Bitcoin


#1926

Which begs the question, why do ransonware criminals insist on bitcoin as payment to release users data?


#1927

Perhaps the ransom amount (€500 - €1000) doesn’t warrant the resources to track them down - do many police forces have the ability at scale to do the snooping? If you did find a suspect, he or she might be in Lagos, China, Russia or anywhere else without an extradition treaty?

When you are looking for those who sexually exploit children, then the resources are thankfully there.

Centralised data analytics at EU level might be a better catch all, if they could be fed the data points (i.e. instances of ransoms paid), collate evidence of the crime at scale against an individual and you have someone worth chasing / extraditing but as soon as you score some success the goal posts move - new layers of obfuscation are added to the money trail


#1928

Jeeze, you’re starting to sound like one of those lunatic fringe conspiracy theorists. Next you’ll be telling us some outfit like DARPA had something to do with it’s genesis, Satoshi is pure fiction to draw in the cyber nerds (who’ll maintain it blindly) with some enigmatic comic book-esque pulp-fiction backstory and while the shady types, use it to traffic all kinds of illicit things, buy adults, children, babies, organs, drugs, guns, fund terror cells etc. etc assuming, they would not or could not ever be traced… did ya ever think, maybe that was the plan all along. :ninja: :ninja: :ninja: :ninja: :ninja: :ninja:


#1929

Amazing how quiet this thread went…


#1930

I’m still very much a believer in Bitcoin and a few other cryptocurrencies. :wink:
Bitcoin is on another bull run and will eventually surpass its previous all time high ($19,666).


#1931

For now it seems to have it’s uses for some people.


#1932

Hopefully, for his sake, he didn’t also hand over his private keys.


#1933

Lost apparently. Now can you see how this could be a problem with Bitcoin over time?


#1934

Could this story be pure BS?

Could he access these funds in the future if he in fact has the codes?


#1935

It could, and if it is then he could access those funds at a later date.
The guards would know at that point that the funds were accessed.

The issue remains that at some point a person could take their codes(bitcoins) to the grave and at that point they would cease to be of use to anyone. Over time this issue would compound.


#1936

Very deflationary and a major boon to the (living) holders


#1937

surely undermining of it as a real currency on the store of value criterion.


#1938

Every bitcoin is 100 x 10^6 atomic units so the less coins that are accessible increases the value of the remainder but doesn’t immediately prevent there being a sufficient number of coins to be useful.
I imagine that the rate at which bitcoin are lost will slow down significantly if a time comes when they are in wider usage and circulation.


#1939

Yes, he (or someone else known to him) more than likely still has access to the seed words (codes) but if they’re lost then the Bitcoin will remain inaccessible on the blockchain.