Author Topic: Cryptocurrency and the Underworld...  (Read 1573 times)

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Offline CoinChilli

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Cryptocurrency and the Underworld...
« on: February 24, 2014, 12:45:12 PM »
Detractors of Cryptocurrency make frequent habit of mentioning its potential to be exploited by unscrupulous individuals and criminal organisations. Owing to the anonymity afforded to the users of Crypto, the fear of facilitating money laundering and trade in illicit goods and services is a very palpable one.

We need only look to Bitcoin’s usage on the Silk Road (an online marketplace, embedded in the ‘deep net’, primarily used for buying and selling narcotics) to realise that the currency has been, and is being used for criminal enterprise. Some have argued that this represents a necessity for Cryptocurrencies to be centralised and regulated by monetary authorities and banks; An insultingly simplistic solution to a complex situation...

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Offline CoinTastic

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Re: Cryptocurrency and the Underworld...
« Reply #1 on: April 09, 2014, 10:25:20 AM »
Cryptos are supposed to be like digital cash, and like cash they can be used for good or bad.
I'd say the point is moot.  We want the freedom to do what we want with our money without banks or governments acting as middlemen.
If we break the law in that pursuit, we will be caught, just as they catch people who use cash.


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