Cryptocurrencies like Darkcoin (DRK) may co-exist with Bitcoin. BTC could be main trading currency but users may switch over to DRK when the circumstances dictate.
perhaps DarkCoin could well be in a better position to take off due to the concerns about the security and anonymity of bitcoin as well as being compatible with BTC. I am sure DarkCoin would well be suited as a payment tool for the Silk Road denizens as well as for sources.
I disagree - I think this thread proves that bitcoin was just as risky 3-1/2 years ago when the thread was started as it is now. The only difference is that now more and more people are finally realizing that bitcoin is not truly anonymous in spite of years of telling them otherwise.Ever since this thread was started, crypto currency has become a riskier place and many steroid sources most likely are either dropping bitcoin or using receivers like MG/WU. I am sure that new crypto technologies will be developed to keep government and law enforcement out so it is like an arms race.
Bitcoin can be dangerous for sources too
All of this notwithstanding, it should be noted that just because a source uses Bitcoin, it doesn't necessarily put them at any further beyond the reach of law enforcement. A source who doesn't understand the blockchain technology and is unfamiliar with necessary steps for anonymity could very well increase their chances of being caught by LE.
There is a public ledger of ALL Bitcoin transactions. So, if a source doesn't know how to clean coin and otherwise protect their anonymity, motivated LE investigators can easily compile financial records associated with the illicit activities and link them to a real name identity.
For example, consider the source that transparently send all their Bitcoin to their Coinbase or Circle wallet to cash out. Those money transfer agents comply with KYC and AML for a reason - if LE wants to know the identity of a Bitcoin wallet owner, such sources have made it very easy for LE to find them.
Bottom line is that sources who don't understand the blockchain technology should probably just stick with Western Union. Then again, those who are not motivated to understand it are probably the ones who fail to take other precautions in other areas as well...
Spot on Millard.I disagree - I think this thread proves that bitcoin was just as risky 3-1/2 years ago when the thread was started as it is now. The only difference is that now more and more people are finally realizing that bitcoin is not truly anonymous in spite of years of telling them otherwise.
Having said that, anyone who is switching from crytpocurrencies to MG/WU for anonymity is stupid.
As I predicted (and warned) in 2014:
Smart sources would eventually move to bitcoin/cryptocurrency. But also that stupid sources who have no business operating an illegal enterprise would also move to bitcoin/cryptocurrency. Those uninformed sources could potentially jeopardize their freedom:
Why Smart Sources Will Start Using Bitcoin