.
    - hi5eyes 6y ago
      https://techcrunch.com/2021/03/26/chainalysis-raises-100m-doubles-valuation-to-over-2b/ https://techcrunch.com/2021/03/26/chainalysis-raises-100m-do... 2b for a company cexs use to filter out dirty crypto
spaced-out 6y ago
You're at least four years too late. https://www.vice.com/en/article/zmvn44/kidnappers-around-the-world-want-their-ransoms-paid-in-bitcoin https://www.vice.com/en/article/zmvn44/kidnappers-around-the...
- throw1122 6y ago
  They've since moved to more anonymous platforms. https://www.reddit.com/r/Monero/comments/ae4keu/kidnappers_demand_monero_ransom_for_wife_of_one/ https://www.reddit.com/r/Monero/comments/ae4keu/kidnappers_d...
amelius 6y ago
Perhaps governments should make it illegal to pay ransom in crypto-currencies (or even ransom in general). This might not stop the kidnappings, but at least it could stop large organizations from paying ransomware.
matheusmoreira 6y ago
> Bitcoin will get rapidly regulated out of existence by governments One can only hope. Bitcoin is obsolete and if that happens better coins will finally get the chance to replace it.

billytetrud 6y ago

Kidnappers can also demand dollars for ransom. Are governments going to regulate dollars out of existence? Or are you saying they'll just use it as an excuse to harass bitcoin?

RcouF1uZ4gsC 6y ago
Dollars are a little different in that transferring large amounts anonymously is hard. Collecting the ransom is probably the point of highest vulnerability and that is something law enforcement agencies like the FBI have used to catch kidnappers. However, with cryptocurrency, that vulnerability is mitigated a lot, and that completely changes the dynamics. There is a reason, the ransomware attackers aren't demanding suitcases of cash at pre-ordained meeting sites.
- jude- 6y ago
  Good thing, then, that Bitcoin is anything but anonymous.
  - hi5eyes 6y ago
    https://techcrunch.com/2021/03/26/chainalysis-raises-100m-doubles-valuation-to-over-2b/ https://techcrunch.com/2021/03/26/chainalysis-raises-100m-do... 2b for a company cexs use to filter out dirty crypto

spaced-out 6y ago

You're at least four years too late. https://www.vice.com/en/article/zmvn44/kidnappers-around-the-world-want-their-ransoms-paid-in-bitcoin https://www.vice.com/en/article/zmvn44/kidnappers-around-the...

throw1122 6y ago
They've since moved to more anonymous platforms. https://www.reddit.com/r/Monero/comments/ae4keu/kidnappers_demand_monero_ransom_for_wife_of_one/ https://www.reddit.com/r/Monero/comments/ae4keu/kidnappers_d...

amelius 6y ago

Perhaps governments should make it illegal to pay ransom in crypto-currencies (or even ransom in general). This might not stop the kidnappings, but at least it could stop large organizations from paying ransomware.

matheusmoreira 6y ago

> Bitcoin will get rapidly regulated out of existence by governments One can only hope. Bitcoin is obsolete and if that happens better coins will finally get the chance to replace it.