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Nairaland Forum / Nairaland / General / Business / Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators (23274 Views)
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Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by CSTRR: 1:04pm On Feb 25, 2021 |
It is like saying cars can be used to carry out robbery. It doesn't mean cars are not a positive invention. The US- and China are currently leading the world in bitcoin and block chain technology. US banks are even unveiling bitcoin ATM machines. The question Nigerians should have asked is why the US regulators are not stamping out bitcoin in America. Nigerian govt mumu no be small. 4 Likes |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by ibawon(m): 1:05pm On Feb 25, 2021 |
What have been in use for ILLEGAL work before Cryptocurrency? If you want to mine Bitcoin, Litecoin,Etherium but don't have a powerful Mining RIG, Biko talk to me on my signature |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by arsenal33: 1:09pm On Feb 25, 2021 |
GamalNasser:are you still crying? |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Nobody: 1:10pm On Feb 25, 2021 |
Billyonaire666: And if one invention shuts the internet down 1 Like |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Nigga44: 1:11pm On Feb 25, 2021 |
Miyachi:Transaction fees for btc is actually lower than local bank transfer. And yes, I can keep my life savings in bitcoin. Infact, I currently have about 90% of my entire savings in btc since march 2020. A lot of people I know do too. This is mainly because our naira is in a free fall. Some of us traders don't actually see btc as a currency..... but mainly as a hedge against inflation. Our naira is almost worthless and even the Us federal reserve is printing dollars like crazy. 2 Likes 1 Share |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by SavageResponse(m): 1:14pm On Feb 25, 2021 |
12inchess: You people need to stop pushing this lie, it is not practical to use an asset whose value fluctuates wildly as legal tender. How would you feel if your salary is in Bitc0in? Today it's worth $50,000 and tomorrow it's worth $20,000. It means you don't have a stable salary and you cant's make realistic plans with it...no bank would even agree to lend you money because the value of your salary in future is indeterminate! 1 Like |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Ikillbrokehoes(m): 1:15pm On Feb 25, 2021 |
Billyonaire666:Word! |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by SavageResponse(m): 1:17pm On Feb 25, 2021 |
CSTRR: The CBN was being proactive! If they had kept silent Nigerian banks would have started investing heavily in it and when the tide turns investors funds would have been lost leading to failure of the banks. Those of you following Elon Musk would soon realise that the guy is ignorant and knows nothing about Finance...it's better for him to just stick with IT instead of the Pump and Dumb he keeps leading on social media |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Miyachi: 1:19pm On Feb 25, 2021 |
SavageResponse:True, but for a nation state it is negligible. Bitcoin leaves traces to, that's why you have bitcoin mixers that try to anonymize ownership by rinsing coins. It is only then that it becomes difficult but trust me the NSA or CIA or some other three-word US agency already has an algorithm to do just that. In fact, if you google around you might find research papers that show how to do just that. There is no true anonymity on the internet, only pseudo-anonymity. 1 Like 1 Share |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by SavageResponse(m): 1:24pm On Feb 25, 2021 |
ibawon: The reward is not worth the effort required to mine Bitc0in in Nigeria! |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Akpuobi1: 1:25pm On Feb 25, 2021 |
Don't the use Dollar and Niara to do illegal business Or both the baby and the bathwater should all be thrown away |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by justinator: 1:26pm On Feb 25, 2021 |
Unmask both sender and receiver?... How possible ? Miyachi: |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by macrodata(m): 1:28pm On Feb 25, 2021 |
blamingthedevil:Do you know think Bitcoin is created out of thin air? Do you know what it cost to create one Bitcoin? |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by IamDavid(m): 1:28pm On Feb 25, 2021 |
USD can be used for illegal purposes. |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by SavageResponse(m): 1:29pm On Feb 25, 2021 |
GeneralPula: That's not happening anytime soon. So if you go to the mallam in the corners store nearby to by biscuits you will start asking him for his e-wallet address so that you can send him 0.00000024 Bitcoin abi? |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Kingrefreshed: 1:32pm On Feb 25, 2021 |
TheRareGem1: So the money in the bank cannot be used for anything Chai God why? 1 Like |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Miyachi: 1:34pm On Feb 25, 2021 |
Nigga44: Well, except if you're not bothered about the time it takes include you TX in the next block, most nodes prioritize TXs by the fees attached. You have a point on the inflationary nature of the Naira, but Bitcoin as a store of vale is only for the brave. 1 Like 1 Share |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Nobody: 1:39pm On Feb 25, 2021 |
TheRareGem1: Every type of payment processor or cryptocurrency or bank account can be used for illicit purposes. |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Miyachi: 1:45pm On Feb 25, 2021 |
justinator:Every transaction is openly available on the blockchain. Most people reuse Bitcoin addresses, this makes it less anonymous. If you check many blockchain explorers you will find out that most exchanges have addresses that are linked to them. Having the powers of a nation state, if you put two and two together you can easily find out who is sending what to who. Even if you try to leave no traces, the person you're sending to might be using an address linked to an exchange. The US can easily get their records and find out who received the money you sent. There will always be traces except if your exchanging your BTC for physical cash and never reusing wallet addresses but even then it's hard to say how safe you are. 1 Like 1 Share |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by ProveThemWrong: 1:45pm On Feb 25, 2021 |
priceaction:I sent you a PM boss |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Rubbiish(m): 1:46pm On Feb 25, 2021 |
TheRareGem1:Nonsense! What is your definition of US regulator? Don't people use dollar for illicit purpose? |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Rubbiish(m): 1:50pm On Feb 25, 2021 |
Karleb:Don't mind them! |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by AntiNigerian: 1:52pm On Feb 25, 2021 |
Miyachi:my entire savings are in crypto and it keeps appreciating every day, so what are you saying? . Meanwhile go and buy some burger swap coins , that coin will soon blow! Can't wait to be rich! I already have close to 10! |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by blamingthedevil: 1:52pm On Feb 25, 2021 |
GamalNasser: See another mumu |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by ohiz2007(m): 1:52pm On Feb 25, 2021 |
Do you mind them? Crypto is the future now. Take it or leave it. Billyonaire666: |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by bigtt76(f): 1:52pm On Feb 25, 2021 |
Cowries you mentioned then was the major currency (the only one in use) and requires no Fiat currency to back it up. Without Fiat currency, how do you trade or take out your profit from the system? How do you convert it for use outside the system? Take for example during the Endsars protests when donations were in cryptocurrency, without a fiat currency (NGN) there would've been no way for the handlers to access the much needed cash. With the CBN regulation ....many traders and prospective ones were stranded save for the P2P mode of exchange which many prospects are still weary of using. No matter what ...you need FIAT Currency backing for Cryptocurrency to make an impact. 12inchess: 1 Like |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Nobody: 1:53pm On Feb 25, 2021 |
TheRareGem1:The US did not ban it. Even Naira is used for illicit purposes |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Mrpojj(m): 1:54pm On Feb 25, 2021 |
TheRareGem1: And so? Is us dollar not use for illicit purpose |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Ibrahimmrfish(m): 1:55pm On Feb 25, 2021 |
TheRareGem1:Notice how they never criticize the CBN governor, but during Sanusi they criticized him daily. But if you are Igbo you are immune from criticism. |
Re: Bitcoin Can Be Used For 'Illegal' Purposes - US Regulators by Rubbiish(m): 1:57pm On Feb 25, 2021 |
bigtt76:You are very wrong! |
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