I’m unsure about the drug trade, but isn’t Monero preferred for ransomware because it’s harder to track than Bitcoin and other crypto? I would assume if it’s good enough for ransomware hostage, it’d be sufficient for illicit purchases.
“Harder to track” is still easier to track than wiring funds overseas to an account made with a stolen identity.
A lot of countries straight up do not respect the FBI and US Government, or have privacy laws preventing cooperation. A popular route would be Switzerland > Trinidad > Russia (but not right now because the Russian monetary system is fucked), it will take forever for law enforcement to get cooperation and then at the end of the line Russia tells them to fuck off.
When Crypto scammers steal from people, they don’t steal Crypto. They have you wire money overseas.
It tells you how useful it is for covert transfers and discretion.
As I have laid out to multiple people: those have never been what it was for and by design never will be. It is a digital multiple ledger system which replaces the need for a bank.
EDIT: and to be clear theres nothing wrong with banks, but they’re inefficient for a lot of things like payment gateways and can be unreliable.
I’m unsure about the drug trade, but isn’t Monero preferred for ransomware because it’s harder to track than Bitcoin and other crypto? I would assume if it’s good enough for ransomware hostage, it’d be sufficient for illicit purchases.
“Harder to track” is still easier to track than wiring funds overseas to an account made with a stolen identity.
A lot of countries straight up do not respect the FBI and US Government, or have privacy laws preventing cooperation. A popular route would be Switzerland > Trinidad > Russia (but not right now because the Russian monetary system is fucked), it will take forever for law enforcement to get cooperation and then at the end of the line Russia tells them to fuck off.
When Crypto scammers steal from people, they don’t steal Crypto. They have you wire money overseas.
That right there tells you everything you need to know about how useful crypto is as a currency
It tells you how useful it is for covert transfers and discretion.
As I have laid out to multiple people: those have never been what it was for and by design never will be. It is a digital multiple ledger system which replaces the need for a bank.
EDIT: and to be clear theres nothing wrong with banks, but they’re inefficient for a lot of things like payment gateways and can be unreliable.
Yes, by all means, just add wire fraud and identity theft to your portfolio when buying some weed
The user above me said kidnapping. Also it might sound complicated but you could probably set it up in an afternoon.