Welcome to BeerMoneyForum.com - BIGGEST MAKE MONEY FORUM ONLINE

[fiery phoenix]

3.36 worth of bitcoin has been seized by the US Department of Justice as part of the Silk Road Association.Silk Road Association was an online black marketplace for criminals or what some would call a dark web marketplace.Many items were sold on the matketplace including crypto and drugs.It was shut down in 2013 and its founder was arrested.Back in November 2020 the US Department of Justice seized about 1.1 billion worth of bitcoin from Silk Road,so the recent 3.36 billion means the seizure has trippled.This seizure is believed to be the biggest in history.

Will black marketplaces affect the future of crypto largely?What are your thoughts?

 

[Riberet19]

3.36 worth of bitcoin has been seized by the US Department of Justice as part of the Silk Road Association.Silk Road Association was an online black marketplace for criminals or what some would call a dark web marketplace.Many items were sold on the matketplace including crypto and drugs.It was shut down in 2013 and its founder was arrested.Back in November 2020 the US Department of Justice seized about 1.1 billion worth of bitcoin from Silk Road,so the recent 3.36 billion means the seizure has trippled.This seizure is believed to be the biggest in history.

Will black marketplaces affect the future of crypto largely?What are your thoughts?

Well it could indeed be the best performing seizure in history reminds me of when Julian Assange creator of Wikileaks was forced to use bitcoin because he was denied all other payment methods and years later mocked the US that his decision to close all avenues of financing and having had to use bitcoin had given him a profitability of 50,000%, to the other issue of the darknet or the black market today the most used for illegal businesses is Monero XMR since it is still untraceable today but Bitcoin is still used but to a lesser extent than when the time of Silk Road

 

[MarPar]

I am new to the understanding (and a newbie) but can they seize my bitcoin for example, as I am South African and Bitcoin has been declared as legal tender here and we get to add it to our Taxable income. Our food stores (Pick n Pay) has just released an article that says it will now accept bitcoin as payment for groceries etc. Everyone is trying to get their hands on Bitcoin here, especially the banks, so I really don't see the backward mentality of the US Justice department. Isn't the best way to beat a so-called illegal tender like this by accepting it and taxing it??

 

[Riberet19]

I am new to the understanding (and a newbie) but can they seize my bitcoin for example, as I am South African and Bitcoin has been declared as legal tender here and we get to add it to our Taxable income. Our food stores (Pick n Pay) has just released an article that says it will now accept bitcoin as payment for groceries etc. Everyone is trying to get their hands on Bitcoin here, especially the banks, so I really don't see the backward mentality of the US Justice department. Isn't the best way to beat a so-called illegal tender like this by accepting it and taxing it??

But is legal tender in South Africa or payment method? are very different things if it is legal tender would be considered money then you could be taxed for it in the case of being a payment method is as if you paid with PayPal debit card or any other and could not snatch it for example in El Salvador or in the Central African Republic where it is legal tender I guess they will charge taxes in Bitcoin

 

[achawaskey]

Just like the name goes black market, it means that the activities that is going there is illegal and those activities could jeopardise the economy of USA if unchecked. This is one of the reasons why some countries are yet to approve bitcoin as legal tender without properly formulating regulations that will guide the activities of bitcoin.

 

[magnus2022]

Yes of course! It will affect crypto but positively. Cryptocurrency should not be associated with criminality. In many areas, people believed that cryptocurrency is a medium for scamming and duping innocent people. Initially, am truly afraid of cryptocurrency and thought that I can easily lose my fund. Due to the fact that cryptocurrency is highly decentralized, it becomes easy to scam people and go Scot free.

 

[Riberet19]

What you have to understand is that crime is going to be perpetuated with everything that is considered money imagine how much money has been defrauded or seized for crimes with fiat money I assure you that the figures would be laughably large compared to the crimes that have been committed with cryptocurrencies

 

[fiery phoenix]

I am new to the understanding (and a newbie) but can they seize my bitcoin for example, as I am South African and Bitcoin has been declared as legal tender here and we get to add it to our Taxable income. Our food stores (Pick n Pay) has just released an article that says it will now accept bitcoin as payment for groceries etc. Everyone is trying to get their hands on Bitcoin here, especially the banks, so I really don't see the backward mentality of the US Justice department. Isn't the best way to beat a so-called illegal tender like this by accepting it and taxing it??

Bitcoin is being taxed in the US.The issue here is that Silk Road was an illegal and unofficial marketplace for selling of crypto.So many money laundering deals were done there anonymously.So it was running illegally worse off unregistered.

And its not not always about beating crypto,its about standing by the law,Silk Road was breaking US AML rules

 

[Potuse]

The procedure through which the government seeks to forcibly take a citizen's bitcoin is known as bitcoin seizure. However, bitcoin is a sort of property that is distinctly seizure-resistant. Without the associated private keys, no amount of physical force or legal pressure will be able to move bitcoin from one party to another. However, if law enforcement discovers a person's genuine identity and bitcoin addresses, they can compel them to reveal the private keys needed to move the bitcoin.

