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“Cryptocurrencies are only used for scammers and fraudsters.” Source?

by zdyn5 5y ago

chrononaut 5y ago
Not OP, but I have also been curious of the popularity of the actual set of transactions that serve utility and result, or facilitate, an exchange between two actors where one of them is providing something tangible (i.e, transactions other than acquiring cryptocurrency to hold, and then exiting back to fiat after some period of it). Obviously this will be difficult to actually know, for reasons that it's "hard to trace" but also most studies are likely biased in one direction (for the concept of cryptocurrency) or the other (against the concept of cryptocurrency). My intuition tells me that most transactions (at least in absolute fiat dollars) that result in an exchange of tangible assets are largely illicit transactions that would otherwise be frowned upon the individual's place of residence (e.g., ransomware, drugs, money laundering), but I don't know how that compares to other forms like standard retail services, local inflation hedging, or overseas transfers. The former group (in particular ransomware) is certainly enabled significantly more due to the existence of cryptocurrency however.
- deleted 5y ago
  [deleted]
kgraves 5y ago
Why is this coin 'Monero' being used by these fraudsters and criminals to hide their activity? [0] The fact that this is making ransomware run rampant and now the victim is also part of the unfortunate process of paying the ransom in Bitcoin, (and now apparently they can also pay in Monero at the hackers, 'convenience')[1] it's getting to a point where regulators need to step in before this happens to more companies and the general public. [0] https://www.ft.com/content/13fb66ed-b4e2-4f5f-926a-7d34dc40d8b6 https://www.ft.com/content/13fb66ed-b4e2-4f5f-926a-7d34dc40d... [1] https://www.cnbc.com/2021/06/13/what-is-monero-new-cryptocurrency-of-choice-for-cyber-criminals.html https://www.cnbc.com/2021/06/13/what-is-monero-new-cryptocur...
- arthurcolle 5y ago
  Why do many meatspace drug dealers only accept cash?
  - kgraves 5y ago
    Source? Also, did you just forget we were (and we are) in a pandemic that started a year ago, forcing almost every person in lockdown? What do you think was the mode of choice for drug dealers to launder their money through? I'll give you a hint, it is certainly not cash.
    - slipframe 5y ago
      Lmao are you serious? Source is 15 years of buying drugs. The illegal drug dealers only took cash, and now that buying drugs is legal, the legal dealers only take cash too. They have an ATM in their shop, but that's because they only take cash. I guess you never buy drugs IRL, if you really want a source for "drug dealers only take cash". What's next, wanting a source for "water is wet"? > Also, did you just forget we were (and we are) in a pandemic that started a year ago, forcing almost every person in lockdown? Guess who stayed open the entire time? The drug dealers. They were excluded from lockdowns due to ostensibly being essential businesses who sold "medicine". And guess what, the entire time they have only accepted cash.
      - kgraves 5y ago
        > Lmao are you serious? Source is 15 years of buying drugs... So the source is you then? If so, that is an anecdote and that isn't a reputable source, try again. > The illegal drug dealers only took cash, and now that buying drugs is legal, the legal dealers only take cash too. They have an ATM in their shop, but that's because they only take cash. So you are saying that cryptocurrencies was never an option for these people at all? If it was legal bank transfer or credit cards would be just fine. Would be nice if you provide sources for your claims to these. > Guess who stayed open the entire time? The drug dealers. They were excluded from lockdowns due to ostensibly being essential businesses who sold "medicine". And guess what, the entire time they have only accepted cash. Again, do you have any reputable sources for these claims? Burden is on you to provide proof.

“Cryptocurrencies are only used for scammers and fraudsters.” Source?

by zdyn5 5y ago

“Cryptocurrencies are only used for scammers and fraudsters.” Source?

Not OP, but I have also been curious of the popularity of the actual set of transactions that serve utility and result, or facilitate, an exchange between two actors where one of them is providing something tangible (i.e, transactions other than acquiring cryptocurrency to hold, and then exiting back to fiat after some period of it). Obviously this will be difficult to actually know, for reasons that it's "hard to trace" but also most studies are likely biased in one direction (for the concept of cryptocurrency) or the other (against the concept of cryptocurrency). My intuition tells me that most transactions (at least in absolute fiat dollars) that result in an exchange of tangible assets are largely illicit transactions that would otherwise be frowned upon the individual's place of residence (e.g., ransomware, drugs, money laundering), but I don't know how that compares to other forms like standard retail services, local inflation hedging, or overseas transfers. The former group (in particular ransomware) is certainly enabled significantly more due to the existence of cryptocurrency however.

deleted 5y ago
[deleted]

kgraves 5y ago

Why is this coin 'Monero' being used by these fraudsters and criminals to hide their activity? [0] The fact that this is making ransomware run rampant and now the victim is also part of the unfortunate process of paying the ransom in Bitcoin, (and now apparently they can also pay in Monero at the hackers, 'convenience')[1] it's getting to a point where regulators need to step in before this happens to more companies and the general public. [0] https://www.ft.com/content/13fb66ed-b4e2-4f5f-926a-7d34dc40d8b6 https://www.ft.com/content/13fb66ed-b4e2-4f5f-926a-7d34dc40d... [1] https://www.cnbc.com/2021/06/13/what-is-monero-new-cryptocurrency-of-choice-for-cyber-criminals.html https://www.cnbc.com/2021/06/13/what-is-monero-new-cryptocur...

arthurcolle 5y ago
Why do many meatspace drug dealers only accept cash?
- kgraves 5y ago
  Source? Also, did you just forget we were (and we are) in a pandemic that started a year ago, forcing almost every person in lockdown? What do you think was the mode of choice for drug dealers to launder their money through? I'll give you a hint, it is certainly not cash.
  - slipframe 5y ago
    Lmao are you serious? Source is 15 years of buying drugs. The illegal drug dealers only took cash, and now that buying drugs is legal, the legal dealers only take cash too. They have an ATM in their shop, but that's because they only take cash. I guess you never buy drugs IRL, if you really want a source for "drug dealers only take cash". What's next, wanting a source for "water is wet"? > Also, did you just forget we were (and we are) in a pandemic that started a year ago, forcing almost every person in lockdown? Guess who stayed open the entire time? The drug dealers. They were excluded from lockdowns due to ostensibly being essential businesses who sold "medicine". And guess what, the entire time they have only accepted cash.
    - kgraves 5y ago
      > Lmao are you serious? Source is 15 years of buying drugs... So the source is you then? If so, that is an anecdote and that isn't a reputable source, try again. > The illegal drug dealers only took cash, and now that buying drugs is legal, the legal dealers only take cash too. They have an ATM in their shop, but that's because they only take cash. So you are saying that cryptocurrencies was never an option for these people at all? If it was legal bank transfer or credit cards would be just fine. Would be nice if you provide sources for your claims to these. > Guess who stayed open the entire time? The drug dealers. They were excluded from lockdowns due to ostensibly being essential businesses who sold "medicine". And guess what, the entire time they have only accepted cash. Again, do you have any reputable sources for these claims? Burden is on you to provide proof.