Ninjastic
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Board Bitcoin Discussion
Re: What is the fate of Scammers if bitcoin later becomes a traceable Currency.
by
BartS
on 15/12/2019, 04:48:03 UTC
Quote from: veleten on December 14, 2019, 09:12:36 AM
Quote from: X-ray on December 13, 2019, 10:16:57 PM
Quote from: pixie85 on December 13, 2019, 09:50:42 PM
Quote from: rafajunior99 on December 13, 2019, 03:55:42 PM
Many say here that Bitcoin can indeed be tracked for transactions, but it's better if there is a more sophisticated system to find people who commit fraud or take our Bitcoin secretly, for example, their data can be seen or their faces recorded with sensors that are has been prepared with a tool that has been designed. That's just my imagination. Grin

It can be but for now it's not worth it. Teams that do it like for the FBI are spending a lot of time and human resources to track people and they're interested in big fish like that guy owner of BTC-e that was laundering money. So if you're a big scammer who took millions you have reasons to worry but then you can probably run to a country with no extradition Cheesy
It's called KYC and there's no way we could get that kind of information or data if they didn't submit it themselves but most of the scammers know well that doing so will only expose their identites so they choose not to do that. However, if the whole crypto enable a further tracing then we will lost our freedom aswell and it's not really decentralized. The transparent transaction is enough.

I firmly believe KYC is not something that is deterring scammers
this is a known tool of some shady casinos to not pay winnings , for example and it is nothing good for a legitimate user
the anti-scam and AML and such is just a pretext to collect your personal data
I'm equally cautious about revealing it , especially in the age of the big data we live in
Facebook and Instagram etc. know about you more than your wife/husband does and its the sad truth
bitcoin is designed to be partially anonymous and let it stay this way , if I want to be fully transparent , I can use VISA or any other money
KYC was never about catching scammers, scammers are criminals so they're going to do everything they can to hide their identity so those policies do not really bothers them, those policies were put in place to try to tell who was holding huge amounts of bitcoin and then to try to tax them.

But obviously those that are holding huge amounts of bitcoin are not going to reveal their identities just so they have to pay huge amounts of money to the government that did nothing to deserve or earn that money.