The Criminal Underworld Is Dropping Bitcoin for Another Currency


#1

Bitcoin is losing its luster with some of its earliest and most avid fans – criminals – giving rise to a new breed of virtual currency.

Privacy coins such as monero, designed to avoid tracking, have climbed faster over the past two months as law enforcers adopt software tools to monitor people using bitcoin. A slew of analytic firms such as Chainalysis are getting better at flagging digital hoards linked to crime or money laundering, alerting exchanges and preventing conversion into traditional cash.

The European Union’s law-enforcement agency, Europol, raised alarms three months ago, writing in a report that “other cryptocurrencies such as monero, ethereum and Zcash are gaining popularity within the digital underground.” Online extortionists, who use ransomware to lock victims’ computers until they fork over a payment, have begun demanding those currencies instead. On Dec. 18,2017 hackers attacked up to 190,000 WordPress sites per hour to get them to produce monero, according to security company Wordfence.

For ransomware attacks, monero is now “one of the favorites, if not the favorite,” Matt Suiche, founder of Dubai-based security firm Comae Technologies, said in a phone interview.


#2

Anonymity of Privacy coins like monero, deep onion and others is their biggest quality buy also a biggest risk.

People want privacy but in my opinion, our government has the right to know about our earnings so that they can tax us and everybody else properly and fairly. These privacy coins will lead to more anonynous transactions which may or may not be carried out to support illegal or criminal activities.


#3

like that, in fact, many people in the future will choose private coins and leave a little coin that is not anonymous, and only use it for trading or just holding it, and anonymous coins will become coins that are used daily


#4

Anything can happen here. Few days back, I read a article somewhere (probably on steemit or medium) that privacy coins are losing their charm and people are losing their interest in it and now we can see that people are buying privacy coins more. Wind can move in any direction here at any time, so what you’re saying is possible.


#5

I don’t know wether this is a good news or not. Because either way, the whole crypto world will suffer because of this. Yes, this might be good for bitcoin because it proves that bitcoin is just the same with other cryoto currency or fiat that can be taken advantage by criminals. But the fact that authorities already have ways to track users, i do mot think it is worth the profit. I sure am going to find better currencies that have better security and decentralization options. And monero won’t be one of it anymore since it is hot with authorities now.


#6

Well, if no one can track Monero then there is nothing to worry about but I still don’t like the idea of privacy coins. In my opinion, if we are using the resources of a country and we are making good money means we are not very poor, we should pay fair taxes so that everybody including those unfortunate ones who are not as lucky as we are can get the benefits which government will provide with the tax money. I intend to use crypto to make money but not to avoid taxes. You may call me a fool but that is something I believe in and I call those people fool who think Government is looting us by taxing us.