Post by Peter Moylan Post by occam Post by Peter Moylan Post by occam
I agree tracing such scams has become more difficult with the
advent of the internet. If you follow through and make a payment,
however, that money can be traced to a bank/place/account name?
Unless payment is only via Bitcoin.
Just out of interest: are there many non-criminals using Bitcoin?
I believe there are. Furthermore, it is on the cusp of becoming
accepted as legal currency in some countries.
was aware that bitcoin transactions are legal in Australia, and it
bothers me. One very troublesome use is in ransomware attacks, and of
course it's known that bitcoin is used in money laundering.
The philosophy that transactions should be anonymous sounds interesting
from a privacy point of view, but in practice it has become too
A bit like cash? You realise that cash transactions are also legal and
Post by Peter Moylan
I strongly believe that
(a) implementers of any digital currency should be required to develop a
mechanism whereby the recipient of a transaction can be identified if
there are sufficient grounds, e.g. on a complaint from a ransomware
victim, and that there should be a mechanism to reverse the transaction
on proof that it was part of a criminal operation.
(b) if (a) is claimed to be impossible, then all transactions in that
currency should be declared illegal.
Of course it is hard to stop a black market underground from developing
- in fact, it's probably already in existence - but if a sufficient
number of countries banned bitcoin use then that would put pressure on
the others to join in; and a worldwide ban would then make it hard to
turn bitcoin into tangible assets.
The other perspective is, there are huge benefits to be had for the
first country (and therefore first banks) to adopt Bitcoin as legal
currency. The rush of money into that country from outside individuals
and corporations (e.g. Elon Musk), would pressure other banks to adopt
The unexpected twist in this saga appears to be the cost of maintaining
a cryptocurrency continuing to operate. The cost of mining and
transactions is already quite high, and is becoming higher. The
maintenance of the 'blockchain' information (a kind of overhead) is
increasing with every transaction. The currency relies on many, many
servers worldwide to maintain its distributed records and the integrity
of the currency. This ever increasing expense could eventually render
the concept unviable.