Common Sense Controversy is a series of short, to the point video clips that deal with concepts, best practices, mistakes and standards within the Bit...
Common Sense Controversy
July 12, 2015
The CRYPSA Dream
November 1, 2014
My Way or What?
March 24, 2016
How to report coins?
May 14, 2015
Some individuals argue that Cryptocurrency is helping criminals launder their money, and the community cannot prove them wrong.. We can show that our transactions are transparent, and that pseudonimity enhances privacy without facilitating criminal anonymity, but frequent news reports of bad actors abusing the new technology support the critics. CRYPSA believes that the cryptocurrency community needs to address this problem.
In light of the highly publicized use of the blockchain data by law enforcement to track criminals - including the case of two members of the team that brought down SILK ROAD - is is logical to assume the FBI is tracking coins associated with real and suspected criminal activities, including money laundering. In other words, they are targeting some coins for tracking, surveillance and prosecution activities. The use of mixers does confuse the issue, but the risk is that innocent bitcoin users could be accused of having criminal money, which would then be confiscated (as happens now if you show up in a bank with counterfeit or marked bills)..
Worse yet, the only mechanism in use right now for reporting hacked wallets and fraud is social media reports, which can be totally unreliable, specially when there is ill intent on the part of the individual making the report.
CRYPSA believes we need a community based standard for reporting stolen or misappropriated coins; one which could serve all individuals, to defend property, privacy and interests against those who would abuse the transparency or security of our bitcoin transactions.
How would you suggest we do this? (And thanks for your comments!)