 

[btaliat]

The justification for the seizure is right. Many have leveraged on the fact that the crypto market is anonymous to be using it for criminal activities. I am very sure that the Bitcoin being seized is gotten through illegal ways. This incident sometimes always make me to throw my support behind crypto regulations.

 

[Jidemania]

Maybe this are some or among the reasons that prices of bitcoin has been been falling really hard. Many people or organization have acquires bitcoin through illegal ways and whenever government government size it from them, it usually has huge impact on the value of bitcoin

 

[Riberet19]

The hackers are pulling strings on Money making related platforms and they are taking advantage of the good streak they come across to concentrate more on the loopholes discovered on many earning platforms. Hacking wouldn't be obligatory if it does not involve any gains in terms of money.

Exact is likely since cryptocurrencies are digital assets that hackers will always be during their existence so it is a priority of the user and especially also of the exchanges to invest in security since these gaps in cybersecurity can not be allowed when they are guarding such large funds of money

 

[Dagov]

The term "black market" refers to activities that are taking place there that are illegal and that, if left uncontrolled, might endanger united States economy. It is one of the factors preventing some nations from approving bitcoin as legal cash before adequately drafting legislation to govern its operations.

 

[Frenzybliz]

The term "black market" refers to activities that are taking place there that are illegal and that, if left uncontrolled, might endanger united States economy. It is one of the factors preventing some nations from approving bitcoin as legal cash before adequately drafting legislation to govern its operations.

The effect of black marketplaces on the future of crypto will largely depend on how governments and other regulatory bodies respond to them. If they take a strict stance against them, then it is likely that the use of black marketplaces will decrease and the future of crypto will remain largely unaffected.

 

[btaliat]

I am new to the understanding (and a newbie) but can they seize my bitcoin for example, as I am South African and Bitcoin has been declared as legal tender here and we get to add it to our Taxable income. Our food stores (Pick n Pay) has just released an article that says it will now accept bitcoin as payment for groceries etc. Everyone is trying to get their hands on Bitcoin here, especially the banks, so I really don't see the backward mentality of the US Justice department. Isn't the best way to beat a so-called illegal tender like this by accepting it and taxing it??

There must be justification for every seizure done to crypto. The post did make it clear how some traders are using crypto for their illegal acts. This has made the seizure legal. And since the crypto has not been declared illegal in your country, you need no worry.

 

[Margery]

Even if, in any country, bitcoin is legally allowed as a means of payment, it can also be seized.
This can happen because if the illegality of the transaction, or its fraudulent nature, is proved at the legislative level. No one is going to steal bitcoin just like that.
The article clearly states that the seizure was carried out due to existing evidence of illegal activities, money laundering and more.

 

[btaliat]

Maybe this are some or among the reasons that prices of bitcoin has been been falling really hard. Many people or organization have acquires bitcoin through illegal ways and whenever government government size it from them, it usually has huge impact on the value of bitcoin

You are right. That's the implications of getting crypto using fraud. These fraudsters are not traders. So when they get illegal money through duping, they always withdraw the money in large quantity making the price of the coin to come down.

 

[Margery]

You are right. That's the implications of getting crypto using fraud. These fraudsters are not traders. So when they get illegal money through duping, they always withdraw the money in large quantity making the price of the coin to come down.

Still, I think that this does not have a big impact on the value of bitcoin. It can only be informational noise. If now the cost of the coin would be significant, then none of the users would pay attention to this news. It's just that now the task seems to be to keep bitcoin in one place. This is where the news comes in.

 

[Edcosmas]

3.36 worth of bitcoin has been seized by the US Department of Justice as part of the Silk Road Association.Silk Road Association was an online black marketplace for criminals or what some would call a dark web marketplace.Many items were sold on the matketplace including crypto and drugs.It was shut down in 2013 and its founder was arrested.Back in November 2020 the US Department of Justice seized about 1.1 billion worth of bitcoin from Silk Road,so the recent 3.36 billion means the seizure has trippled.This seizure is believed to be the biggest in history.

Will black marketplaces affect the future of crypto largely?What are your thoughts?

Wow. That is bad for business and even the crypto world at large. I hope they are going to be returned because it's devastating taking someone's sweat just because of whatever reason. Even if it was distributed, it will be very nice. What do you think?

 

[Margery]

Wow. That is bad for business and even the crypto world at large. I hope they are going to be returned because it's devastating taking someone's sweat just because of whatever reason. Even if it was distributed, it will be very nice. What do you think?

And why is it bad for the average user or the crypto world. There have always been scammers, at all times. And the money obtained illegally was always cashed in different ways.
It's just that we ourselves, those users who work with cryptocurrency, need to be more careful and careful. And that's it! And there will always be money laundering. Be it offline space or the Internet.
And yes, no one will distribute them. They were confiscated and they have already gone in favor of the state.