What arguments would one pose to shows Bitcoin is an enabler of crime and not an enabler of crime?

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What arguments could be made for Bitcoin being an enabler of criminal activity? For example:

  • Could Bitcoin be used as the backbone of Ponzi Schemes?

  • Are there any consequences for Bitcoin miners who launch DOS attacks on their competitors?

  • Do Bitcoin mining equipment suppliers slip undocumented changes into hardware and software to throttle transactions or scrape a portion of transactions?

  • Does Bitcoin cooperate with law enforcement agencies who are working Ransomware cases and other forms of Malware? Does Bitcoin monitor and report suspicious activity to law enforcement?

  • Who at Bitcoin does one go to when they suspect criminal activity?

  • What keeps transaction fees from being set to specifically eliminate competition in Bitcoin mining. What would prevent a large corporation from owning the majority of Bitcoin mining?

  • Are wallets immune from Insider Threats?

  • What role (if any) could Bitcoin play in economic warfare?

  • What Banks accept Bitcoin as a valid currency? What is their exposure? Would FDIC cover Bitcoin?

What arguments could be made for Bitcoin being legitimate and above board?

  • Can Bitcoin be securely used in an above-board and ethical business?

Doug Kimzey

Posted 2017-06-30T14:26:47.457

Reputation: 99

Answers

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The whole point of a decentralized currency is that it's like internet cash. All of your questions could or could not be true.

Do drug dealers use USD to sell drugs? YES

What to wall street fraudsters steal in? Stock which is equal to USD.

If you drop a $20 on the ground you lose it. Just like if you lose your key to access your bitcoin wallet.

You can report it to law enforcement. But its just like cash. Well we have the bank notes number (in bitcoin, bitcoin address) but whose bank note is this?

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Just like a cash only business. It's up to you if you want to use it for ethical purposes (would you report all cash on your taxes or just some). So I suppose if you're ethical.. then yes you can use bitcoin in an ethical, legitimate purpose.

Marc Alexander

Posted 2017-06-30T14:26:47.457

Reputation: 531

Asked: 2017-06-30T14:26:47.457

Viewed: 41 times

Active: 2017-06-30T18:00:12.523