The Criminal Underworld Is Dropping Bitcoin
The beginning of the end? Seems that way.
In monero’s case, criminals are snapping it up because bitcoin’s underlying technology can work against them. Called blockchain, the digital ledger meticulously records which addresses send and receive transactions, including the exact time and amount -- great data to use as evidence. Match an address to a crime and then watch the bitcoin universe carefully, and you can see the funds disappear and reappear in other locations.
Sleuths have developed databases and techniques for digesting that information to eventually nab wrongdoers. Say, for example, a coffee shop in Berkeley is known to have a certain bitcoin address, and a wallet used by an extortionist transfers the same amount there every morning at 9 a.m. Police can stop by and make an arrest.
It was only a matter of time before smart people figured out a way to track the blockchain. Sure it doesn't point to a single user but, the wallet does. That is a lot of data to sift through but with the right software it isn't difficult.
In researching this story I went to check out Monero and as you would expect it is setup much like Bitcoin with dedicated software and websites setup to create wallets and distribute software. There is even a developer network who charge for the mining software.
I have said this many times. Digital currency is the ultimate multi-level marketing and it is bound to come crashing down. Of course the folks at the top will be cashing in and all the poor suckers buying into the hype will end up losing everything.
Related Web URL: https://www.bloomberg.com/news/articles/2018-01-02...
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